The Winslow mail., 1900-08-23
THE INEVITABLE RESULT.
Act of March IA, 1900, Right in Line
with Republican Policy OF
Contraction.

LIE dCl OF MdTCQ 1t, 19UU. II seems
to me, is the logical and inevitable re-
suit of the success of the party which
has adhered to the financial policy en-
gineered by John Sherman for SO many
years with an eye single to the COM
plete demOnetization of the more use
full half of constitutional legal tender
coined money. Republican monetary
legislation has ever been shaped with
an eye single to the limitation of the
right of the people to have a steady
increase in the circulation of the money
of the people which alone is available
in the payment of all debts under the
laws Of tender. 1t has always sought
to expand the volume of money that is
not full legal tender III the payment
of debt.
The parity" clause of the Sherman
law was an absurdity, with a mischiev-
Gus design cloaked under it; the ''pari-
ty'' clause of the act of 1898 was SIM
ply intended to shake the public faith
in the standard silver dollar as re-
demption money, or money that was
legal tender in payment of debt. She
handspring of all the movements
against silver has been the purpose to
enhance the purchasing power of each
money unit by reducing the volume of
primary money. That was the under
lying and unacknowledged motive be-
hind the adoption of the gold standard
in England, as it has been in this and.
other countries.
In the fifties, when the mines of
California and Australia were pouring
their golden streams into Europe and
America, Chevalier and others, in ad-
vocating the decentralization of gold.
boldly announced as a reason therefor
that the rapid augmentation of the
volume of primary money meant a re-
duction of the value of the money unit.
The truth of the theory that the value
of the dollar (Which is only its pur-
chasing power) depends primarily
upon the total amount of redemption
money, found no one to dispute it until
1T became necessary to the success of
the gold standard doctrine to throw
doubt upon it; and then all the wiles
OF casuistry were brought to bear to
persuade the public that the volume
of money has nothing to do with its
value OF purchasing power. The in
sincerity of this contention was evil
dent enough to the thoughtful mind;
and the acts of those who made the plea
belied the assertions they were con-
stantly offering to an imperfectly in
formed people
/ The 'endless chain was instituted
by Secretary Foster on October IA,
1891. 1t annulled in effect the laws of
congress making the silver dollar a
redemption dollar; and it was by the
surrender of the governments option
to pay the greenbacks and treasury
notes in either god or silver that the
national treasury had it's vaults opened
to the money changers and harpies.
From 1878 to 1891 the $346, ,OOO, GOO green
backs had occasioned no trouble what
ever. During that period they had
drawn from the treasury only 1884,
100000 gold. The chain was not end
less so long as the silver dollars stood
in the path of the gold raiders.
The fears excited by the present ex-
traordinary powers placed in the hands
of one man by the new currency law
are doubtless well founded; vet, with
all the authority vested in him by law.
l cannot see wherein he can do more
mischief than was done by Secretary
Foster, not only without warrant of
law, but in plain violation of its letter
and spirit.
Secretary Fosters work was prac-
tically indorsed and made permanent
by the policy of Cleveland and Car
Isle, and Secretary Gage has made lit
tie secret of his intentions, from the
first, to carry out to its bitter end the
policy inaugurated by his predecessors
and carefully planned by John Sher-
man long prior to the act of 1890
the ultimate extension of the endless
chain of redemption in gold to both
silver dollars and certificates.
The Sherman law of 1890 was drafted
with this end in view. 1t prepared the
way: Q) for the discontinuance of sill
yer coinage; and (2), for the ruling
which Secretary Foster made by which
greenDacks and treasury notes were
practically made gold obligations. In
law, the silver dollar has been redemp-
tion money since 1878; in fact. it has
been robbed of its redemption func-
tions since October, 1891. AS between
a silver dollar which is not money
in the full sense of the word. in fact
and law, but depends upon the gold
dollar for its circulation and value, and
the paper dollar which derives its pur-
chasing power from the self-same
source, | see little to choose from.
The difference which the value of
silver as commodity imparts is about
by the greater cheap
ness and convenience of the paper cur
rency. Under the policy Of the gov
ernment, since 1891, both have been
pseudo moneys; the act of March IA.
1900, only legalizes an already exist
ing evil. The whole scheme is fun of
iniquites and deserving Of thorough
ventilation but that ventilation will
not amount to much until the pubic
mind is first made familiar with the
nature and functions of real moncy-re-
demption money-and the difference
between full-powered primary money
and the emasculated silver dollar which !
is no longer anything but mere token
money.
1t is inevitable that the struggle to
secure for the people an increase Of
legal tender coined money of both |
kinds viii be renewed. The policy Of |
the party which enacted the new cur