The herald., 1895-03-29
AN IRREpREssIBLH QUESTION

Whatever monometallists or thick ano
thin partizans may say or do, like the
ghost of Banquo the silver question VIII
not down. A large number Of Southern
and Western Democrats have issued an
address to the Democrats of the nation
in advocacy of free silver coinage on a
ration of 16 to l. They allege their lnten'
tion to make that a test ISSUE but leav-
ing all free to entertain their opinions
on other subjects.
The American Bimetallc League has is-
sued an address to the country in advo-
cacy of the formation of dlstinctvely
silver party and subordinating all otner
questions. A large number of RepuoI-
cans are earnest advocates OF free coinage
of silver on the ratio of l6 to l. Ihere
seems little room to doubt that large
majority of the American people favor
free coinage of silver, and if all who hold
those views should act together the cause
would inevitably prevail. Both the OLD
parties will undoubtedly endeavor to
maintain their organizations ana to deal
with the silver question in such manner
as will assure success. In 1892 the Dem
ocratc patry declared unequivocally Tor
free coinage of silver and the Republicans
declared in favor of liberal use OF silver,
but in terms that were ambiguous. 1t is
quite certain that the Democrats Will be
specific and emphatic in their claratlon
in 1896 Whether the Republicans will at
tempt again to dodge the question re-
mains to be seen. That the South ana
West are favorable to free silver coinage
is beyond question. and the Fast
which includes New En- -and, New YORK,
New Jersey, Pennsylvania and Ohio, are
apparently monometallists. What changes
may take place in a twevemonth, time
alone will disclose. 1t may be unfortunate
that the contest on the money qu estlon
should assume sectional character, and
it is to be hoped that our Eastern breth-
rem will become willing to concede what
is so essentia al to the welfare Of the pro-
ducing sections.
The opposers of bimetallism are cap
tous and sophistical. There are those
who object to the silver dollar coined on
the present lawful ratio on the ground
that it is bulky and inconvenient to ham
die and yet they urge that if there is coin
age of the dollar it should be on higher
ratio, which would make it more bulky
and heavy. This is mere captiousness.
They indulge in the sophistry that the
silver in the dollar should be worth a
hundred cents in the market as COM
modify, measured by gold, which has
a fixed money value, whether in coin or
bullion, as the mints are open to its coin
age on basis of quality and tineness pre-
scribed by law.
The goldites talk about an arbitrary
ratio of coinage as if it were Objectionable.
The ratio has always been arbitrarily
established by law, and always must be,
for otherwise there would be fluctuations
which would impair the usefulness of
coin as medium of exchange. No ma
ton has ever coined the two precious
metals on a higher ratio than 16 to L.
There is no difference what the ratio is, for
the money function is conferred by law.
The idea that anything possesses money
function is preposterous, and all argu-
ment based upon the idea is the merest
sophistry. Those who favor free coinage
of silver do so for the reason that the
country is suffering from the want of a
larger volume of circulating medium.
There are indications that the pro-
gramme of the monometallists is to re-
tire the green backs, which will further re-
duce the money volume and bring still
greater disaster upon the country. They
will attempt to do this in the first session
of the present Congress.
The danger to silver lies in the disunit-
cd efforts of its friends. 1t is improbable
that the old parties will give up their or
ganizati ms and silver men will be dra-
gooned into remaining with them, and
thereby preventing union OF effort. As
we believe the Democratic National Con-
venton in 1896 will declare unequivocally
for silver, to support its nominees will
most surely bring victory to the cause.
In any event we think there should be
devised some plan on which the friends
of silver can cordially unite. The ques-
tion is SO important that men shoul g-
more party until this question is finally
disposed of. Our money system is mixed
and confused and the sooner it Is simpli-
fed and made permanent the better it
will be for the country. 1t is the first
question that should be disposed of be-
cause it is more important than all
others. A sound and adequate volume
of m ney is the basis of all prospe ity.
and to freely coin silver and make it legal
tender will give us sound money and prob
ably in a short time ample volume.