The record-union., 1896-08-20


metals should not be put to service at
and deposited, as security at it's present
value, is better. than lying idle.
will further wager that no Populist
that is known to me has the brain to
see that if silver were put to so valuable
a use as an interest Garner or as Sc
curity for loans, that 1t would largely
enhance its value, and what is more,
when this and tax-paying uses were
added together that silver would begin
to be nearly as. valuable as gold. We
have had experience enough with
greenbacks to know that their con-
venience is so much akin to
exchange bills that it pulls up into
high percentages on this count alone.
I personally have known that green
backs are preferred to gold in the small
and large transactions of the business
of the East. We all know that bills OF
exchange outstrip in use all competition
with gold, greenbacks, bank notes and
all forms of currency. submit that the
way to find out what silver is worth In
business is to use it for what it is worth,
add it to our own uses as it is, and let
it appreciate by the duties 1T per-
forms.
When these are demonstrated, then
the nations will adopt it for use in the
same manner and the adoption will
come at twice the pace 1t can and will
by any other plan of campaign.
Neither gold nor silver are extensive
ly used in the business of exchange.
Neither is it used in banking, i. e., 1t Is
rot the thing passed over the counter
except in California. Both are too
cumbersome for that.
Gold and silver are both on deposit
as security for bills of exchange and for
bank note issues. But there is not
enough of gold to constitute the secur-
ity for all the currency needed. AS a
beginning the whole amount OF silver
dollars and silver bullion should be
added, thus enhancing the amount that
could be circulated in bills and bank
notes one-half. AS soon as this useful
ness of silver should be proven its value
would be enhanced, and the added cur
rency would be made one-third greater.
1t is only these metals, represented
by bank notes, that can ever become
International No one expects ever to
send 100000 silver dollars to France,
but an international bank in New York
with a French bank officer or employe
can receive the coin or bullion and send
over to France 100 international notes,
or if preferred bill of exchange for a
like amount. But the sum deposited In
New York will be in both silver and
gold If the bill of exchange is ever
cashed in coin or bullion, the bank
notes or bills of exchange will be cashed
in the international agreement ratio of
gold to silver.
Then, when either of these metals
grows weak the quantity of the stronger
must be increased, and possibly the
ratio changed when the disparity is
great. This whole procedure advances
on the well-established, well-known
fact that of gold there is not enough
to constitute the medium Of exchange
for the world, and that silver is the only
other metal called precious, and there
fore the only reinforcement in quantity
and quality that can ever move the
worlds products.
To these metals of course will aways
be added the credit and solvency of the
nations; the honor and promptness of
it's inhabitants and all the products of
them all.
How much grain, how much meat,
how much iron, brass and lead; how
much shipping, how many factories and
even public schools will pass under the
scrutiny Of nations then, just as they
are unnamed items of security value in
the private loan of-day. These are fiat
securities.
1t seems strange that the strong par
ties of the day should not have said that
silver is the ally or natural reinforce
ment of gold in the business world, and
that there is urgent need Of its wide
spread use, and if need be Of enhancing
it's value in the world of exchange and
of banking, and of it's every day small
transactions.
The universal use of the precious
metals, gold and silver, in exchange and
business has been observed by all ma
tions. Their use as deposits or security
for bills of exchange, bank notes and
currency is much less known. In other
words, when the United States owes
money in Europe and vice versa, the
metals are sent east or west in pay
ment in large degree.
The farther exchange travels in ones
own country the less are these metals
used. But in dealing with other nations
the rule is reversed and the great dis
tance is traversed by the metals alone.
And much more than one-half Of this
exchange is done by gold alone. Why?
Because silver is too cumbersome. But
gold is too cumbersome at our home.
and bills Of exchange are used, and are
of great convenience.
Is 1t not very evident that these
metals could assume the chrysalis form
and do yeoman service in different
countries as we'll as in different parts of
the same country? If conversion of the
metals into bills of exchange, into bank
notes, into currency gives wings to gold
and silver In comparatively near places,
why would not similar conversion for
distant places give swifter wings to for
eign exchange? Or, IL already in use.
why not multiply the use?
So far the view Is that OF the naked
eye. Reinforce with the telescope view
of distant lands and all becomes palmer
as well as more comprehensive. We
speak, as partisans, only Of fixing the
ratio of gold to silver and the quanti-
ties of each that shall constitute a dol
lar. But when the web Of commerce
has been woven, the fineness of each
will have been fixed also. Then for con-
venience the gold and silver coins for
international purposes Will or ought to
hear the worlds coat Of arms. The
Tinted States and Mexican dollars will