The Algona Upper Des Moines from Algona, Iowa on August 26, 1896 · Page 10
Get access to this page with a Free Trial

The Algona Upper Des Moines from Algona, Iowa · Page 10

Algona, Iowa
Issue Date:
Wednesday, August 26, 1896
Page 10
Start Free Trial

-_itt$> -. Jftlfce i^fe^fftfet" Kf , vac^uiv*"** *rlf=&8IHfi OI fsBsrtl&ilBe or^en-tjl ' -St^atf SKJotole & %h616,t% .„ ilng Standard am" 66iiderneai ,MO fseeiHe, all — ^ -if InTellmefitS, ,-4tI tfeWig at «aK«, -I [W861HS Q6tr«* ot 6ef>* > jsy wn«»"*J"v««»«'.~««»j>"-r -—i- —7-1—„ -x ¥f<k<£, .?'.-.'.'. 'g^uj fA ..-!...._ • ?:.''•*•*'•**• ....... __' .wM£*f!. W§ 4*5$, ^filfeSB -~ ..... v ^ tnG I am look- vij IT™ ...lowft What the .traftsftcttdnB Will be. My am Mississippi (Mr. Williams) „„ ..= knows,, 3% Says'that he can (d',in'the city of Tfo??°< ^ th Uftlim. Capital,'-and moke the price of eot- -18 cents & pound in all that country fttMas .that amount fo? all the dot- fcthat comes to him. Therefore, he i: open 'the mints and $1.29 will be A of att ounce of silver'the world s thinks that the manufacture as aiivtif dollar out of material worth iffientB ,1s equivalent to paying a dol- * J '1bf that Amount; of silver. ie l is measurably right, about the ito'ii, biit he is wanting, it seems to tflft that coherence of faculties Which >Utd otherwise enable him to see that 1'*ttitUde in the market place of Ya- ItfUylng cotton is n6t the attitude of . ..-Jmlnts.of 'the putted States gratutl- ^UBly?coiivertlng into dollar pieces mln- tltejlngota 6f silver worth BO cents, and 'hoMing them back to the Owner to be Irned loose on the business commun- fefor hotter or for worse. ;, Williams: ( W111 the gentleman W ttie? , IrUDolHveri Certainly. *«•* Williams': That there is an ap- ...' difference uoon the. face of the ^*«wosition is .evident to everybody. >,SimisVnot,the effect lust exactly the ttsame'as Iftyou^were standing here and " " "" "" '9, an; ounce for silver, when ,ou, make an ounce of 'silver ,*,«.) ;worth of debts and dp $1.2!) worth of tax ^paying and do $1.29 worth ibfAbUslnessi' provided you have the buimesV,and the tax paying and the debts ito^, overtop the possible supply of BllVGT? ** ' ...Mr. 1 DolUver: I think I understand jny, f friend, and I regret that he does not percelve.a'difference between buying a .thing and paying for It on the one hand, and simply stamping O. 1C. upon ' 'Itfand handing It back to the gentleman who brought It to the front on the other!' t • 1 Mr." Williams: Suppose I had the power to -furnish use for all the cotton after I'had stamped it? '*?Mr.' Dolllver: If the United States, by simply making a thing available for paying debts and taxes, can Juggle BO- 'cent'pieces Into dollars, we ought to go back', tok the (Old greenback theory and ' Ice,,a'piece of worthless paper/make available lor these two purposes, and Jy^upon- Providence to give It value rfafBtablllty. • •• •- - k - -, Williams: Not'at all. Because s^one case ybu are merely stamp- lrig;«lt.and! relying upon the stamp for theSvalue, and in the other case you ore/furnishing a demand for the actual «xlstirigi valuable material, which in- cyeased. demand makes the Increased price,"» t - fMr.iDblllver: That Is another theory. Tour-theory Is that we are buying sll- YertAat |1,29 an ounce, and that there- foreXthat must necessarily be the market price- of It throughout the wortd. fbsst I will demdnlna'te the Yazoo ths- ory./ Now, there Is another theory Just hinted at by, my friend from Mississippi, though ( more elaborately stated bVi my; friend from Minnesota on last -Saturday, and that Is that If you create this J bpdy of/ coin and have It In the "country, there Is such an enormous 'tjuslness-ln tho United States, such vast 'resources, such stupendous horsepower, • Yand^such -immense uses for money and •i'tor, credit that they will absorb and 7>Btve' employment to this money and •> ^hereby give- it a par value. One thing ; ,'A4r4we-are absolutely .certain of ,and that ' ' - ( Sr'£jsV-that it-would give It no value In 1% - rv;f;«whlcb the material out of which it was '- *" ', f/fthuaae did not participate. <"i-!'