New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-17
DEMOCRATIC UORD-JUGGLING.

False and forced definitions should not be
nermitted 10 deceive the people about the real
purposes Of opposing elements In the monetary
controversy. Mr. Perry Belmont asserts that
we have only partial bimetalllsm in our coun-
fry" but shortly after declares that before we
"can have bmetasm we must open all minis
"for cycrybodys silver" and subsequently adds
that .thc present unit and standard Of value Is
n gold dollar of 25.S grains" These assertions
contradict each other We have not in the scicn-
tifc sense even partial bmctallism If the unit
and standard of value Is now and has been ever
since specie resumption in 1879 the gold dollar
alone. The word bmetasm Is not used by
competent students or monetary teachers to refer
to the use of Il subsidiary or purely represent
alive currency. and il 1t were. the English sys'
tenn would have 10 be called bimetalllc. The
careless of the phrase In political discussion
is responsible for much current misapprehen-
sion. which men Of Mr. Bclmont's standing
should strive at all times 10 remove.
What Mr. Belmont desires Is TO set Repub-
leans Quarrelling with each other over an en-
tircly different ques,ion-namely, whether legal
tender notes should be retired. The gold stand
ard which he states we now have, Is. In point
Of fact. the only standard the country has known
since Republican legislation, in spite OF united
Democratic opposition, brought about redemp-
ton Of notes in gold. The same party when
has maintained that standard during all these
years. and which by the act Of 1890 made II part
of the sworn duty of the Executive 10 maintain
II. holds TO the same principles and methods by
which the country has been secured for so many
wears a safe and suitable currency. 1t holds that
every part Of the money In circulation must be
kept at all times equal in purchasing power and
market value TO every other part and therefore
OF necessity TO the gold which is the standard
Of the commercial word Until some one can
suggest how this can be done, and yet at the
same time the value Of the circulation or OF some
part Of II can be impaired or dcbascd It is Of no
use 10 rail or snecr AT Republican declarations.
Honest men feel that those declarations must
he interpreted by the acts Of tho party, which
have in fact established and maintained. Mr..
Belmont afirms the gold dollar as the unit and
standard OF value.
The silver purchasing act Of 1890 Is even now
supposed. by some fairly intelligent men. 10 have
provided for increased coinage Of silver. whereas
In fact II stopped silver coinage. and for in
creased ISSUES of paper representing only 30
cents worth Of metal 10 the dollar, whereas In
fact II stopped the issue Of such notes, and pro-
vdcl for Treasury notes representing not one
cent more than the actual market value Of the
bullion purchased. Each note nj the time Of It's
issue actually represented 100 cents worth OF
metal In gold and by the terms OF the law the
Treasury was obliged to maintain the parity
Of each with gold. Whether the act was
in other respects expe'lient or not, 1t rem
dered n great service In stopping the ennis
sion OF coins which were In fact not worth
the sum stamped on them, and In stopping the
issue of notes which represented less than their
face value in metal. and in compelling Govern
mcnt 10 keep all lis notes and coins AT par In
gold. For the accomplishment OF these most
important changes the purchase OF quantity
Of silver bullion which lies idle in the Treasury
seems not a high price to pay.
Mr. Belmont AID some bankers who seek the
retirement OF greenbJcks profess 70 believe that
this Republican system is full Of danger, and
that It cannot be made safe so long as the legal
tender notes remain in circulation. II this Is
not Mr. Belmonts view. ne dssents widely from
that Of the President. But 1t is not possible to
command for that view the support OF more
than a small minority Of either political party.
The great majority of Democrats would be swift
to resist and defeat any attempt 10 substitute
National bank notes for greenbacks. The Re
publican party stands with great unanImlty
upon It's declaration In favor Of n currency en-
bracing gold. silver and paper. every part main
tanned az par with gold. This Is not bimetallsm
in the scientific sense nor does the Republican
party regard such bimetallism attninable cx-
ccpt by International agreement. But ii strives.
in the words Of Mr. Allison. 10 ''use both metals
Ito the extent that they can be maintained ut a
parity with each other to Use silver as sub
sdary. representing gold, only SO far as that
representative character can be safely main
tanned. 1t will not be found easy to resist or
defeat that platform before the people.