Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-24

The United &Io,7oo'ooo
'"''' 100000
Central American states............. 100000
South American States. ............. $50, 900
Total. e7o,7oo,ooo
He then adds:
I'VE have then nearly one billion
dollars of representative money for
which we can substitute metallic
money, both gold and silver. and we
could so regulate the coinage of both
as to maintain their parity. Why
should uot the Americans absorb IN
coinage all of the fifty-three million
dollars of gold and all of the one
hundred and fOrty-fOur million dol
lars of silver which they produce? At
this rate it would take four or five
wears before all the uncovered paper
money would be retired, even though
none of the gold and silver were alb
sOrbed in the arts, and this demand
leaves out of calculation entirely the
necessity o increasing the money
volume In proportion to population or
business. Would this be imitation?
Would this be expansion?
cit NAV be said that with this stimu-
lation of use production might be
stimulated. My answer is that the
American countries can easily IN
production if they wish. But before
entering upon the question OF limiting
production 1 would like to say a few
words as to the necessity for it."
Now, l would not intimate, and do not
believe, that the fact that this was a COM
m%unication addressed to Mr.. Gage in
any way Influenced the expression OF
your views. But I will say this, that
there is nothing in it in any way antago-
nistic to the ~well-known views OF the
Secretary. MI. Gage believes N a gold
standard. Fol- aught that appears in the
quotation so also may you. MIR. Gage
has no objection to the use Of silver a:
subsidiary money, and nothing in wha
YOU say indicates that you wish it to bs
used in any other capacity. Mr.. Gag
only insists that silver shall no be 81
reinstated or employed as to Diminish
the purchasing power of gold or inter
fering with gold as the sole measure o
values. All that you say or suggest /
in entire harmony with this restriction
Take the first sentence of the quotation
I'VE HAVE THEN NEARLY ON
BILLION DOLLARS OF REPRE-
SENTATIVE MONEY FOR WHICH
WE CAN SUBSTITUTE METALLI
MONEY, BOTH GOLD AND SIT
YER, AND WE COULD so REGJ
LATE THE COINAGE OF BOTH A
TO MAINTAIN THEIR PARITY"
What does this mean? How can tt
coinage be regulated so as to preserN
the parity? Certainly you do not mea
by the free coinage of both metals, fl
this would be simply an endorsement
the Chicago platform and deprive yo1
scheme of a claim to novelty. Nor,
presume, by restricting the free COMA,
of gold, for this would be going furth
in contraction of standard money thu
Mr.. Gage proposes. The REGULATION
. coinage" to cur parity would ther
fore be simply such a restriction of Il
coinage of silver as would keep silv
coin equal in market value to gold-th
is, exactly the present system in t
United States, endorsed by Mr.. Ga
and every other gold standard advoca'
Then you ask: would this be inf
ton, would this be expansion" E
IDENTIFY you mean that the answer shor
be no." and 1 agree with you.
would be neither initiation nor expo
sion. Prices would not be higher 4
money more abundant or cheaper. F
this reason it would defeat every p
pose and every proposed beneficial
suit of the establishment OF a dou1
standard. 1t is simply a scheme to 81
stitute token silver coins for token pa
money; analogous to the retiring of
YER certificates to force into circulate
the silver dollars which they represe
Your friendliness to silver, SO far as
manifest any, is not to silver as money
as a commodity. You nowhere sugg
that silver should be standard full lie
tender money, either in the Uni
States or in any of the American CO
tries embraced in the plan. In al
these it Is to be kept cas- good as gol
that is practically, for in no other W
except by absolute free coinage, ca
be done, by making it redeemable
gold. Your idea seems to be that
forcing the use of silver representa-
money instead of paper representa-
money the use of silver would be
laxnod aud fherehu tic ualue increa,