*4C-Now. I am Jvist charitable enough to 4*, rtf^Uiviif that if yon create such coins c» free cplnage, making them avail- ffor debts and taxes, It would have , ^n,dencv' tq stimulate the value of rtlyer /bullion. I do not know exactly laffl-dditionaj value it would give it. «idertake to say that short of the ounsels of' supreme wisdom is no In- M } -rw3mkpW in the world that can predict f *^ f -;?ln*Mvance the value that such a sltua. f^'"' Woifwould stve to the coin. I think the Err .*i^Vi»«flVr in this debate have overes- because It Is not true that of the vol.ume of business coins, On the contrary, it Is y agreed that the more busl- this world, the less ab- irulMft act of 6ot«dni It .p-, - ^f r«& 8 'ISw^SlgFlS abaHdohed. And the ^J^/t^L^i the Various *oUfttfle8 «.^«.old wortd show .that a ta^ u "£*tt$i Suffilff «.nd & latsei* us* of it for the Ultimate and a iMg"^^ ?1- tt u^ t od a y befofe. The abandonment of has noti except in Ger» StaiiV disturbed ihe mo-ttietary qu^li'ty of existing coins noof Deduced the mon* etaly use of slivef, but thetfe Is one thing «MTt every man ought to bea,r in mind, ftnd that Is that there is not a 1 • •' B world which has the ?£«.. JJIIW14 Vwll* in whteh he fiut ~ the^'wos duMhg that ,.------ -- tdrculaticw of god ahd olivet UMintlted quanltlcs, they tttg woeful dftlUsittn. The French Wllafed ail the sahetUtttl^i of theit Vast mafte^ 6t 6il- aftd the Ffeflch llberatint th* countries they came ^T H.T1W 4i*k **»w *«v~«-- --- - JtKS'.1««M»«M«! ^ImmlmS'quafttitleS of SlivjSr Mate, Wei *ftht to tHe mint to bo coined, The eons, qfteS'wlf that while the %al ratio e* ?h^ fl tVw!Mot know attd couj brmftr ot J d BtntM. yB8P8 B. .,,.,lj«*fc6. «"0 COUW fhftt they dia n." ,';n»^-^ -jH'hrte men, th f,S rt i f « Ih* order of provldVncft to de- wilttd in tnft orqer «»A^| 0 i n the hcuf hn<L JMt MiV» in WJ«*?M: QiOvlS *nwvw*«» *» •*""•• i thkt the A«ogjH»l and the < dueed\the iha'feW of ft miftt th* bttbUa mess are »^ut liiaio-Mti-d* d who carry the world's "hmviw "* »—*• P° olcets - Applause.) , - 'tS^Pinslpy: Will my friend pardon s$$auctQV a moment? • %tiS$'99my*>Fi Certainly, '?Mi$Lrt3$teB\f>y; 3fave we not had a Atfrf?Wf o r' the Affect of an increased de- ^^*Pi_-l trt ftAA ArtA rt* rtiin/>*aa flTlTllIfl,llV. I think the experience the > a "t fl Y e y £ ars light on this phase ' feet impulsively, but «m»r* jsfl^ea m <* to w * nt *S ln l tP^?^rrtl*w an fftr ^npwshi at JMTWe w »•* * h f ^ tlre ?, on ' S9 Srfj&fi^jtert »»s»»± about for a to* prp4wp|, but 4 W caote -- ^- mistaken, B the use of gold and silver—not on «. If there Is anybody in this house who knows thename of «- country which has the free coinage of both gold and Silver ait any ratio and enjoys the use of both I will stop long enough to have the country mentioned. Mr. Hendtersoni Go right on. Mr. Dolllver: I will go on. Mr. Underwood: I would like to ask the gentleman If it Is not a fact that Mexico has the free coinage of both gold and sliver and, according to Mr. M. H. Muhleman, a late authority on page 115 of the Monetary Systems erf toe World, they have $6,000,000 In gold In circulation in Mexico?' ^ J', Mr. Dolllver! In answer to that I have to say that a secretary of the. Mexican-legation told me yesterday that Mexican gold coins were not used in Mexico In common circulation, being at a premium of 80 per c«mt above the corresponding silver coin. • r Mr. Brumm: Permit me to say that when the United States had free coinage of gold and silver torm&nyy&aMB, for the greater portion of that tlme^ne was more prosperous than she ever was M.J 1 . Dolllver: That opens a field for a long discussion. I will dispose of it In a short way, Whatever •prwpeMty 'the .United States had for the eighty years prior to 1873, be the same more or less, was evidently not. owing either to the Coinage or the use of the Btattdaid silver dollar, for In that period Its mints produced Only 8,000,000 silver dollajrs, not a million of which remained In the chflnnpls of the business of the country. Mr. Lacey: I wish the gentleman would permit me to state that last summer on my journey through Mexico, a young Mexican about 36 years of age, a very Intelligent gentleman, showed me a gold coin and assured