The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-02-14

the gold standard countries, more gold
has departed from this country than ever
before in the same period of time. The
loss has been more than two hundred
millions. From this it would seem clear
that it is not silver that Is driving out
gold, but that it has been going out ow-
ing to other causes.
metallic money at times and under
certain conditions will be sought for OK
portation or will flow out because of the
foreign demand. When this happens it
always takes the coin for which there is
a greater demand and that which is most
convenient for expectation. Al this time
the coin wanted is gold. The great ad-
vantage in having both gold and silver
as money is that when, for any reason,
one coin goes out the other remains to do
business. History shows that it rarely
happens that both coins go out of the
country at the same time. The one
most demanded is usually the scarcer
and less bulky. If there is a difference
in parity it is true that the cheaper
money will usually remain, but these
conditions seldom continue for any con-
siderable length of time. When there is
a condition in the United States which
takes our gold to Europe, it goes wheth-
er we have silver or not, and when con-
ditions change in our favor it will return
whether we have single or double
standard.
"We are told in all these discussions
that the restoration of silver in the
United States without the concurrence
OF other nations would be a mistake. l
believe we could restore it, but l would
commence with the American product
and supplement it by such legislation as
would protect the gold reserve and
would so legislate as to put more silver in
circulation / am thoroughly in SYM
pathy with the idea that we should de-
mand and receive a portion of eur duties
which come through the custom houses
in gold If we require this and increase
the tariff we will hear no more about the
danger to the gold reserve.
tit was said in substance by the gen
tleman from Maine Mr.. Dingley] that
whatever increase of silver we have
should be gradual. The more conser-
vative bimetalists might agree to this
if some provision could be enacted for
commencing this gradual increase. l for
one would be satisfied in case something
substantial can be done. that is, some
thing which will relieve the situation.
At some time talk will have to cease and
ongress will legislate upon this ques-
ton, andswhen it does SO, with the ex-
perience of the past, it will dou btless
legislate intelligently. Everyone under
stands that there can be no legislation at
this time.
L
over which we are now contending is not
whether we shall have unlimited coin
age, but il is whether we shall use the
silver dollar to any extent as money of
final redemption. 1t may seem other
wise, but disguise it as we may, this is
the question on trial. It is whether we
shall use the two metals as standard
money, as we Republicans declared in
our platform in 1892, or whether we shall
maintain the single gold standard
"It has been contendsd here that the
people will not care to use much more
silver than we now have. In my judg
ment they could and would take care of
much more of this coin and keep it in
actual circulation were it not for the
effort that is being made in certain Sec
tions to depreciate and degrade it. By
retiring the bank currency of small de-
nominations much more silver would be
required, and still more could be used by
the banks if they would hold silver as
part of their coin reserves.
sit is believed by the friends of silver
that the treasury department has done
much to discredit this metal. but l think
under ordinary circumstances the treas
ury should meet the obligations of the
government by paying out whichever
metal is desired. But when there is evil
dence that the gold is being demanded for
export or that run is being made on the
treasury for the purpose of precipitating
a panic, as was done in 1898, then the
treasurer should protect the gold reserve
by handing out silver. An honest dollar
is the dollar of the contract. The obli-
cations of the government are payable in
coin, not gold. The holders might OBJ
ject to receiving silver, but its payment
under such circumstances would stop a
run in few hours and would be sustain
ed by the great body of the American
people. The people want fair dealing
and without discriminations.
off the money function of the silver
dollar is gone and it can be used
hereafter only as subsidiary
coin, then we might as we'll
suspend its coinage and use altogether,
but am unwilling TO concede that this
is to be SO. There are many bimetal-
lists in the country, and this international
struggle for the gold is great educator.
"The restoration of silver is necessary
for another reason, and that is in order
to prevent the money syndicates from
controlling the worlds coin and to pro-
tect the government as we'll as the
people against the growing and danger
GUS power of the great com mbinations.
For the last two years every citizen of
the United States has been humiliated
beyond expression because of the con-
fessed inability of the government to
manage its own finances in its own way
without paying enormously for the sup
port of these banking Institutions
81 ana not joining the clamor against
banks. They are public necessities but
they derive their powers from the gov
ernment and should be subject to its
control. For several years we have been
legislating against trusts but this gold
trust is the greatest menace of them all
and it seems to be beyond the reach of
legislation.
stock of gold is the best evidence of the
inadequacy of the supply. There is but
little over half billion in this country
and we keep selling bonds to keep this
from danarfinr Lat the American CON.