Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-12

American countries of real money for
representative money. He quotes from
the Mint Directors report for 1895 to
show that the uncovered paper money
is as follows:
The United states...".""....... $I6,7oo,oo
Mexico. ....... 1000, 900
Central American States........... S,ooo,ooo
976,7oo,ooo
He then adds:
1--WE 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 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
years before all the uncovered paper
money would be retired, ever though
none of the gold and silver were alb
sorbed in the arts, and this demand
leaves out of calculation entirely the
necessity for increasing the money
volume i'll proportion to population or
business. Would this be initiation?
Would this be expansion?
ut may be said hat with this stimu-
Iation of use production might be
stimulated. My answer is that the
American countries can easily limit
production if they wish. But before
entering upon the question of limiting
production l 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. 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 any 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 NEAR
by the free coinage of both metals, fol
this would be simply an endorsement O.
the Chicago platform and deprive you,
scheme of a claim to novelty. Nor,
presume, by restricting the free coinage
of gold, for this would be going furthe:
in contraction of standard money thar
Mr.. Gage proposes. The regulation o
coinage" to secure parity would there
fore be simply such a restriction of Thu
coinage of silver as would keep silve
coin equal in market value to gold-tha
is, exactly the present system in tn
United States, endorsed by Mr.. Gag
and every other gold standard advocate
Then you ask: Would this be inha
ton, would this be expansion" Evi
IDENTIFY you mean that the answer shout
be no." and l agree with you. ]
would be neither initiation nor expar
sion. Prices would not be higher NO
money more abundant or cheaper. FC
this reason it would defeat every pu1
pose and every proposed beneficial re
suit of the re-establishment of a doub1
standard. 1t is simply a scheme to sui
stitute token silver coins for token pape
money; analogous to the retiring of 81
yer certificates to force into circulatio
the silver dollars which they represen
Your friendliness to silver, SO far as yo
manifest any, is not to silver as money b.
as a commodity. You nowhere sugge:
that silver should be standard full leg;
tender money, either in the Unite
States or in any of the American cou,
tries embraced in the plan. In all
these it is to be kept "as good as gold,
that is practically, for in no other wa.