The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-03-21
AN

A few inc in an editorial OF Satur-
day needs explanation. The brevity
obscured the meaning of the writer.
The ~referance was not to a real search
ty of gold put to the utility and neces-
sity of subsidiary coin. 1t was based
upon q movement on the part of the
United States to supply the Philippines
with silver coinage. Within -four weeks
there was editorial reference and in
dorsement of an opinion of the ablest
bimetalist authority II Great Britain.
He was in Chicago and was interview
ed. He was asked as to the propriety
Of making silver a demand in the next
presidential election. He rejected the
idea because of it's abSurdity. He said
when he began the contention for hi
metallic currency nearly all the gold
produced was absorbed III the fine arts,
etc. Now he said there were twenty
dollars in gold in circulation to one
dollar then. The reference IN The Mes
Senger did not mean TO question in the
least the present standard Of money
or to intimate that tho banks and the
iitSh- oN~NNS ~ NAo iiob iAoAf
vast sums in gold. It was intended to
refer to the fact hat the subsidiary
nurrency-silver. ETC. 18th bank bills
were all that the masses saw. 1t is so
in all countries we apLreheud. Britain
has to furnish India with subsidiary
coin. Mexico. South America. China,
France. and all countries we take 1t
har c,,ch c,,r~onnxy ~ roya,,r,orf ,,e1
Unless shinplasters are used. such as
the south was forced to in the great
war, when ten cents and qarters and
half dollars in paper were used. there
would be nc other. Gold abounds. Is
the basis of all commercial operations,
but the cheaper metals have to be used
for every day currency.
Pertinent to the above is what We
e Saturday night. 1t is dealing with
n movement agitating money in the
north. The American Banker is con-
sidering the proposition to limit, to
end the coinage of the silver dollars.
The remarks Of that high financial au-
thority are so instructive we copy the
following of what it say Of bankers
and BUSINESS mems views as to sub
sidiary coinage:
They declare that when the limit
Of the coinage Of silver dollars is
reached-it cannot be much further off
the amount OF this currency will be
fixed, and that in itself will tend to
keep the coins at their nominal value.
Mr.. Hill fiouts this view. but it is
scientifically correct. IL congress
would provide hat no more such dol
lars be coined and that the uncoined
bullion and soma portion of the coined
bullion be used for subsidiary COIN
age. the limit of the number Of silver
dollars WOULD be reached Immediately
and all further apprehension concern
ing the effect of this inferior currency
on the gold standard by removed. This
is precisely what is going on in Ger
many. When that country adopted the
gold standard it sold a great deal or
its silver coinage. But a large mass
remained. circulating as legal tender,
as our own far above its bullion value.
But at the present time this silver IL
gradually being diminished by con-
version into subsidiary coin. II Is be-
lieved hat we could. with advantage,
increase our took Of subsidiary ST.
| yer coin by at least Sc. 600, 900 We have
now $1.20 per capita Of such coinage.