The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-06
An American Silver Policy.

An American SHNer FohCy.
Mr.. Cleveland has issued another
proclamation in behalf of sound
money" and in this document, as in
former ones, he unfortunately omits to
explain what he means by that phrase.
We protest that it is unworthy of the
president of the United States thus to
obscure the popular understanding on
this vital subject. If he will issue an
explicit definition of his meaning, the
public may then fairly decide whether
or not it will agree with him; but, today,
the anomalous spectacle IS presented of
three different economic armies-one
pledged to gold monometallism. one to
bimetallism and one to the free, un-
limited and independent coinage of sill
ver-each parading under banners de-
claring with the president in favor Of
sound money" The Cleveland shjb-
boleth does service in each camp, Row,
for which camp did he intend Il?
Fortunately, Mr.. Cleveland's comp
troller of the currency, James II. Fckels,
like the secretary of agriculture, Mr..
Morton, is not so much given to speak
ing in delphic generalities. In his re-
cent speech at Detroit, he comes out
flat-footed for a single gold standard;
and for the non-coinage of any moro
silver until the nations of the world
shall have made UP their minds to re-
store silver to it's old-tire parity with
gold. which they would probably never
do while we refused to coin silver our
selves. The meaning of this course Is
clear. It would retain our present sill
-~ver coinage-amounting to some $780,
O00,O0O--iust as it would retain the
treasury notes, purely as a fat money
supplementary to gold This silver
would, in truth, be worth, in market
value, so cents on the dollar, because
Ats qualities as primary money equal
to gold would be removed without hope
Of future restoration. Then, when this
debased silver should be retired, as it
would soon be, in consequence of its
anomalous standing before the law, Mr.
Eckels would patch out our limited
stock Of primary gold money by the
issue of state bank notes, worth perhaps
q cent on the dollar. This is the Eckels
notion of Sound currency" and in
behalf of such a currency as this,-for
the most part, a fiat currency, pure and
simple, having only a small quantity Of
appreciating gold behind it for purposes
Of redemption, and retaining this gold
only so long as the Gotham gold-eX-
porters would refrain from shipping it
to London--he would literally destroy
the American silver industry, in which
American capital once found profitable
investment and American labor re-
munerative employment. Free trade
could do no worse a deed
If Mr.. Eckels' kind of money is the
kind which President Cleveland calls
"sound money" it is safe guess that
the American people will have none of
1t. We do not, on the other hand, be-
lieve that they would care to try the
risky experiment of the unlimited free
coinage of silver; for the reason that
while this might work to their advant-
age, IL given a fair chance, the senti-
ment against 1t is too strong at this
time to allow it such chance. But
why should we not try the experiment
Of coming the silver produced in
American mines. at a ratio, say, OF 20
to 1, protecting the same from foreign
competition by high tariff, just as we
protect other American industries
which are threatened by the low prices
Of free trade Europe? 1t is argued by
some that foreign security-holders
would get scared II we should do this.
A sufficient reply should be that to have
foreign money-lenders scared without
due reason would be preferable to hav-
ing home business men ruined and home
industry paralyzed by the inevitable
contraction Of our currency which
would follow the permanent establish
ment of gold monometalllsm.
We suspect that 1t is time for pro-
lection Republicans to quit training
with the free trade, gold standard wing
of the Democratic party, and to get into
line with their party platform for an
American policy Of genuine bimetall-
ism.
Why?