The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1896-02-15


been done, and (2) by restricting the
coinage OF gold. Silver men object to
interference in either case and demand
the free coinage of both metals upon
an established ratio. We are not
wholly ignorant of the Populist theory
that government may make absolute
money by word of mouth, but that
matter is not now under consideration.
We understand that the proposed
"union" platform stands upon metallic
money, and Eat money. in Difference to
compromising spirit, is temporarily
abandoned. If we admit the correct
ness Of the theory that absolute money
can be made by legislative enactment.
1t is foolish waste of time TO contend
for coinage of silver at ALL The Senti-
mel broadly challenges us to point to
one political party or modern nation
that holds to the regulation of the
quantity of money by the natural sup
ply of the precious metals. In only one
instance of recent date has any nation
or political party, except the Populists,
attempted to control the volume of
money by any other means. When
silver was demonetized in England,
Germany, the Latin Union and the
United States, it was a regulation of
money by artificial means, and, we sus-
pect, the Sentinel will agree with US in
saying it was terrible mistake. To-
day, the money volume of the civilized
world is controlled by the natural sup
ply of gold. Gold coin is the only
money of final settlement. Bimetal-
lists believe that the gold base is too
small to firmly sustain the immense
superstructure of credit resting upon it,
therefore, they demand that silver be
permitted to reinforce it. The Senti-
mars contention that England and
France are obliged to issue immense
quantities of legal tender notes, If true,
has no bearing whatever on the sub
ject. These notes are simply secured
promises to pay, and so long as the
government issuing them is known to
be solvent, they will pass current from
hand to hand, because every holder, at
any moment, knows that they are in
stantly convertible into gold coin. If
issued by an insolvent government,
they are merely forced loans to which
the citizens of that government are OBJ
liged by law to subscribe. The Senti-
nal asserts, in effect, that in case of
war government is compelled to resort
to fiat money. History hardly bears
out that view. The war of 1879 was
waged when government was immeas-
urably less able to sustain it than
now, without resort to enforced loans
by the issuance of legal tender notes.
Specie payments were maintained dur
ing the English civil wars and during
the Napoleonic wars. The fact of the
matter is, ever country pays the cost of
its wars during actual hostilities, ex.
cept to the extent that money is Dor
rewed from foreign nations. In our
own civil war, the cost to the Southern
states must have been approximately
the same as to the North, yet, no full
legal tender notes were issued by the
Contederacy and only about S15,OOO,OOO
was borrowed abroad. Who paid the
cost? The burden rested upon the
people of the South, and when the Con-
federacy collapsed, the outstanding
notes were just the same as so many
tax receipts and just as worthless.
Couldn't the South have maintained the
war quite as we'll by direct taxation and
would not the burden have been more
equally distributed? In the conclud-
ing paragraphs of its article, the Sen
tinet, in order to propitiate the union"
forces, shamefully misquotes us. We
cheerfully forgive it, but hope for its
own reputation, it will refrain from the
repetition of such artifice. There may
be many who read both the Tribune
and Sentinel who will feel shocked by
such display of dishonesty and con
denim the Sentinel in general because
it is faulty in particular. The Sentinel
has no idea how it pains us to see it
thus wantonly emasculate its argur-
ment and destroy its influence. Our
contemporary commands US to, mot
denounce the Democratic leaders, bad
as they are, while you have meni in your
own ranks equally culpable." By parity
of reasoning, if there be an insincere or
dishonest Populist in the land, every in.
diVidusl member Of the party is bound
to remain silent upon an exhibition of
these vices in any other party. But we
did not denounce Democratic leaders
on account of their monetary views any
more than we denounced Republican
leaders. We stated a fact, admitted
by the Sentinel, in plain, respectful
language, the Sentinel, in the exurber-
ance of its Imagination, added a pro-
fusion of misleading trimmings. Try
to be truthful, friend Sentinel. Il will
cost a seyerA effort Init naFsAvaranaa