The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-17
MR.. NEARNE REPLIES


To tho Ohio Valley Manufacturer the
following letter In reply to tho criticism
NJ his plan Tor silver coinage. written by
Mr.. \. w, Campbell and published In the
lntcllig"nccr OF the Sth Instant:
To tho Editor OF the Ohio Valley Manufnc-
lurur.
DEAR Sltt:-Mr. A.. W. Campbell. In
u letter printed IN the ln%tclllgrnCur Of
ThrSdly last, attempts Ia CritlCise the
plan or colning silver and issuing Ccrtin-
Gates, found In my letter In your issue
OF December ID, 1896. The criticisms Of
nv, Campbell may hc stated MS follows
Tllat the money issued under the plan
suggested In my letter being II better or
II superior money. would be- driven out OF
circulation by the present silver dollar
ana SILVER certificates. an inferior "nc,
II would not circulate slide by side.
Secondly, he thinks there would he diili-
cnltY IN 'lcslGna ting the one from the
other; and thirdly, It would prevent the
government from going 0n coming al
grains, htty-thrrN cents worth NJ silver.
into n dollar from the silver nav IN It's
treasury, subject To coinage. purchased
NJ prices, Or received as ~seIgnuraGc, far
III cNccsi NJ the present market price.
anu thereby the government would lo(c
IL consIdcrahl" sun Of money.
Mr.. Campbell certainly Ignores his
WI experience and observation when
hc states that the two kinds or money
could and would not circulate side by
side at a parity. The silver dollar now
iaSt"h and those To he issued would have
not only the same nominal but the same
real value. The difference between the
tive would he simply this, that the dollar
nnuHfs my HluEt tN~Nt,1l Ia. A.. " .I.ll.,t,
worth OF value u support II. under the
present system It has fifty-thrCc cents
OF silver, at the present price NJ silver,
II forty-Scvcn cents worth Of promise
to pay by the government. Money chat
has u fnll coin vnlur In or behind ~ the
hest, Is admitted by political economists
OF tho hest standing. and the WORT, Is
that dependent solely upon III" promise
T." pay nf the nation that issues II. In
this country We have both kinds. Gold
aud gold certificates are an Illustration
Of one, and national bank notes Of the
other. We have still n third class in the
present silver dollar and silver %Cartiii-
cato, which Is made up In part from
both, containing at the present. IN each
dollar. iifty-;hrac cents Of actual value
II fOrty-SCNCn cent OF promise. All
NJ these kinds OF money circulate freely
to-day. and one dollar is just ~ good aS
the other, AS long as normal conditions
prevail and the people believe in the nhtl-
lily OF IN" government to make SOO' its
cngarcnicntS In respect 10 the promise
money. one will remain rs good as the
other and as freely circulate. The prom
isr dollar has not yet driven IN" gold or
the silver dollar frNm circulation and
there Is no reason to believe that the
proposed silver dollar would be driven
GU! by the present oHr.
There Is just as much reason for say
Ing the present silver dollar will not
circulate with the gold dollar or present
gold certificate. n to say that the pres
cnt standard silver dollar will q circu-
late with the one proposed under my
plan: and while Mr.. Campbell may deny
that they will. the facts show that they
do. The risk of having this kind Of
money contracted by those holding Il.
Withdrawing the silver upon which II Is
based. upon the appreciation nf 40
grains beyond ono dollar in gold, could
he readily met by the law providing that
the silver deposited In the treasury
should remain there for a certain NUM-
Der " years from the year 81 the issue
OF the coin or ccrtitiCatc-hut this Is de-
tail.
Mr.. Campbell thinks that because the
trade dollar does not circulate commonly
with a standard silver dollar. that that is
an argument In his favor. 1t IS enough
To say, II Mr.. Campbell does not knox II,
thatthc trade dollar is not a legal tender.
and there Is no promise. express or I'M
piled. by this government ~ keep II on a
parity with gold. II is sailing entirely
on the merits Of the value OF tn" silver
within Il. There IL no difficulty In plac-
ing upon thc face OF the coin or tn. GER
tificatc representing $50 grains Of silver
words that Will distinguish them from
coins and certificates representing Bal
grains. As to the silver uncOined, which
the law permits TO b" coined. that came
into the treasury at fancy figures, or AZ
~Sei%nOraEr. would II not he better FOR the
| government to a. once shoulder its loss.
| as !; will have 20 do some day. and In the
future issue Il good dollar. than 20 so on
coming 31i grains, or ilfty-thrce cents
worth Of silver. rs 4 dollar.
Again. Mr.. Campbell knows that tn"
AMOUNT OF silver in tn" hands OF the
United States government and subject 20
coinage Is comparatively small. and that
It Is only n question Of a little time. as
the government stopped buying silver In
1893. until under the present law il will
be all coined into money. This letter
might be fairly concluded by saying that
Mr.. Campbells article L. mor in the
nature of a criticism upon the silver
none rs W now have it than the plan
proposed by the writer, am yours
truly. WIN. II. HEAlSNE.
Wheeling W Va. Dec. l6.