The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-25
STILL pAUsING ron A REPLY.

the. signature Voter" sends us a let
ter which we publish this morning, but
which, we regret to say, does not an
swer the questions that we have asked.
1t is such a delight to exchange the
occupation of replying to inquiries,
once in while. for making them, that
we will still pause for reply to those
with which this gentleman has dealt,
but insuff1ciently. Noting, first, one or
two points from the earlier part of his
communication, we must remind him
that he has, probably Internationally.
but very seriously, misrepresented the
G 0 b e by the use of the word "be-
cause. In explaining the present sta
tus OF the silver dollar, the Clio b e
said that it is a legal tender for all
DEBTS and circulates in this country on
equal terms with gold. 1t was very far
from saying that it circulates on equal
terms with gold because it is an nm
iiinlteo legal tender. On the contrary,
II expressly and repeatedly stated that
the reason why it remains at mar is
because the government has promised
10 keep 1T so and the people believe
that it is both able and willing to re-
deem It's pledge. The lack of CORE
sponoence between the bullion value of
the silver dollar and it's purchasing
power is similar to the difference be-
tween the market price of the paper
on which promissory note is written
and the purchasing power of that note.
II the signer is known to be good. 1t
is exceedingly difficult to induce the
silver people to make any distinction
between credit and value in the gov
ernments financial operations, al
though every man has had substantial
ana painful proof Of it in his personal
affairs.
coming now to the Clio b e s in
quiries. our correspondent throws no
light Whatever upon the reason why
an American dollar, not being legal
tender in Mexico. should purchase
twice as much as the silver dollar
which is legal tender, without aban-
doning the entire legal tender theory
That ne holds with praiseworthy con-
sistency elsewhere He says that Mex
leo IS on a silver basis, and ''her silver
dollars circulate at their bullion and
coin value" He adds that the Mexican
dollar circulates in that country for
100 cents worth of commodities. as
measured by their standard. and the
American dollar circulates for 100
cents worth as measured by ours.
That. however, does not in the least
explain why the American dollar Dur
chases twice as much in Mexico, where
it is not legal tender The real expIa-
nation. which seems to us to be fairly
admitted by NVoters" reply, is that, in
a silver standard country, silver coins
circulate only at their bullion value,
which is true. and which is a condf-
ton that We are trying to avoid. If it
is true. however, the legal tender mir
acle disappears. issft
The reply to our second question in
PRODUCES an exceedingly mysterious
reservation. Voter" differs from most
who argue on his side in admitting the
tender. He asserts that the govern
ment can, by law, make any amount
of any commodity worth any sum
that it pleases; copper, nickel, poker
chips and all the rest included. So far.
so good. Then, for an unexplained rea-
son, he sets some limit to this benefi-
cent performance. He says that to in
crease the quantity of money bound
lessly lis not policy but that it
should be limited ito the actual needs
OF business Further on, he quotes
Prof. Walker on the necessity Of keep
ing paper money within bounds" He
| concludes by saying that ''to prevent
the undue imitation of the money. 1t
is sound policy to limit it to the pre-
cious metals, such as gold and silver"
This is a most extraordinary argu-
ment for anybody to make To a man
who holds the unlimited power of
the government to create values by. le
gal tender, the word Imitation" can
have no meaning whatever. 1t Is like
saying that the government should, if
it had the power, set narrow limit to
human comfort and human happiness.
1t is as if a man were possessed with a
supernatural power of healing, SO that
he could, at pleasure, cure any disease
in few seconds by a touch. and
should then arbitrarily determine that
he would only rescue from suffering
three people per day, when he might
save thousands from needless agony.
There is no escape from the conclusion
that If the power of the government
to create money of full value by legal
tender acts Is unlimited, then it could
print enough to give each of us a mil
lion dollars. If this is, by virtue of
being legal tender, exchangeabIe for as
much of the good things of life as
now, then none of US need ever work
or suffer any more. A government
which, having within its grasp the SOW
ereign specific by which it could de-
stroy poverty and all the wretched-
ness and crime of which poverty is the
founder, by word, still refuses
to do so, while giving as its reason only
some apprehension of Imitation.
which is an impossible thing If all Ie-
gal tender money is equally good.
would be as Ubiquitous as one that
should order thousand unoffendine
citizens to be selected by lot and treat
ed as one of Bryan's followers says
all Democrats should be treated who do