Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-08-20
Free SILVER COINAGE wound Not uc,r.

Referring to the admirable letter
from Mr.. Bayard, recently printed /, in
The Gazette. in which the dangers
OF free silver coinage were plainly
foretold the Seaford News says:
We were on gold hasis whom Mr.
Bayard wrote his letter of '92; we have
gone more fully ami intensely to gold
sine, that time by making all treasury
notes that were Issued in payment for
silver bullion under the Sherman act,
also redeemable in gold. Under these
conditions where we have been getting
further and further away from the use
of silver every day we have seen the
gold reserve wiped out three times in
less than that many years and our gov
eminent has issued its bonds three
times to buy in enough gold, to keep
up the policy Mr.. Bayard pleads for.
We have issued $500, 600, 600 worth of
bouda; and this month has Witnessed
the gold reserve shrink again to the
| point where another bond issue would
have been necessary under dependable
circumstances. Thus, to maintain the
| present system we are confronted with
condition where it is necessary for
our government to continue to Issue
| its bonds and increase its public debt
every few months. In increasing our
debt now in time of peace, we are
| increasing our demands on the limited
amount of gold. If we are to continue
to increase our debt in time of peace
when will we be able to get ready for
the emergency of war? II we arc 60
continue to go further into debt in
time of peace, under what conditions
may We expect to get out of debt?
In continuing to place ourselves more
and more in the hands of the bond
holders and at the feet of the money
power, will other nations not observe
our financial weakness and will il
not invite attack upon us whenever
complication may arise over the hun
dred and one international questions
that are likely to occur. as has recently
been evidenced in the Venezuelan and
Cuban questions with England and
Spain, respectively?
We are not producing enough gold in
this country to pay the interest on our
national debt. 1t is manifest then, if
we attempt to place all our national
expenditures, the burdens of commerce
and the transactions of business ON a
gold basis, that we must continue to
buy it in enormous quantities from the
Rothschilds, Morgans and Drexels,
who come down TO our treasury and
draw it in free exchange for paper
greenbacks and treasury notes. and sell
it back to us at higher rate of inter
est.
In the light of past experience shall
We continue system which is making
our government poorer and the bankers
richer; which is increasing the burdens
OF taxation by our debt and which con
tinues to make money scarcer and
harder to get by the farmers and labor.
ers of this country, who are now striv-
ing against hope and are producing
that which sells for less than cost?
There is much that ia true in the
above observations by our esteemed
Seaford contemporary, but, admitting
that they are as true as gospel, from
first to last, how in the world will the
free and unlimited coinage of silver
remedy the difficulty? This country il
not suffering from paucity of money
1t is suffering from an unwise finan
, cial system, composed of nine differeu
kinds of money, all of which the gov
eminent is expected 10 maintain at
parity with gold. And the gold re
serve in the treasury, by which alon
the maintenance Of this parity is mad
possible, is open at all times 10 rait
on the part of those holding treasur,
: notes redeemable in gold, which notes
I when so redeemed, are cancelled ant
I then Immediately reissued. Thus,
d damaging drain upon the treasury golf
s reserve is constantly threatened.
y But the free coinage of silver dollar
, that already possess little more thai
a half the intrinsic value of the goI
dollar, would only aggravate the sltua
= ton, instead of affording relief.
{ The only remedy is TO reorganize tn
o national financial system and go BAG
( 10 first principles by taking the gov
ernment out of the banking business
n To co...e down to the free and unin
/ tied coinage of over valued silver dollar
+ would drive gold entirely out Of circu
d lation, and bring the country TO
silver basis. the condition of cour
d tries that have the silver basis shout
be sufficient warning to this countr
4 not TO follow their example.
Mr In