The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-04-27
THE FINANCIAL QUESTION.
Short and Pithy Letters ON This Subject
Are Welcome.
Editor Of Tho rrribt,na q.

ShOTt uuo FItny Letters ON his SuUJeS'
Are Welcome.
Editor Of The Tribune.
Sir: We understand that money is
something with which we can go into
the markets and buy, making immedi-
ate payment. Now, any substance Of
convenient form and size, and suffl-
ciently durable in its nature, to per-
form moneys functions; that Is, to bear
the friction Of exchange, and having a
recognized value. whether 1t has an in
trinsic value or not, I submit would
answer all purposes for which money
Is required. Now then, as to what will
give to any money a recognized value.
Is 1t not confidence? If 1t Is confidence,
1t Is only necessary that contract Of
recognition be entered into and kept
In good faith by those mutually inter-
ested The way this contract Is made
Is by chosen representatives decreeing
what shall be recognized medium Of
exchange. The old cry against fiat
money Is. and was, absurd and foolish,
the gold dollar of Uncle Sam and the
unit of value Of every other country
are fiat money just as much as q green
back to those who have not agreed to
receive the coin or note at it's face
value.
The question next arises What Is the
best system of currency? Suppose that
we take gold as basis OF redemption,
and concede that no other substance
can be fixed upon as a standard of COM
mercial value and see where this will
al
American product of gold, that Is, what
Is produced In the United States, Is
sufficient. even though 1t were all
coined into money, to stand ready at
call TO redeem what currency is re-
quired for free and full Interchange
OF commodities. Then what must we
DO? Either manufacture and sell our
goods In foreign markets at q price
lower than they themselves can sell,
even with their cheap labor, or else pur-
sue the course the present administra-
ton has pursued, borrow gold to nav
the interest on the debt we already owe
ana thereby Increase the interest bear
Ing debt to be paid in gold. This policy
will reduce us either to race of Slaves
working at the command and prices of
foreign capitalists, or to the other alter
native, bankruptcy.
Recognizing still the theory that a
stable substance should be held as a
redeeming fund. let us, with fairness.
say that there is not gold enough for
the requirements of this great nation
or ours. Then what is the next best
thing for us to consider? The human
mind would naturally turn to the past
and learn it's lessons. Suppose that
gold Is the best and most precious of
metals. If we have not gold enough.
snail we enter voluntarily into eternal
bondage, and make of our nation and
people, not the leaders in civilization
and freedom we have been considered
but the bond-servants of aristocrat tic
money centers? We claim to have
the best market in the world.
we claim to have the best
paid labor of the world. Cannot the
one sustain the other? Suppose that
congress shall say that silver and gold
coined on ratio Of 16 to /, or 20 to |.
l care not which, and stamped by the
government of this land, shall consti-
tute the basis of our currency; that
coin bearing certificates may be re-
deemed in either; that for all purposes
of exchange and interchange certif-
Gates redeemable in gold or silver, shall
be legal tender. Suppose further that
foreign countries will not take our
silver In exchange for the products of
their manufactures? Is not this the
best protection possible to our indus
tries? Would not gold accumulate IL
1t were not needed? Would not gold be
cheaper If silver took its place in part?
The only argument that can be made
against the free coinage of the silver
of the United States is that, to the man
who sits in idleness, watching his in
animate money accumulate and swell
by the growing demand for more cur
rency in country whose population
Is rapidly increasing, and whose money
is being cornered with just as much
rapidity, 1t means the placing of ones
money into active work and not out
at usury. In this way we can pay our
Indebtedness without reputation. In
this way wages will advance and so
will the price of every useful article.
Gold will not be required where her
twin sister can do the work. Try 1t
and let the masses be benefited al
though a few may imagine they are
temporarily injured.
L. P. Wedeman.
Forest City, April 22.