me thait tt-was the only gold Mexican coin he had eH e r seen. • • • Mr. Doluver- That Is perfectly reasonable, with gold at a chronic premium of nearly 100 per cent. ^ Mr. Wilson of : Idaho: When France demonetized sliver she had. nine hundred millions In gold and seven hundred millions In silver. That was the result of free coinage, even at a ratio of luVa to 1, and France Is one of, the greatest commercial countries In the world. ,__ , Mr. Dolllver: My friend's suggestion leads me to dwell for a moment upon the history of French bimetallism, a history which Is always brought Into the silver debate, sometimes by word or mouth, and the other day by my friend from Minnesota by a chart, •showing In a picturesque way how the Freafth law of 1803, opening the mints to free-coinage at 15 J /6 to 1, had preserved for seventy years a: substantial correspondr ence of the market value of silver with that ratio. No man .who believes Inane, unwritten-law cotrimonly known as Gresham's law could look at my friend a chart without suspecting that the slight deviations of the market from the mint ratio, indicated .upon the chart, would operate to alternately exclude one or the other metal from use. Mr. Wilson of Idaho: .France maintained the parity by opening her mints. Mr, DolUver: The fact Is that the parity existed when France opened her mints and had existed for more than a century. That is to say, the market relation o<f gold and silver had long been 1B% to 1, with only slight deviations; so that the action of France In 1803, Instead of creating a new condition, only conformed to a condition long existing. Now, I will undertake to show whether France actually enjoyed during that seventy years the use of both gold and silver, which, In my Judgment, constitutes the only true bimetallism. Men stand here and tell us that for seventy years the mint ratio at Paris controlled the market ratio, produced an exact parity, and gave the people of France the continuous use of both gold and silver; and they bring In a chart to illustrate these facts. I propose now to throw a cathode ray right through my friends' chart to see what lies behind it in the actual experience of France. Mr. Wilson of Idaho: Do you deny that she had nine hunderd millions of gold and seven hundred mllHoins cxr silver before she demonetized silver? Mr, Dolllver; I believe the gentleman's figures are approximately correct of the year when the French republic, after bearing the burden of unlimited silver coinage till it could no longer be borne, retired finally from the experiment. A recent work (1896) pn the History of Currency, by W, A. Shaw, a profound and scholarly book, shows clearly that this serene seventy years of French bimetallism was disturbed from year to year, from decade to decade, by movements of gold and silver in/to and out of France, which gave to the monej- brokers of l«ndpn, Paris, Berlin and Tlenna an uninterrupted profit from the fluctuations of the currency Of France , On page 178 he condenses the mouetary experience of France from Napoleon tp Thlers. With your permis» slPn, I will road what he says: "The secpnd Idea which is cpmmonjy entertained with regard to the action pf France during this latter pertofl(j.803- 1878), viz, that hap action secured for the world at large a fixed ftn4 steady ratio Is eaually-lnaeed, ftm •fnpre--tel- At np pplnt o* time during the century has the aotua) -—>, Dependent on the epmp,.., • •• ?, corresponded wtth the"' period"from" 1808 to 1820 thm *M Pleven years a premium on gold, sometimes as much as 8 p«r cent, which, of rSuMe.BreVented gold coming into general cfroulatFon. But alter 1820 the premium on goTdtosi very considerably, and between ffiwi ntiA I84t It was ufltia y on an average of 10 francs pe?mill, but.In many years 18. 19. 20 and 21 francs, Which, of ediirae, utterly precluded any gold getting Into myseif can testify that In 1839 there not to be soon a gold ooln In France it. common use. But in 1851 a great change took blacS'The gold discoveries in CaTl- fSrnla-anT Australia caused floods of gold Jo be imported into Europe, and in ISol iflver rose to a premium^ Then Urn money in common use changed from silver to gold. I was residing In a seaport town n 18577 and In every steamer whichi camei In ^trt ed br th tran1m l !