Historical Newspapers of South Carolina

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. II MNONEL THE TRADE DOLLAR OBJECT LES SON. Coins Tssued for Private Indivluals, Without the Government's Pledge to Redeem in Lawful Money, Are Worth Only Their Bullion Value. If the Government can create money, or which is the same thing, give it a value independently of the actual value of the material of which it is composed, then all the philosophers and statesmen and political economists who have written or legislated upon the sub ject have been mistaken, and all the labor and taxation to which the people have been subjected in the past have been unnecessary and un justifiable. (Applause.) The prom ise - of the Government, or of an individual, to pay money is quite a different thing from a mere declara tion by law, or otherwise, that a cer tain thing is money. The promise may be good on account of the solv ency and integrity of the party that makes it, and it may have a purchas ing power equal to the amount of money specified, but at last it can be satisfied anly by the payment of actual money. It is the promise of the Gov ernment, its pledge to maintain the parity of the two metals, and its de termination and ability to do so, that now keep the purchasing power of the silver dollar equal to the purchasing power of the gold dollar; but the moment free coinage is established for the benefit of private in dividuals and corporations, this promise would cease, because the Government would be under no obli gation whatever, moral or legal, to tax the people at large in order to keep these private coins as good as gold. (Applause.) The silver dollar coined under such a policy-that is, coined for private persons and not on account of the Government-would be of no greater value than the bullion contained in it, unless the fiat of the Government, the stamp of the mint, should impart additional value to it. That it would not do so was thorough ly demonstrated in the case of trade dollars coined under the act of Febru ary 13, 1878. (Applause.) They were coined free of charge and delivered without expense to the own ers of the bullion from which they were made, and they contained 420 grains of standard silver, or thirty-six grains more than the quantity con tained in two half dollars, or four quarters, or ten dimes. The trade dollar was a legal tender in the pay ment of all debts, public and private, not exceeding $5 in amount, just as the half-dollars, quarters and dimes were under the statute then in force. Now, if the fiat of the Government, if the stamp of the mint, is sufficient to impart value to a coin here was an op portunity to demonstrate the fact. But what was the result ! The trade dollar, as I have said, was coined for private individuals and delivered to them for their own use, just what is now proposed to be done with the silver dollar; but the small subsidiary coins were made by the Government on its own ac count and paid out by it for its own benefit, with a pledge in the law to redeem them on presentation in law ful money, and the result was that the value of the great big trade dollar, with precisely the same legal tender quality as the small coins, and with the stamp of the United States Mint upon it, declaring it to be a dollar, went down to less than eighty cents, corresponding exactly with the actual value at that time of the metal con tained in it, while the little coins, with the promise of the Government behind them, have maintained their value and their full purchasing power at all time. (Applause.')-Seeretary Carlisle, at Louisville, Ky. A Bind Guide. Is it not surprising that all sorts of financial heresies should be believe d in by the masses when those who as sume to be teachers hold such mis taken views. Eor instance, President E. B. Andrews of Brown University, in his book, "An Honest Dollar," says that the world is billions of dollars poorer because of the gold standard. Now,if that statement means anything, it means that there are billions of dol lars' worth less of houses, railroads, yes sels, factories, clothing, furniture, etc., in existence than there would be under a different financial 'aystem. But how, or why, this is so he does not tell us. The world is rich or poor according as its hat many or few of the things which minister to our comfort. An increase in prices is not an increase of the things for lack of which men are poor. President Andrews ought to know better than to mistake prices for wealth. S03E NORTHERN OPINIONS. Sound MIoney Defined. In response to the Chicago Times Eerald's request for a definition of "sound money" the Sioux City i bune submits the following: "A money that will not fall down when the Government lets go of it. "--Des