The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-11-23

tHe actuaI demand for the use OIL Sold
as currency would be not substantially
greater than the present demand.
Credit" in all it's various forms
check, note, bill Of exchange, telegraph
lc transfer-would do the currency
work to far greater extent than now.
Senator Hoar's universal clutch for
gold" is only a dream, not 'dridescent,"
but political.
There is no miracle in the minting''
of silver. 1t was so much in weight
when brought to the mint 1t remains
of that weight and of the same real
value after minting. If it fetches more
after mining, it is simply because the
present administration of the United
States government claims that there Is
printed on the minted metal promise
to keep the silver dollar worth gold
dollar. For that purpose it would be
better, for it would cost less, for the
United States to print that promise on
cheap paper and so save the use of sill
yer as printing paper.
With an investment say Of $500, a
person can mint sound silver currency
and put on the United States stamp and
make a profit from 200 to 100 per cent,
according as the small change or the
dollar Is the product. True 1t is unlaw
full in this country but it need not be
done in this country. Human nature is
false to human experience If the indus
try of the private minting Of silver into
the coinage Of the United States is not
now being carried on to very serious
extent.
The people of the United States do
not realize that so far as statutes are
concerned, 1t Is In the power of Mct>1n-
ley and has been in the power of Har-
rison and Cleveland, to throw the cur
rency of the United States upon the sill
yer basis in any period of tWenty-four
hours without further legislation. The
Bland Allison act of 1873 provides that
the standard silver dollar is legal ten
der for all debts public or private. The
Sherman act of 1890 provided that coin"
notes may be paid in gold or silver at
the option of the United States-that is,
of the administration for the time be-
ing. The only fancied protection to the
gold standard is the declaration in the
Sherman act of the alleged policy OF the
United States to keep both gold and
silver on parity with EACH other at the
coinage ratio. But that declaration is
not binding as a statute and did not
bother Bryan at all, and would not
trouble any pronounced silverite presi-
dent True said Bryan, 1.-The coins
are to be kept at parity with each 9TH
er, but that can Sonly be done by the
use of both coins by the administration,
and there is not printed on the r'ntei
silver dollar promise to keep it as
good as gold dollar" Bryan said that
if elected president he would pay the
obligations of the United States in
standard silver dollars, and the statutes
of the United States, passed by re-
publican congress, authorize sucn paT-
ment and the government has plenty CT
silver for such purpose At present the
statutes are harmless, but let the adj
ministration dare to exercise Us I'M
questionable power to use the statutory
standard silver dollars in payment of
obligations of the United States, and we
are at once crushed with the evils of
dealing in legal tender currency de-
preciated from the gold standard In
other words, a prolonged and paraly-
lzing panic in comparison with which
. all previous panics would be as gentle
, zephyrs--can be precipitated any day
upon the business of this country by a
silverite administration.
Yet it is said a. reform in our currency
laws is not of serious Importance.
, One thing is certain. The average
business man is disguised with the fact
! that congress is a terror to business,
and that the prospect of it's opening is a
, signal for Industrial lethargy. 1t ought
not so to be, and what is more, 1t need
not so be.
To-day the strict republican vote
in all the so-called republican
states except Vermont is in minority.
The balance of power is with the indie
, pendent voter and the gold democrat
: Both will gladly follow the republican
, party if it's politicians and statesmen
will only try to undo their own mis-
: takes and try to put the currency on
firm gold basis which cannot be ques-
: toned.
Let no person make any mistake
The independent voter and gold demo-
crat cannot be delivered on the order OF
ANYBODY The financial history of re-
publcanism is very bad. 1t has flirteo
, and tempered with, embraced ano
Rugged the silver delusion so that it is
: feared that it has become so impregna-
: lied that the child will be either silver
! or octoroon. We preferred to follow
Seth Low to defeat than vote for King
Platt as against King Croker. SO the
republicans did on the birth of the par.
: ty. There was the old Wing party
with Daniel Webster and Henry Clay
: as leaders. (Have you any better?
: The old Wing machine" had flirtet
and tempered with slavery so long thai
= it lost it's moral sense, reputation ane
{ virtue. The republicans came out from
: the Wing machine and preferred Ere
{ mont to Fillmore, although that let II
| Buchanan and broke up and destroyed
! the grand old party"-the G. o. P. WhiG
t of that date-and brought on in result
, Bull Run, Gettysburg and Appomattox
= and the loss of a million lives and bill
= lions of property, but slavery and tn,
D Wing party were destroyed.
7 The curse of slavery was palpable
r The curse of unsound money is not S,
= palpable. 1t is insidious, but in it's ia
f reaching results it is nearly as danger
= Gus as that of slavery. I'm
Y sound money necessarily fans int
t fury the speculative gambling instinct
| the natural supply of which is ample
= Unsound money means sudden and VIC
i lent fluctuations of current values il