The herald., 1896-09-01
FREE SILVER'S PHILOSOPHY

In the flood of superficial discussion
or the money question which is now del
uslng the public prints, half truths and
Ill dlgested arguments float like debris
In a high tide, and the dsputatious citi-
zen seizes upon what he appropriates
from the mass to hurl at his controver-
slai neighbor. THE Philosophy of the
Silver Question" is the we'll deserved
title OF a communication which comes to
the Herald from c. 3. Theofil, V. D. NJ.
of Allegheny, Pennsylvania. The paper
is quite extended and is closely consec-
utive, but will admit of some points of
pause and, in consideration of its pecu-
liar force and cogency, his reasoning
shall have editorial space without cur
tailment in sections, for two more edi-
tions of the Herald:
/. Many are disposed to consider the sill
yer reconciliation movement "craze,"
and its supporters are spoken of by
many as only half-witted. The entire
question is supposed to be answered
inferentially by the propositions:
Would you cheat your creditors by pay
ing them dollar debt with fifty cents
worth of silver called a dollar? Would
1t make any difference in the real pur-
chasing value of an ounce of silver
whether stamped fifty cents, it's COM
mercial value, or stamped one dollar
and equal to only one-half of the gold
dollar?'
If to this we reply that the questioner
evidently does not understand the phil
osophy of the question he discusses,
we are met with the answer: There is
no philosophy to the silver question:
gold dollar is the standard and any
departure from it is lunacy of the worst
form; the silverites never presented and
cannot present a philosophy upon the
subject; they merely offer isolated facts
and weave them together in thoroughly
illogical manner.
1t is because this last statement is
only too true that we now submit a
philosophy of the subject which we be-
lieve will stand the'test of logic, and put
into the hands and mouths of "silver
advocates some invulnerable argu-
ments, as follows:
~ The silver question is not local
one. In it's settlement the welfare and
lLleIGoL VI lIlc WuOlc ldlIllly are
concerned, as we shall show, although
few as yet realize it's bearing upon their
interests.
(2) Those whose prejudices favor the
gold standard need not be alarmed for
the welfare of the nation even if silver
standard were adopted, for other nations
under a silver standard are flourishing,
notably Russia and Japan.
(3) Even the money lenders whose
contracts do not call for gold payments
need fear no loss; rather will they share
with their fellow citizens in the busi-
ness boom which would, temporarily at
least, follow reconciliation of silver.
(4 The worlds stock Of gold is
valued at six billions, two hundred and
sixty millions of dollars CSC, 100000 tw o.
thirds of which is coined. This is quite
inadequate for the business necessities
of the gold standard nations; and each
silver standard nation which joins the
gold standard only increases the value
of the limited gold supply. The insult
ficiency of the gold supply for the busi-
ness necessities can be seen in the fact
that it would require three times as
much gold as there is COINED and un-
coined) in the whole world to pay the
public and private Indebtedness of the
United States, which is estimated by
George K. Holmes, census expert, to be
$50, ,227, ,17O,546. How the private debts Of
the United States compare with those
of other nations we know not, but it's
public debt is only one-half that of Great
Britain, one-half that of Austria Hun
gary and one-third that of France. The
utter inadeguacy of gold as the only
standard money must therefore be ap-
parent to all.
g. The term honest money" Is
generally applied to gold money, and the