The record-union., 1894-06-19
Silver Planks.

EDS. RECORD UNION: The Constitution
of the United States is silent as TO stand
ards of money except in one clause,
wherein the States are forbidden to make
anything legal tender except gold and
silver.
1t may be taken as granted by all that
no amendment to the Constitution can be
obtained for many years to come which
may define or limit the present powers
of the General Government, but it must
also be conceded that the General Gov
ernment will be so restrained by the sem
timent OF the individual States that moth
ing but gold and silver win be made legal
| tender except by indirect legislation.
Therefore the position to-day Is that
one party is advocating free coinage OF
silver and the other party is advocating
the sale of bonds for the procuring OF
gold in order to maintain the gold stand
ard Either faction desires to accomplish
indirectly result which cannot be
effected by attempting to amend the Con-
stitution of the United States.
1t is now pertinent to inquire the cost
of the two schemes. IL is contended, and
with good reason IN my opinion, that the
damages or costs will be greater to the
country under free coinage of silver than
under the maintenance of gold standard
by sales OF bonds for gold.
Is there no course open except one OF
these two? There is.
II no more gold or silver bullion is pur-
chased by the United States it is possible
nay, probable-that our gold reserve
will diminish and then disappear, with
the result that the paper money VIII de-
preciate TO ninety cents in gold, or, in
! equal phrases, gold will go to "a premium
OF 10. 1t viii be considered that the suS-
! pension OF gold payments will be tempo
rary and the value of the legal tender
| (greenback) dollar will not fall to the
value OF the silver dollar (as the latter is
priced at the bullion pot. The deprecia-
| ton of the paper dollar will be small.
This third plan is damaging and costly
| also, but it is not so bad as tree coinage.
! Whether it is better or worse plan
than the selling of bonds Is a matter for
discussion, into which the writer will not
attempt to enter al this moment.
1t is desired TO bring clearly to the
mind of the reader the proposition that
the first question before convention is
| this:
Shall bond sales be approved? Ii they
are kept up the gold standard is main
| tained. Ii such sales cease the country
falls into limited suspension of gold
| payments, but ii does not change to a
| silver standard.
On the other hand it is evident that the
duOptIOH Ol lEee coinage OF silver Will Ue-
prive the country Of the gold standard
and close the middle path of temporary
suspension of gold payments.
1he maintaining OF parity between
gold and silver is well nigh impossible,
except by the supjection OF one metal to
use as token money, as now,practiced. BIZ
metallism is an absndity, because the ap-
probation OF gold and the depreciation of
silver is going on around the world and
| Uncle Sam is not rich enough to control
the terrible tiuctuation.
1t is, therefore, respectfully submitted
that plank which shall disapprove the
sale of bonds will meet the condition of
the masses and leave the situs ton to take
care OF itself. The wealthy minority can
adjust their affairs to temporary sus-
pension OF gold payments and prices
will not fall as in the past few years.
| So far as California is concerned, the
| question of gold or silver is of minor inn
portance, because the State has always
kept to the use of gold, even during war
times, and probably will ever continue
the same observance of specific contracts.
FRANK MILLER.