Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-12-09
RgFoRMERs OF rAE CURRENCY.
Republicans Going to Pieces ON tine
Rocks of Finance.

Republicans Going to Pieces ON the
Rocks Of Finance.
The more our republican currency re-
corners talk the more plainly we see
what sort of qualifications they have
tor carrying on the work of reform.
One Chicago organ OF the reformers
which is understood to be as near an
approach to B. personal organ of Nc
Kinley as exists anywhere submits
peculiarly interesting programme.
To begin with, it proposes to cancel
the silver certificates. That is, it pro-
poses to destroy them as they come
into the treasury and pay out the sill
yer coins which they represent. It is
Of opinion that 'tthere is no reason why
| silver dollars should not circulate much
more widely than they do.''
Yet evidently it is of opinion that the
people may not choose to keep the whole
amount of silver dollars coined in circu-
| those coins would not be wanted for
actual use in circulation and proposes
that they be redeemed in gold on de-
mand and ''stay redeemed" That is the
second thing on the programme.
Next the question arises what to do
with the silver dollars when redeemed
to stay redeemed. Avery large number
might be so redeemed. It has never
been found possible to keep more than
about 60,00o,0 900 of these coins in phys
ica1 circulation. Any excess above that
number has been quickly returned to
tie treasury and exchanged for silver
certificates, the latter being preferred
to the coins for actual use.
There would be the same preference
for paper if the certificates were with
drawn and the coins paid out. If the
paper could not be had the preference
would be largely transferred to gold
coin because it is so much less bulky
than silver coin. Therefore as many as
300, 100000 silver dollars redeemed to
stay redeemed might accumulate in the
treasury. What is to be done with all
these coins so redeemed?
This question leads up to the next
number on the programme. The or
gan would melt down the silver dol
lars, converting them into bullion, 'us-
ing the bullion thereafter for the sub
sidiary coinage" meaning the frac-
tional silver coinage.
Another republican organ, which is
"restudying" the whole currency ques-
ton, perceives that this will not dispose
of the bullion, because the people have
no use for all the fractional coin now
available, and keep from $10,oo0,OO0 to
SI6,OOO.0OO of it all the while locked up
in the treasury.
But neither organ seems to know
either that the fractional coin Is
redeemable on demand in full lega!
tender money or that silver dollars
under existing laws are as truly sub
sidiary as are the fractional coins.
But both of these things are true. The
fractional coins are more readily re-
deemable than greenbacks, Sherman
notes, bank notes or silver certificates,
for they may be converted into full
legal tender money at any subtreasury.
Anyone who sets up as currency re-
former ought to know after little re
study" that our silver dollars are sub
sidiary under existing law. Any coin
is subsidiary which is maintained at
par with the prevailing standard by
limiting its quantity and practically
redeeming it in standard money. And
this is precisely the case with silver
dollars, and has been by law ever since
their coinage was resumed in 1878.
1t is true that they are made legal
tender for all sums, but that does not
divest them of their subsidiary char
acter. Greenbacks and Sherman notes
are made legal tender to the same ex-
tent, but that does not make them
standard money. Silver coinage was
limited from its resumption in 1878 to
its suspension again in 1893, and the
law has in other ways referred it to the
gold standard and made it practically
redeemable in gold. In other words,
the law has made silver dollars subsid-
larry.
AS the discussion goes on it becomes
more and more clearly apparent that
on the currency question the republic
an party is a bedlamite mass meeting
which can never reach rational con-
clusion even if it can have the benefit
of guidance by the most skilled alien
lists.
Since the final interment of the
bloody shirt the republican party has
been the party of tariff freebooters
and nothing more. When it attempts
anything outside of licensed spoliation
it "goes all to pieces. Chicago Chron-
icle