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

| produces weakness and deatn III inc
| body.
The money of this country measures
the value of all property. There is one
dollar money to about rs or 80 or
other property Therefore, when you
| contract the current money you lessen
| the value of other property rs to ~
| | grant that when the standard is sin
gle, only gold or silver, that we dis
pense with the task of preserving the
parity of two metals, thing very es-
sential; but on the other hand, II we
adopt the single standard, we fall into
| the greater calamity of a too narrow
circulation with all the consequent ills
above limited at But, in truth, the
preservation of the parity of the two
metals is not an insurmountable diff
Guilty. The world has not found IL
such; for in all ages the intrinsic value
of the metals, both gold and silver, has
| fuctuated, and all the while both have
| been used as money. Where both are
used there cannot prevail for long
time either stringency from too small
or redundancy from too large c1rcula-
ton. No other basis has met with as
| few obstacles and as well answered
public need as the bimetallic basis. 1
would not unconditionaiiv repeal the
Sherman act without proper substl-
tute. This act is much derided, but
poorly understood. Assaults, upon 1t
are general, but designate no special
defects. l deny that it produces fnan-
cial stringency. On the contrary, II
expands circulation because it contains
compulsory provision that the gov
eminent shall monthly purchase 4,oOG,-
900 ounces of silver bullion, deposit it
in the treasury, and issue in payment
silver certificates, which operate as
money, thus adding to the volume or
circulation. 1t is just because OF this
expansion that the advocates or the
gold standard oppose it. 1t guards
against contraction by providing that
certificates issued under it, when re-
deemed. shall not be cancelled, but re-
issued. How can it produce scarcity or
money and stringency? AS well say
that a bucket of water poured into
stream lessons its volume. Does 1T re
tire gold? If so, it substitutes and fills
up the vacuum. | deny that 1t expelS
gold from the country. To certain
extent, under the administration OF the
treasury redeeming bullion certificates
in gold only, it may tend to deplete
the gold reserve in the treasury, but
not the total gold of the country; for
if there is a balance of trade against
us in favor of foreign nations, we must
pay it in gold, If demanded, from some
source, with or without the Sherman
law. And that it does not drive gold
abroad is strongly shown by the fact
that while this Sherman act was under
the strongest fire, and while its alleged
evil effect in exporting gold was oper-
ating. the outgo of gold stopped, 1t be-
gan to return, and the treasury re-
serve of gold, having gone down, quick
ly recovered and is now about up to
the 500. 900, 900 line. 1t is not the Sher-
man law, but the balance of the trade
for or against us that sends gold out or
brings it in.
But am not specially defender Of
the Sherman act. I do not like the
feature which compels the government
TO buy and store away bullion. l would
prefer something like the Bland act,
compelling the government to buy and
to coin into money a given amount OF
silver; or better, an act allowing any
one to have his silver bullion coined
into money, not exceeding fixed sum
monthly. l would give these dollars
legal tender quality. For facility OF
use, allow the citizen to deposit coin
and receive certificates to have the qaal-
ity of tender, and redeemable in either
gold or silver or both at the govern
ment's option. If necessary to pre-
serve parity. change the ratio of silver
to gold. The ratio depends on supply
and demand of the two metals. and has
been found in the annals of history to
change with the supply. In Egypt and
Persia. 1900 years before the birth OF
Christ it was 1888 of silver to 1 Of
gold. Xenophen says this was the
ratio in Asia 400 B. c. About 200 B. c.
in Greece and Rome it was 10 to /.
In julius Caesars time gold became SO
plentiful that 1t was tx to 1, while
century later it rose to 1914 to 1. At
the discovery of America it was liz
| to 1. In 1868 it was rated at the Eng
lish mint IA to 1. In 1906, Is to 1. In
the Middle Ages il varied from 9Ato 1 to
1913 to /. In 1874 it was fixed at 1915
to /. The greatly increased production
of silver in our Western mines. and
Australia. coupled with hostile action
by Germany and other foreign mon
archial nations, where the impulse is
to make less money for the benefit
of the few over the many, may call for
a change Of ratio and putting more
silver into the dollar. though the pres