Moines (Iowa) Leadier. Mexico's 50-Cent Dollars. A silver dollar in this country passes at its face value of one hundred cents, and is exchangeable for a gold dollar. The Mexican dollar passes at its face value in that country, but it is not ex changeable for gold. The .vesult is that a fifty-cent piece of American money has the same purchasing power in Mexico as the Mexican dollar. And yet the 16 to 1 tiatists declare that the gold behind the American dollar is not essential to its current value. - Arapahoe (Neb.) Public Mirror. Where is the 1 to 1 3Man ? When one comes to think about it, the moleration of the silver men is remarkable. If it is possiible to main tain an arbitrary ratio between siiver and gold of, say, IG to 1, why not go farther and mane the two metals ot ,-netly equal value? Som~ of the Eniglisbh bimetallists talk of 151 to 1, others of 23j to 1, an&i another of 25 to 1, while still another says the ratio must depend on circumstanceg, but none have yet proposed to make them equal. Let us hear from the 1 to 1 man.-Dry Goods Economist (New ILL MONEY IS NOT CAPITAL. The origin of many of the cheap money delusions is the popular helief that an increase in the amount of money in a country means an increase of capital. It is this idea which is be hind the demand for free silver and greenbacks equal to $50 per capita. Many of those who are in favor of these schemes honestly believe that in some mysterious way doubling the amount of currency will double the wealth of the country. And their ar guments are based on the supposition that if the wealth now in the country in the shape of silver bullion were stamped as coins, or some pieces of paper were stamped with the Govern ment's promise to pay, everybody would have twice as much of the products of labor which we call wealth. It is true that metal money is a form of wealth. But it is because the gold or silver is valuable as bullion, and not because the Government has stamped it with a certificate of its weight and degree of parity. The value of bullion depends on its utility, and its cost of production. It would be no more useful in the arts, nor would it cost more to produce it, if it were stamped as m->ney. That this is so is seen by the action of the pro ducers of gold, who might have their entire product coined into money, but prefer to sell a large proportion of it as bullion. The gold shipments be tween this country and Europe. which are described by Populist papers when gold goes to Europe as "sending our money out of the country," are near ly always gold ingots, and not eagles or sovereigns. Running metal through a mint does not add to its value. The other delusion, that Govern ment promises to pay wealth which it has not got- would create capital for investment in agriculture, manufac turing or commerce, has not even the shadow of a fact behind it. Govern ments have no wealth except what they take from the people by taxa tion. All the capital of this country be longs to the 65, 00), 000 individuals who live and work here. The various pub lic buildings and other Government property were paid for in wealth taken from the people. Andthe issue by a Government of any kind of paper promises to pay is nothing else than a forced loan. Printing "ten dollars" on one hundred million pieces of paper adds nothing to the stock of food, clothes, furniture and other necessities or luxuries which we call wealth. If anybody takes such paper in exchange for his products the total wealth of the country has not been increased one cent's worth. Nor would there be the slightest increase in that part of the wealth used in pro ducing more goods, which we call capital. Real capital is the mainstay of pro duction, for it furnishes buildings, machinery, materials, etc., for all the the industrial processes of modern so ciety. But borrowing by means of fiat money or other Government prom ises to pay creates no capital and does not aid in any way the production of wealth. The Improvement in Wages. The New Orleans Picayune closes an editorial describing the recent general advance in wages throughout the country as follows: "With these facts before the country, the lamentations of our silver friends are somewhat ludicrous, and the Picayune does not belief that their arguments will prove convincing to the workingmen, who see their condition steadily improv ing, and who have sense enough to realize that -they cannot hope to live as comfortably, if paid in a depre ciated currency, as they do at present. Of what advantage to them will be the advance in cotton, wheat, pork and the other necessaries which the silver ites hold must be brought about by the recognition of silver, if the money in which their wages are paid has a diminished