Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-01

ent ratio has long stood. Shall this
| great republic demonetize silver at the
Command of European nations? In the
international monetary conference Of
1878 it advocated the free coinage OF
silver. If it adopts no policy on the
subject, if it repeats the Sherman act
Internationally, not merely the COM
pulsory purchase clause, thus leaving
no law for the continued coinage OF
silver how can it hope to induce Eu-
rope to utilize silver as money? Saau
it wait on Europe? Mexico and all
the Central and South American States,
and China and other Asiatlc nations
use silver as money-in many Instances
the sole standard. Does not our great
nation possess that greatest OF all Weap-
ons, the casting vote? If it be right
to use silver as money, she ought to
so vote In 1877 the Congressional
Monetary Commission favored free
coinage, and thought that if the United
States should adopt it, 1t would deter
the Latin Union from demonetlzing
silver Most Of the Democratic State
conventions adopted ii but few years
ago. l have been disposed to favor
free coinage, at least to extent of Amer
lean silver; yet in view of the recent
stoppage of free coinage of silver in
India, and the adverse action OF Eng
! land and Germany and the Latin
Union, 1t may not be wise, all at once,
to establish unlimited coinage. But
the United States should adopt meas
ures having that end in close view. Its
voice will be more potent every day.
ut is said our silver dollars will
have no force outside the United States,
but be treated simply as bullion. This
is not certain Our gold coin is not
money abroad-only taken at certain
valuation. Why will not silver be TAX
en- likewise at it's value? But while
we talk about other nations not ak
ing our silver coin as money, let Us
remember that we can, in the future
as in the past, get enough gold to pay
foreign debts; and that this is matter
of not controlling consideration, as sill
yer, if made money by law will al
ways pass for domestic use in our vast
home business. 1t always has 50 pass
ed We need ten dollar for use in Cur
home business to one in our foreign
business. We have not enough gold
for it. Give us more circulation vigor
and business at home That is the pri-
mary consideration. If paralyZod ana
palsied at home, how can We pay any
thing abroad?
Il am no advocate of bad money, I'M
limited, irredeemable paper Of fiat mon
ey; but | do not so regard silver
money.
Il am not in favor Of State banks of
issue to furnish more money. On what
viii +hatr .i,.o ,lo+ tot,O ~
State bonds? They are sometimes re-
pudiated, and always vary in value. On
whatever you may base it, the States
will differ in their legislation and thus
there will be no uniformity, and this
will affect the value of the notes. Will
you base the notes on simply the SOL
vency of the stockholders: The bitter
experience Of but a few years ago, will
overthrow that idea. The notes were
of different values in different States,
and often withered in the hands If the
holder. Above every other considera-
ton let the money in the hands of the
people. earned by the sweat OF the
brow be good at all hazards rs it now
is.
Mr. Calhoun in 1894, with many
other eminent statesmen opposed State
banks and advocated the policy OF hay-
ing all money issued by the Federal
Government, and he and Mr. Webster
not only opposed it, but denied the
constitutional power of the States to
erect banks of ISSUE
MIR. Calhoun said that II cny poin.
had been established by experience it
was the incompetency of State banks
to furnish stable currency: tina. they
would answer in prospe -ous times. but
the first wave of adversely would throw
them into confusion.
Il would let National banks ISSUE
dollar for dollar of the bonds deposited
to secure their notes Instead Of ninety
per cent. This would increase their
circulation"