The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-08-28

j. suDLpllLl- Us pANAul- WINS 5-pi-- lss-
sster in the end throughout the COM
merciaI world. The destruction Of sill
yer as money and establishing gold as
the sole unit Of value must have aruin-
Gus effect on all
The gold stand forms Of property
ard would pro- except those in
duce disastrous vestments which
results in the yield fixed re-
end turn in money.
These would be
enormously enhanced in value and
would gain dispFopOrtionate and IN
fair advantage over every other species
of property. If, as the most reliable
statistics affirm, there are nearly ST.
100000 Of coin or bullion in the
world, not very unequslly divided be
tween gold and silver, it is impossible
to strike silver out Of existence as mon
ey without results which will prove
distressing to millions and utterly dis
astrous to tens Of thousands.
Alexander Hamilton, in his able and
invaluable report in 1871 on the estab-
lishment of mint, declared that $50
annul the use of either gold or silver as
money is to abridge the quantity of cir
eulating medium and is liable to all the
objections which arise from a cOmpari-
son of the benefits Of full circulation
with the evils of a scanty circulation"
I take no risk in saying that the bene-
fits of a full circulation and the evils Of
a scanty circulation are both immeasur-
ably greater to-day than they we're when
Mr.. Hamilton uttered these Weighty
words, always provided that the circu-
lation is one Of actual money and not
of deprecated promises to pay.
In the report from which l bave al
ready quoted MIR, Hamilton argues at
length in favor of double standard,
and all the subsequent experience of
we'll nigh 90 years has brought out no
clearer statement of the whole case nor
delayed more complete comprehension
of this subtitle and difficult subject.
"On the whole" says Mr. Hamilton,
sit seems most advisable not to attach
the unit exclusively to either of the
metals, because this cannot be done ef-
fectiveIy without destroying the Office
and character of one Of them as money
and reducing it to the situation of mere
merchandise" And then Mr.. Hamilton
wisely concludes that the reduction of
either of the metals to mere merehan-
disc q again quote his exact words)
"would probably be greater evil than
occasional variations in the unit from
the fluctuations in the relative value Of
the metals, especially if care be taken
toregulste incorporation between them
with an eye to their average CONNER
cial value" I do not think that this
country holding so vast a proportion
of the worlds supply of silver in its
mountains and its mines, can afford to
reduce the metal to the situation OF
mere merchandise" If silver ceases to
be used as money
Silver mining in Europe and Am
depends upon erica, the great
legislation mines of the Paci,
fc slope will be
closed and dead. Mining enterprises
of the gigantic scale existing in this
country cannot be carried on to pro.
vide backs for looking glasses, and to
manufacture cream pitchers and sugar
bowls. A vast source of wealth to this
entire country is destroyed the moment
silver is permanently disused'as mon ey
1t is for US TO check that tendency and
bring the continent of Europe back tC
the full recognition of the value of the
metal as a medium of exchange.
The question of beginning anew the
coinage Of silver dollars has aroused
much discussion as to its effects upon
the public credit, and the senator from
Ohio Mr.. Matthew'S placed this phase
of the subject in the very fore front OIL
the debate, insisting premsturely and
illogically, I think, On a sort of judi
cial construction in advance by concur
rent resolution of a certain law in case
that law should happen to be passed by
congress. My own view on this ques
ton can be stated very briefly. believe
the public creditor can afford to be paid
in any silver dollar that the United
States can afford to coin and circulate
We need both
We need both goldand silver, and
| gold and silver We can have both
only by making
each the equal Of the other. Itwould not
be difficult to show that in the nations
where both have been fully recognized
H.