The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-08-15
HARD NUTS cRAoKED.
The Kernel of Truth Easily Reached
When the Shell of Golden Hypo-
cricy is Broken.
From the Cincinnati Enquirer.
4. -.---...,. Il, rec. r.,,al


From the Cincinnati Enquirer.
We are asked to answer these questions
to settle dispute in Iowa.
|. Did the Government take gold out
of the Treasury to buy silver bullion under
the Sherman law, or did it issue in pay
ment silver or gold certificates
Answer. The Government did neither.
1t bought the bullion at the lowest market |
price and gave in payment Treasury notes
payable in lawful money.
2. Were the Government bonds made
payable in gold, or could they be paid in
silver?
Answer. Not single bond of any issue,
under any law, was made payable in either
gold or silver by name. Every one of
them was payable in coin, and coin con-
sisted of both gold and silver.
When the bonds were refunded it was
distinctly stated that they were payable in
coin and that the weight and fnencss Of
the coin. should be in accordance with the
coinage act of July, 1870. The act of
1870 provided for the issue Of both gold
and silver coin, distinctly defining the
weight and fneness of every dollar. The
only question was, Who shall decide, the
holder of the bond, or the Government
what kind of coin shall be used in redemp-
tion
Those who favored maintaining the par
ity of the gold and silver coins claimed
that the Government had the option to
paw in that which was most convenient.
The bankers and bondholders claimed that
it was their exclusive right to say what
kind of coin they would receive.
The advocates of the single gold stand
ard have induced our Government officials
of both political parties to take positions
with the bankers and to maintain that all
obligations to pay money for the redemp-
ton of bonds, treasury notes and green
backs must be paid in gold.
As only eight millions of silver dollars
had ever been coined, and fearing that
there might be an adverse decision, con-
federation of rascals, foreign and domestic,
entered into a conspiracy to drop the coin
age of silver, which would leave no redemp-
ton money but gold. Eight millions of
silver dollars would cut no figure in re-
deeming thousand millions of government
obligations.
8. Was silver dropped from coinage and
thus demonetized because the leading COM
mercial nations of the world had demone-
tized it ?
Answer. Certainly not That state
ment is a lie of the first magnitude. Eng
land demonetized silver in 1916. The
next leading nation to follow the ex-
ample of England was the United States
in 1879. Germany and France followed
the United States within year. If the
United States re-enfranchises silver, Ger
many. France and the Latin Union will
correct the blunder of following the bad
example we set them by the rascally act
of 1873. 1t is admitted by the greatest
English statesman that if the United States
persists in coming silver England must re-
cognize it or lose her most valuable trade.
A patron of the Enquirer asks ''wheth-
er we would have more money per capita
than is needed if silver is coined free Of
charge in unlimited quantities?
Certainly not for several reasons.
IF the American mints were run to
their full capacity the volume of gold and
silver available for coinage would not in
crease as fast as our population and the
enlarged business requirements. The gold
product is and has been for years in excess
of our silver product in their coinage ratio.
A thousand dollars worth Of gold bullion
is produced at less cost than a thousand
dollars worth of silver bullion.
Silver has not declined in its commercial
value because of increased production, hut
because of being deprived of its money
function. If its use as money was re-
stored its value relatively to gold would be
restored to the place it occupied when it
was denied access to the mints. 1t every
ton of silver obtained from the American
mints not wanted in manufactures and the
arts was converted into coin it would be
many years before the people of the United
States would have as large per capita cir
culation of silver as the people Of France
have today. The statement that there
has been an abnormal production of silver
is accepted by many as true, when it is a
blistering falsehood.
France is smaller in area than some OF
our States, and has population of about
80, 900, 900, with very small annual in
crease. She has $500, 900, 600 in silver,
or about s23 per head. The United
States has a vast territory, sparsely settled,
a population of 20, 900, 900 with fabulous
annual increase, and per capita of silver
of about Sc Silver is needed especially
as a money of redemption. To require
gold to be the redeemer of all the paper
currency and of all the silver Is like build
ing pyramid upon its apex. 1t is only
a question of time when the structure will
become ruin.
With all the gold or silver available the
volume of credit money absolutely essential,
will be too large to be sustained on such a
small foundation. To disfranchise silver
and impose upon gold the duty which had
hitherto been performed by both metals is
absurd and impossible. Thence our faith
ers were wise in providing for the coinage
of both metals as primary money.
There is not ON the globe country
which needs as much money per capita as
the United States, and there is no civilized
country that has so little To deprive
one-half of our constitutional money of its
money function is an act of folly and mad
ness which-if persisted in will, in the strong
language of Secretary Carlisle, produce
more disaster than have attended war,
pestilence and famine We are approach
ing fearful crisis which can only be
averted by the full enfranchisement of
silver.