The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1899-08-11
WOULD DISPOSE OF THE
SILVER,

.
MatthewArnold, the financial writer
on the New York Sun, has been con-
sidering our silver hoard, and what
will ultimately be done with it, He
says the drift of public opinion in this
country is overwhelmingly toward the
rejection of all measures looking to
the restoration Of silver as standard
of value. He does not look to see the
Republicans retreat from the position
they took in 1896 to maintain the pres
ent gold standard, and in view of the
recent action CT the government of
India, he believes the Republican
declaration in favor of gold in 1900
will be even more distinct and un-
qualified. On the other hand the
Democrats are badly split up oyer
silver, and dissension regarding it has
already broken out violently. This he
regards as simply making it easier for
the Republicans to win next year.
Therefore he thinks it can be safely
assumed that gold will be the stand
ard of monetary value in this country
for years to come, and that our cur
rency system will conform to it,
This being the case he calls atten-
tion to the hoard of what he denomi-
mates as useless silver piled up in the
treasury vaults, which has nominal
value of about $500, 900, 900, but the
real value Of which is only about
$3.50, 100000. About $63, 5000, 900 worth
OF silver is in circulation in the hands
of the people, the remainder of the
silver owned by the government IS
represented by paper certificates
which now amounts to little more,
than 100000, 900, but when the $685.
100000 treasury notes of 1890 have
been redeemed in silver, as the act Of
using them provides, the amount Of
silver certificates will exceed $780,.
100000, all of which, as well as the
1858, 900, 900 worth of silver among the
people is kept arbitrarily at par with
gold without the slightest reference
to the bullion value of silver.
Because of this Matthew Arnold
thinks this silver might better be sold
and gold bought which could be used
to pay government Indebtedness or to
redeem the outstanding silver certif-
Gates, should the holders so desire, as
he holds the opinion that the silver
does not in the least contribute to the
holding of the certificates at par with
gold, but simply the governments
agreement to receive them at par
with gold for customs, taxes and pub
lie dues.
This all may be true, and probably
is, but nevertheless it is question
whether it ought to be done at this
time. The people have grown to look
upon this vast holding of silver as
basis for the value of the certificates
and to take it away and leave nothing
tangible behind this vast mass of pa
per, might have tendency to shake
public confidence, though really it
might not in the least impair it's real
value. This is a sort of a transitory
period from a standard which, while
accepted, has not been strictly legal,
to solidly legal foundation upon the
statute books, and it would seem as
though it would be better business
sense to accomplish what has already
been outlined in the way Of currency
reform and the firm establishment Of
the gold standard, so that it cannot be
overturned by the personal within of
secretary of the treasury who may
have free coinage views, than to add
thereto the disposition: Of the silver
hoard in the treasury vaults which
might carry the whole proposition
down to defeat.