^d SC , 0 n\ 0 o h ^ branSy, and every steamer that went, out had Its docks piled with silver B-frano plcSes. The aame was true «^t every other,seaport. Silver departed from If ""IP. 6 m floods; every steamer and every dm- gence that Jeft Fnuicp_ carried away loaas I silver became so Ji*»»*nHiWno were liable to pay upon «.MAMri «j! that they owe? W.uld not all tSnsactKns of commerce bo suspended «nfli thei whole country present one con- ttna l -ne wnow ^ onfll * g | on consternation • ?. When the hous« of commond u .,.*d to Ml who had debts due to that if they did not collect them, on »fiS"{n«tant they would aBsuredly be los- irS to the amount of r, per cent?" Mr. Horrles oondtidcd by Baying th ftt if the motion succeeded It would result— "Before the setting of the sun In creaU Ing a pahlc a.Td confusion siioh as could not be described, and which It would then ii*, «ft« lato to remedy.—Hansard's Pariia- monury Dobrttps, second sorle*. volume in«uiivw««raiw»» ^JK| j-'u, r_i« dimowty M ««§|i w <«.. 1 3B e jsraatlo* $tJM$«l iJ&JHR wflfM aha itMfteM nilfcht t th* flttSt Vlewi fttta.ftt ooni ^ft^V&rnllon^M*^ ment fqrjt^n^nv.^^ w hocom o tho that tH* |ftat value, irt rflA RoVolrfMKii* ** v* ***** »•** •" *u, 1H * lidinot7n& to vwtad MJ J because the danifer of wjui, "it "wS too irreatl and history, Ir |«y owe by Mr. Husklson, who agmSwith the opinion expressed master of tho mint, and added e house OKT«W to there wWl bo a i>"«»" . " ., ooxintrv*~-I'Jai)Bard, volume *fi» P' Sir Robert Pool followed with prosslon of a welKmy o^" 1 ^^ ' nilo of <tin rnntinn would result In a pan B$h£w«^ thafno ^Ki^rJJ^S"*^^ Amwlca'ng'kw. 7rrolonitea>pplau»a.) TIMS UNIT PRIGS. From tlie Dally Iowa Capital. The whole Bllver theory rests.on the a,° ers next .Al,ldtt M ns and^public ruin must bo tho oonBcquenoe.-llansara, nf <VIB TPivinoh neonlo reouired that an end bl made 1 *? thelpng ana f unBUCceB8ful effort of France to maintain the cui rent circulation of botlvmetals. H« nnal action WHS delayed till 1874. She-acted out of no hostility,to silver. She acted .faith e protection of horhuBlness community. Her action was not Influenced by w jiat happened In tho United States in 1873, nor controlled by what happened In Germany '"it was only tho cxooutlon of a well-matured advice'given in 1808 by a.commh?- slon of her moat, famous statesmon ana economists In th?' interest of the ordorly and safe management of thei .Industries and business of Franco. And yet men stand on this floor and say that, without difficulty and without trouble, franco maintained the use of both gold and silver at the ratio of 1BV4 to 1 for seventy years. I wish to ask these gentlemen this very plain question. Why did Franco stop that.transactlon? .She stopped It, not out of malice against silver, but beoauBO Iho burden of maintaining, the situation had grown top heavy for the Latin Union to 6 Mr' Wilson of Idaho: And yet silver W Mr P 'Dolu 5 vl?? 1U T n hat was tho very hardship of the situation, the alternate premium, first on .Bllver, then on gold, result- Ing in the alternate loss first of one metal, thin of the other, was more than French business could bear, oven In thoso years when the departure of tho value of sll-, ver from>KOld at tho mint ratio was InBlK- niflcant and fractional. How Is It possible, with silver bearing a market ratio to goui of 32 to 1, that any nation in the world shall undertake to carry tho burden unaided and alone, which the Latin union, ^db^li*^^^^^ 1 ^^ . y Mr! Tr ? ry^wlrthe gentleman allow ;me to ask him a question? s Mr. 1 Dolllver: With pleasure. Mr. Terry: Are you in favor of the coin- of Bllver dollars at all? , ; mr. Dolllver: I stand with a pol tlcal iarty that In eighteen years has minted, 600 OW.OOO Bllver dollars, seventy-five times as many as the mint produced from Its foundation up to 1878, and has kept every one of them In circulation, by Itself, or by Its paper representative, and has maintained every one of them equivalent in value to the dollar of gold. (Loud applause on the