The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-09

for ne green hack - re suE, com psssnee
with this promise and this Obligation. cr<,-
yited the silver IS made az Il always has
been hitherto. as good as gold coin. To
make cur silver coin even per cent less
vssuabis than gold fnfiet@ az once a loss
o. more than twenty millions Of dollars
e7 The holders % our PAPER money To
make q silver dollar worth y eents pre-
elsttatss on the same class q soss OF near
- sixty millions OF dollars. For what ever
OF TIE silver dollar n. the whole rap.~
issue OF the country VII slrk 70 It's stard-
ard wGen It's coinage is aufaorszef ard ia
circulation becomes general r. The chan
nefs OF trade Some enc n conversation
with Commodore yande-5gs; during on. q.
the many freight com petitions % the trs1nk
lines. said. 1T cannot be that the Car
adam railroads have sufficient capacity To
compete With our zreat nne8g~s Tina. Is
true, replied the commodore but st,ev
can M q rate ard force ux down "a n :.
Were congress TO pass a law today de-
caring that every legal tender note ans
every national bank note shall hereafter
pass Tor only - or 81 cents on a dollar
there is not constituency in The United
States thai would reAlscs man who sup-
ported Il. and IN many districts the repre-
sentative would be lucky 4 re escaped
merely with the defeat az the potls
Vet IL is almost mathefnatscaIly demon
straoss that the same effect Will follow
from the coinage OF an inferior silver dol
lar. Assurance from empires and seien-
DsfS In finance that demonstration Of The
former dollar wlli at once and perrnan-
emily advance its value TO par with
god. are worth little in the face OF the
opposing and Controlling facts The FIRST
o. this effect Of issuing AIRY eilver dol
lars thai would pay customs dues and
interest on public debts viii undoubtedly
be 20 raise II TO practical equality with
god. but THAI condition viii last only an-
I'll the amount neeaful for customs shall
III the channels OF It's use: and the over
fow going Into general circulation will
rapidly settle TO It's normal and aetiye
value. and then the discount viii come
on tho volume OF the paper currency,
which will sink. pari passu. with the si.-
yer dollar In which !; Is made reasonable.
That reconciliation will have a consider
able effect IN advancing the value OF the
silver dollar Is very probable. but not
enough 10 overcome the difference now ex
isfing-s difference resulting from causes
independent OF our control in the United
States
The responsibility OF rees.ablishing ell
yer in It's ancient and honorable place as
money IN Europe and America devolves
really upon the Congress OF che United
States. II we act here with wisdom and
frmness we shall not only successfully
rem0nstize silver, and bring Il into gen
erai use as money In our own country.
bat tho influence OF our example VIII be
potential among European nations, with
the possible exception OF England. Indeed,
our annual indictment 10 Europe IS SO
great that. Il We had the right 20 pay II
In silver, We necessarily eoerce those ma
tons by the strongest OF all forces, SELF
Interest. TO aid as in uphoiding the value
IT. ftfts ~ MA a
reconciliation on a basis which Is oo-
vlougiy below the fair standard OF value
as II now exists We incur all the evil con-
sequences OF failure at home. and the GER
tainty OF successful opposition abroad. We
are, and shall be. the greatest produeersof
silver In the world. and We have larger
interest at stake IN It's complete remone-
tsxation than any other country. The DIFF
ference OF the United States, between the
general acceptance and the gneral de-
struction of silver as money In the COM
merclal world. VIII possibly. within the
next half century. equal the entire bond
ed debt Of the nation. But, to gain this
advantage we must make ~ actual money
to be accepted equal with gold In the mar
kets of the world Reconciliation here.
followed by general reconciliation in Eu-
rope Will secure for the United States
the most stable basis for It's currency that
we have ever enjoyed. and viii effectually
aid In solving all the problems by which
our financial situation is surrounded.
on the much-vexsd and long mooted
question of n hi-metalltc or mono-metailic
standard my own views are sufficiently In
dleated in the remarks I have>nade. be-
lieve the agitation now going on in this
country. and in other countries. for
single gold standard. would n successful,
produce disaster IN tbs world throughout
the commercial world. Destruction Of silver
81. # 4
as the sole unit Of value. must have ruin
!ous effect on all forms OF property ex-
cent those investments which yield fixed
return Ia money. These would Be ener-
moussy enhanced IN value, and would gain
a disprOportionAte. and therefore unfair,
advantage oser every species or property.
~ IS the most reliable statistics affirm,
there are nearly seven thousand millions
of coin or bullion in the world not very
unequally divided between gold and sill
yer Il Is impossible to strike silver out
OF exiS;encs as money Without results
which will prove distressing 20 millions.
and utterly disastrous 20 tens OF thous-
anas Alexander Hamilton, In his able
and invaluable report IN 1871 on the ss-
Establishment OF mint declared thst ITO
spuul the use Of either geld or silver as
money /. 20 aoriage the quantity Of circn-
iatfn~ medium and Is liable 20 all Oh
tectiona which arise from n comparison
Of the benefits Of . fun circulation with
tha evils % scanty circulation" take 10
Risks IN SAYING that the benefits of full
circulation and the evils % scanty ctr
euIation are both immeasur-ply greater
today than they were when Mr.. Hamufon
uttered those weighty words. always pro-
vfaea that the ctrcula tion Is one or actual
money. and no. one Of deprecated
promises tc pay"
In the report from which have alreaoy
auotsd. Mr.. Hamilton argues al length in
favor Of A double standard. and al the
subSaguent experience OK ninety years has
brought no clearer statement Or The case.
or developed a more complete comprehen-
sion OF this subtle and disfcHf subject
sOn tha Whole" saws Mr.. Hamilton, II
seems most advisable not 20 attach the
urys exclusively 10 either % tire metals.
because this cannot be done enectaally
without destroying the Office and chsrae-
ter ef one of them as money. aud reducing
II 20 the situation OF mere naerchaudise.
Mr.. Hamilton wisely concludes that ms
reduction Of either OK the metals 20 mere
merchandise Il sKaln quote his exact
words, ''wou,a probably be greater eNhl
than occasional variations IN the ami
from the aactuat8on in the relative
value OF the metals. especially X care oe
taken &c regulate the proper ton between
Them. with an eve 30 their average COM
-nerrlel value" ! 90 not think that ms
country. hold.nE 80 vast proportion OF
she worlds sappty % silver. IN Us Inoaa-
.ainx and It's mines. can sTor3 70 reduce
.ha metal 60 the situation % mere rneT-
.hanslse~ II silver ceases 20 Be used as
fnanev IN Europe au8 America. The mines
~ me psctae vii be closed and dead Ma
Ing enterprises q ghe gigantic scale er-