The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-06-18

THE coinage OF one metal alone elm
mates the ratio and the disturbing eIe.
ment and furnishes money OF h4ea
and unchnngIng value. but rot In SUI
flcient quantity to meet the require
ments OF the people Hence. there IS q
strong demand for the free and unllrn-
lied use OF both gold and silver as mo-
ney. But there Is likewise an inipeia-
tive duty resting upon the legislative
department OF our government 10 eIiHl-
mate the disturbing elements that be-
long 10 the coinage and ratio system
before thnt demand Is granted. rms
duty can be performed only by abol-
lshlnE the coinage OF the two metals on
the ratio plan. What system can De
safely substituted? 1t Is believed that
the following will fully answer the
question.
The Proposed system.
Let Congress enact law that WIZ
hermit the free and unlimited deposit
OF standard gold and silver bullion
with the United States treasury, IN
exchange for which the deposition SHAH
receive gold and silver certificates. &c
co-iIng to the kind OF bullion deposited
IN convenient denominations, 10 tne
amount OF the market value OF the pull
lion at the time OF the deposit which
certificates shall be a full legal tehuet
Tor All debts, public and private. and
shall no redeemabIe, each certificate In
Its own kind OF bullion. at the market
value OF said bullion az the time pre-
scented for redemption.
To illustrate the principles contained
in the proposition let US use 1000 ounces
The owner OF the 1000 ounces Of sill
yer bullion presents It at the treasury
FOR deposit, say ON the LIST day OF June.
silver bullion on that day Is worth Sixty
cents an ounce. The depositor Ehsre-
fore, would receive $500 in silver certi-
fcates. Then on November ]. some one
wyh the $500 OF silver certificates oe-
sizing TO have them redeemed, presents
them nj the treasury for that purpose
and silver bullion on that day Is worth
sIxty-one cents an ounce. He would
receive $50 s7.6l ounces OF silver bullion
OF the value OF $500. But II silver null
Ion on November 1. was worth nIty-
nine cents an ounce. he would receive
I0is "a 50 ounces OF the value OF $500.
The holder Of the certificates would al
waVs be entitled 10 receive $500 worth
OF silver bullion whenever presented
for redemption, regardless OF the nuIn-
Der OF ounces that was deposited ior
said certificates or OK Sie appreciation
or depreciation OF the market VaIue Ut
the bullion. This illustration Will
serve Tor gold as well as silver
The principal merits Of the proposed
system are:
/, II maintains single unit OF VaIue'
a5s grains OF standard gold
> n dlsposes OF the troublesome
question Of the ratio between gold and
silver. and OF the impossible task OF
maintaining that ratio under the COIN
i, provides for the free and unlim-
tied use OF both gold and silver as mo-
ney ut their respective market values.
4. It lifts from the currency All nue.
tua tons IN the value OF gold ana SilVeF
bullion. al
and uniform value, free from premium
4 III II provides a continuously In
! crenslnc currency as needed of conVe-
nlent and desirable form.
!. 1t may become an International
''S should this system be adopted. the
Interests Of both the people and the
| government ore to be considered. as
10 the people. there can be no serious
objection TO the system. They VII!
have in their money the best medium OF
exchange known TO man, because tney
| VIII have an absolutely non-huctuatinB
ciTrenry and because they will have
aIl the time in all their dollars exaetly
the value OF 25.s grains OF standard
gold.
As to the government, there Is one
objection which should be considered.
The government would be IN the POSI-
tIon OF a guaTantoF. II would Euaran-
tee to the holder OF each certificate rs
oar value in bullion Of the kind deposit
ed. There Is possibility OF the gov
eminent being the loser on anal re-
demption day by having to provide ad-
dItionnl bullion to redeem the, certih-
Gates. This possible loss 10 the gov
ernment could occur only under a de-
precIation In the value OF gold ana Sill
yer.
UnIImiisd Use OF Roth Metals
rhe proposed system creates an un-
limited use for both gold and silver,
while the present system places a lin
ltation upon the use OF silver. The
greatest fuctuatioH, therefore. would
occur IN the value OF silver upon the
adoption OF the proposed system
through the change from a limited to
an unlimited use. What the exact cf-
feet OF such change would be, no one
can accurately determine nt this time.
But the existence OF the elements OF
| nuctuatlon In value makes depreciation
possible. although not probable.
II depreciation should occur, sum
Client credit, however. would arise
through the destruction OF certificates
to meet such loss as the government
! might thereby sustain. There would
| be an annual saving to the govern
mcnt through the destruction and loss
OF gold and silver certificates BY cagu-
atty, OF n very considerable amount,
| Certificates thus destroyed would not
have to be redeemed by the govern
ment. For the nurpJse OF conveying a
proper conception OF the extent OF such
destruction we quote from the Forum
OF April. 1896; page lil wherein Sec
rotary Sherman, In discussion OF the
subject OF maintaining the redemption
/ OF the United States notes, states:
THE nominal volume OF these Omitted
| States) notes e. 1916 1851 O6i This is the
| reduced volume from the maximum
! outstanding during the civil war NJ
| $3.50. 100000 But this sum Of $4,000,
0OO includes all the notes lost and de-
sue In 1862. The amount thus lost has
been cstimatcd at from S2O.OO0O0O g
| Si0,000000. reducing the notes outstOnd-
/ ing to $4,000 00O or lCzs."
The destructive elements referred Il
| bv Secretary Sherman are now in full
/ force. and the slinc ratio OF loss will
| continue 10 exist n this rovrrnmen;
| had circulating medium Of Sl,O000oQ,-
| COO of g1ld aud silver certificates, every
| ten years would place TO .hc credit OF
tho government from f50000oOO to so,
GOO OF bullion through tho loss and
| destruction Of certificates, This credit
J OF probably siO,OOlOOO FOR every decade
1 would doubtless be sufficient 20 mcaj
tho possible loss. II any existed. ihal