republican Bide.) Mr; Terry: That Is all very fine, but answer the question. Are. you In^ favor of the coinage of silver dollars; and If so, men of their day, Inoorruptlble in onar- acter and wise In counsel. It Is not a vwn thing for us to apply tholr iadm,oniuon in the house of commons In,1880ao the Bit aS^i-lc^M^^fj^l^ m±ur^g th « afe«€af S o7^^^^1r» h afffi^3 never has been any, that ! »"Vmild In- pared to the misfortunes whloh would in stantly ensue upon the USHUI'oil P °?g 0 f J that the law was about to be ohaiigod in such a way as to aulhorijo the legal pay mont of debts In coin Infer or to tlml in w>ilrli thnv wcro contracted. >»""' ««»s*?KS,:?sw " of ard P. Bland, on July i, in an IIIL« ».«« with a representative of tho New York World! "So I say that If wo open our mints to the free coinage of Bl^cr.doolarlnKtoau tho world that we will accept sixteen ounces of silver or one ounce of gold at exactly the same coinage value, no man, wherever he may be, win part with silver for less than he can get.for It In the United States. Ho would be a fool to value the metal at ess^thati the United States mint values It. The market values of silver and gold will bo thus firmly cptabllshed." , i They j-.lant themselves sauaroly on that belief. Let us .examin. It nga n and see what the mint will do to "jirmly establish" the market values of gold ai Do«Uho' mint or tho government under free coinage agree to exchange gold YrtW^riSrrproVsiufn-S atoacoln without regard '» ^ 00a / v £ifc 0t inn of Its value from Uio yal u f not it win coins of tho same <lonom ' n . a ;; l . OI }i,o m lntB tsJco,yo«injtoor> years, work n«rth«> nrinU of tho United States at . can create! two coins of tho same'««««"'": ntinn riiffprlmr In value, and Iceop uotn or thorn' WMlon. rfutyou^proposal not onlv drive out of use tno oxiating JM of SSlS'and dlmJnlsli tho RwrohiudnK power of all remaining coins and cui onoy but will destroy an clement In tho .monetary volume of the modern bjmlncHS apm- mu^lty more precloim than either gold ( or silver—tho character and . commercial Integrity, ^without.which no bUBinc«s pro»In the .over I am In favor of the coinage of the silver dollar under such provisions and with such limitations and con- d tons OB will produce a coin agreeing in value with existing standards, and I would have the United States Join with the commercial nations In such an adjustment of the ratio, under International agreements, as will enable the entire commercial world without loss to any nation to return to the unlimited coinage of wr. Terry: Oh, that is mere Jack-o'- lantern statement. Are you one of those parties who say that I am In favor of the coinage of the silver, dollar If you will only put enough silver in It to make It Squalin value "o the gold dollar? Do you belong to the class that favors that kind pf silver coinage? Mr. Dolllver: I do not like to be described by my friend from Arkansas as a Jack-o'-lantern philosopher, but I do not mind telling him that I have a very strong prejudlce.for reasons which I have tried to explain favor of having all the dollars in use In the United States equivalent to each other in value. So far as tho gentleman Is concerned the controversy ft not between gold and silver. It is between the existing standards of value and a/standard contrived out of compressed air. (Laughter and applause.) I need not say to this house that I am w th the republican party In favor of the largest possible use of silver that can be had without degrading the existing standards of value and turning loose a depreciated and fluctuating coTn upon the American people. (Applause.) That Is the position I take Whatever standard we have in the Unit- edfStoteB to* existed here for sixty years. We Have fried to preserve the exlstlne standard re-enfprced by the largest use pyt ••* that has occurred In the history --„«, jono'JnwS a thou'Band"timoH to en^^Id^'The currency b^elrSuaUng mo"- ium of every country conBlstB not alone Sibf^^TO 1 ^^ S S t SJn.SinS. TaJ^m^upffl as the coin Itself commands them, ami thoroforo must be reckoned iw a part of tho vSumo of money. In any Intelligent CBtlmatlon of tho relation of