The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-10
MR. WTLpRR ON sTLvER.


The very able article in defense Of
the gold standard. written by Mr. Ed
ward Wilder and published in the State
journal last Friday evening. contains
about all there is to be said on that
side of the question. 1t differs from a
large majority of the contributions
written from the gold stand point in
the fact that there is an absence of the
customary wild and reckless state
ments in which gold standard advo-
Gates are so prone to indulge.
Mr.. Wilder says, however, 1.-The
standard gold coin was not the gold
dollar. which was not coined until 81
years after the opening of the mint.
when the double eagle was also intro
duced but was and is the eagle,
though half and quarter eagles were
also authorized in 1872
There is in fact no foundation for
saying that the gold eagle was the
standard unless it be assumed to have
been such from the fact that it was
mentioned first in the list of coins. A
careful perusal of the mint act" it
seems to us must convince anyone that
at the time of its passage the Spanish
milIed dollar was the standard of value
and that in providing for an American
standard congress chose the silver dol
lar and made it correspond as nearly
as practicable to the Spanish dollar, so
as not to disturb monetary conditions
at that time existing.
The assertion made by Mr.. Wilder
that the gold eagle is now the stand
Al he 1of in
congress passed a law in which it was
expressly declared that the gold dollar
of 258 grains shall be the unit of value.
Mr.. Wilder further says: las the
government has been able to keep over
$50 millions of silver dollars at par by
its promise to exchange gold for them,
there is no object lesson possible on
the question of intrinsic value"
By whatever process the government
is able to keep its silver dollars at par,
it certainly is not by a promise to ex-
change gold for them. In the first
place the government has made no
such promise and further. if it had no
body would have any confidence in its
ability to fulfill such a promise were
the demand made upon it.
There is too little gold in the country.
Note the great difficulty of keeping
500, coo, 600 gold reserve.
AS an offset to Mr.. vviIder's assertion
that $50 million dollars of silver are
lying dead and useless in Washington
as a foundation for silver certificates
it may be said with equal justice that
more than 100 millions of gold is lying
in Washington dead and useless as a |
foundation for greenbacks.
Mr.. Wilder's statement that 'tthese
silver dollars are q legal tender for any
amount and are receivable for public
dues. are exchangeable only for silver
certificates and smaller coin and are
not redeemabIe,'' does not agree very
well with the one quoted above in
which he says they are kept at par by
the governments promise to exchange
gold for them.
His assertion that gold possesses
more stability of value the world over
than any other commodity is an as
sumption which can scarcely be justified
and it has not been proven by statis-
ties, nor can it be. He says further:
TT would not take long under such
loss of confidence for silver certificates
to be exchanged for silver dollars in
order to exchange them at once for
gold under the necessary practice of
the government in maintaining the
parity of the two metals
He has previously said that the sill
yer dollars are not redeemable.
His reference to the maintenance Of
a parity between the two metals is I'M
fortunate for his side of the case.
since they have scarcely ever been
farther from parity at the legal ra-
tic than they are today Instead of
being at a ratio of 16 to 1, which is
necessary to a. parity as generally I'M
derstood, the ratio is about 81 to 1,
which proves that the present parity
policy is an utter failure. The remain
der of Mr.. Wilders article is devoted
to an expression of opinion and that
we shall not undertake to criticise.
According to Mayor Fellows every
public Office has its examinations"