The Providence news. (Providence [R.I.]) 1891-1906, 1895-11-22

cur currency would thus DO reduced TO the
silver standard.
While tho pccuriary loss to which tho
people have been subjected by the issue
and continued circulation of legal tondcr
paper has been almost iDcalculable, this
has not been by any means the only In
Jury inflicted upon the country. The
widespread Generalization OF public senti-
mcnt resulting from the false theories
which such q system necessarily ,engenders
has been and still Is one Of the greatest
sources Of our financial difficulties. The
theories that the government can create
money by placing its stamp upon paper on
other material; that a legislative enact
ment can make 80 cents equal to l00
cents; that nrtiloially inflated prices, paid
in "a deprecated currency, are better for
the people than natural prices, paid In a
sound currency, and various other vagaries
now floating Ike bubbles In the political
atmosphere arc all directly attributable TO
the long continued uso Of legal tender pa
per. The proposition hat a promise Of the
government to pay money is money Is just
as absurd ms the proposition that a prom
ise TO deliver n horse Is n horse, and yet
there are eminent men high in the public
councils who believe that the United
States promissory note Is actual money,
and hat the statute which compels all the
people TO receive il as actual money Is OF
stitutional and ought TO BIO continued in
force. The agitation for the free coinage
of legal tender silver at "a ratio which
would put only 90 cents worth of bullion
in "a silver dollar IL predicated upon the
same vicious principle that underlies the
legislation making paper promises a legal
A.,.l.. L..t sk,ra Do A ,r,Aftoal ItHn~.,.a
between the two systems which ought not
to be overlooked In the discussion. The
United States note was n forced loan from
the people TO the government, which the
government promises to repay I'm dollars,
but the free coinage of legal tender silver
at the ratio of 10 to 1, or ut any other
ratio not corresponding with the CONNER
cial value of the two metals, would be a
forced loan from the people to the owners
OF silver mines and silver bullion without
n promise Of repayment by anybody. Ono
loan was forced for the benefit of the gov
eminent In a time of war, but the propo-
sition of the advocates Of FREQ coinage Is to
force another loan for the benefit of pri-
vate individuals and corporations In q
time Of profound peace.
In principle the two measures are pro-
cisely alike, for they are both founded up
on the false theory thnt the government
has the constitutional power and the moral
right TO create money out of any material
II chooses, however worthless, and compel
the people to receive 1t in payment for
their labor n products and in the dis
charge OF antecedent debts contracted
upon full considerations and upon "a differ
ont standard, but the free coinage of legal
tender silver, ms now proposed, would be
far more unjust In its practical results
than the issue OF legal tender United
States notes. However, It Is not my pur-
pose now TO discuss the question of free
coinage. l do not underestimate the i'm
portance OF that subject or mean To init
mate even that the campaign against the
proposition To debase our standard Of value
should DO abandoned or suspended. On
the contrary, I think the abandonment or
suspension of tho aggressive movement
against this financial heresy would DO
moss unwise at this time, especially in
view of the fact that a concerted effort Is
evidently now being made I'm the south
and. west to regain the ground lost during
the last six months. II friends of n sound
and stable measure of value are vigiiant
and active, this effort nj possibly sue
coed, and the question will soon recede
from tho public view or remain only as u
harmless theme for political discussion I'm
contests for local offices. But the United
States legal tender notes will remain to
complicate the currency system and en-
barrass the government until the people,
through their representatives I'm congress,
agree upon some plan by which they can be
retired and some other form Of currency
substituted in their place, at least SO far
as the necessities Of tho country may re-
quire such substitution. In my opinion
legislation In this direction at the earliest
possible day is imperatively demanded by
every substantial interest I'm the country,
and its -postpcnement upon any pretcxt of
political expediency or upon tho assump-
ton in advance that no satisfactory result
can be accomplished would be, to say the
least, q very grave mistake. There Is no
other single subject upon which there Is
so little real conflict Of interest among our
citizens. In fact, IL concerns the material
welfare OF all the people, OF the men who
work for wages and expend their earnings
for the necessarios of life, no less than the
men who live by trade or on the profits of
invested capital. Roughly speaking, our
people may be divided into two great
classes-those who are engaged In the pro-
duction OF commodities for consumption
and those who arc. directly or indirectly,
engaged in the business Of exchanging
those commodities In the markets. That
these two great classes Of our people are
mutually dependent is self evident.
No greater mistake could possibly he
committed by producers than TO insist up
on the adoption or maintenance Of a policy
that would break down or embarrass the
business OF the men who are moving their
products TO market n furnishing the
means for their purchase and sale by issu-
ing notes ant d~iscounting drafts and bills.
Their operations are a necessary part Of
the machiIsry which finally places the
products Of labor I'm the hands OF the con-
sumner and enables our farmers and others
20 reach, at the least expense, the market
in which their commodities will command
the highest prices. Neither the cotton of
the south nor the wheat of the west would
be worth very much II there were no rail
roads to carry IL or no merchants or bank
ers to supply the means for Its transfer
from one TO another.
The merchant and banker cannot pros