Year: 1879

Ia, lue queStt0u " coinage IS not o NJ one 1Or
popular discussion in the present, stage Of
popular Information regarding its complicated
principles and obscure yet sensitive relations.


It should be determined by those skilled stu
dents of finance and national economy, who


have made it the business of their lives to ac-
quire information to fit them to deal with it,
Frcm the Pioneer Press, May 81. - -. VI.
In referring to "those skilled students
Of finance" the Pioneer Press doubtless
means the bankers. :We1admit that they
understand the question:, for the adroit
manner in which they: have managed
their schemes reveals that beyond doubt


But when the editor Of the Pioneer Press
assumes that the bankers and himself are
the only persons who possess the requi-
site keenness of insight to penetrate the
mysteries of finance and political econo~
my, he makes himself ridiculous. He
seems to think that nobody but a select
few IS capable of understanding that
gold and silver cannot circulate together
while the bullion value of a silver dollar
is much below that of gold dollar, un~
less the silver is used only as a subsidiary
coin, and that a. cheaper currency, if
abundantly issued, will drive a more
costly currency from circulation. Some
time ago he learned these and few other
SIMPLE financial propositions, that every
body is familiar with and that no sane
person ever thought for moment of dis
putting, and he has been harping away on
them ever since, and basing on them
such erroneous conclusions as seemed
necessary to advance the interests of the
money lenders, There is nothing diff
cult to understand about any financial
question now before the people of this
country, and in reality there is but little
difference of opinion. The strife IS not
based on difference of opinion, bat on
an antagonism of interests. For instance,
the friends of the silver bill, as it was
originally drawn, favored it because 1t
would increase the volume OF hard mon,
ey and also of good paper money based
on coin, and would thus stimulate prices
and business, and relieve labor and en-
terprise of the unnecessary burdens now
resting upon them. The money lenders
and all the lackeys and schemers under
their control, opposed the bill for these
identical reasons. It is plain that such
an abundance of money would be detri-
mental to the interests Of the money
lenders, but the friends of the bill verv
justly took the view that nearly all the
outstanding Indebtedness, both public
and private, was created on deprecated
greenback currency, so that in any event
the bankers, or at least n1ne~tenths of
them, would receive better money than
they loaned. But there is another feat>
ure in the above quotation from the Pio~
neer Press that is much worse than any
that we have yet referred to. It is as
serted that that "the question of coinage
is not fit one for popular discussion in
the present stage of popular informa>
tion." That means that the people are
too ignorant to be entrusted with the So
luton of this question, or even to discuss
it, and that it ought to be taken out of
their hands and turned over to ssthose
skilled students of finance" If the peo~
pie are too ignorant to be safely trusted
with the settlement of this question, they
cannot be safely trusted with any other,
and should be debarred from voting.


Now we regard the sentiment of the
Pioneer Press on this point as the quin~
tessence of political villainy. The as
sumption that there are questions of pubs
lie policy too high, complicated, or OBJ
scure to be settled by the popular judg~
ment, is the foundation of tyranny, and
is one which is entirely against the spirit


of American institutions. Even though
the popular judgment may sometimes
err, we regard the sentiment advanced


by the Pioneer Press as being simply in
famous. It would seem that in case OF
general lack of information, discussion
would be especially desirable; but the
Pioneer Press, as if determined to give
expression to nothing that will harmo-
nlze with common sense, gives that as
special reason why there should be no
discussion at all.