purchasing power ?" Pennsylvania for Sound MIoney. "Efforts have been made," says the Philadelphia Record (End.), "to cre ate.] the impression that Pennsylvania is wavering in its belief in honest money ; but as the emphatic utterance of the League represents the sentiment of Philadelphia, so also does the attitude of the city typify the position of the State. The hard-handed and clear headed workingmen in the industries of this great commonwealth recognize the baneful effects that would follow the debasement of the National cur rency, and they are not to be deluded by the fallacious theories of the silver ites. They ask an honest wage, and are willing to pay their debts in honest money." Free Coinage Ilypnotism2. Af -SvENGALKi TEWAR Ev;erybody ha'; heard of "Trilby" with its story of the woman who knew nothing' of music, but when hypno tized became a wonderful singer. Svengali Stewart, of Nevada, has evidently read the book and is trying his best to hypnotize Miss Columbia, in order that he may make her sing the doleful songs of the silverites. But weird and unc-2.nny as are his in cantations, which his trnsted follow rs conside~r speechns full of rinancial wislo-n, they will have no eftect on Miss Columitoa. She is a very prac tical young wo:a'in and will not p)ut herself in the power of a political quack. The Senator fromn the silver mines may charm never so wisely, but it will be all in vain. He is discred ited and his performances are all humbug. As a hypnotist he is a fail ure, and he may as well go out of buiness BUSINESS MEN AROUSED. Anti-Free Coinage Organization In North Carolina. The "free silver" men have for sev eral years had things pretty much their own way. That is, they have met with no organized opposition be cause they have been in such a hope less minority that the sound people have not taken the trouble to organize to protect our National credit and keep our dollars as honest as possible. Now that the free silver ites are menacing our currency and credit system, the sound money peo ple, who believe in common honesty, are organizing in all sections of the country and are rapidly changing the outlook for the free coinage of silver. The prospects now are that the silver mine owners, who have for ten years been investing heavily in the free coinage propaganda, will not realize ou their investment. Recent experi ence of the silverites in Arkansas, Mis souri, Kentucky and other States which they supposed were solid for free coinage at 16 to 1, indicate rough sailing ahead for their craft. The 16 to 1 people are driving a blow at the business interests of the country, and they must expect to encounter bitter opposition. One of the most recent sound money organizations is the Democratic Sound Money Club, of Wilmington, N. C. This club was formed on June 21, principally by the business men of Wilmington, who usually take but lit tle interest in politic=. It is said that :here is not an active politician in this organization. The club has adopted a declaration of principles, the fourth aragraph of which reads as follows: "We assert that universal experi ence teaches that it is beyond the power of any Government to make gold and silver circulate as money in unlimited quantities at a ratio that does not correspond with the market values of the two metals; and we be lieve that the passage of an act by the United States alone providing for the free and unlimited coinage of silver at a ratio of 16 to 1, when the market ratio is 32 to 1, instead of inflating the currency and causing an advanceI of all prices, as commonly believed, ould, in the first instance, immedi ately drive out of circulation 629, )30,009 of gold dollars, give us pure silver monometallism, and contract the existing volume of currency .to the extent of about one-third, create an instantaneous scarcity of money, dis arrange all business calculations, de ter all persons from entering into contracts, an], in fact, paralyze in dustry, throw innumerable persons out of employment, and cause im measurable loss and suffering. * We assert that those who clamor for free and unlimited coinage of silver erroneously call themselves "bimetal ists," and we demand that they point out how the parity now being main tained between gold and the various enormous issues both of silver and paper money can be continued, ex ept by the confidence of the holders thereof in the ability and intention of the Government to exchange on de mand the one for the other." A similar club is to be formed at Concord, a cotton-manufacturing :own, with Paul B. Means and others t its head, and clubs are to be formed na number of towns and cities in this state, especially at the manufacturing entres. At the tobacco-manufactar ng town of Durham, the