The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-07-28

towards restoring silver to its proper use
as money metal, the gold standard will
become irrevocably fixed, and silver rel
egated to it's subordinate position for
use as subsidiary coinage, and IN the
arts. For years the Legislature OF the
government has tended to favor the
owners of invested capital and the
maintenance of the gold standard.
That this should be the policy OF the
largest silver producing country OF
the world, is remarkable. For one
am content to try the experiment
of a largely increased silver coin
age. While / feel inclined to shrink
from the possible dangers of free and
unlimited coinage, would rather incur
that risk, than go on IN the
course which is tending every day,
so far as the policy Of the Government
can bring it to pass, to make gold mono
metallism the fixed law of the United
States. have little patience with the
arguments Of the opponents Of silver,
based upon the supposed incapacity of
the minis to coin sufficient amount Of
currency, IA condition which could be
remedied in ninety days, and at COM
paratively insignificant expense), or
upon the prophecy Of Mr.. Carlisle that
under the free coinage of silver the cur
rency would not only be greatly debased
and of small value, but at the same time
would be greatly contracted on account
of the disuse Of gold, and that the
prices of products would fall in conse-
quence of the increased use Of silver. If
prices should fall, gold would come
back. There are enough real dangers
with which we will be brought face to
face, and these imaginary and contra
dictCry ones might well be eliminated
from the discussion.
The silver question cannot be consid-
cred as an independent problem. 1t is
indissolubly bound up with the question
of a sufficient paper currency. Since
the repeal of the Sherman law there is
only one kind of paper money which can
be issued as additional currency, Ma
tional Bank notes. | do not include
gold and silver certificates, because they
represent gold bullion, or silver coin
actually, withdrawn from circulation.
As these National Bank notes
are UdSSO upOu OulICu OUaGCo bOhOob
which sell for a high premium, the
amount of their issue is controlled by the
moneyed centres, and is very limited. In
this respect the United States differs
greatly from the European countries
whose currency is based upon the gold
standard. There is no such limit to
their bank circulation; and it should also
be remembered that they are not
silver producing countries. If we
had a we'll grounded prospect of
the enactment of currency laws
which should provide a safe and
flexible circulating medium in sufficient
volume for the needs of the people, it is
possible that it would be unwise to risk
the dangers which will attend the ex-
pertinent of the free coinage of silver.
But as l do not believe that we have
any reasonable hope of this, | am con-
tent to stand with the overwhelming
majority of the people of North Caro-
lima. AS to the prospects of eventual
success of the movement for free coin
age, expressed no opinion TO your cor
respondent; nor can anyone give an
opinion which is of much value until the
probable condition of trade, agriculture
and manufactures, and the course of
financial legislation of the incoming Con-
gress for the next twelve months, shall
have become ascertainable.
Respectfully yours,
F. Fl. BUsBEE.
Raleigh, July 20, 1895.