The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-24
Mr.. Bryan's Money Theory.

To the Editor Of the Globe.
MI Bryan's recent visit revived, but his
lecture or speech did not solve the currency
question. The confusion in this nuestion
arises from the different premises assumed
by the advocates of the different polIcIea
Inc commercial or business interests assume
that the gold standard should be the policy
because that is the standard of ali com.
mercial nations, which per Sc decreased fine
intrinsic value of silver. The other interests
assume that gold alone should not be the
STANDARD. but that silver and gold should be
coined on demand, because the Constitution
requires It Hence the major premise of the
one is grounded on two business facts, and
the major premise Of the other IS grounded
on the constitutional mandate to coin silver
and gold. 80 -
II 1t Is true that the commercial nations
nave rejected silver as money, and that the
intrinsic value of silver has decreased about
one-half, this position Is irrefutable. because
we are commercial nation, and because.
having been on gold standard basis for
years, IL might decrease values one-half If
silver became the measure of values
II the constitution commands the free COIN
age or silver and gold, then there can be no
argument OF any kind, because the constit1-
ton should be followed until changed hence
the discussion should be limited to the uues-
tton whether or not the constitution com
mands this free coinage,
If there were no constitutional provision or
II the provision IN the constitution does NOT
command the free coinage of silver and gold
then the business argument would be admis-
sible, and on the other hand II the constitIi-
tionaI provision Is mandatory then the bust
ness argument Is not admissible and the de-
monetization Of silver is unconstitutional
That the constitution does command the
free coinage of silver and gold can be proved
by the debates in the constitutional conven-
tlon, by the writings Of those who partci-
pated in that convention, especially the writ
tngs Of Jefferson and Madison, and by the
decisions OF numerous courts constituting this
provision of the constitution.
This being the logical issue why didn't
Mr.. Bryan, and why don't the advocates OF
free silver prove by this means that the de-
monetization Of silver was and is unconstltu-
tional and. a fortiori, the advocates of the
gold standard advocate an unconstitutional
policy.
But whether or not the constitution does or
does not command the free coinage Of sill
ver-the Immediate question now Is, solu-
ton which will dispense with the gold re-
serve and abrogate the cry for a gold stand
ard or the free coinage OF silver.
That solution is this: First-CalI in and
cancel all the silver certificates by paying
out the silver coin, because there Is no sense
in storing the coin and issuing paper prom
ises to pay out that coin, and because the
money, and does not extend to issuing ware
house receipts. Second-Call in and cancel
all gold certificates and greenbacks, and Is
sue United States certificates Of Indebtedness,
bottomed on taxes and the credit Of the
government, receivable for public dues,
which, per Sc, will make them current and
receivable for private dues. Third-Set aside
a certain per centum Of the import duties as
a reserve until the same reaches 10 per cent
Of the certificates so issued, not for the pur-
pose Of redemption but to meet any demand
for exchanging the certificates into coin.
Fourth-When this is operative. pay the
bonds with the gold reserve. Fifth-Limit
the coinage Of gold to ten dollar pieces, so
that the silver and paper will occupy this
field. Sixth-Put the figure Of the seal OF
the government on one side of the money
and the flag On the other, and dispense with
the cirnl1r nint11res -Inhn KeI1Y-