R'ecorder, h oldest newspaper in the State, and ne which has been preaching free ~oinage for years, will hereafter dvocate sound money. Similar clubs are being formed at ~oncord an .1 other manufacturing enters in North Carolina. SILVERi N~)E DEE[ONEt1ZED~. The charge that silver was "demon ,tized"-th'tt is, that it ceased to be oney in 1873-has been one of the ihief arguments of the free coinage Ldvocates. Waen it is pointed out hat insteal of the few millions of sil er then in use we now have over four undrod millions of silver money, the ilverites reply: 'It is true that we xave far more silver money than when e had free coinage. By tha law of 873J gold was malIe the standard of alue, and so silver is only token oney. Our silver dollars and cer :ificates are not money of ultimate ~edemption." Like the good old lady who loved hear the blessed word "Mesepo ~amia," the silverite press and orators~ enjoy using big words and have caught zp the phrase "money of ultimate re emption," and are using it to prove their false claim that silver is demon etized. They cannot deny that our 5ilver money is full legal tender and therefore on an equality with gold. But they pretend that the Government re deems silver in gold, and that a silver urrency is merely token money. It is n this ground that they'repeat the old exploded charge that the law of 1873 destroyed one-half of the coun try's money It is easy to show that all the talk abot "redemption money" is founded on a delusion. Our papercurrency is redeemable in coin, either gold or sil ver. But silver is a full legal ten-ar, and do-es not require redemption. The ~tatement that it is token money, like ur subsidiary coinage, is simply an invention of the silverites, who are :rying to find a hole to crawl out of. :heir baseless fiction about the strik ng down of silver. The one fact that' e are using over four hundred mill ons of legal tender silver is sufficient nswer to all the misleading state nents about "the crime of 1873 by rhich silver was demonetized." They 1Don't Want Cheap Money. The all-important question which ri be the main, if not the only, ssue in the Presidential campaign xt year, is whether the people ish a currency with half the pur hasing power of the present currency. o tne laboring men who get $6, S12, r $18 a week desire to be paid in a nirrency that will buy no more than 3, S, or $9 will now buy? Do they ee any indication of prosperity in ;hat? No doubt they could ask their employers tc double their wiges, but loes their experience justify the be ef that it would be done? Do h not know that wages are the last o "go up when the currency is de radd? If they do not, they have ,nly to consult the history of the ~ountry and of the world.-Madison ~nd. tierald. A W~A1GE EARN'ER'S YJHEW, TAL DID SMNUIENT V2. LOGIC AND FACTS. Only Hard Times and Hard Work Will ResnIt From Adoption of the Free Silver Idea-1 Question No Free Silverlte Has Answered. The free-coinage-of-silver agitation disturbs me. The discussion of it faces me at every turn. Many of my friends in whom I have the utmost confidence are most ardent advoca:-s of free silver. an1 my desire, before I had examined closely into the ques tion, was to be a free silver man also. I would I could stan.d with my silver friends; but I cannot. The loudest talk, the most activity, the deepest earnestness. are arrayed on their side, but the logic an.1 the facts, as they ap pear before me, are against them. I am neither a farmer nor a banker. I earn my bread by work-which, by the way. is very scarce just now -and it is byclosest economy that I am able to get along at all. In this condition of affairs I feel that I am "ripe for a change" of some sort, and I am only too eager to become an advocate of anything that will better matters, and I would be a free silver man if I could see wherein I could get any benefit from it. But I can ses only harder times, harder work to live, through the adoption of the free coinage idea. I have wrestled over the question with the brilliant Bryan of Nebraska, with Senator Stewart, with Jerry Simpson, with Congressman Britton, and others, to see if they could point a w iy for me to join with them with out leaving any doubts in my mm I as to what the result of the adoption of their idea would be. They have failed to convince me because they have failed to give a logical answer to one question I have asked of them. The assertion of the silver side is that the injection of free silver at the ratio of 10 to 1 into our circulating medium will increase the price of commodities; in other words, that food and other household necessaries that can now be purchased for fifty cents will under the proposed new or der cost, a dollar to the consumer. That