The broad ax., 1896-06-20
TT Is ROTTEN MONEY.
SILVER NOW IN USE MOST DE-
GRADED or CURRENCY.
pishensst. Dscsiving and OF No More
Use inca P.Psr-Can BE Made Re-
spsctasis b Repeating the crimlsai
Ace Of 1878,


being made by opponents Of silve
coinage that the. silver dollar and sill
yer certificate arc at par. because the!
are redeemable in gold. This statement
however, is always made by thos'
whose faith in the gold standard is suci
that they are willing to say anything
that h necessary 10 sustain II, without
taking the trouble to learn whether Il
Is true or false.
There In no law on the statue books
for the redemption Of silver dollars in
gold, or for their redemption at all.
They are themselves money Of ultimate
redemption. and need no redeemer. The
silver certificates are issued upon de-
posit Of silver dollars Upon their face
they declare that there has been de-
posted In the treasury Of the United
States one silver. dollar Tor more). pay
able to bearer on demand" A person
who can distort that into q gold obliga-
ton should be Amounted a high priest
Of the false science OF alchemy.
But says some goldlte, while there
Is no law for the redemption of silver
with gold, there Is a moral obligation
resting upon the government to do So"
That Is equivalent to saying that the
silver dollar standing by itself is a dis
honest dollar, and can only be kept on
an honest basis by gold redemption.
This assumes the entire case. II we
have two different kinds Of dollars, and
one OF them becomes, for any reason,
more valuable than the other, the one
OF greatest value Is always the"honest"
one. while the other IL dishonest"
In shert, II, the gold dollar double in
value-which It has-or quadruple. or
increase hundred-fold, the creditor
must always have that dollar, and any
other dollar which does not rise in the
same ratio Is "thieving," "swindling"
dollar. That is the foundation Of the
entire argument in favor Of gold stand
ard. 1t is an argument framed alto
gether In the interest Of the creditor
and one that was wholly un-
known until the struggle began for the
restoration Of silver In the Uulted
States
The man who believes that the cfsdi-
tor must always have the more valu-
able money, can very profitably con-
slider the language OF Albert Gellatin |
In letter to Secretary Ingham, written
N 1923. Speaking OF the Use Of the two |
metals, Mr.. Gailatin says.
The whole amount Of the inconven-
ence from the simultaneous use of the |
TWO metals consists in this: Their rela-
i've value being fixed By the law, II
his changes at market the debtor will
BAY with the cheapest Of the two met
lis; and, therefore, at a rate less than
he standard agreed at the time OF
making the contract, IL the change
n the market price is due to
fall In that of the metal I'm
which he pays his debt. And II is
bvious, in the first place, that IL the
hange is due to the rise In the value
4 one Of the two metals, and that had
zen the only legal tender, the choice
'iven the debtor to pay with either
nables him to do 1t according to the
tandard first agreed on.
1t VIII be observed, first, that Mr..
lallatin had not been educated in the
chool OF ethics which teaches that the
reditor must always have the best
hat Is, the most valuable and. sec
ndly, he had not mastered that won
erful philosophy the cardinal principle
which Is that the value OF gold can {
OF change. And yet Albert GaIlatin
as one OF the ablest financiers Of his
ny. I
The claim that the silver dollar Ia a !
shonest coin, and that the silver GER
ncate and Sherman notes are ONLY
,od by virtue of gold redemption IA I
4 imputation upon the moral char Z
ter OF every member Of congress 9
no voted for the creation OF such
oney, and upon that OF ex-President
arrison who approved the Sherman !
II and made It law.
But what is desired at this time more I
Is to direct the mind of the I
ader to the actual question of the
oemption OF silver and silver certif-
ties with gold. This cannot be done {
tier than by reproducing a paragraph
pm VIM E. Curtis letter in the Chi U
go Record Of April 20. 1t is as fol- y
VS.: Il
A reader Of the Record residing at
arquette. Mich, asks the following
estions, which were submitted to Mr.
indngton, chief Of the loans and chr .
ncy division of the treasury depart :!
mt, and upon his authority the fol- 8
wing brief answers are given: II
I. Is 1t not the rule with the treas p
department to redeem silver certif- III
ties In gold when gold is demanded? a
l. What amount Of such certih- n
es have been redeemed in gold since ~
rch 4. 1893? None. =
.. What amount OF these certih- %
rs have been redeemed In silver? IN
Q amount has been Insignificant. as
lnlA poUara1Iv rrofar /