The Irish standard., 1896-08-29
PRELA ]. ON CURRENCY.
Views Of Prominent churchmen as
to the Merits of Silver
and Gold.
--.--
10Th HONEST IN CONVICTION
Vicar General Of Milwaukee and Bis
hop ncdovern
Speak.
BOTH HONEST IN CONVICTION

l SPEAK.
Silver or gold, this is the question. VIII
the free coinage of silver at the ratio OF
16 to bring business prosperity ana re-
lieve the financial depression, as claimed
by the silver advocates, o. viii 1t bring
bankruptcy and national ruin, as predicted
by the gold advocates? These are the
questions that are agitating the public
mind at present, questions upon whose
right decision such nloTnenGous results de-
pend.
I I'VE append two views on this important
topic, emanating from distinguished church
: dignitaries who take opposite sides on the
money question, writes William a. Rear
don in the Union and Times.
= Mgr: Zeininger, vicar-general OF the NIL
waukee archdiocese, is pronounced advo~
cate of the'golo standard under existing
conditions and lis opposed to us, alone and
unaided, entering upon the free coinage Of
silver at the ratio Of Is to 1.
II wish to say first of all that + am
thoroughly gold man. says Mgr. Zein-
niger 81 have given the question much
thought and study, and / would never de-
clare myself in favor of the gold standard
unless was convinced that it was for the
best interests Of our country, and especially
of our labor:ng classes. We hear the state
ment often made that the proposed change
Is demanded for the welfare Of the labOring
. men, but can say emphatically that not
in all my study have found one reason for
believing that the adoption of the free
coinage policy would benefit cur working
people If had discovered any reason for
such belief I would be the last man to
take the stand / do
Mgr. Zeininger then related the expert
ence Of Austria with the silver standard as
q warning to America.
"An argument most often made, and one
which appears to many to be good, is that
there would be advantage in free silver to
debtors. If I were convinced it would be
real benefit I would give Il some consid-
Grafton, for most OF our institutions and
churches are in debt But the theory will
be found to be fa!lacy, for it will De a
good deal harder to pay those debts under
a free coinage system, although it may
look easier now. The incomes Of our peo-
PIE will not rise in the same proportion as
money depreciates, and it will be more DIFF
sf1cult to meet any debts Or obligations. The
most we hear about free silver is that
money will be more plentiful, and that
therefore prices must go up. But While
the laboring people will soon nave to pay
double the present price for goods their
salaries will not be doubled. Wages are
always the last to riss and they rise the
shortest distance.
''The facilities for producing silver have
been greatly increased and have made min
ing easy, bringing down the value OF the
metal. and throwing great quantities on
the world which would be presented in
definitely for coinage. What l object to,
therefore, the most IS the ratio of 16 to l.
We had free coinage prior to 1873, we are
told, ard it did not bring ruin, But silver
was worth more as merchandise then than,
aa money. 1t is its cheapness that is OBJ
jectionable. Those who would be bene-
fitted by free silver are the silver barons
and those who have enough to buy it.
II think it is a mistake to bring such.
question into politics. 1t should be de-
cded by a disinterested and competent
commission which should report to con-
gress for final action
On the other hand Bishop McGovern of
the diocese of Harrisburg, Pa, is a pro-
nounced advocate of free coinage
all LII ldfOl vi uOuSSt 1ilOutF, 61lu II
thoughtfu,ly. "Now, what want to know
is, what is honest money? We now have
gold, paper, bonds and promises to pay,
and all pass as honest money. There is
not: enough of god in the world to pay it's
indebtedness. The United States govern
ment could not pay it's indebtedness in gold
treasury notes or bonds and these are to be
v,oi6 IN hnocyt
exchanged for another
Money, after all, is only q commodity
in the market" added Bishop McGovern,
earnestly. when it is scarce it rates
high when it is abundant 1t rates low. II
coinage of silver we are employing bet
sic value; paper has not The opponents
of the free coinage of silver assert that
it Will bankrupt us, but there is no more
danger of our government becoming bank
rupt by the free coinage of silver than there
Is by an extra issue of paper money and
bonds''
i ''To whose advantage IS the gold stand
ard?'
''The shylocks of Europe and the gold
bugs Of Wall street. And at whose loss?
The toiling masses"
"Do you believe the prices of commodi-
ties would rise # we were to have free coin
age of silver at ratio OF l6 to /, as de-
clared for by the Chicago platform
. :SOme commodities would probably IN
crease in price" was the bishops answer.
"but wages would also rise. Free coinage
would help our manufacturers because they
would be better abe to barrow money at
fair rates. Every man would be employed
and he would get his wages. When there
are two employers after one man, wages
are bound to go up, and when there are
two men after one boss for job, you may
be sure wages are going down.
Bishop McGovern said he believed the
free coinage of silver would be boon to
the farmers in the West, who pay 10 to Is
per cent interest on their mortgages Many
Of these people have bought land for Sc, 900
on which they have paid $4,000 They are
paying 10 to Is per cent on the mortgage
Of $4,000. which is now only the actual
value of the property The result is that
An short time the farmers will lose their
property and be driven from their homes,
like the tenant farmers Of Ireland, and lose
all money they have paid on it.
A letter was received in Canton, Ohio, a
few days ago N reply to an inquiry from
an admirer OF Cardinal Gibbons. The In
uuirer ventured to ask the cardinal for his
opinion on the currency question. The
reply is as follows:
i Baltimore, July 3O.-My Dear Sir: His
em:nence directs me to say in reply to