brings me to my question. which no free silver advocate has as yet an swered. It is this: "Will not free coinage of silver at the existing ratio increase the cost of commodities, and therefore decrease the purchasing power of wages?" It seems to me that my question is fair and straight; yet when I pinned Senator Stewart down to it last year, on the occasion of the California Pi oneer reunion, he turned away from me-gave no answer. Bryan and the other friends have agreed that free silver coinage would reduce the par chasing power of existing wages; but as one of them said-I forget which one-"Would you not be willing to submit to a temporary hardship for the general prosperity and good?" A Mr. Clark, who writes hot free silver pamphlets, answered my question by saying wage earners could even up matters by "demanding wages com mensurate with the change ;" which showed that he did not know how hard it was to get an increase of wages. Labor and business are depressed. All the silver of the world, umped in upon us, will not hange the conditions. How can it? Suppose the wishes of the silver en are agreed to, and silver is coined nto 16 to 1 dollars as fast as all our ints can do it-how will we who~ ork for wages get any of it? For' hat matter, how will the farmers get ay of it? We will have to work for it, and so will the farmers. But sup pose there is no work, what then? Ten neither can get it. I can see very plainly who will be the benefi.elaries. The silver mine owners-not the work ers, mind you-and the silver specula tors, will be the sole beneficiaries.1 or we will coin their silver for them, taking fifty or -sirty cents' worth of their bullion and put the doliar stamp f our Government upon it, benefit ing them from eighty to a hundred per cent. on each dollar. Such a. onus is worth fighting for-would bet a great "snap." Of course the silver ine owners will pay their miners in the silver dollars thus procured; but [ wonder if they will increase wages to a point "commensurate with the hange?" I do not know whether they wrill or not, but I do not think I am rah in saying they will not. Why should they, except as a matter of sen timent? But sentiment is not busi ness; and business says: Get your abor as cheap as you can and sell your product as dear as y-ou can. Wi. McCabe, in American Industries. Poor Man's -Money. What insufferable demagoguery is that cry about the "poor man's money." They say "gold is t. more valuable ; it is the money of the1 rich, silver is the cheaper metal, it isi the poor man's money, therefore ally poor men should demand free silver." Now, in the name of all the gods at once, why should there be one kind of money for the poor and another for. the rich? What is money for. any way? If a laboring ma'i -.vnt3 it as pay for his servicco as a fortification against time of rickness, or as a com petency for old ige, hie wants the best money going, :iot the poorest. If poor money is tee thing for the poor man, why aclocate money as good as silver? Why not make the spoor man's rioney" out of copper and; brass? Is there any sensible reason for talking about "poor man's :oney," any way ? Why should not the poor have the same standard of value as the rich? Yoa might with equal sense advocate poor food, ragged lothes atnd rancid butter as being espe cially adapted to the comfort and hap piness of the poor, simply because they are cheaper. Give the poor man the best noney in the worldl. His share of it is small enough as it is; do not make that share still smialler by giving it to him in "clieap money," money which is not worth dollar for dollar just as much in parchasing power as any ther dollar in the worl I. When you erase from the free silver doctrine the suggestion that the poor man needs a lferent kind of money from the rich man's, you have erased a large part of their entire stock of argn ItS LT3 OF MONKETI S.1ALL ClIAN(GE. "Stop thief" has always been the cry of the pickpocket who feared can tare. So we now iad the silverites who want to enable debtors to repudi ate one-half of what they owe, shout in, loudly against onr "dishonest money system." This inty dec.ive a few people,-but not for long. The people know that if not quite perfect, oar present system is better tha we ever hat before, antl f.a better thin one based on-fifty cent dollars. The silverites all claim to be bi metallist;, and deny thit they want sil ver monomettllis'u. At the sane time they are load in their assertions that previous to 1S7c silver was th unit of value, and the country had a silver standard. This is es a ially insisted on in the new silver Bible, "Coin's Financial School." As ths free coin age advocates protest that all they de mand is the restoration of silver to the position