Evening journal., 1896-10-19

ht SluCG 1910. mas COLI
stantly Disseminated against the sill
yer dollar Dishonored and kept out of
circulation, she can not complain that
others look with suspicion on the child
she disowns. The growing scarcity of +
gold has operated in the same direc-
tiOn. Capitalists here combined for
the same purpose So jealous were the
New York banks in this direction. that
to keep the government from issuing
six millions of standard silver dollars
they volunteered to advance that |
amount in gold and take subsidiary
silver coins, although the latter con-
tanned 156,000,000 grains, or S420, 900 |
less pure silver than that amount in |
silver dollars.
The silver dollar was not used in |
purchasing silver bullion, nor in pay
ment of public debt. but was suffered
to accumulate in the treasury, and this |
| very accumulation was used as an ar |
gument against its coinage; yet the sill !
yer dollar circulates as freely from
hand to hand, and much more accept |
! ably than the bOasted tiny gold dol |
| lar, and the chief inquiry among the
millions outside of the Treasury build !
ings is how they shall get an adequate
supply Of the rejected silver dollar.
The people of the South and West,
/ ESPECIALLY anu lHt OItdu-WluUoiH
everywhere, are asking for more
money to meet the exigencies of their
marvellous growth. They do not COM
plain at the silver dollar, but are eager
to exchange for it their corn, wheat
cotton and labor. All that is needed
| is settled financial policy. Let the
people be assured that it will be gold
| and silver as heretofore, equal in meas
ure with national increase in wealth
| and soon the busy hum of renewed in
dustry will be heard again.
There are in circulation in the
United States about 81 in silver and Sc
in gold to each of it's 6O,00O,OO0 people.
| If we should continue to coin silver for
twenty years at the rate now authoriz-
ed by law, we would only have in cir
culation $13 in silver to each inhabi-
tant if the population remained sta
tionary, but with the natural increase
in population only about IS or $40
each. The average American would
not feel burdened by such amazing
wealth nor complain at the weight or
fineness of his silver dollars.
France to-day has in circulation $14
in silver and S23 in gold to each in
habitant, and keeps the coins at par
with each other, with less pure metal
in her silver coins, relatively than we
have in our silver coin. Other Euro
pean nations are not far behind France
In view of these facts the fright Of
the American financial statesman at
our silver coinage, even if all our do
nestle silver bullion was coined each
. year is an amazing specimen of finan-
cial posing.
What course is wisest is a question
that meets every one in dealing with
p | R~,, ,I 70
I would say:
r First. Redeem at once and uncondi-
, tionally all trade dollars outstanding
! at par in standard silver dollars and
coin them into like standard coins.
! Second. Continue the coinage Of the
silver dollar under the present system
until lunderafair test we reach the limit
r of it's capacity to circulate equally with
the gold dollar coin.
Third. Use every dollar as it is
b available in the treasury, in excess OF
+ the $10,0OO,O00 reserve fund, in pay
: ment of the public debt, that our bur
5 dens may be lessened, and that the
tax-gatherer may have rest.
Fourth. AS legal tender notes are re-
p turned into the treasury, replace them
i with gold and silver certificates, based
u upon coin, and in such denominations
| eto may BNnL oNlN NOAlAAANAAAul uotos
Fifth. Substitute these certificates
e for national bank notes as fast as the
y payment Of our national debt necessi
II tates the withdrawal of such note:
from circulation.
This certainly would insure stable
Z: paper currency. Every silver dollar
p would be represented in circulation
u and would be material and active fac
s s tors in our financial development.
The war upon silver is in the inter
d est of capital, and has partaken O
q much of the asperity Of the initial con
u test in 1873. Then the people demand
Z, ed the restoration of the silver dollar
3 which had been fraudulently demone
L tized in 1878. Organized capital anG
= Federal patronage were then held al
II threats over the heads of Congress.
The New York Tribune of January
y Z, 1878, contained this threat: Th'
e president knows that men can be helC
true to Republican pledges as 20 II
e nance, if they know that their trutl
u means favor as to appointments.
u In it's issue of January 10, 1873, wa
r this threat: The capital of the coun
e. try is organized at last, and W.
shall see whether Congress will dar'
% fly in its face.
II The idea that gold was king, ant
OmnipOtent in finance, had Dred lhsul
IS ferable intolerance. Congress answer
u ed this insult by the passage OF tn
le Bland bill over President Hayes vet
sr by more than a two-thirds vote. Lik
he threats insidiously propagated nov
s. would provoke like reply. The repre-
It sentatives of the people, many of then
Is elected upon this issue, will brook NJ
'e indignities.
3 Happily we have president who
81 while noted for his decisive views OF
G. this subject of silver coinage is equ
" ally noted for a manly respect for thu
opinions of others, one who deals II
open and manly methods one whC
scorns the tricks of indirection an,
70 contemns the sycophant who crooks
11ee the pregnant hinges of the knee tha
70 thrift may follow fawning. In this re
q gard no man has clearer skirts thai
- he.
< deprecate this war upon silver