River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-04-11
The Silver Question.

Many OF our citizens have been
reading Coins School of Finance a
small book lately issued from free
silver headquarters at Chicago. The
author of that pamphlet advocates
the free and unlimited coinage of
silver by this country regardless of
the action of other commercial
nations. He occupies the extreme
position of the western mine owner on
the subject. Some OF the leadin
daily papers of the West,-and amonk
them may be mentioned the Pioneer
Press of st. Paul,-instead of meeting
the subject with fairness 90 to the
other extreme and advocate a single
gold standard claiming that the gold
dollar is the only honest dollar. This
is looking at tue question from the
creditors standpoint only. 1t is
certainly no more dishonest for a
debtor TO protest against making
! payment in kind of money dearer
TO him in physical eXertion or in
the amount OF produce which il takes
to command the use of the dollar
than was the money that he original
~ received, than il is for the creditor
TO protest against being paid in class
OF money which may be acquired by
less eXertion. The money To be de-
! sired is an undertaking, stable dollar,
he the same gold or silver. There is
| certainly good reason TO believe that
/ the difference in value intrinsically
to-day between tine gold and the
silver dollar has not grown out of the
fall of silver alone, but that il is
largely due TO the rise in the value of
gold. Conditions have entirely
changed since the Nations in the
early seventies stopped the coinage of
silver and went 10 a single gold
standard, and there is no doubt but
that other Nations than these United
States would gladly retrace that step
II way were pointed out for them
which would not violently disturb ex-
listing conditions and business
relations. IL is with view TO an
International agreement that
Germany in her Reichstag and the
English House of Commons have
lately taken steps TO call another
monetary conference together for the
purpose of endeavoring TO come TO
some understanding as to a more
extensive use of silver. Each of the
two Houses of the American Congress
appointed just before the late adjourn
ment three commissioners TO repre-
sent Congress in any convention that |
may be called, authorizing the |
President to name three commission |
ers to act with those already appoint |
ed. Some of the papers above alluded |
To seem to desire the President to |
appoint as such delegates men who |
are IN favor of single gold standard, |
and there is some reason for believing |
that such may be Mr.. Cleyeland's |
personal prediction. We hope for |
the sake of the cause that any Ameri- |
can delegation that may participate |
In the deliberations of any conven- |
ton called by any European Nation |
will heartily and earnestly advocate |
and promote as far may be in its |
power the restoration of the use of |
silver equally with gold. If England
possessed the wealth in silver that |
we do she would do battle TO maintain |
its free use as money. But England |
is creditor nation and il is only |
within the last two years that Mr.. |
Gladstone used this very fact in the |
House of Commons as a reason why |
England should favor the dearer |
money,-gold. This is not a question
of fiat money, as some of the single /
gold standard men pretend. 1t is a |
question whether one half of the /!
money metal Of the world shall have |
its money function destroyed and the |
whole fabric shall be made to rest |
upon the other half. IL would mean /
the redemption not only of our paper /
money, but of our silver as well, in |
gold. The production of gold is not |
materially increasing, consequently |
its use being required not only TO |
supply the old demands, but the |
demands to which silver his formerly |
responded as well, its value necessarily |
riSes,-that is it takes more wheat, |
Tan Ia To rriU l
quantity of gold than it did formerly |
when silver divided with it the burden |
as money. In comparing the purchas- |
ing power of the two metals it is |
claimed, and we believe with much |
reason. that of the staple, leading |
commodities silver ounce will buy |
to-day about the same quantities that |
it did fifty years ago, while an ounce |
of gold will buy twice the amount of |
the same commodities that it did /
then. This would certainly look as il |
the value of gold had gone IN more |
than that of silver had fallen. To |
say that silver is worth only fifty |
cents on the dollar means nothing, |
for whoever says that is measuring !
silver by the increased gold dollar |
valuation. When wheat was dollar |
bushel silver was 81 20 to 81 20 per OF. |
Now wheat is 81 cts. a bushel, and we |
find silver quoted at "a cts. an OF. An |
ounce of silver worth at par $l.29 will |
buy at present depressed prices as |
much wheat as il did years ago; but |
an ounce of gold will buy twice as |
much as it did when silver was at par. |
The Republican platform of 1892 de- |
clared in favor of the full use of both |
gold and silver as the result of an |
international arrangement. The |
Democratic party is supposed to be |
at least as favorable TO silver; and the |
POpulists are outspoken for free |
coinage" with or without any con- |
ceSsiOns on the part of other Nations. |
1t is only of late that portion OF |
the press has taken the ultra gold |
position. We think it is unfortunate |
that they do so, for we believe, as we |
did in 1892, that gold and silver |
furnishes a more stable and uniform |
basal money than does either of these |
metals alone. The only question |
open for discussion among Americans
ought TO be whether, every effort for
international bi-metalism having |
failed, the United States ought to
submit TO the single gold standard or
try the experiment of free silver
coinage independently of other
countries.
The Income Tax.
rYI,, Count ,f Ia, TTnffal