it held before 1S7. it is clear that they really want to esta)lisih the silver standard. For if under free coinage we were on a silver basis, it must be evident that restorin.; free coinage will pat as back again ua th same standard. The 16 to 1 ihouter, protest over much that they are working solely in the interest of the people, becanse of their unselfish desire to promote the public welfare. How truly good ot them! But suppose that there were no offices in view, and no spoils for the free silver politicians. Would these same "leaders" work so hard for cheap money? And if there were no silver mine cwners to put up funds for the free coinage agitation, would the country be flooded with silver litera ture? Not much. The free sil ver movement is born of the selfish motives of silver producers working through schemers who want the spoils of politics. Free silver coinage means granting the privilege to every holder of silver bllion, resident and non-resident, .to take his bullion to the Unitedl States Mint and have it coined into standard dollars free of cost, as the holder oi gold bullion does. Any one can buy silver bullion at >ss than seventy cents an ounce- That once converted into coin would have a face value of 1.29. But the holder of gold bullion when he takes 100 cents' worth of his bullion to the mint to coin, can only get 1001 cents' worth of coin. 'The gold bullion man makes nothing by the. transaction, but the silver bullion man would make fifty-nine cents on every ounce of silver.-Laporte (ind.) Re pn blican. Explain the Fact<. How do the organs of uncenditionla free silverism account for the fact that basiness has improved so remarkably and that the number of persons em ployed in the industries of this coun try, and the wages paid them have in creased so largely in the last few months? Such things have no right to occur if we are to believe one-half of what these silver monometallists tell us. They say the coantry is going to the devil and can take no othe: direction until we have the free and unlimited coinage of silver. When they are told that the most wretched countries of all that pretend to civilization have the free and an limited coinage of silver and that it does not obtain in any great or lead ing Nation, they say that has nothing to do with the case; that free coinage is the thing for us and that until we adopt it things are bound to get worse and worse with us. Bat somehow things refnse to go that way. Business is better than it was two years, one year, six months or one month ago. In our cotton mills, shoe factories, clothing factories, iron furnaces, man ufacturing industries of every class there are more enmployes than there were at the opening of the year and the average of their wages is greater. The wages of hundreds of thousands of men and women have within the last three months been increased ten and fifteen per cent. and in nearly every instance the increase has been voluntary. Money is easier than it has been for years and can be obtained on good se crity for any lositimate enterprise, whereas it could not be borroswed on Government bonds daring the latter months of the operation of the act an der which we purchased 4,500,000O ounces of silver a month. And yet we are told that the return of prosperity depends upon the free and unlimited coinage of silver. If the silverites are right the condi tion of the country should grow worse the longer we refrain from coming sil ver. What, then, is the reason for this great and general improvement in business and this general increase of wages? Is this a time to revoln tionize the currency? Is this a time to abandon co'nditions under which all the material interests of the country are improving an.l adopt a system of cu:rency which, wherever it exists, is found iin connection with National in feriority, commercial insignificane and degraled labor?-Atlanta (Ga.) Ta unal. rY G WITH CHEA t-LEr.. Working tor MLexican an1 Chinesi Wages. The Kansas City Star (Ind.) cails attention to the statement, in a recent consular report from Shanghai, that the manufacturer who hires laborers in Asia, an.1. pays them in silver, is enabled to proalnce goods cheaper than they can be- made by the manu facturer in the Ur.ited States, who pays wages ia gold or its equivalent. "The remedly props.