Iron County register., 1896-07-02
Whitney's Pubic Statement.

Whitneys Pubic Statement.
At the request of an esteemed friend
high in financial circles, we publish
elsewhere the recent statement given
to the public by the Honorable William
C. Whitney of New York, in regard to
his position upon the coinage question,
and the evils that he thinks would ac-
crue to the Democratic party should it
declare for the free and unlimited
coinage of silver at the ratio of Is to 1
without waiting for the action of any
other nation. Under ordinary circum-
stances we would not feel disposed to
give Mr.. Whitney's statement a very
close scrutiny, or justified in affording
it space in the columns of the REGISTER.
But, as he is typical representative
of that element that is supposed to
voice the sentiments of the Eastern
Democracy, and as his argument ap-
pears to have great weight with emf
nent financiers, we have given his
statement as careful, as candid and as
impartial consideration as we are ca
pable of doing.
In the outset, he commences with
the erroneous assumption that at some
time in our history we have had a
double standard of values. Technic.
ally this is not true. At no time have
we had double standard, and we con.
fess we cannot conceive how gentle
man whose opinions in matters of f.
nance are received with such Difference
could have fallen into so glaring ar
error. Prior to 1878, the dollar was
the monetary unit, as it is Iow, anC
was fixed in silver. Three hundred
and seVenty-oue and fOur-sixteenthi
grains of pure silver, with certain
amount of alloy, and the government
stamp affixed, was the starting poin
for all our financial calculations
Gold was made q companion money
metal to silver, but its coins were re
quired to conform in value to the sill
yer unit. All changes were made in
the gold coin when change was deemed
necessary, and the mints were thrown
open to the free, unlimited and indie
pendent coinage of both metals at the
ratio established by law, without favor
to either.
In 1873 the unit was changed. /
was placed in gold. Twenty-Five anC
eight-tenths grains of pure gold, with
q fixed amount of alloy, and the gov
ernment's stamp placed upon it, be
came the unit from whence all future
monetary calculations were to start
and silver was dropped from our coin
age. except for the purpose of supply
ing US with subsidiary currency. Pri
or to 1873 we had the silver standard
with the mints open to both gold ant
silver upon equal terms. Subsequent
to 1873, we have had the gold stand
ard, with the mints closed to silver al
money of final account. The present
agitation contemplates a return to the
silver unit that existed on January 1st
1873, and the opening of the mints tC
both gold and silver upon equal terms
Strictly speaking, the contention il
over the unit. The advocate of the
gold standard desires TO retain the
present gold unit, and to have th'
miuts closed to silver as a money o
final account. The advocate of bimet
alism desires to restore the silver uni
and open our mints to the unrestricted
coinage OF both gold and silver at th'
ratio OF 16 pounds of silver to one
pound of gold. To this Mr.. Whitne!
objects. and urges as reason for 81
doing that silver has deprecated, ant
the substitution OF this metal for gold
the present money metal-would b
unjust to the creditor class. III h
could show that the value of the whit'
metal has been diminished by natura
causes, it would be a long step toward
making out his case, but this he can
not do under any fair system OF com
putation. If We compare silver with
gold alone, an apparant fall in 1T
price viii be observed, but in the las
twenty five years the same fact will b,
noted In connection with every othel
commodity not trust protected. Their,
seems TO have been some universe
agent of depression at work that ha
reduced the price OF all commoditie
except gold to a lower level. It vii