The state herald., 1895-06-07

ing at a loss. They will strain their
credit to the utmost limit before aban-
doning the effort to sustain prices,
rnortsaging their property, borrowing
on collateral. exchanging accommoda-
ton paper and delaying the payment
Of their bills.
The panic OF 1893 was a collapse OF
the effort to keep up prices by, paper
money imitation and an extension Of
credits In the face Of an ACTUALLY great
and relative,v r...ormous contraction Of
the currency.
1t is the misfortune Of silver that II
has been hanged first and condemned
afterward." Previous to Its demone-
tization In 1873 1t was worth most Of
the time more az bullion than when
coined at the ratio Of 10 to 1.
1t is proposed by Its friends to re-
store to 1t the rights as q money metal
which 1t enjoyed prior to 1873, and
which were taken away quietly. almost
secretly, without any public demand
and without any Of the reasons which
are now SO clamorousiy urged against
Its restoration. That re-establish-
ment Of the parity between gold and
silver would benefit this country no
fair-minded man will deny. Whether
the commercial influence Of the United
States Is SUFFICIENT to stem the tide and
Offset the influence Of the European ma
lions who have adopted gold standard
can hardly be ascertained without nm
actual test. but when we face the con-
tingency of gold going to premium.
nothing Is seen which will affect unfa-
vorably the prosperity of the country or
make such a change in values as would
work hardship to the creditor class.
II has been argued that silver money
cannot be coined with sufficient rapid
lily to replace the gold displaced. 1t is
not necessary that 1t be coined at all.
There are in the treasury of the govern
ment 369,00O,OOO silver dollars In addi-
ton to those now in circulation.
With this immense reserve silver GER
tifcates calling for silver dollars and
made legal tender In the payment OF
debts could be issued on the deposit OF
bullion, and since there would be DO
question Of the ability Of the govern
ment to redeem It's promise would cir.
cuiate as the very safest form Of paper
money. preferred for the settlement oil
all large balances to the coin itself.
The United States produced in 1890
nearly one-third Of the worlds produc.
ton OF gold. 1t will always as nation
have gold to sell as a commodity In the
best market 1t can find. 1t mined In
1890 three-fifths Of the worlds produc-
ton OF silver. and so far from being
Hooded In the event Of free coinage with
silver from india. China and Japan
wiz always have silver to dispose of at
Its market price in exchange for the
products OF other nations and In pay
Ing principal and interest OF its securl-
ties held abroad. The United States, ms
a nation, is q debtor nation. The
greater part Of Its debts were contract
ed on bimetailic basis when the dollar
measured Vi Wheat was worth bushel.
The Measurement of Values,
Now an homes, vards,ict ,,rs, oI,uam.
he thirty-si, inches Love yvn.,a'..
length was laid OF and called yard at
the bcgirains nlst always bo n yard.
,hirty-two inches Low. ha is s,sh.n-.
and his yardstick 10 = d,sho,a,, Snss'
stick. II on the other h,na ,hn ~.
toner of,er con,r,c,Ina 20. LAY IL
n forty inch md ,na Ina,s,. ~ a., w. ns
ing used a, y,rds,,ck ha vii, hs .,,s
pen,e6 n, d,shonos,x WIZ ~ .sa
pare the v,,uo 1nonav ,.na,,, IN
s,anle commod,,ics wa az ~, a..
yards,ick of vaIuc I'm, heon m.de ,,n..
err SO that each dollar viii, nrrchas,
more of almost everything than 4, nnc.
could. The single standard do,,.r I. =
dishonest dollar.
Legislation which will ,r,-o,s. ,.,
ucs by making our monetary mi, , HI.
metallic unit raising tho rr,co =, al,
yer and nil other s,,nIo ,rnar,,s a.,
releasing our gold IN mo so,,Iaman,
of foreign indebtedness has NO, ~,
slightest claimant n, d,s,ann,,y =. A..
iust because n will restore IA ,ho "a
ucts of American labor tho aoh,'n,v.
ine nower which has haon ,,ts -
nv class ,o,,s,,,,on """'
II is patriotic becnus. 1, will rrouo,,