The herald., 1896-06-23
TO THE EDITOR
(The Herald under this heading prints
communications but does not assume re-.
sponsibility for the sentiments expreSsed.l


Editor Herald: 1t being now settled that
| the question of monetary system VIII DO
| the leading issue in the coming presiden-
tial campaign. 1t is important that II ne
considered from every point of view from
now until the day of the election. ,,,,,o
| For several years We tried the double
| standard at the ratio of 16 of silver to
l of gold.
and commercial conditions of the country
became such that in 1878 congress felt con-
strained to and did demonetize silver, with
| view to securing to the people needed rellef
| from the burdens which oppressed them.
| Whether or not silver was wholly res
sponsble for the evils which existed t i is
to say it proved to be at least unsatisfac-
[ tory.
And we are clearly of the opinion that the
| free. and unlimited coinage of silver at the
ratio of 16 to l would prove equally unsatis-
| factory now. The business interests of the
country demand a uniform and stable cur
With the wide existing difference in the
market value of silver and gold bullion.
this would be impossible. In order to main
! tain parity between the two metals they
must be placed upon an equal basis In all
under the plan by ths
coinage variety. silver would still be n
commodity and subject to the unerring law
! of supply and demand.
| Its adoption by our government would
| stimulate silver mining to such an extent
! that the output of our mines might, and
probably would, become so great as to force
| a decline in the silver bullion market. and
hence debasement of the silver dollar.
to rest restrictiVe Ieeis,at atom matter Which
| would be cause for regret. for any change
| or even seriously proposed change always
SO much then for the free and unlim-
tied coinage at the ratio of 16 to /" And
dallar" pretension. we find the people so
nearly equally divided that II requires
| count of heads to determine their relative
] trf.y !, will hn - n
| sidered evidence of satisfaction. Indeed,
| little else should be necessary TO prove that
mands of the country for monetary sys-
! tenn. Further, the gold in the country is
perhaps less than so per cent of the amount
| of money which the commercial interests
| require, Notwithstanding the monometa1-
| lists demand its acceptance as security for
the whole and yet yet they ATTEST to favor
Would any sane bY yiddn man accept Ptra
security? Yet this is precisely the principle
which the monometallists ask the people of
this great nation to apply to the most vital
means of it's existence, They have the
| presumption to ask the citizens of this ZEN
! lightened country" to base their monetary
system, one1half on n int rms value and
| They very kindly. however, inform us
| that there is no probability that the United
redeem all Of its promises to pay at any
one time. This we concede: but while we
do so. cannot lose sight of the fact that in
three recent instances we were called. upon
| to share with the administration of our
| monometallistic. financial system the neces-
sity of issuing bonds to save the nations
! credit, and hence honor.
The whole thing in a nutshell is that the
| bimetalists of the unlimited coinage and
money. such as possessesonly SO per cent
| intrinsic value and so per cent fiat while
the monometallists require US to accept
money, such as possesses only so per cent
| intrinsic value and 50 per cent fiat. SO the
| people, are left to throw up penny and
| thus choose between the two evils.
The e. O. p. in national convention as
| sembled, has declared in favor of the SO per
cent security, system. and that It will co
| continue until the enlightened nations" of
| Europe lend it their brains to aid 1t in get
ting out of the difficulty.
Rid the old patriots VINO CON
| the declaration of independence, or their
compatriots who formulated the constitu-
ton of the United States call into council
| the enlightened nations of Europe? Most
| emphatcally no! And If II were possible
they. would arise from their graves and
| point the finger of scOrn and contempt at
| the men who thus libel the intelligence and
patriotism of their descendants.
| The apparent general diversity of opinion
among political party leaders regarding the
| financial question has had the effect of con-
| vincing many. that It is altogether too com
| plex and abstruse for the. comprehension
| of the ordinary mind. and hence they do
| not investigate 1t. nor even give it serious
consideration PIT trust ITS
| Separated from personal politics and
| speculative considerations and measured
| by universally acknowledged business
| principles, it should not be difficult OF
| proper solution. Four primary considera-
| tions enter into the construction of mon
| etary system, viz:
First-Its necessity.
Second-Its functions.
Third-Its quality.
Fourth-Its quantity.
AS to the first and second all agree Re-
garding the third, all affect to agree, l. @.
~. ,Irt,, 1ncsy hat 90 t 6n11 c11n1I
be as good as every other dollar but differ
as to means for the production of such re-
suit and this. taken together with the
fourth proposition. forms the great chasm
which divides the two contending forces.
Since there is no disagreement regarding
the necessity for and the functions Of
money. we pass to a consideration of the
two remaining factors. quality and guam
tity.
The cost Of the production of an article.