Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1895-12-06


notes taken from n surplus revenue IN buy
gold IN the market. or course. he could not do
this without paying n premium. Private hold
srs OF gold, unlike the government having no
parity TO maintain. would not be restrained
from making tho best bargain possible when
they furnished gold to the treasury; but tho
moment the secretary of the treasury bought
gold ON any terms above par he would estab-
llsh general and universal premium upon it.
thus breaking down the parity between gold
and silver which the government is plbeed to
maintain and opening the way to new and
serious complications.
In the meantime the premium would not re-
main stationary anI the absurd spectacle might
he presented of a dealer selling gold to the
Govcrninent and with United States notes or
tr'asnry notes in his hands immediately clam
oring TO its return and a re ale nj n higher
premium II may be elaine that a large rev.
ehur and reduced eceipts might favorably aft
icct thu situation under discussion by afTordine
an opportunity affecting thcs, notes in the
treasury when received ani thus preventing
Their presentation for gold. Such retention to
bcnsriul ought to he at least measurably per-
mah"ht, anu this is precisely what is pr0hib-
tied :" lar as United States notes are con-
;rrned b. law OF 1878, forbiddng their re-,
tf'ii''ht. lhatthe statute in so many words
provides that these notes when received into
ihr treasury anu belonging to the United States
ahhll hr fhIi out again aud kept ia circula-
Ton IL Will moreover be readily seen that
Tue government could not refuse to pay out
ohi'"h STATES notes and treasury notes in cur.
rent transactions when demanded. and insist
nn paying out silver alone and still maintain
the parity between that metal and the cur
tcncy representing gold Besides the accumu
iati"h III tht treasury of currency Of any kind
hSac'eh from the people through taxation is
Justly regarded as an evil and 1t cannot pro-
cerh ihr without vigorous protest against an
un!nstlllable retention OF money.
Wrr" there INFINITELY stronger reasons than
eau nr hdduceh tor hoping that such acti on
w"nih secure Tor rs bmetallic currency NOV
ing on lines o' parity an experiment 50 novel
AN" h"Hafd"us us mat proposed might well
siaggrr those who believe that stability is an
imperative condition OF sound money. No gov
rrnmrh'' no hum u contrsance or act Of legs-
lation has ever been abb, to hold the two metals
together III Tree coinage at ratio apprecably
Inherent from thai which L. establishe | in tlie
markets at the word.
In the light OF these experiences, which ac-
cord with the experiences Of other nations,
There Is certainly no secure ground for the be-
liei that AN act OF Congress could now bridge
an equality oil % per cent between gold and sill
yer AT our present ratio. nor Is there the least
possibility that our country. which has less
than one seventh of the silver money ia tho
world. could 10y its action raise not only our
Our attempt To accomplish this by the free
coinage Of silver at u ratio differing from tho
actual relative value would he the signal for
complete departure OF gold from our circula-
ton, aud the collapse of our entire credit sys-
tenn.
Our rOuntry's Indebtedness whether owing by
the goycrnm mt or existing between individuals
has bern contracted with reference to our pes.
cni standard To decree by act of Congress
that these debts shall be payable in less valua-
bic dollars than those within the contemplated
and intention OF the parties when contracted,
would operate to transfer by the fiat law and
without compensation. an amount of property
and volume of rights and interests almost in
calculable Those who advocate blind and
hcadong plunge to free coinage in the name of
bimetallisnl and protesting the belief, CON
trarY to all experience, that we could
thus establish a double standard and
concurrent, circulation of both metals in our
coinage are certainly reckoning from cloudy
standpoint. Our present standard Of value is
the standard or the civilized world and per-
mi> the only bi-mctallism now possible or at
least that within the independent reach Of any
>lnslr nation, however powerful that nation
may I've. While the value of gold
~ standard Is stcadlcd by
almost universal commercihi ami business 1t
.i"- not dcspise silver nor seek It's Punishment.
Wherever this standard is maintained there is its
-'dr m Tree and unauestloned circulation avol-
ninr"i silver currency sometimes eqnaling, and
-"h"ilines even exceeding II III amount, both
maintained mt parity Notwithstanding "A de-
pnfafi"n or huctuation III the intrinsic value of
silver.
Ihri Is vast difference between standard
nj value m IA currency Tor monetary use. The
Sinudanl must necessarily be- fixed and certain.
III" currency may be in diverse forms and Of
,ar'ous kinds. No silver standard country has
gold currency 10 circulation but an enlght-
rnrd and wise system Of finance secures tho
b n'iits Of both gold and silver rs currency
and circulnl ing medium by keeping the stand
md stable and all other currency at par with
II. such system and such standard also
gl,ce tree scope Tor the use aud expansion nf
safe aud conservative credit so Indispensable
io broad and growing commercial transactions
and - well substitute for the actual Of
money.
The past Is full Of lessons, teaching not only
the economic dangers, but the national I'M
morality that follows in the train If such ex-
prdirut. will not believe that the American
p,uplc can bc persuaded. after sober dclibera-
ton. h. ieoparliSe their nations prestige and
proud -iauding 10y encouraging financial nos
irnms nnr that they will yield b. the false al
luremppt. If chenp money, when they 10 lIize
that If utu.t result In the weakening of that
Rnancirl integrity and rcctitnde which tl,us far
an our Lisior, has b,.en 80 deyotedly cherished
a. one of the traits or time Atnrricunism
have ,ruturnd la oxnress mvsolf an tbeso