money to nrlces Tho great aconomlBts from Adam Smith' and John Stuart MIllB until today, admit that credit haB substantially tho game effect on prices as mon«y I tHe I. Therefore, when I moot a-man who' thlnka that tho monetary offlclency of our existing coinage is Inadequate for the needs of American"business, 1 seek - to ImpreBS upon hiB mind the danger of trying to n. crease tho number of coins by moami that tend to Impair the exercise of commercial credit. That Btatosman renders a very poor service to the commonwealth who, In tryUiff to provide moro coined money for olrouTatlon, breaks down ,and waBtes tho character and credit which, flndliiK a thouBand expresslonB In the business of the world, has become at last, In a largo sense, tho ti-ue coin, of the realm. I stand here, therefore, in the ^eo\mreo of my duties to the people for whom I BPMIK to protect them against the wanton disturbance of the Tmsts on which th"lr contracts have been made and to which their business has become adjust- ted I Bp°ak for them with confidence in their prudence and In their Integrity, and I speak all the more confidently because for years In their sohoplhouBeB, in their *.,._'-_ ,_tu«l- .n./.nt nr>1 tlnnl nHHRm. turfiSa, except under conations that will produce a real blrmetalllpm, (Applause,) I haVe listened jn evw sesslpn since I have belonged to this hpuse to the claim that this proposed departure from the oasis which American business has been done m the past is In the Interest of the poor, In the Interest of the workingman, in the "nterefit pf the farmer. In the Interest 9t}how who apb«r4ened with aebt. yearn in ui«*u DW»IWV»"" M «. WR 'I, •*• »•••«»* vlilageBrin tholr great political assom- bllesT I have submitted these questions to their Judgment and to their conscience, They arc. not driven from their eonvlc. tlons of what is right and wise on this question by considerations drawn from tiie unfortunate situation of all business In the United States during the pres- Snt admlnstratlon, for, going back to the years when the republican party con{rolled the affairs of the nation, they find hope and courage In the prospect of a speedy return to the prosperity of 1802, ( 'Fnere we people who say that the whole history of tho republican party has been one uninterrupted conspiracy against the American people, I heard my friend from Nebraska (Mr, Kern) who, a'few mlnuteo ago, disclaimed a very sensible discourse upon the money question as having been delivered, not by him, but by somebody -•-- ' (Laughter.) I heanl h|m say in BUM-UIIB vut the other day, that this con' splracy against the people began fn 1882 when the greenback was manipulated In the interest of Wall Street. He then >assed Pn to tho time when the national iks were created, then to the time the payment ' ' "'- ""^ •""" >r Kioae ymu IMP um«»t»»'* vi"" M KT „„«. If I knpw my pwn heart, there l» noth-^ ris in it^but sympathy tor th» byrdegi um w»*»etw that hav*> faUen upon the loraes Pf eoroany pf pur'iellow citizens, tflg iSaijw I wn »p»emn}y convince •' '•*•••- * ged measure wpuld be " .blmtnf^acgimlty.- nkss ban obsolete SllVer 'dollar wa* drppped from the list of our coins. Mr. Kem: Will the gen«man permit a 9SS5 0o ^i ; »ay that the greenback was n«?t manipulated in the ypur J»»»»tt« tiw, a»4 1 will «P can ujiaerstand it, and that you» ^c can understand if. There Is npt an act pf cpniH'ess of whjeh ypu have coin Pf th lf»^ 5 ^r-' iWs-i Ife^v been free ,, - ... -,% ur« ol »9»J?art t of e tne fe o( gljyer becewe ind ample jiptice o| befc « Can a man take gold pr silver to the mint and got any kind of property In exchange for his metal 7 No. Thoflo two qucfttions and answers show how limited are tho functions of tho mint. Thoro Is no possible way ft establishing value except by glv ng something In exohange^for'tho thing whose value Is questioned. The price of corn can bo raised in no other way than by giving something for corn. But tho mint does nothing of this kind It would weigh the silver broughtjHid coin It into pleccB containing 871% grains and return the metal to the own er. Tho gold received It would coin Into pieces containing 23.22 grains to each