The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-12
Mr.. Rowland q. Hazards Ignorance.

Mr.. ROWLAND G.. HAZARD OF Peacedale,
r. l., has contributed to the October num-
Der OF periodical called Money, paper on
THE Necessity for a Gold Standard" in
which he delivers himself in manner that
calls for criticism.
Mr.. HAZARD begins by deploring the
monetary position OF the nation and our
discredit among other nations, because Of
the existence among us OF a party which
advocates the free coinage Of silver. The
result OF the election OF 1895, he says was
dubious. and makes cautious people timid-
"the more 80. as in spite OF promises as
fairly and squarely made as ever were any
platform promises OF a great political party,
absolutely none OF the additional cafe
guards solemnly pledged by the Repub-
lican party have as yet been placed about
our national finances" and mo law has
been written upon our statute books
plainly and positively asserting that we
will henceforth use our inherited standard,
gold. as our standard OF value" We have.
he further says, in the nearly Ave hundred
millions OF silver dollars coined since
1878 IAN imprisoned monster, which any
Congress can let loose to destroy and i'm
poverish the land; and he asks In conclu-
sion referring to the efforts OF the Silver
ties, why. then, do We not write a law
upon our statute books. which shall, once
for all. settle this point, and forever relieve
us from possible dsastor"3
We presume that Mr.. HAZARD Is an
honest man and that no sincerely believes
all that he says. What he says IL, how
ever, 80 contrary to the truth, that we
must attribute his errors to ignorance.
For example, when he asserts that the
Republican party three years ago solemnly
promised in its platform to place additional
safeguards about our national finances, he
convicts himself OF untamiliarity with the
passage in the platform relating to the
subject. That passage pledged the party
to no more than to maintain the gold
standard until an international bi-metalllc
agreement could be secured. How COM
pletely the party has fulfilled lts pledge,
facts within the knowledge Of almost every
body but Mr. HAZARD demonstrate.
Mr.. HAZARDS declaration that no law
has been written upon our statute books
| plainly and positively asserting that we
| will henceforth use gold as our standard Of
value proves him to be also ignorant OF nm
act OF Congress passed ns long ago ma Feb
ruary. 1879. In that act tho gold dollar OF
| 1853 grains Of standard gold Ia plainly and
positively asserted to be- henceiorth the
| only unit OF value, and tho silver unit Is
abroRatcd Since 1879 We have not used
any other standard than the gold dollar,
and we shall not use any other until the
| law "a changed
That the lve hundred millions OF silver
dollars. more or less. coined since 1879,
are an imprisoned monster which any Con-
gress can let loose Ia a niss'nt 'ment which
hardly needs r'futat'on Over and over
again tho Treasury rhI orts hnvr shown
1 that tho monster. 20 far non bong
| imprisoned, hns ong 40 been let loose,
! oni is now wandering about the land The
silver dollars over which Congress has con-
troll amount 10 but few millions. tho rest
being in the hands Of tho public, either as
coin, or in the shape OF silver certificates
representing coin.
| Finally, Mr.. HAZARDS inquiry. why we
do not write upon our statute book a law
which shall Mt once and forever relieve us
OF the disasters he fears, shows TINT he ia
! ignorant OF the provisions Of the COnsttu-
| tion OF the United States Whatever law
one Congress may write upon our statute
books succeeding Congress can wipe of
md there Is no way, under the Consttu-
tIon, by which law can be made to stand
forevcr-evcn II 1t Ia put into the Consttu-
tion as an amendment to that instrument.
We commend Mr.. HAZARD to n study OF
law and history before he writes again on
financial subjects.