The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1896-03-07
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FICTUREsoUE MONEY THFORF
Many deep, philosophical articles
have been penned on the financial
question but the richest we have pc
rused for a cycle OF two is by Walter
wellman. Washington correspondent,
qaasi-exrlorer. and gold standard
writer OF some note. lie Is authority
for = very picturesque delineation of
the logic oi his school that deserves
passing comment The substance OF
kir. Wellman's argument Is that the
production Of silver in the United
States IS decreasing, and that, ther0
fore, the necessity for the enactment
Of silver coinage legislation is growing
beautifully less every succeeding year.
Mr.. Wellmsn has pricd up quite bulk
OF trouble, apparently, 10 prove his
point. for he digs into mining stats
tics, and drsgs from them the trium-
phant conclusion that the gold stand
ard like the play in Hamlet" is the
thing. and the only thing All this ia
elaborated in MT Wellmsns contribu-
tinns 10 Chicago papers with 40 air Of
iauEty, freseoed superiority that Is
quite refreshing to the reader OF hum
drum editorials on finance II is 50
! perfectly satisfactory to the writer's
mind that his pen reflects the eXuber-
ance 81 10 ,Sy at completely overturn-
] frrs he N.rnuA ~ fka cflrrarffae
/ But many men have many minds, and
/ that which courses through Walter
WellmaB's brain ibres like sap
through a tree Ia merry aPring time ia
naturally not adapted to the sluggish
! intellect Of the silver crank. who has
| just enough. reason welded into his
anatomy 10 make him triAe dour, as
I the Scotch folk say. And the FIRST
thing that occurs TO those who do not
( take the ipse dixit OF the Walter Well.
mans OF finance. as Moses did the
thunders from the mount, is that this
style of argument makes principle
matter Of quantity, not quality. There
Is really so little silver mined that the
proposed free coinage Of that metal on
equal terms with gold is preposterous
and entrancingly absurd. This is q
refreshing Offset 20 the usual Poldbug
argument that the suPersbundanee Of
silver Is the real reason why IL has
chespened in the markets OF the
world, discredited in coinage. 1t is a
calcium light illustration OF the pris.
tine beAuties Of gold standard consist
ency, q gladstone adaptation OF the old
theological adAge, damned II you DO,
and damned II you don't" Silver, on
the other hand, is to be stricken out
OF monetary use because of over-pro-
duction. II that Argu nent fails, then
II Is 10 be considered stricken down
and throttled Ia the dark because OF
under production. Just how these
theories, however are 10 be applied %
tho coinage syste ms ~ nations that
produce neither gold nor silver, is a
point on which the Wellmans have not
yet condesccnded to enlighten the
world However. in view Of the great
service rendered TO mankind by re.
dncing the principles o. right and
wrong. involved in finance 10 a mere
question of mining production. this
little, wheezy oversight may be ex.
cusei There is more, too, ia Well
mans crude explication than Wellman
himself intended II is clear ensam-
pie, ia IT. way, Of the principle oi
gold standard finance throughout.
Silver Is "a Dc brushed aside not be
causc ~ .unserviceSblenesa, not be.
canse ot uniitness, bat because there
is 50 little weight so little influence
behind IL that legislatures may safely
Ignore IL. This Is the kernel in tho
Welimau nut and il sticks out of the
she'll bigger than bolt head on a
eoiler. Were the silver mines Of the
United States worked TO full capacity,
we're the quantity test applied, were
the selfish influence behind silver as
strong as behind gold, then would its
coinage be advisable, according 10 this
antedhnvian logic Aud that In pre-
clsely where the shoe touches the
corn. The gold STANDARDIZED is one OF
influence and not principle; quar- tity,
not quality; might and not right It
Is this partieula- characteristic which
makes IL an economic allen ia the
nited states, despotie DETACHMENT
on the eseutcheon OF liberty. an evi
dence OF monetary aristocraey foreign
to the spirit and genisis Of this republic
condition that cannot be more than
temporary, unless this form OF gov
ernment is 10 change