dollar, and return these also to the owner There IB no fixing of value. In that assumption lies the froo coinage fallacy. Th^ valuer of these coins becomes known only when the owners of them KO out Into tho market places to buy merchandise. It Is what the o-wn- lei-H of property think of those coins 'that will establish tholr value. We know to begin with that an ounce of gold will buy about thirty-^ two ounces of Bllver anywhere in tho world now. Wo may guess that no resident of tho United States will exchange his gold, wheat or pork for sixteen ounces of silver at home when It id worth thirty-two ounces abroad. Wo Bee, therefore, that It will be •impossible to establish 10 to 1 at home unless it Is also established abroad. Ho, although tho first article In the sllvor creed Is "d-n the forelKnerB, what <lo we care for their opinions?" Bland finds It necessary to bring thorn Into line. He says they will give silver whatever value we do. So hero IB tho .complete) circle of sll- verlte reasonlnK; We will not send our sold to Europe because they will .not live more than 10 to 1 for It; in other words, they will brace u» up to tho ratio when we attempt to reject It, ana then after they have converted us to it they will believe In It because we do. Thus the foreigner, Instead of being despised and rejected by the all ver man, has boon raised to be tho chief stows of their corner. Into his hands IH now consigned tho task of sustaining 10 to 1 in the United States, When the ganlo- stricken olUsen ot the United Btatcs gathers up his precious gold and takes It out of the country, Hland's foreign allies, (Messrs, Bathsohlld & Co. et al., probably) will calmly toll him thai It Is only worth 10 to 1 In Europe* and that he hod better take It bock home, It 1« admitted that if the foreigner (Rothschild e-t al.,) should fall at this critical time to do the work which Bland has assigned to him, the whole 16 to 1 structure In this country might collapse. But Bland says he won't fall because our stand fpr 10 to 1 will convert him to It. ., . , That illustrates the peculiar mentality which supports this Ide-a of lesls- latlng value Into silver by weighing It and returning It to the owner. Heretofore in accounting for values It httB befln supposed that there had to be a. solid basis of actual demand by somebody who would give something els* In exchange and taHe the article In Question off the market. But the sllverltes give us an entirely new and original Idea. Wheat Isdlstresslnglylow. Let us open a wheat mint. Deceive aw the wheat that comes, weigh It and to each sl*ity pounds attach a tag saving "this is a dollar." end return the wheat to th» owner. This would RBtabUsh the value* of wheat a-t par fill pver the world with th« va]ue of 871»4 grains of silver and 28.28 grains of gold. That is, (t would if evwy whwit owner In the world would but think so and never let go a bushel pf whe&t except at that price. But Inasmuch fts non« of the wh«n.t would be takwi out of the h*nda, of the orkinel owners, their neo*Kilt?es would contlnu« to prps« th pm to fllspppe (it It, Jwut 8* befor« It was weighed at the government mint, and a comb.*"to all hold for W pw b"<»hel wowjd ' ' a* unpromitlns ft* before "> J| tho"intcre»t« of tho DiwpfiTwid *« thel own pornonal «lory," The ttbune of tho wvanlitn p<xwoi- t which Morrl* h«ro referred wit* 1 changing the valUo of th« o»ln or mon« without chanRlnB tho stamp or th •Amount for Which It was a le»nl ter de Th6mftB Joffwiion, the patron witnt, e Mr W«11'B party, in hl» loiter to con gl-WB on tho Bamo subject was a ? ol«a In his views about an honest dollar -* Morris. He saJd! "If we dotormlno that a dollar •nai bo our unit we must ^then »ay wltl' nroclslon what a dollar l«. * ' J, P -'juBt principles will Iwifl us • to dl» roirard legal proportions altogether, t< [naulre into tho marliot prloo of stoic n the sevwal countries, with which w. Bhiill bo principally opnnwtod in com. m»rce, and to take tin average' from th«m." ,i» n There Is-no'occasion! so far as wou« R concerned, for saying "with precision what a dollar Is." Ho asks nothing .but w 1 It pav debts. Why docs Mr. Wol s upon paying debts? If npthlnR IB to bo considered but how, to dispose of 1« debts, why not .repeal tho laws for tholr t f I collection and close up tho courts? That vfil would bo reaching theAvowed wd by ftl methods direct and unfllnohinRr, ami as honest-.