The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-12
Mr.. Rowland q. Hazards Ignorance

Mr.. ROWLAND G. HAZARD OF Peacedale
r. l., has contributed to the October num-
Der OF periodical called Money, a paper on
THE Necessity for Gold Standard. in
which he delivers himself in manner that
calls for criticism.
Mr.. HAZARD begins by deploring the
monetary position Of the nation and our
| discredit among other nations, because Of
| the existence among us OF a party which
| advocates the free coinage OF silver. The
result OF the election Of 1896. he says, was
dubious. and makes cautious people timid-
"the more 80. as In spite OF promises as
fairly and squarely made as ever were any
platform promises OF great political party,
absolutely none OF the additional cafe
guards solemnly pledged by the Repub-
| lican party have as yet been placed about
our national finances" and mo law has
| been written upon our statute books
plainly and positively asserting that we
will henceforth use our inherited standard,
gold. as our standard OF value" We have
he further says In the nearly Ave hundred
millions OF silver dollars coined since
1873 ian imprisoned monster. which any
Congress can let loose to destroy and I'M
poverish the land; and he asks, In conclu-
sion, referring to the efforts OF the Silver
ties, "why, then. do we not write law
upon our statute books. which shall, once
for all. settle this point and forever relieve
US from possible dlsastor"2
We presume that Mr. HAZARD Is an
honest man and that no sincerely believes
all that he says. What he says IL, how
| ever, 30 contrary TO the truth, that we
must attribute his errors to ignorance.
For example, when he asserts that the
Republican party three years ago solemnly
| promised in its platform to place additional
safeguards about our national finances, he
convicts himself OF untamillarty with the
passage in the platform relating to the
subject That passage pledged the party
| to no more than to maintain the gold
standard until an international bi-metallic
| agreement could be secured. How COM
| pletely the party has fulfilled lts pledge,
facts within the knowledge OF almost every
body but Mr.. HAZARD demonstrate.
| Mr.. HAZARDS declaration that no law
| has been written upon our statute books
| plainly and positively asserting that we
will henceforth use gold as our standard Of
value proves him to be also ignorant OF nm
act OF Congress passed M long ago IA Feb
ruary. 1873. In that act tho gold dollar OF
25.S grains OF standard gold In plainly and
positively asserted to be henceiorth the
only unit Of value, and tho silver unit Is
abrogatcd. Since 1879 We have not used
any other standard than the gold dollar,
and we shall not use any other until tho
law "a changed.
That the flvo hundred millions OF silver
dollars. more or less, coined since 1879.
are an Imprisoned monster which any Con-
gress can let loose, Ia a missnt ,ment which
hardly needs r'futat'on Over and over
again tho Treasury rnI orts hHvr shown
that tho monster. % far non being
imprisoned, has 'ong a:o been let loose
onf is now wandering about the land Tho
silver dollars over which Congress has con-
troll amount 10 but n few millions, thn rest
being in the hands Of tho public either ma
coin, or in the shape OF silver certificate
representing coin.
Finally, Mr., HAZARDS inquiry, why we
do not write upon our statute book law
which shall Mt once and forever relieve us
OF the disasters he fears, shows that he ia
ignorant OF the provisions Of the Constitu-
tion Of the United States. Whatever law
one Congress may write upon our statute
books succeeding Congress can wipc off
md there IL no way, under the ConstIt,-
tIon, by which law can he made to stand
forevcl'-evcn II it Ia put into the Constitu-
tion as an amendment to that instrument.
We commend Mr.. HAZARD to study OF
law and history before he writes again on
financial subjects.