Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-05-06

il to be coined and the silver dollars
carried away from the mint by them.
/ 1t is the new invention of paper money
issued upon the silver coined which
accounts for all the desire for "unlim-
| tied coinage" No holder of silver bull
| lion would. if he had free and unlim-
tied coinage" take one dollar OF II
from the mint. and if denied the right
/ to turn the silver dollars into silver
| certificates, | venture the assertion
! that no holder of silver bullion would
take one dollar Of it to the mint.
/ Why? Why simply for the reason
that we have already used silver in
/ this country. as money, beyond any
! possibility of the use of actual silver
! coin as money. We have 331,OOO,OOO
silver dollars which circulate by
means of paper tokens as their rep
! resentatives. We have in the neigh
bOrhOOd of 5000 900 for which no
certificates have been issued, $3O,OOO,-
600 of which are lying idle in the
vaults of the treasury at Washington,
leaving $60.0OO.0O0 in actual cireula-
ton among the people, simply because
it can't be circulated to any greater
! extent
OUR BEST INFORMED FINAN-
CIERS
say that amount can not be increased
to any great extent so far as actual
silver circulation is concerned, be-
| cause cur present use of silver as
money is beyond what the people
would use if they were compelled to
use the silver dollars All this con-
tention. therefore, about the free and
unlimited" coinage of the dollar or
the Daddys" means just thatmuch more
paper money. This leods me to say
that the evil in our present financial
system and situation lies in our
paper money! mean government
paper money. 1t was an evil day
when. under Republican rule, we de-
parted from the old and well-estab-
lished Democratic methods, practices
and customs to simply coin silver and
gold and certify its weight and purity,
TO paper currency. No country ever
did it. whether the paper was re-
deemable or irredeemable. that did
not suffer for it in the end.
In addition TO our "greenback cur
rency," we have about S4S0,0O000 Of
silver paper money. In round num-
bers we have about 1915, 000,0 600 of
paper money. In my humble judgment
this money is responsible for the
growth of paternaism in this country.
! Through it our people have been led
TO believe they ought TO look to the
government to furnish them with
money, to believe it is one of the
| functions of government to make
every mans business as profitable as
the man himself may desire it to be.
! This is the inherent vice of cheap
money" as a debased currency is
called. and this is just what the Dem
ocratic party has been arrayed against
from it's foundation until led astray
in recent years by demOgogueS and
time servers.
The great danger in free and I'M
limited coinage of silver" as pro-
POSED by its advocates, lies in the
issuing of paper money upon it. Per-
haps our government could maintain
AT A PARITY WITH GOLD
all the silver coin at ratio Of 16 to 1,
which our people can use as coin, but
/ il can not maintain at a parity with
gold, all the silver upon which We can
! issue paper money. All human eX-
! perience has conclusively demon
! strated, if there are two kinds of
| money the bullion value of which diff
| fers materially. the cheaper kind will
/ drive out of circulation the more valu-
| able kind Two metals of different
| bullion value may be used together
10 a certain extent, but beyond this we
can not safely go. If dollars of the
! inferior metal are issued by the gov
! eminent what is required in payment
of government dues, and in excess OF
| the sentiment of those who believe the
! government stamp will carry any
] thing as a dollar, then these dollars
! will be worth only the value of the
metal in them as metal. The same
principle will apply to paper issued
| upon silver. If the public believes
there is too much of it, the silver
which the paper represents will be
valuable only as silver.
Now, with SS75 100000 paper money
out, S346000 600 of which is directly
redeemable( if not express, positive
law, by the plighted faith of the gov
ernmenD in gold, and $155, 100000 OF
Sherman purchase act notes, which
have also been treated as redeemable
i'm gold, it will be seen that we have il.
round numbers nearly, if not quite
| S500,O0O,OOO of paper money to be re-
deemed in gold. What does this in
volye? What obligation does it all
| impose upon our government? It i'm
| poses upon our government the obli-
cation of keeping a fund of gold in the
treasury, all the while lying idle lest
demand be made upon the government
fer redemption of its obligations. II
means that our government
MUST KEEP SUFFICIENT GOLD
in the treasury so that every body will
be satisfied. we can redeem any obli-
| cation whenever presented. Silver is
worth less than gold In all the markets
Of the world for all purposes. and this
| government if 1t issues it as money
must maintain it on a parity with
gold, audi il does this. it must keen
lying idle all the while in its treasury
vaults, a sufficient amount of gold
which is necessarily withdrawn from
! circulation.
This money question is a serious
| one. If this government wants ia
promote the happiness and prosperity
of its citizens. it must maintain a
sound and stable currency-it must
maintain a currency that will pass.
the world over, unqUestioned by any
body for the amount stamped upon its
| face The kind of money every sensi-
BILE man wants is the kind which will