The Delta independent., 1894-04-04
ENEMIES or SILVER.
Tactics Of Gold-BuEs to Degrade tho Whit
Metal.

Metal
have already stated that silver was
not dropped from coinage by England,
Germany, France, or the United States
on account Of any difference in the
value Of Ahe two metals in any bullion
market of the world The primary and
controlling object was to stop the use
of silver As a standard money in circu-
lation Except in retail trade rs sub
sidiary coin), or MS redemption basis
Of bank issues us currency founded on
gold, and thereby come to the gold
standard. The inevitable effect of the
limitation to gold exclusively in the
coinage laws, and the contraction of
coin supply to gold alone in commerce
and debt paying would necessarily re-
duce prices TO the volume of currency
supply, give gold greater purchasing
power and those who owned it unre-
strained control over money lending
| and interest rates, over prices Of prop
perty, labor and productions, and the
quantity OF labor, property and produce
| necessary to pay existing debts and
longtime obligations, increase the
value OF bonds, and secure to the banks
a monopoly in the supply of paper cur
rency to the people in their trade and
| commerce ana deDt-paylng.
The Bland-Allison law was an unmis-
taxable makeshift, Us much SO as the
prosecuted Sherman law. ! am salts
fed that the limitation of the coinage
| of silver contained in that law secured
to the enemies OF silver n most danger
Gus and destructive power. The truth
statci by Hamilton and approved by
| jefferson in i1o2, in support OF the un-
| t.l - 4 Ill, q
thcir-union in one standard of values,
will always be the everlasting truth,
and that is that free and unrc5tricted
coinage of both metals is an indispcns-
nblc and unaltcrable basis of binetal-
lisin: that parity OF the two metals is
impossible on the basis OF free coinage
of one metal and limited coinage of the
other metal, ns it will follow necessari-
ly that the metal OF limited coinage
will be forced into the position of mer-
chandisc TO bc valued like other mcr-
chandisc by the other metal that will
secure the function of money stand
ard of values by its exclusive advantage
of free coinage.
How can it be disputed that = a meta
ever gets rny more value on account
its being coined into money, that meta
| admitted 10 the right of free coinag
as money will necessarily be in great
demand and bring more in the bullio
market than the metal that is limit.
In its most valuable use as money, an
the less quantity of /; that Is aamit;s
to coinage without reference to the d
mnnd? One is valued as bullion br
the other as money.
4 The enemies Of silver seized upon Il
disadvantage of the limited coinage
silver in the Bland-Allison law and the
| hare I;Sed IL pcrsis.cn;ly and effective
1 ~ 10 drive down the pric. OF silver l.
the bullion market and then prcSsc,
the demand for equality in 't!n.rias!c'
| value of the two metals. "lntrinsic
\ valuc" have become common words in
| the money voca bulary and were made
TO figure oonspicuously in the dcscrip-
tive phrasco!ogy of the Chicago plat
form of is?a by the gold members of
tho committee. The crucial test OF
honest money has always been pur-
| chasing power In the sale and exchange
| OF commodities, property, labor. and
acb;-payinn. Money Is necessarily n
| mere instrument of exchange. There
has been no time in the history of the
| country when dollar in silver and
| dollar rcdecmablc In silver was not rs
current M n gold dollar and cquall,
valuable with gold in any use that
can bc made Of money except in the
settlement OF balances due on foreign
| account
II cannot lie dcniei that ever since
silver was subjected 10 limited coinage
its bullion prices have been unable 70
keep up with gold prices The posi-
| ton that tho enemies Of silver hnve
| gained in the bullion market, US have
shown. secured to thcm In the effort TO
restore 1t to its old position under the
law of iTG2 most formidable ndraut-
age, and yet there never has been n
time when tho Biand.Allisou law could
be uEconditionally repealed. rir.
Cleveland tried to suspend coinage
under ii aud met with signal failure.
| The causes and their origin thnt have
| operated against silver are well uadcr-
stood by its friends and enemies The
original wrong was in the act of 1871,
| which placed IL Ia the position of
| dcmonetiza,ion requiring affirmative
legislation to restore IL 10 free coinage
| or other recognition. Senator .Pugh
| (Ala.l in Y. :, Senate.