The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-24


Idea..Part Of Mr.. HamiitOn's Ar.
gument.
A most interesting debate took place
Saturday on the Money Question" be-
tween ex-Judge w. H. Stanton and At
torney James j. II. Hamilton. of this
city, at the Ancient Order of .Hibernians'
picnic at Priceburg. Mr.. Hamilton de-
Tended the position of the Republican
party and Judge Stanton advocated the
free coinage of silver and the election
of Bryan and Sewall. The audience
listened with the utmost attention to
both speakers.
Mr.. Hamilton opened the debate by
asking his hearers to give the ques-
tions at issue in this campaign their
careful earnest and conscientious
study, come to an honest conciusloh'
and then as free men cast their bal
lots according to the convictions OF their
own conscience "unawed by influence
and unbribed by gain" He made
lucid and comprehensive statement OF
the position of the Republican party
i'm this campaign that Is worthy or the
perusal of every voter. Mr.. Hamilton
said in part:
The currency of the United States
consists of over 5000. 900 900 of gold, $780,
600. 600 silver Nearly $50O,OOO,OOO OF
treasury notes and greenbacks, and over
5000 OOO, 900 of national bank notes. In
addition to these we have silver ana
gold certificates which are, In erect,
certificates of deposit showing that
the bearer thereof has a certain num-
ber of gold or silver dollars as the case
may be- on deposit with the treasury
of the United States which will be paid
on presentation of the certificate. These
certificates are issued merely for the
accommodation and convenience of the
people, being more convenient for all
business purposes than the coin itself.
SIMPLY PROMISSORY NOTES.
our greenbacks are simply the prom
issory notes of the United States. They
are not money, but the promise OF pay
money. They pass current at their face
not from any intrinsic value of their
own, but because they have behind
them the honor and credit of the gov
ernment. If, when you present a green
back to the treasury of the United
States he refuses to pay II or Is unable
to do SO, or cannot give you 100 cents
say, this concern IL insolvent.'
When merchant cannot pay his
notes or refuses to do so, a Judgment
is obtained, execution issues and the
sheriff seiZes his goods and closes up
his business. a sheriff's writ will not
issue against the United States, but
when they cease to pay their debts in
good honest dollars worth one hundred
cents, their promissory notes and obli-
cations fall for discount and will not
pass current at their face just as they
did during the Rebellion when the
greenback fell to thirty-seven cents.
IT is, therefore, the policy of the gov
ernment to maintain all its currency,
paper, silver, and gold, at a parity, and
this is done by requiring the United
States treasurer by law to redeem the
greenbacks in gold, and to exchange
gold for silver wherever twenty dol
lars of the latter or any multiple there
of shall be presented. This 10 the rea-
son why our silver dollars, while worth
only fiftythree cents as bullion. pass
at their face. Just as soon as
they cannot be exchanged for gold,
dollar for dollar, they will fall to their
bullion value
THE GOLD RESERVE.
Now in order to maintain the parity
of all these different items of our cur
rency, 1t has been found necessary to
keep a redemption fund of gold on hand
in the treasury, and for this purpose
$l00, 100000 has been considered suf-
ficent This fund is called the gold re-
serve. Under Republican administra-
tions, with proper tariffs, we have had |
no difficulty in raising sufficient rev.
enues to pay the expenses of the gov
to reduce the public debt, and |
this gold reserve. But for the |
past three years the receipts of the gov
ernment have not been sufficient to pay
it's expenses. The latter have exceeded |
the former by from $30,00O.0 900 to $780, |
900, 900 per annum. Last month the de- |
felt was $l3,00O,O00.
The governments obligations were
presented for payment. the gold reserve
and the government compelled
to sell it's bonds and thus increase the |
public debt for the purpose of paying
expenses and maintaining the gold re-
serve. If the revenues of the govern
ment were sufficient, this would not be
necessary, and the financial problem
would be practically solved. 1t is for
this reason that a discussion of the |
question necessarily involves a
discussion of the tariff. We insist that |
a tariff should be levied sufficient for
the needs Of the government. and that |
this tariff shall be laid with a view |
to the protection of American labor.
WHAT DEMOCRATS SAY.
Our Democratic friends allege that |
the act of 1873 demonetized silver, de- |
creased our circulation by half, and
lowered prices. Previous TO the pass
age of that act there had been coined |
in the United States during the entire |
history of the government only 5000, 900 |
silver dollars, and these, owing to the |
fact that the discovery of the gold |
fields of California in 1S49 and the de- |
of the Australia gold fields |
and the consequent increase in the out
put of gold had caused 1t to fall in |
prices, We're. as the dearer metal always |
is and always will be, driven to foreign |
lands. They were taken to France |
where the ratio of coinage was only |
15h to l and sold to the French mint |
at profit of the seller of the differ |
ence between the two ratios. The |
country was thus depleted of silver. |
so that at the passage of the act of 1873 |
we had In the entire United States only |
between 500 and 1000 silver dollars.
Since that time we have bought and |
coined $55O,O0O,OOO in silver of which |
S43l ,000, 900 are In dollars which, not
their deprecated value |
as bullion I'm the worlds markets, are
made legal tender at their face. Does
this look as though we had demone-
ti2ed silver? In the twenty years sue
ceeding the passage Of the act of 1873.
we coined fifty-four times as many sill
ver dollars as during the entire eighty
Dne years proceeding.
Not only this: but by making silver
\ legal tender at It's face, and coming 1t
at less than its value, we have given