St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-10
MONEY OF REDEMPTION.

MONEY OF REDEMPTION.
The Chicago Tribune, commenting
on our suggestion OF q safe solution oil
the silver Question-now dividing pub
lie attention with more important one,
and threatening not only to displace
that. but. by the stubbornness with which
tho gold monometaliists are met with
the equal insistcnce of the silver mono-
metalistS, which is retarding the devel-
opmeht of the country with the uncer-
tainty it offers iHvestors-says: 1.-The
proposition is fair one. provided il
could not be construed to mean a mint
age Of an additional number OF 50-cent
dollars TO pay fur bullion after the re.
tirement of as much of the silver paper
as could be called in. Ii the
government stood ready to redeem them
(the dollars exchanged for butli0n) with
gold as fast as presented, they would be
taken by the sellers of bullion. but
would be more likely to be presented
for prompt redemption than were the
treasury notes issued against purchases
of silver under the Sherman law
The TriDune goes on to express an
apprehension that when. under the op-
Grafton Of the competition of the minis
and the arts. silver had increased in
value.and point of comparative stabil
ity had been attained,a readIustment OF
the ratio could not be had because 1.-THE
PopuliSts and the Democrats who are
making common cause with them
would oppose it, and insist Oh III or l5la
to |. In this we believe our contem,
porary is mistaken. 1t is no doubt true
that it would be resisted by the silver
with hungry eyes, aided by such imper
fectly developed minds as gave strength
to the greenback lunacy, but we are
confident that the great majority of the
people want honest money. and when
silver has had a fair chance TO regain its
position, and the best it can do is ac-
complished, there will be a general con,
sent to conforming the mint ratio to the
commercial ratio. 1t is the just claim
that silver is being treated unjustly in
being denied access to the minis while
gold is freely admitted, and that the
fall in silver is due to this denial. tina,
gives TO the movement now fOur-fiftls
of its strength This removed and sill
yer admitted to the minis on its market
able. merit as gold is, this just cause
will be removed, and there will remain
nothing to support it nut the naked
greed of the miners.
| We are unable to comprehend thu
condition on which our contemporary
comedies the merit of our suggestion
We do not understand its intimatior
| that the silver dollars thus ISSUED
| should De redeemed in gold. We as
sumo that gold and silver are the ulti.
mate money of redemption. Coins O.
both metals are redeemed every time
they are exchanged for any product
| They are redeemed when taken fol
government taxes. 1t is they in which
the obligations of trade are redeemed.
| These dollars would be redeemed just
as they now are by their receipt fol
taxes and i'll the exchanges of prod
| ucts and not otherwise. They would
float as they now do on the implicit
faith that the government that issues
them would ultimately make them O
full value. 1t is not the legal tender
act that IN axes the silver dollar curren
today, but the belief that the govern,
ment will not dishonor its certificate OF
value:
There will be no redemption OF the
silver dollars in gold or in anything
but other silver dollars containing more
silver or the quantity of silver needed
to make them at par with gold when the
time shall come for change in the
| ratio of coinage to conform to the marke
ratio. Then the dollars will be recoined
the additional metal needed, if any, viii
be taken, as far as it goes, from the
selgniOrage and the deficit supplied
from the stock accumulated under the
Allison-Sherman acts, set free uy the
redemption or retirement Of the notes
issued against purchases of bullion
The important thing is that some middle
course must be adopted or the country
will surely drift into silver monometal
| lism with all its attendant CONFUSION O
| prices and values and accompanying
| disasters to trade and commerce. W.
have no such pride of opinion as to in.
! sist tina. the method we suggest is the
best, but we believe that any safe plar
will run along it's lines.