The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-24
sxATTLA. sArUsDxr. sAscH -.
WILL HE SIGN M

WILL HE SIGN II.
II President Cleveland signs the Bland
Eeigniorsgs bill he will prick finally and
forever the bubble Of his supposed rsputa-
ton ~ a dsvotes OF honest money. The
impression seems TO b widespread that no
will siga the bill. II has gone through
both houses with practically unanimous
Democratic support in defiance Of the
honsst money sentiment Of the North and
In response 10 the fool and knsye financial
notions OF tho South and the Populist
West. II II q measure that II instinct
with tho heresy Of moro money and cheap
money, purely inHatioa measure.
II President Cleveland signs 1t he will
sacrifice the last shred Of his reputation %
. resoluts apostle Of the principle Of sound
currency. He won great and justly de-
served honor by standing up to his guns
IA tbs battle for the repeal OF the silver
purchase law Of July. 1880. but II he signs
The Bland bill he approves . measure
which certainly provides for the issue Of
e55. 000. 900 of silver certificates and by its
ambiguous language opens the way to the
Issue OF $4,000 900. The bill 10 utterly
dishonest and fraudulent since IL proposes
90 issue $4,000, 900 OF certificates upon
silver which 10 already pledged for millions
beyond its value. In the debate in the
senate upon this bill Senator Teller ques-
that there was already $3Ga, 000. 900 of silver
lying lido In the treasury. Sherman was
right. Ills clear meaning was that the
silver certificates and treasury notes out
standing derived their value and their pur-
chasing power from the redemption OF them
In gold on demand and that hence tho
silver held In storage was useless. Presi-
dent Cleveland and Secretary Carlisle have
both admitted this. When Carlisle ven-
tured last spring to intimate that he
would not pay anything but silver out for
silver paper he created panic that Presi-
dent Cleveland was obliged to allay by
pointing out that under the act Of July,
1880. the government was practically
pledged to redeem all its paper on demand
In gold. since the only way TO keep the
gold and silver obligations Of the govern
snent equal would be to redeem the silver
obligations on demand in gold. Mr.. Car
Isle confessed subsequently, that the store
Of silver In tho treasury was as useless rs
II the government had bought and stored
mp psgiron and issued paper certificates
against IL.
John sherman Is right when he says
that tho 1854. Coz. 900 of silver in the treas
ury 10 idle. as nobody depends on 1t for
tho redemption of the certificates or notes.
IL II were once understood that tho silver
would bs used for the redemption of the
certificates and notes they wonld be only
accepted for their bullion value. The sil-
yer dollars and silver paper remain equal
TO gold In purchasing power only because
the government has practically promised
10 redeem the notes in gold and no, In
silver.
The advocates of the Bland bill and
other measures in the direction Of eheap
money and plenty Of IL are all wrong in
their assumption that there ha. been a
decline in prices in consequence of the
single gold standard.
Edward Atkinson and David A. Well.
have shown this by statistics. and have
further shown that decline in the prices
OF commodities, II not accompanied by a
decline in wages. 10 beneficial to about q,
Per cent of the human race. These stats
tics, used by Atkinson and Wells. we're
collected by Commissioner Wright for the
senate finance COMMITTEES and by the Lon
don FeoRosaisi NsssTs. Atkinson and
Wells have shown by their figures tia;
soms corn moaities have declined in prics
within recent wears. while others have al.
vsneea in price. that both the declines and
the advances can be traced 20 causes rec Il.
liar 90 the articles themselves in resrec,
OF their production or distribution. and
that ~sges have risen in elviiised countries
during the period of the alleged decline in
the prices OF commodities.
These Democratic ststistieiAns have
more than one. shown by fneantesslbls
hruees that the declines ia prices have
been mere numerous than the advances.
snd hence thai the great mass OF human
beings have teen enabled 10 get a
larger share OF the comforts and neeeSsa.
ries Of life III retaFa for their labor than
here,oiose.
The whole PHILOSOPHY az the imitation.
lets that IL 10 desirable 10 have ehesn
money and plenty Of il in order to mako
higher prices is huV the hase.sSs fabric o, =
vision. High prices With $ depreciation
IN the purchasing power Of his dollar. dee,
not help the ~orsiesnsn. while Iow price.
when net accompanied With decline
tn wages are . decided sdvaalags 10 The
workinsnan.