-as' to issuo money whloh will Btana no other test of valuo but that It will cancel debt., • Alexander Hamilton, In his letter 1o,« oongreBB on tho coinage question, wvld: , ^ "There Is scarcely any point In the i ooonomy of national affairs of groater ,, momont than tho uniform preservation. '] oftho Intrinsic valuo of tho monoy unit, \ on thlVthe security and stoatly v(Uu» „, of property essentially .dopends." Hero Is the same opinion In-the pow- orful sentoncos of Daniel Wobstnr: "Of all tho o'ontrlvanqos for choallng the laboring clas»c« of mankind, none has been more' effectual than that which deludes thorn with paper money. lOr'dlnary tyranny, oppronnlon, excessive taxatlon-these bear lightly on tho hap-, nlnosB of the mass of tho community compared with a fraudulent •currency and the robberies comm it ted by^epre- oatcd paper. Our own history ha B re- : corded for our Instruction onough, arid •; moro than onough, of the domorallsr. ng j tendency, tho InJuBtlco, and th(> Intol- ^ orablo oppression, on the virtuous and woll-dlspoBod, of ft floprraded paper our- , rohoy authorized, or In any way countenanced, by tho •ffovernmont. Ho was tallclng about a -.paper currency not kept at- the standard, but < every word applies to a depreciated ooln currency, and every word smites the. false declaration that "any dollar that will pay -debts for KB face value Is an horrcst dollar." If tho government should declare that ovory oak leaf Bbould bo a lagul tender for a would bfi a legal tender "at Us face valuo" and an "honest dollar," a la Welle. And yet tho financial views of Mr. Wells aro entitled to.poll to'ami respectful consideration, for Mr, Wells IB one of tho twenty-six men from tho Krent state of Iowa, who next week at CJil- oago, will malto the policy upon whloh, the democratic party will bo pledgcHi toj conduct the finances of this most en-fl Hffhtnned-nation. That policy will un-| doubtedly bo In harmony .with Mr. Wells' view of an honest dollar. "Free coinage of silver will double, . tho number of dollars In the United il States." '#1 At any exhibition of Ignorance that"'|l would command a prize, From 1792 , r « down to 1878 tho mints were open to the ,/ free coinage of both gold and silver, 3 Never during 1 that time were gold and;;! silver both In circulation at the sameH* time, When one came In the other went' j out, The total numbqr of silver dollars^., coined in thiit time was about 8,000,-,- il 000, Since 1870 the republican party Vl haB kept both silver and gold In clrcu-,;3| latlon and hns added $532,186,724 of s)!-^" ver to tho circulation. In no country of 4 tho world where the mints are opf-n tj v || the free coinage of both gold and SM \'Z\ vor aro both gold and silver In clreujs «• tlon, There Is no such thing as the; of both gold and silver In any cour where the mlntfi are open to free r age. The result of an attempt Inj oountry would be the Immediate lc all our ffold, which comprises about third of our money, and the slrr neouB IOBS of about one-half of thf] phasing power of our silver and thus nontractln? our money e" to about onerthlrrt Its present , The shook to buplnpps, the loss. , .lustier, th° hnrdshlns, Inflicted' be unparalleled In the history world. _ But thn financial views of Mrl are entitled to polite and resr--*'* slderatton, for he votes for this subject In the great nal.~, Qoratlo convention next /week, , vje^vs are th" views pf the maai that convention, This country h,as not faced since the war. ..,. 4WJ3 CUR®,' ^,,,., the pally Iowa! In the'business world mpnej scancp, ^jut it Js scared l.nt» nof Theyp is as much money |n the gw there was in the boom perjpd pf J -1, bufit JIM gone nfo h Wlnf I n'ks of hoarding, Money is; the epmmerolal syetem. .whip] My all .parts by aitJye oMaffl WWt.JMy-JWMfflWl-WteR^

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 11,200+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free