Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1894-02-01
COMMUNICATED.
A Solution Of the Currency Question.

30 ~S@sses1 Va sAS SS1sSoSy S0Sst4Vus
Editors St. Mary's BEAcoS:-The bust.
ness Of the country cannot recover from It's
present paralysis until Congress has de.
lined by legislation the exact meaning OF
two words--"dollar" and "tariff." OF the
two definition of the "doliar" is by far
the most important.
The repeal of the purchasing clause OF
the Sherman law did not settle the silver
question. II merely terminated compro-
mise. 1t put an end to truce between
two conflicting opinions, and brings us face
TO face with the enquiry:-What shall the
American dollar represent? Like the re-
peal of the old Missouri compromise ID
clears the deck for action. But the battle
is still to be fought. A majority of Con-
gressmen are avowed bi-metallists. They
believe that in this they represent major
ity of the American people. The advocates
of gold standard have demonetized silver.
A satisfactory settlement of the silver ones
ton can be effected on the following basis.
Gold bullion to be received and coined as
at present, and paid for by government,
when desired, in national paper currency.
All silver bullion Of American production
TO be also received by the u. s. Treasury
from day to day at its average gold market
value during the preceding thirty days in
the principal money centres of the world
say in New York, Paris, London ard Der.
lin. National paper currency to be issued
in payment for said silver bullion, of de
nominations from one dollar to one thous.
and dollars, as preferred by the seller of
silver, payable on demand either in gold
coin or in silver bullion of equal value with
gold coin on the day of redemption, at the
option of the government
The advantages OF this system are these;
/. 1t would establish permanent use for
all silver of American production on an
equality with our present gold coin, and q
permanent use for gold on an equality with
silver bullion, as the joint bases of Ameri.
can currency.
Q. Il would keep all the gold and silver
mines of the country at work, with the
guaranty Of q permanent cash market for
both metals ana Of q permanent use of both
metals as Inoney-the ratio Of one metal to
the other, In the absence of an international
agreement, being left TO regulate itself.
3. Il would preserve the existing gold
standard.
4. 1t would establish permanent ma
tionsl paper currency based upon gold and
silver bullion actually in the hands of the
government, currency incapable of Huc-
tuatioias in value or of sudden expansion
or contraction
S. With the development of our mines OF
gold and silver this representative National
currency would grow more abundant,
keeping pace with the growth of popula-
ton; anu inasmuch as coin Is no longer
used or needed except for small change in
the daily transaction of business, gold coin
or silver bullion would never be called for
except in limited amounts. occasionally, for
the settlement of International balances.
The government guarantee backed by the
metals themselves would be absolute secur
ity. and the gold and silver would remain
In the government vaults, while the repre-
sentative paper currency would circulate
in their sbead.
o. Under this system no large permanent
gold reserve aud no new issue of govern
ment bonds would be needed. The option
of retleemingi,s currency with gold or with
silver bullion at its market value would
protect the government sgains, any com
bination to advance or depress the relative
value Of either metal
This Is the only plan by which practical
b metallEsm can A attained. The obiec-
ton Of merchants, manufacturers, and