The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-22

factions Of the democratic party on the
money question. It says: There is one
faction of democrats trying TO commit the
party TO a gold monOmetallic platform.
with silver to be used only in a subsidiary
way. and redeemable in gold. The great
mass of the party holds to the time-hon-
ored policy of double standard, and the
employment upon equal terms of both
gold and silver as standard money"
We submit that the foregoing is not a
fair presentation OF the views Of each Of
the two factions. We feel sure that the
Chronicle is not able TO show it is, and
not being able to show it is it ought not
to assert that it is. Without going into
any long discussion of the position of each
faction, we would like the Chronicle TO ex-
plain what it means by the employment
upon equal terms of both gold and silver
as standard money" Are not gold and sill
yer now employed on equal terms as STAN
dard money in the sense in which the
Chronicle speaks of equal terms?" Sill
yer is not redeemable in gold and is a
legal tender TO any amount. A great deal
of silver is being coined-as much as can
be put into circulation without endanger-
ing the soundness of the currency.
The Chronicle, however. isn't satisfied
with this condition of affairs. The demo-
Gratis it represents want to change the
present situation. They want the laws
changed so as to authorize the opening of
our mints to the unlimited coinage of sill
yer at the ratio of 16 to l. 1t seems. there
FORE that the faction of the democrats
the Chronicle antagonizes is not trying to
commit the party to anything. 1t is strug-
CLING to keep the coinage laws as they
are. 1t is the faction that the Chronicle
represents that is trying to commit the
party to a new policy-the policy of un-
limited Silver coinage at the ratio of 16
to l. Why isn't the Chronicle frank enough
to state the facts as they are?
We presume that the Chronicle. in speak
ing of "the employment upon equal terms
of both gold and silver as standard
money" means unlimited silver coinage at
the ratio Of l6 to l. and it calls this
the time-honored policy of a double
standard" But would the opening of
the minis to unlimited silver coinage at
the ratio of 16 to / be employing gold and
silver on equal terms? We are absolutely
certain that the Chronicle cannot show
it would be. At the present time sixteen
pounds of silver are not equal to one
pound of gold. 1t takes thirty-one pourf1s
of silver to equal one pound of gold.
Hence if our minis were opened to unlim-
tied silver coinage at the ratio of 16 to
! we should not be able to employ gold
and silver money on equal terms. We
should not be able to employ gold at all.
because it would disappear from circu-
lation.
The Chronicle may ask how we know
this We answer we know it from uni
versal experience. Gold has disappeared
from the circulation in Mexico, China,
Japan, in fact, wherever there is unlim-
tied silver coinage. In this country be-
tween 1892 and 1884 it disappeared because,
under the ratio that existed at the time
Is to 1, gold was more valuable than sill
yer. The difference in value was very lit
tie, but it was sufficient to prevent the
employment of gold in the currency. VIII
the Chronicle furnish some facts going to
show that gold and silver could be en-
ployed upon equal terms in the currency
at the ratio of 16 to l? Mr.. Crisp failed
to furnish any such facts in his debate
with Mr.. Smith. Perhaps the Chronicle
has a storehouse of information inacces-
sible to the ex-speaker.
The Chronicle speaks of the "time-hon-
ored policy of a double standard" viii
the Chronicle please say what it means by
that phrase? Does it mean unlimited
coinage at the ratio of 16 to /? If so,
how does it explain the changes that
have taken place in the ratio? If there
is any time-honored policy in connection
with this matter it is the policy of MAX
ing the coinage ratio of gold and silver
agree with the commercial ratio. If that
policy were adopted. therefore. the coin
age ratio would be fixed at 81 to l. Why
doesn't the Chronicle advocate the adop-
ton of the logical conclusion of its state
ments. namely. a ratio of 81 to /, instead
of 16 to 1?