The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-06-23
The Currency Issue In Brief.

An interesting catechism has been
tepared by the Chicago Times Herald,
chose editor wrote the St. Louis plank.
1t explains in few words why an abrupt
change from the gold to the silver stand
ard In this country woulu be disastrous.
1t also shows that while the Republi-
can party Is opposed to any radical
experiment at a time when business by
reason Of Democratic tariff blundering
Is already depressed and excitable, it
proposes nevertheless to keep the coun-
trys large amount of outstanding sill
+ yer and paper UP to the full measure Of
Its face value. This is the catechism:
Q. What is the whole body OF currency
OF the United States today? A. Paper
si150OO,000; silver $6Q 900, 600; gold, S6l2 0o9-
COO. Q. What is the existing money stand
ard OF the country? a. Gold, by means Of
which all the silver and all the paper are
worth 100 cents to the dollar. Q. What
would be the effect II we should abandon
the existing gold standard? A. All the
gold would leave the country In accord
duCc WIN tuc never law tndt
a superior money will not remain in a
country where an Inferior money is the
standard. Q. What amount of money
would he withdrawn from the country II
the silver standard should be substituted
for the gold standard? A. Six hundred
and twelve million dollars, contracting the
currency to that amount and crppling the
country accordingly. Q. II the silver
standard were substituted for the exist
Ing gold standard. what would be the eff
feet on the 100000, 900 of silver now worth
100 cents TO the dollar? a. The entire
quantity Of silver dollars would be worth
their weight In silver per ounce. which va
ries from week to week like the price Of
wheat, and the Immediate effect would be
to reduce the $780, 900. 600 to S3O5. .OOOO 900, the
present value Of silver per ounce In the
coins, thus contracting the currency OF
the country to this additional amount.
making total contraction of s9l7, 200, 900.
Q. What would be the effect on the paper
in our currency II We should substitute the
silver standard for the existing gold stand
ard? A. The $475, 1000 of paper, today
worth 100 cents to the dollar on the existing
gold standard, would at once decline to 60
cents in the dollar on the silver standard,
based on the price of silver today, the i'm
mediate effect being to reduce the value Of
the paper now In the currency to $231, 000-
000 @. BY abandoning the existing gold
standard for the silver standard, what
then would be the first net result? A. Tho
loss to the country of $1,154, 50O,0 900. every
dollar OF which Is now worth 100
cents by reason of tho existing gold
standard. q. What do you deduce
from this? A. That we need all the
money we have and that we want every
dollar to be worth 400 cents. Q. How can
we keep all the money we have and keep
every dollar worth 100 cents? A. by pre-.
serving the existing gold standard.
Just one thing needs to be added to
this discussion. Under present condi-
tions. because Of silvers declining
value, Il Is costing us a good deal Of
money 70 keep our silver and our gold at
a parity. But when we have inter.
national bimetallism this cost will no
longer be felt; ~ burden win be lifted
~ 70 the chances Of IN early intsrna.