The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-06-11
1851 $500. =
THE OLD ARGUMENT,

Concerning Colonel bryan. who is billed
Tor the Philippines, whore silver is the
standard money, the Macon, Ga. Tele-
graph facetlously rcmarlIs
When Colonel Erynn shall observe I'm the
Philippine islands that one dollar of United
states money Is worth two III the oliver cur
!'ltS Or net part Of tho world, and that his
iellow soldiers prefer Il dollar in wages that
iS not subject to d,ocouut, h. may come bac X
tc us full nedged goldhug, lie may not even
take to the notion that shinplasters, bearing
no itomlSc OF rod Amption, are good enough for
the payment OF men who risk their lives in
NJ service OF their country. Bcing a soldier
hilnseh. he may change his spectarics
Fhere is Just one thing that the gold
bug constantly oyerooks in his arguments
against tho ability nf the United States
10 MAINTAIN silver at Il parity with gold
at the ratio of sixteen to one, when he
points to the impoverished conditions OF
other silver countries. and that is the
various Inequalities OF the wealth OF ma
ions. II ought to be perfectly plain 10
NEST any understanding that the United
states can do many things, both hnan-
u'aiN ana commercially that are alto
gether beyond the powers of such coun-
tries rs Mexico and the Philippine islands.
Therc are many sound governmental
policies that some nations are nevertheless
unable TO adopt; and there is no valid ar
gument against the gold standard In the
Tact that Spanish bonds. which are payable
IN gold, are below par. II will do as a
counter argument against the Mexico
chestnut OF those who oppose the free
coinage of silver, but It Is entirely aside
from the vital issue. The Telegraph ar
CUES as though we We're actually going to
have gold in circulation. or its equivalent.
dollar for dollar while In reality it Is
only to serve as basis for a National
bank currency which will DO issued great
iy In excess of the alleged redemption
fund, and the question that presents itself
Is that of the relative soundness OF Two
financial policies, II the government can
maintain two billions OF bank currency
at par against n redemption fund at best OF
less than one-fouith that amount. why can
IL not maintain a few hundred millions of
silver at parity with gold and redeem
able In itsolfa
1t Is nothing that the Philippine Islands
can not do the same, siuce they may in
no way be compared TO the United States.
II Is the usefulness of a thing that deter
mines Its value, ami since tho United
States etmand a volume OF currency that
he free coinage Of silver would scarcely
supply the silver dollar could not de.
preciate
II is not at all likely that the career
OF Mr. Bryan In the Philippines viii cause
him to change his speotaclos. II may
rather have the effect of making him re-
move them altogether, since he Will ,.eea
no glasses to see the unhappy conditions
that attend the gold standard. and espe-
eialiy as illustrated in the Spanish pro-
vinees. He viii see that the promise of
redemption has NOT always redeemed. and
have 1t impressed anew upon his mind
perhaps, that the stability of the llnan-
cial system of country depends as much
upon Its inherent greatness as upon the
Intrinsic value Of Its money metals.