The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1899-09-30
SOME FRANK ADMISSIONS.

The New York Journal Of Commerce
comments in this wise upon the de.
cision Of the supreme court of Mich
gan declaring that silver dollars are
legal tender in the payment Of deb;s
"While this Michigan opinion can be
Of no service TO the silverites, il ought
to be of some use to the cause of sound
money by deepening the conviction
that we need legislation ending the
present ambiguity and making gold
the only unlimited legal tender coins. u
The New York Sun comes back at
the Journal OF Commerce in this fash.
ion: What the present ambiguity
is the Journal of Commerce fails TO
explain, but there is no ambiguity in
its demand for legislation making
gold the only unlimited legal tender
coins. Such legislation would rele.
t~te the silver dollars to the condition
" fractional silver, and would be tan
ttmoun 70 a repudiation Of $500 600,
600 Of currency for which the nation
has received the full value OF gold at
par" The Kansas City Times, in com
menting on this, very truly says the
gold standard advocates find great
pleasure in charging silver advocates
with wanting to "debase the nations
money, but here comes a very prince
OF the house Of the gold standard de-
handing that the government repudi-
ate Its entire volume of silver dollars,
amounting to more than 500, 900. 600
of them. This the Sun. most worthy
and ardent gold standard advocate,
pointedly charges against it's contem-
porary. But, as matter Of fact, the
Journal Of Commerce voices the pur-
poses Of the gold standard following
without missing q note. The adoption
OF the gold standard as the measure Of
value, and gold dollars as the only
legal tender money, would be the
equivalent OF direct reputation of
every silver dollar in the land as
debt~payipg money, which would
promptly make the silver dollar worth
no more nor less than what it would
soll for in gold at its bullion value
The adoption of the gold standard
would do exactly that thing TO silver,
necessarily so, because money that Is
not itself a legal tender or is not ex-
changeable at the pleasure Of it hold
er for legal tender money is not mon-
ey at all.
Just how the Sun can consistently
advocate the gold standard and pro
test against the reputation of silver
is not very clear. The law gives the
silver dollar exactly the same legal
tender qualities that 1t does gold, aud
1t is hard to see how either metal
could be relieved OF its legal tender
function and still remain measure OF
value And IL one OF them is deprived
OF its debt-paying authority, it would
have no standing at oil as'legal money
with the right to be a measure of
value. Still, the Sun is right. II gold
is made the only unlimited legal ten
der coins, the same act would repudi-
ate every silver dollar and force the
public TO sustain a permanent loss OF
$3.50, 100000 at one dash, besides re-
dueing the circulating money medium
OF the country about rs per cent. Ad
voeates OF bimetalism have the right
to take the Journal OF Commerce as
correctly voicing the purpose OF the
gold Standard party. The adoption Of
the gold standard would mean the re.
pudiation OF more than 500, 200, 600 sill.
yer dollars-the money OF the indus
trial masses.