>e.1 for this un equal competition," says the Star, "is the adoption of free silver in the United States," and this "involves the proposition to eat down the pay of the American labouring man to a level with ~ - the pay of the Japanese, Chinese, In dian and Mexican laboring man." In the Beginning. Our father; in 17.2 intendle to es tablish neither "bimetallism," "monometallbsu," nor any "metal 0- - lism" whatever. They took things as they found them-old and silver coins in circulation. Nor did they at tempt to create a unit. They accepted as such unit the coir which was then in most universal use abont them by commercial sanction alone, 'an.1 ar ranged to make coins of the same value by putting into them the proper amount of silver. And so far were they from the idea of creating a. ne standard that, as a matter of fact, they declared that the coin they pro posed to mint should be "of the value of the Spanish milled dollar as the same is now current"-thus constitut ing foreign cai at its commercial or bullion value, the actual standard by which the mint was to be governed. Recognizing the fact that gold was also actually used, they provided also for the coinage of a tes-dollar gold piece, to be "of the value" of tea of the sil ver dollars, each of which was in turn to be of the value of the Spanish dol lar accepted as the standard. A labori ows investigation was o as to the a-nount of silver and gold which the oderll us res the ir al f athe onaeuot was tndolly gltnd piye th e "of thinle ofcord wit the io tlabe ofthe value o theo, sas dol orequ inteaton was thadis dt, the ratesun ofat edgl which theseeafoigcin rer accuatelya toerestry auel balletied resul was forify ylears by uletive alue thof,"tes as atero ate t whicthe seceram foreign coins were and are estimated by Federal statute.-Hou. John .Dd itt Warner, in June Forum. A Question of Honesty. Mayor Warwick, of Philadelphia, hit free silver a hard blow between the eyes when he said in his speech before the Union League, of Philadelphia, on June2: "To juggle with this question is cowardice. We cannot climb over it, dive under it or sneak around it. This is more than a question of party. It is a question of principle and honesty. The Governmeni has no more right to debase the coin than the rogue has to clip it. The Government does not make standards of value. They are made by com merce and the laws of supply and de mand. The Government can't make honest a thing that is dishonest. It may be able to compel obedience to its decrees by force, but it has no more right to stamp tifty cents' worth of bullion with the declaration that it is a dollar that I have to steal a dollar from my friend here. The moment it does that it makes the Goddess of Liberty on that coin tell a lie. It is simply a question of honesty, and in the name of God don't let tho Govern ment of the Republic be dishonest. If the Government can take fifty cents' worth of bullion, and can by its im press make it a dollar, it can by the same power take twenty-five cents' worth and make it $20." Sound Money. The Richmond State says: "A silve dollar passes for a sound dollar when the Government will give a gold dollar in exchange therefor. But let the Government once decline to make such an exchange, what then? The bullhon in a silver dollar is worth say about sixty cents. Therefore the silver dol lar cannot be worth intrinsically as much as a gold dollar. Gold is re cognized the world over as a .money metal ana. it circulates everywhere as money at a fixed value. Silver is not so recognized. It is not an inter national money. Therefore its circu lation value, its fictitions value if vou will, is not equal to that of gold. In short, asilver dollar cannot walk alone. It must go with a crutch or it falls. It is not sound money." A Nut for Silverites to Crack. Under the free coinage of silver. who issues the coin? Does the Gov ernment? Not much. All it does is to take the bullion from the man that brings it, test it, and stamp it, and give it back to him to issue. The Government does not issue a cent of it directly. The silver-miner issues it and dloes so on his cwo terms, just as much so as the National banker, who takes his securitiee to the Treasury and gets bank notes in exchange and issues them on his own terms. -New j H t. til't 0INEW 31:5t1 An eeel.l.t er.e o: articles on "')oner. Rankinr, and Cnrrencv" ha-e been rnnning thron- h Harner's Weeki. They were written h the editor, Mr. Henry L. Nelson. Mr. Nelson suimarizac, in his concinging article, on June 15th, the results of his unusaally careful and critical in vestigation. The following is : part of his suninary : "In conclusion. ' wil: restate some of the propositions that I have laid down and endeavored to sustain in tlise papers. I htan with tLe propo sition that money -s not good in itself, but oiily as it eazily and conveniently procures for its possessors what they need or desire. It saves the trouble and expense of barter. It represents food, raiment, shelter, and other necessaries of life as well as 4ts laa ries. "The iality that money should possess ought to be clear to every one. It must be honest money. If it 19 netal it must be