The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-27
to every man. woman and child in the

to every man. woman and child in the
United States,
of silver at the ratio of 16 to l. without the
concurrence or aid of any foreign power;
though he knows that free and unlimited
coinage of silver at this ratio now simply
means that a quantity of silver bullion
may be taken to the minis of the United
States and that the owner thereof shall
receive therefor as many United States
standard silver legal tender dollars as
can be coined from that bullion.
In other words. he intends that the
United States mint shall give $l2 929 IN
United States standard silver legal tender
dollars in exchange for 10000 ounces or
silver bullion worth only $4,000 at the
standard of to-day. 1t means that man
worth to-day $3.50. for $1,000 in money of
the United States. The United States mint
shall give TO the holder of the Mexican
dollars, $1,000 in United States standard
legal silver dollars. which under our pres
ent system are worth that amount IN
gold. He is in favor, as | say, of ire
deeInable national money to be issued in
such sums as shall largely increase the
volume of the circulating medium.
1t was as the apostles of this doctrine
that the Democrats, including MI Ma
guire, attempted, in the Fifty-ffth Con
gress, the substitution of an issue OF $l5O, :
600 600 in greenbacks in the place or PONDS
fol- that amount bearing per cent inter-
est, as proposed by the Republicans. II
was in pursuance of this same idea that
the Populists have demanded that there
shall be no further issue OF United states
interest bearing bonds.
Mr.. Mcguire and those who are with
him in this insane proposition know per
fectly well that nowhere In the world is
money loaned without compensation 10
the lender, more or less reasonable &C
cording to circumstances, ana that IL nom
interest bearing bonds could be put out
by the Government TO run, say, twenty
years, they could be sold in the market
only at such a discount as would make
their face at maturity equal to principal
and intern~+ at such rate as other inter-
est-bearing bonds may bear.
Mr. Mcguire, and those who were with
him in this scheme to issue S150,000,0 900 ir-
redeemable greenbacks, knew perfectly
we'll that such an issue would be subject
to a similar discount and, indeed. TO
very much greater depreciation; The
at some fixed period Irredeemabe green
backs are never to be ransome0 by the
Government either in gold or silver, but
are to be replaced as long as the Gov
eminent can get hold OF paper and MAIN
This country has had enough of such
crazy propositions. And it is fortunate
for the nation and for its financial repu-
tation at home and abroad that Mr. Ma
guire and his allies failed in their efforts
to create the impression that the issue of
greenbacks was vastly preferable TO an
issue of bonds, because the greenbacks
created MISUNDERSTANDING debt.
while bonds would draw 3 per cent. 1t
derstand the fallacy of the argument
upon which this fragment of the Popu-
lists crazy-quilt is made.
Experience is said to be the only school
perience has failed to be instructive to
a Mcguire.
We have learned that paper, no matter
what is printed on 1t, <has no intrinsic