The Red Cloud chief., 1895-12-13

notes taken from n surplus revenue n buy
gold In the market. or course. he could not do
this without paying n premium, Private hold
cs OF gold, unlike tho government having no
parity to maintain. would not be restrained
from making the best bargain possible when
they furnished gold TO the treasury; but ths
moment the secretary Of tho treasury bought
gold on any terms above par he would estab-
lish a general and universal premium upon 1t.
thus breaking down the parity bctwoen gold
and silver which the government Is plugged tn
maintain, and opening the way to new and
serious complications.
In the meantime tho premium would not r-
m in stationary and the absurd spectacle might
DO presented OF q dealer selling gold to the
Government and with United states notes or
tr asury no tcs in his hands Immediately clam
oring for its return and n 70 ale at a higher
premium. IL may be claimed that q largo rev
enue and reduced Il 70 ceipts might fnvorably al.
feet tho situation under discussion by ahording
an opportunity affecting these notes In the
treasury when received. AMI thus preventing
their presentation for gold. Such retention 10
be useful ought to be at least Ineasurably per-
manent, and this IL precisely what is prohib-
tied so far as United States notes arc con
cerned BY law OF 1873, forbidding their ry
tiremcnt. That the statute in so many words
provides that these note, when received into
the treasury and belonging to the United States
shall be Paid out again and kept In circula'
ton" IL will moreover be readily seen that
III RDNtTnTnPut VI noN TtluSJ No'pdy VI
United States notes and treasury notes in cur
rent transactions when demanded, md insist
on paying out silver alone and still maintain
the parity between that metal and tho cur.
rency representing gold. Besides tho accumu
lation in the treasury Of currency OF any kind
exacted from the people through taxation 10
justly regarded rs an evil and IL cannot pro
coed far without vigorous protest against az
unjustitable retention Of money.
Wore there Infinitely stronger reasons than
-.u L. .ll...I g.. I,,ia. shat au,h 49,
would secure for us a bimctallic currency NOV.
ing on lines Of parity an experiment 80 novel
and hazardous as that proposed might we'll
stagger those who believe that stability IL an
imperative condition Of sound money. No gov
eminent, no hum N continuance or act OF lcgis.
lation has ever boon abb, to hold thetwo metals
together In free coinage at a ratio appreciablJ
different from that which is established In the
markets Of the world.
In the light of these experiences, which 40
cord with the experiences Of other nations.
there is certainly no secure ground for the be-
lief that an act OF Congress could now bridge
an equality Of 80 per cent between gold and sill
yer ut our present ratio, nor Is there the least
possibility that our country. which has loss
than one seventh. OF the silver money in ths
world, could by its action raise not only our
own, but all silver. to its lost ratio with gold.
Our attempt to accomplish this by tho FREQ
coinage OF silver at a ratio differing from tho
actual relative value would DO tho signal for
CoUlIctc ueparture VI HOlu from our CitCuld-
tiop, and the collapse OF our entire credit sys-
ten.
Our country's Indebtedness whether owing By
the government or existing between individnals,
has been contracted with reference to our pros
cnt standard To decree By act Of Congress
that these debts shall he payable in less valua-
bic dollars than those within the contemplated
and intention OF tho parties when contracted,
would operate to transfer by tho fat Law and
without compensation, an amount OF property
.-l N al...- o ..lN n.ul % ,I.,.-aS -
cslculable. Those who advocate u blind and
hcadlony plunge to free coinage in tho name OF
bimctallism aud protesting the belief, con-
trary to all experience. that wo could
thus establish n double standard and .
concurrent circulation Of both metals in orr
coinag 70 are certainly reckoning from n cloudy
standpoint. Our present standard OF valuc il
the standard Of the civilized world, and per-
mits the only bi-metallism now possible or 40
least that within the independent reach Of any
"s standard |, ~ s.eadiod by
almost universal commercial AMI business it.
does not despisc silver nor sock its Punishment
~ Wherever this standard is maintained there is it's
side in free and unquestioned circulation q vol.
ume Of siivos currency sometimes equnling, aufi
sometimes even exceCSing IL in amount, bot9
maintained Mt q parity notwIlEs. SshhAa Nc
p~recntion or tuctuation in tho intrinsic valde OF
silver.
OF value an a currency Tor ,no,c.arv nae r..
standard mnst n,ccssarily n, G,eJ and ccrt.in
The currency NAV bo in diverse forms ana -
yarious Kinds. x, siIror stand, ri con,trv he.
a gold currency in circulation Int m eni;eh,.
cncd and Wis, system az G,onco sccnrc. In.
b,n,fI,s of bo,b gold md silver n. cur,cn..
and circulating medium Inv tccniny Tho st.nd.
ard stnhle and nil other cvrrrncv NJ nar viii,
II. such q system and such a standard also
safe and conservative credit co ;nhisncnsihi.
10 broad and crovinr commerc;,l ransac,in,.
and So wall subs,itutci Tor Tho nctuai uss Of
noncv
The past il fall q. lessons. ,eochinr not ONLY
the economic dangers. hut tho national inn.
morality that follows in tho train OF such or.
pedient. will not believe that tho American
peopfe can be persuaded. after sober teiibera-
,ion, 10 jcopardize their pa,ion's prestige ana
n,oua .,andin, nv oncour,,iny tnanci.i ~
,,nms nnr that ,hsv will Vii :, ,ha t.tsa ~
tnron,n,. % chaan mnno, ,vL,, ,Lo. ,.su-
that n mn., rosnit In the wa,Conin. os,h.s
Hna,ci,, intcoritv and rrctiu,Is wh;ch ,hrs 20.
an onr history has bcon so doyo,sdly csnr;shs,
1911 Jill lhH Nl