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A Vital Difference.

End, Republic, interview:
"On this question Mr.. Bryan we'll
said in his last st. Louis speech that,
while among the friends OF silver
coinage there were those who favored
striking from the greenbacks their
redemption feature and those who
favored making Them redeemable in
coin, all were united in opposition to
the retirement Of greenbacks, and
that they did not propose to divide
their forces SO long as they were con-
fronted by the solid gold standard
oIigarchy."
This difference Mr.. Cook calls
"technicap' and ssminor,'' but we
apprehend that should the effort be
made to commit the Democratic party
to the Populist fat, irredeemable paper
money theory, he will find that the
opposition among Democrats is some
thing more than "technicar' or
| ssminor."
The Democratic party has always
been the sound and honest money
party of this country, because it has
| ever been the friend to the only con-
stitutional money-gold and silver.
| Whenever it has favored paper cir
cuiating medium it has demanded
that they be redeemable Ia the gold
and silver coins of the constitution.
1t is impossible, as we'll as too late in
its history, to commit the party to the
ruinous theory of "fiat" or irredeem-
able paper currency.
| The demand for the free and unlim-
tied coinage of gold and silver, upon
an equality, at any ratio, ls absolutely
opposed to and contradictory of the
Populist demand for an irredeemabie
paper currency. On this question nc
compromise is possible. One side OF
the other must yield absolutely. II
the fat theory is based upon sound
business principles, then metallic
coinage is the most childish and waste.
full folly. To attempt to circulate two
currencies at the same time-one pos.
sessing an intrinsic or commercial
value equal to It's face and the othel
absolutely without any such value
would be a task no government couli
accomplish. 1t would not take s
knowledge of the Gresham law or the
testimony of Oresme or Copernicul
to convince us gold and silver woult
at once cease to circulate at all. W.
had a practical illustration of this fac
during the civil war and up to thu
very day of the resumption of specie
payments, January 1, 1879.
If the fiat theory is based upon tru'
business principles and constitutions
authority, then all this talk abou
ratios is the rankest nonsense. Tn,
controversy over the ratio Is founded
in the notion, old as the busines
habits of the world, that there is I
real, commercial or intrinsic Eve carr
not which term you use) difference il
the values of the metals. But If it
the government fat that establishe
the vaIue of the gold and silver coin
minted, then the ratio is matter o
difference-both might be safel.
coiued upon an equality of weight ant
fineness. The proposition needs onl.
to be stated to carry its own refuta
ton.
1t can readily be seen then that th'
proposition to "strike from the green
, backs their redemption feature" i
} not a mere "technicap' difference o
: "minor" importance. 1t is differ
ence of vital principle and sound bus
mess policy and one the Democrac.
cannot compromise.
We anxiously desire to see uniol
of all the forces opposed to the singh
gold standard, but do not want it a
the sacrifice of the soundest principle
of currency and the final ruin of publ
and private business.