Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1895-05-31
THE SOUND MONEY CONTENTIOUS
1kf1IT

THE SOUND MONEY CONTENTIOUS
FAITH.
The sound money convention at Mem
phls, last week, put forth as its article of
faith the extract we give below-it is
Just about the description of "Sound
Money! given by the VINDICAToR some
weeks ago:
1--WE would rejoice over the adoption of
real bimetalism, but in view of the contin-
ued fluctuations in the price of silver in the
open market we realize that it is impossible
for the United States independently to
adopt bimetallic standard, and we deem
il unwise and hazardous to the best inter-
ests of it's people for this country to at
tempt it's establishment. We favor the
policy of this country standing in the atti-
tude of readiness at all times to cooperate
with the other powers in any effort they
may inaugurate looking to the adoption Of
true bimetalism, but in the mean time, and
until successful cooperation Is assured, to
value.
1--WE favor the retention, as part of our
money, the silver now coined, and in order
to give a wider field for the use of silver we
favor the coinage Of money other than sill
yer and silver certificates below the denom-
ination Of $40 into higher denominations,
so as to make our entire circulation below
the denomination of $40 either silver Oh
silver certificates, and to this end the Sec
rotary Of the Treasury should be authoriz-
ed to coin. from time to time as the people
may require them. silver dollars until the
demand for money below the denomination
of $40 is at all times satisfied"
In his speech before the convention Sec
rotary of the Treasury Carlisle gave the
following figures OF our present currency ::
"We have about $625,OOO,OOO in gold,
1897 ,652, s73 in full legal-tender notes, $780,
691 900 in old United States notes, $149,-
5S4.47l in treasury notes issued in the pur-
chase of silver bullion, 5000, $50 iE
national bank notes, and $76, l69, 500 in
subsidiary silver coin, making in all
ST. ,8O4, 7O7 1853, exclusive Of the minor coins,
and every dollar Of this vast volume Of
currency is kept equal in value to the
standard established by law, SO that every
man who receives silver dollar Oh paper
dollar in exchange for his products, or in
satisfaction of debt, gets just as good a
dollar as the man who receives gold. This
is the monetary system, and this is the
financial condition which the advocates of
free coinage at the ratio of 16 to l, now pro
pose to revolutionize at once by change
in the standard of value, SO that the whole
mass of circulation left for the use of the
people would be reduced to about One-half
the purchasing power it has now."
DEATH OF SECRETARY GRESHAM.
Hon. Walter @. Gresham, Secretary of
State, died in Washington on Tuesday
morning after month s illness terminal
ing in acute pneumonia, in his sixty-third
year. His public career had been a remark.
able one. He was born in Indiana and
reared in poverty. His first public posi-
ton was that of U. s. district judge in
luuldutt, WulO1 liz SdfC up W UesnO taop VI
Postmaster General and later the Secretary
of the Treasury under President Arthur
He then returned to the bench as o.. S.
circuit Judge, and left it to take the place
of Secretary of State under Mr.. Cleveland
His appointment to that place created
much surprise as it was not then under
stood that he had left the Republican party
he had, however, become well separated
from it on the subject of Tariff Reform
which he favored. He was, like MI
Cleveland, a man Of high, strong and indie
pendent character. as well as a straight
forward one, and this last quality he made
apparent in his conduct of our foreign
affairs, puzzling European diplomats by
bis frank, outspoken sense of justice
strongly in contrast with their methods
He leaves an enviable record behind him Of
a wise and incorruptible judge, a brave an(
skilful soldier, and a statesman who was
the peer of any Of his time.
THE WALTON LAW.
Notwithstanding the evil prophesies by
its enemies, and the honest doubts OF it,
friends, the Walton law has worked very
well with the long lists Of candidates fol
I