The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-22

general payment OF debts in greenbacks,
excepted all contracts made by the gov
ernment or individuals which provided
for payment in coin.
While tho Democratic national con-
vention Of 1868 faltered ON the money
issue, il stopped far short of the repudi-
alton and communistic spirit Of the Chi
cago convention. 1t recognized existing
obligations, and that meant the payment
of all national bonds In coin, because it
was specifically provided for such pay
meIt, and as gold and silver were Of
nearly equal value at that time there
was no repudiation Of national faith.
but the Chicago convention demands tho
repudiation of national honor by declar-
ing that the government and individ-
profit to the owner OF the bullion, en-
abling him 10 take 80 cents worth Of
1t to the mint and get 1t stamped as coin
and force his neighbor to take it for a
full dollar.
"This is an undue and an unfair ad-
vantage which the government has no
right to give to the owner of the silver
bullion and which defrauds the man
who is forced to take the dollar. And 1t
assuredly follows that if we give free
coinage to this dollar of inferior value
and put it in circulation we do so at
the expense of our better coinage in
gold, and unless we expect the uniform
aud invariable experience Of other ma
tions to be in some mysterious way
suspended for our peculiar benefit we
inevitably lose our gold coin.
"It will flow out from us with the
certainty and resistless force Of the
tides. Gold has, indeed, remained with
US in considerable amount during the
the legal tender, but that was because
there were two great uses reserved by
law for gold-the collection Of customs
and tho payment of interest ON the pub
lie debt. But if the inferior silver coin
is also to be used FOR these two reserved
purposes, then gold has no tie to bind it
to US.
Cannot Afford II.
"What gain, therefore, would we
make for the circulating medium if, on
opening the gate for silver TO flow in,
we open still wider gate for gold to
flow ont? If l were to venture on a
dictum on the silver question, would
declare that until Europe remonetizes
we cannot afford to coin a dollar as low
as AJAX grains"
A little further on Mr.. Blaine said:
Consider further what injustice
would be done TO every holder Of legal
tender O. national bank note. That vast
volume Of paper money-over $780,
600, 000-is now worth between 90 and
so cents on the dollar in gold coin. The
holders Of it, who are indeed our entire
population, from the poorest TO the
wealthiest, have been promised from
the hours of its issue that the paper
money one day would be as good as
gold. To pay silver for the greenback is
"a full compliance with this promise and
this obligation, provided tl% silver is
made, as it always has been hitherto,
as good as gold. To make our silver coin
even per cent less valuable than gold
inhicts loss Of more than $40, 600, 000
On the holders of our paper money. To
make silver dollar worth but 90 cents
precipitates on the same class loss Of
well nigh $50, 900, 900. For whatever
the value of the silver dollar is the
whole paper issue Of the country will
sink 10 its standard when its coinage is
authorized and its circulation becomes
general ir the channels of trade.
Erfc,t OF Cheap Dollars.
"And yet it is demonstrable almost
mathematically that the same effect
will follow inevitably from the coinage
Of an inferior silver dollar. Assurances
from empires and scientists in finance
that tremonetization of the former dollar
viii at once and permanently advance
its value TO par with gold must go for
what they are worth in the face of OPP
posing and controlling facts.
lit is for us TO bring the continent
of Europe back TO the full recognition
of the valuo of the metal as medium
OF exchange.
Tho question Of beginning anew the
coinage Of silver dollars has aroused
much discussion as to its effect on tho
public credit. My own views on this
question can be stated briefly:
81 believe the public creditor can be
paid in any dollar that tho United
States can afford 60 coin and circulate.
We have $40, 900, 600, 900 of property in
this country, and wise self interest
will not permit us 10 ovcrturn its rela-
tions by seeking an inferior dollar
wherewith TO settle the dues and de-
msnds of any creditor. The question
might be different from merely a selfish
point Of view If. on paying the dollar to
the public creditor, it would disappear
after performing that function. But
the trouble is that the infcrior dollar
you pay the public creditor reraains in
circulation. to the exclusion Of the bet
ter dollar. That which you pay at home
will stay there; that whicn you spend
abroad will come back.
"Tho interest OF the public creditor
is indissolubly bound up with tho inter.
est Of the whole people. Whatever
Affects him affects Us all, and the evil
- II