Iron County register., 1899-11-16
THE GOLD STANDARD
Proposition VIII Come Before Con.
gress to Enact 1t I'm Unmis-
taxable Terms.

1t now seems fairly certain that the
| republicans will, at the approaching
session of congress, propose and pass
bill enacting the gold standard, in
unmistakable terms. Such action is
eminently proper. In the election of
1896. the American people voted in
favor of this policy, and the pledges Of
the successful party should be kept.
1t would appear that the 'tsound
money people do not, even yet, feel
strong enough to adopt the English
system which would require the de-
monetization of the silver dollar for all
payments in excess of ten dollars. No
doubt, the final step will be taken, in
the immediate future.
1t is evident that the proposal to en-
trust the emission of the country's
paper currency to the banks has died
natural death. Now that an unlimited
issue of gold certificates is authorized,
it is hardly probable that the most i'm
portant function of government will be
entrusted to private hands. This is
well, for it is tolerably clear that the
great financiers already possess suffi-
cent power, and that they would pos
sess a good deal too much if armed
with authority to expand or contract
the circulating medium at will.
1t is understood that the bill now
under consideration will declare that
the obligations of the government are
specifically payable in gold coin, of the
present standard of weight and fine
ness. Now such a declaration would
be retroactive in its nature, and would
contravene the present policy of pay
ment at creditors option. Within the
last few weeks the treasury has been
besieged by the bankers, with requests
that silver dollars be given in exchange
for gold coin. 1t is thus quite possible
that silver coin may soon command a
premium over gold. Would it not be
a great hardship if the public creditor
should demand payment in silver and
be refused? When the Irish immigrant
was asked about his politics, he re-
piled: "I'm agin the government, who
ever he is" The "sound money" man
is similarly constituted and is "agin"
the more plentiful metal, no matter
whether it happen to be silver or gold.
1t would be simply awful to deprive
the bondholder and the noteholder of
their undoubted right to payment in
the "cartwheels" which have hitherto
been despised in the purlieus of Wall
street, but which are beginning to be
viewed with the profound respect that
is an attribute of the scarce things of
this earth.
With the civilized world firmly an
chored to the gold standard, the ma
tions will enter upon novel and vital
experiment. Even now, there is fear
full scramble for gold at all the finan.
cial centers, although the full effect of
the new demands on the standard
metal has not begun to be felt. Bis
marck said, in his pithy way, that the
attempt to make the gold standard
universal reminded him of the attempt
of two men to sleep under blanket
big enough for only one; there would
be continual struggle, and both were
sure to be cold. Nevertheless, it is
quite certain that the doctrinaires are
in possession of the field, and will re-
tain it, until bitter experience shall
have impelled the masses to throw off
the yoke. President Grant well said:
81 know no method to secure the re-
peal of bad or obnoxious laws so effec-
tual as their strict construction."-N.
0. Times-Democrat.