The silver state. [volume] (Unionville, Nev.) 1870-1903, 1902-10-09
THURSDAY .............oCToBER 9, 1870
THE PROBLEM NOT SOLVED.

The Republican party claims to have
settled the money question. 1t has demon
etized silver, declares that the bimetallic
question is dead, as there is sufficient
gold in the country for all monetary bus
mess purposes, and demands even that
the silver dollars now in circulation be
melted into bullion and sold at it's COM
mercial value.
Let us see about this abundance of gold
in this country that is so much talked
about. Gold is coming here from abroad.
1t does not come in the natural course
of trade, but on the contrary its coming
remains a loss to the importing banks.
But it is necessary to relieve the money
and the banks must have it
at any price. For some time the New
York banks have been clamoring for
money and Secretary Shaw advised them
that if they had not enough to meet the
demand upon them, that they should in
crease their circulation for which the
law makes provision, which advice they
did not heed, as there was not gold
enough in the country to warrant the
iidL1iuibS u III
rotary, however, did yield to the pressure
soon afterwards and came to their aid
by releasing several millions of money
through government bonds. But still the
demand was not, nor is not, appeased.
Does this look like there was a plethora
of gold in the country?
1t is reported that Secretary Shaw is
&ou.rIo+;, ooo Rf tho poncf radical
steps that has ever been taken by any
Secretary of the Treasury, in case there
is not a speedy change in the existing
conditions in the money market. 1t is the
accepting of State, municipal and other
bonds as security for the deposit of gov
ernmental funds in national banks. does
the contemplation of this unprecedented
movement Indicate that there is sufficient
gold in the country to meet the wants of
exchange and regular trade? We said un-
precedented, but should have added I'M
lawful, as the law provides for only one
kind of securities, namely. government
bonds, so the Secretary's proposition
could not be legally exploited. without
a change of the law by act of Congress.
But it does not occur to the %fnanciers
of the Republican party that the stress
might be removed by the coinage of a
few millions of dollars per month from
the bullion lying idle in the treasury
vaults, and rehabilitating the metal into
legal lender, with restrictions, If neces-
sary, as to the amount of monthly coin
age, as under the Bland act. But that
is the last thing that is likely to suggest
itself to the minds of the financiers of the
Republican party. But 1T is to be hoped
that after a while it will get through the
heads of the people that the demand for
free silver was not based on any special
friendship for that metal. but that it vas
a call for more money. and that such
demand still exists. 1t is true that there
have been great discoveries of gold since
1896, but the additional supply has not
sufficed to meet the demands of the
world. The quantitive theory of money
must yet have further consideration. and
that was what the silver question repre-
scented. and still represents. 1t is plain
that the demand for more money still
exists, and that the Republican party
has not solved the question. 1t congrat-
uiated itself or solving the question when
an influx of gold made monetary condi
tons temporarily easy. 1t Is character
istic of the Republican party to claim
credit for the bounty of nature, but even
natures golden gift has not suficed to
enable 1t to effect the solution of the prob
iem.-Reno Journal.