intrinsically worth the sum it professes. If it is paper it must be :edeemable in the amount called for by its face. It must mean what it says. It must not only ac tually possess these qualities, but those who are asked to acvept it in re .urn for their products and goods must ielieve that it does. In the simple zommunity the store-keeper's orders possessed these qualities, and they passed as money. So bank paper oasses in the country in which the Dank is situated, whose people believe :hat the bank is sound. But in inter aational commerce gold is the only none- that is universally recognized, ud it is necessary, therefore, for this ountry, and for all countries that tarry on commerce. to accept gold as he standard of value. Otherwise ;here must be confusion arising from 'lctuatiAns in exchange, which would >e largely due to fluctuations in the )rice of any other metal than gold hat became the standard of value of he country departing from the gold standard. "Whatever mar be said in favor of nternational bimetallism. interna ional bimetallism is not an imminent juestion. The first question that this :ountry must answer is whether it vill abandon the monetary system vhich prevails among the stronger cations of the world, and adopt that vhich prevails among the weaker Na .ions, whether :t will abandon gold cud take silver as its standard. It has seen proved that it cannot alone main ;ain silver. The panic of 1893 demon itrated this to intelligent minds. It ias also been proved that it cannot done maintain the price of silver .hich has been falling for nearly ;hirty years. The failure of the. at ,empts to do so through the acts of L878 and 1890 is a signal proof of the .nability of this country, acting alone, ;o make sixteen ounces of silver equal ,o one ounce of gold, when in the narkets of the world thirty-four >ances of silver are egnal in value to )ne ounce of gold. The only ground >n which the single silver standard :ould be maintained is that we act in lependently of Europe ; but to say :;hat our commercial life could be naintained in vigorous health with my other than the world's moaetary .tandard is like sayin gthat our plhys cal and material well being coald~~ e preserved if we could and did shat >ut the beneficent light and heja of he sun. International coomece is oart of our existence. Kannot live nthout it, as our A'ifer, who is our rincipal exporter, ought to know. If he should try td, he and the man who ives by his pe sonal services would >e the first to di~cover what it means o be in the hands of the money roker, as they found ont before when. .e paid for 'our greenback debauch, ma in 1993 when Europe began to lobt our intentions as to silver." SOC'TIlEN SIL.YER SENTIXENT. A Poser for the ?opulists. "If the free coinage o.f silver :s such a good thing," asks the Memphis Scimitar, "why is it that the greatest and most enlightene.1 Nations have abandoned it ?" Honest Dollars for Honest 31en. The Macon (Ga.) Telegraph (Dem) says: "Speculators and schemers can live, no matter what kind of money is in circulation, but the honest man wants an honest dolla:. He should be certain that he is going to get it be fore he gives the order for the sap ply" ____ Don't Want Cheap 3Ioney. The Milledgeville (Ga.) Union-Re corder says: "Many of us are pcoz and in debt and willing to pay oar debts dollar for dollar, and we do not wish cheap money to pay with. We fear that what we have to sell we will have to take cheap money for. We may get a-good price, nominally. It will not be because the commodity will be worth the price, but because the money is worth so little." "Prosperlty With a Vengeance." "If the country cannot prozper," says the Lawrenceville News, "with, both gold and silver in use as money. how will the people get along with nothing but silver? Wages will not be raised, nor the volume of money increased, but the price of everything will be doubled. It will require two dollars of such money to boy what a gold or silver one would purchase un der the double standard, and with only half the number of dollars in circula tion at that. This would be prosperity with a vengeance." "Free" Is the Catchwor. The Savannah News says: "The word f:ee' in the silver question is the drop of molasses that has attracted a great many flies. Wipe that word out, and the storm about the dly-trap would diminish rapidly and percep tibly. The word 'free' has a mighty power to charm. .It is the embodi ment of the idea of getting something for nothing. That idlea has always been a fatal one to people wii.> uava followed it up. 'The hope anti desire t get v1,luable 1,rticles free are tae life of lotteries and gambling ta~ues. .Jreen goods men play aigua thous wveaknesses and findl the bastaess very