Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-22

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 not the Americans absorb in
coinage all of the f%fty-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 II five
years before all the uncovered paper
money would be retired, even though
none of the gold n silver were alb
SOrbed in the arts, and this demand
leaves out of calculation entirely the
necessity for increasing h money
volume in proportion to population or
business. Would this he imitation?
Would this be expansion?
at may be said that with this stimu-
lation of use production might he
stimulated. My answer is that the
American countries can easily limit
production if they wish. Bu before
entering upon h question of limiting
production 1 would k 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
munication addressed to Mr.. Gage in
any way influenced the expression of
your views. But l will say this, that
there is nothing in it in any way antago-
nistic to the well-known views of the
Secretary. Mr.. Gage believes in a gold
standard. For aught that appears in the
quotation so also may you. Mr.. Gage
has no objection to the use OF silver as
subsidiary money, and nothing in what
you say indicates that you wish it to be
used in Il other capacity. Mr.. Gage
only insists that silver shall not be so
reinstated or employed as to diminish
the purchasing power of gold or inter-
fering with gold as the sole measure of
values. All that you say or suggest is
in entire harmony with this restriction.
Take the first sentence of the quotation:
I'VE HAVE THEN NEARLY ONE
BILLION DOLLARS OF REPRE-
SENTATIVE MONEY FOR WHICH
WE CAN SUBSTITUTE METALLIC
MONEY, BOTH GOLD AND SILL
YER, AND WE COULD so REGU-
LATE THE COINAGE OF BOTH AS
TO MAINTAIN THEIR PARITY"
What does this mean? How can the
coinage be regulated so as to preserve
the parity? Certainly you do not mean
by the free coinage of both metals, for
this would be simply an endorsement of
the Chicago platform and deprive your
scheme of a claim to novelty. Nor, !
presume, by restricting the free coinage
of gold, for this would be going further
in contraction of standard money than
Mr.. Gage proposes. The REGULATION OF
coinage" to secure parity would there,
fore be simply such a restriction of the
coinage of silver as would keep silver
coin equal in market value to gold-tha'
is, exactly the present system in the
IA NotNS cJ VA oaS>
and every other gold standard advocate
Then you ask: "Would this be infa
ton, would this be expansion" Evi
IDENTIFY you mean that the answer should
be no." and 1 agree with you. 1
would be neither initiation nor expan
sion. Prices would not be higher no
money more abundant or cheaper. Fo
this reason it would defeat every pur
pose and every proposed beneficial re
suit of the re-establishment of a doubl
standard. 1t is simply a scheme to sub
stitute token silver coins for token pape
money; analogous to the retiring of sI
the silver dollars which they represent
Your friendliness to silver, so far as 20
manifest any, is not to silver as money bu
as a commodity. You nowhere sugges
that silver should be standard full 1egf
tender money, either in the Unite
States or in any of the American cour
tries embraced in the plan. In all
these it is to be kept "as good as gold,
that is practically, for in no other way
except by absolute free coinage, can
be done, by making it redeemable i
gold. Your idea seems to be that b
forcing the use Of silver Representative
money instead of paper Representative
money the use of silver would be e,
larged and thereby its value increased
Your scheme is in no way different fro,
proposal of legislation requiring til
more extensive use of silver in tt
arts-to substitute, for illustration, 81