The herald., 1897-07-04

domestic debts by legal compulsion, and
no one objects to taking paper or silver
because they can readily be converted
into gold coin.
The bankers convention recently held
in Indianapolis proposed a plan for re-
vision of our money system, which pro-
vides for several radical changes. The
expressed by Secretary Gage soon after
he accepted the treasury portfolio, and
before he was inducted into office. and
they are substantially the views every
where advocated by the money power
Grover Cleveland and his party of sound
money" Democrats give the plan their
endorsement. AS defined in general
language the plan is: ''To make one
dollar as good as any other dollar" u
principle which it seems unnecessary tc
assert at this time. for every dollar of
our money is as good as all other dollars
in domestic transactions.
President Mckinley. in his inaugural
address, gave expression in rather vague
language to his theory of money sys-
tenn. He said: Until the condition is
realized which the parity between gold
by the relative values of the two metals,
the value of silver already coined must
be kept constantly at par with gold by
every resource at our command"
The evident meaning Of this language,
giving it fair construction, is that the
silver dollar measured by gold is worth
only what the metal 1t contains will
bring in the market as commodity. or
in other words, that it's stamped value
as a money is to be wholly ignored. If
the metal as a commodity is worth only
so cents, then it is so cent instead of
100 cent dollar, and if his theory is to be
carried out, then 1t should be exchanged
in gold at the rate of two silver dollars
for one gold dollar 1t certainly is within
the resources which the government can
command to compel that very thing to
be done, STEP according to his theory,
which is necessary to be taken in order
to establish the parity between the two
metals.
The position assumed by the president
casts crushing discredit upon all our
silver money, except the subsidiary coins
and upon the silver certificates as it re-
duces four or five hundred million dollars
to nearly one-half their legal value.
Nothing has ever been said or done by
the opponents of the single gold stand
ard which so much tends to destroy con-
fidence as this attack upon nearly one
third Of the money volume of the nation.
Yet whenever anything is proposed
which interferes with gold domination
confidence is said to be broken down.
and chaos and distress it is predicted will
supervene.
Mr.. Thurber a merchant of New York.
in an article in the April number of the
North American Review, not only in
dorses the Bankers plan, but he goes
further and urges as the first and most
essential thing to do, that congress shall
PASS an act or joint resolution declar-
ing that all our bonds now payable in
coin shall be payable in gold coin and the
reason assigned for it is that it will in
duce foreigners to invest their money in
our securities and enterprises.
While foreign money is being received
and expended the condition is quite
agreeable, for all feel the exhilarating
influence of enlargement of the money
volume, and times become brisk but
when pay day comes around the situa-
ton is not comfortable and for payment
of interest dividends and profits 1t
makes its appearance every six months
or at least once year. We then feel the
effect of the depletion of our stock oe
gold, and when the principal becomes
due, we groan under the harrow of for
eign Indebtedness. A very large number
of intelligent men have grave doubts
whether the investment of foreign CAPT.
tai in this country is in the end advan-
tageous. Many believe it would have
been better had we postponed some of
our enterprises until we became able to
carry them on with our own money. To
meet the demands of foreigners who
have investments is cause, and not the
least, of the depression that prevails
and for several years has prevailed in
the nation.
This resourceful country long ere this
should have been able to conduct it's
necessary enterprises with it's own capt.
tai, and until that is done we will not be
independent nor prosperous in the high
est degree.
One of the propositions of the none
tary reformers is that all government
currency shall be retired and power be
conferred on banks to supply the coun-
try with proper circulation. The al
legged reason for this is the country is en-
barrassed by having to redeem its notes
with gold. If the silver dollar and silver
certificates are to be discredited as ap-
pears to be contemplated, the embar-
rassment of the government will be
greatly increased. The proposition is to
rut the banks in the shoes of the govern
ment so far as supplying the country
with proper money is concerned If the