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THE SEVENTY CENT DOLLAB. We have heard so much recently about a 70 cent dollar that it may be well to introduce a little testi mony concerning the cause which has reduced the price of 371J grains of pure silver below its coinvalna NothiDg can more effectually show the hypocrisy of the gold-bugs or their servile tools, the press and the demagogue politicians of the two old parties. In 1878, and sgain in 1881, there were assembled in the city of Paris international monetary conferences, such as President Harrison is now proposing shall be held in Chicago in 1893, and for the same purpose ostensibly to endeavor to agree upon a restoration of silver as a money metal and establish an international ratio of silver and gold but in real ity to blind the eyes of the people, and delay the full remonetization of the white metal in the United States. Representative men of all the civil ized nations were delegated by their several governments to represent them in these conferences. We propose to introduce the testimony of some of these men as submitted to the con ferences upon this subject. Mr. Henry Hucks Gibbs, one of the delegates from Great Britain, in the conference of 1878, said: The silver coin, withdrawn from circulation by Germany, has become merchandise, and as, by virtue of an economic law which nobody con tests, the price of any product, of any merchan dise, of whatever kind It may be, is governed by the abundance of that merchandise, rising or falling according as the commodity exists In smaller or larger quautlty, the price of silver must have fallen by the mere fact of German sliver being suddenly transferred from current coin Into merchandise In the warehouse. See Report, page 71. In the conference of 1881, Mr. Ma guin, French minister of finance, said: To prohibit, In great coutrles, the mintage of a metal which had been hitherto freely coined, and expect that this metal would maintain Its former value, would be a contradiction. To fore see the fall of silver was easy, and it was in evitable. In August, 1870, Congress appointed a mone tary commission, composed of senators and rep resentatives, with Instructions not only to In quire into the causes to which should be attrib uted the change In the relative value of gold and silver, but also to examine whether the adoption of the bl-metalllc system would not be advisable. In the month of March, 1877, this commission brought In its report. The conclusions arrived at were, that the fall of sliver, In relation to gold, had not been brought about by natural events, but solely by legislative action. See Report, pages 7 and 8. Mr. Dana Horton, one of the dele gates of the United States, in a series of questions "concerning the nature and history of money," asks: Has not the monetary law, which has created almost the entire use made of the precious met als, likewise created nearly the whole of their value? And again. Have not coincident changes In monetary law, reducing the supply of money In the western world , by withdrawal of legal tender power from existing silver coins, by excluding sliver from coinage, and by checking the circulation of existing money, been the controllng factor In this reduction? Page 52, 53 and 54. Mr. PiersoD, delegate of the Nether lands, said: I do not say that the increase in the produc tion and the diminution In the demand for India have had nothing to do with the fall of silver; these two causes have certainly aggra vated It. But I think I may maintain that neither of these phenomena would have bad a sensible lnliuence on the relation of value be tween silver and gold, if the Latin Union, Ger many and Holland, had maintained their mone tary systems as they stood bzfore 1871, Page 80. Count Rusconi, delegate of Italy, said: Would not what baa happened to silver, have happened Just the tame to gold, If, adopting the Idea of an Illustrious economist, whom we have unfortunately lost,; It had been demonetized? Page 128. Mr. Dana Horton, delegate of the United States, says, on page 182: But for statutes, to be read tn the books which I have cited, gold would have been where silver Is to-day. Mr. Cernuschi, presented a memo randum of Mr. R. B. Chapman, of the financial department of the govern ment of India, from which we quote the following: During the last thirty-five years the value of each metal In turn his been seriously imperiled by threatened or actual legislation of this kind. After the discovery of gold In California and Australia, one of the most distinguished of French economists (Chevalier) and a well known English economist (Dauson) oblivIous,asflt would seem, of the effects of their proposals upon the existing standards of value, and thus upon con tracts throughout the world, earnestly and per sistently advocated the disuse of gold as money: if their advocacy had prevailed, the value of gold would have been destroyed. Now, again, with in the last few years, silver has been actually demonetized In Europe, the stability of Its value being thereby seriously impaired. Plainly, either metal might be at any moment demonet ized, and its value Indefinitely reduced by hu man legislation. And again: If the conclusion be accepted, and it appears undeniable, that human legislation, by causing their disuse as money, and so Incapacitating them for the duty of storing value, can deprive either or both of the precious metals of the greater part of their value, It follows,conversely, that the value of either metal can, by the same Instrumentality, be Increased at the expense of the other, and, accordingly, that their relative value can, within wide limits, be fixed and de fined. Pages 195 and 190.1 Count Rusconi said: Do not the precious metals lose nine-tenths of their value,lf they are deprived of the faculty of being converted Into money? What has hap pened to silver; and what would happen. If the mintage of it was everywhere suspended, pro hibited? Would not that metal Immediately lose nearly all Its value? Pagam Alexander Del Mar, in his history of the precious metals, says: Legal regulations, first, concerning the ratio Itself, and second, concerning money at all, are next to quantity, the most potent influences that determine the ratio of value between the pre cious metals. Page 227. Again, page 227: The monetlzatlon or demonetization of either metal, or a change of standard, as it is called, will diminish the supply compared with the de mand, of the monetized metaL Such an act will enhance the demand without Increasing the supply, and thus render the monetized metal dearer, and contrariwise the demonetized metal cheaper. Professor Francis A. Walker, in his works on money, says: The extensive fall In the value of silver since 1873, which Is often referred to as proving the unfitness of silver to be Joined with gold In the office of money, appears to me to show most strikingly the power of legislation In keeping the two metals together. Page2fi6. Again, in a foot note on the same page, he says: That the changes in the comparative pur chasing power of the two metals between 1873 and 1876 were wholly or mainly due to changes In supply, or to changes in demand disconnected from the acts of government dealing with the legal relations of gold and silver, I really cannot conceive any Intelligent and candid man as now maintaining. These authorities might be multi plied indefinitely, were it necessary. Now what is the situation? At the demand of the gold bugs and in dis regard of every interest of the people, silver was demonetized ia 1873 in this country. At the time of its demonet ization the silver in a dollar, accord ing to the established ratio between the two metals, was at a small pre mium above gold. Demonetization had the precise effect that it was de signed to have, and that the gold bugs knew it would have. Silver bul lion declined in value. The purpose was to diminish the money supply and increase the price of the dollar in labor and in all its products. Now, since the infernal conspiracy has been carried into effect, and its disastrous consequences have fallen like a paraly sis upon evary legitimate industry in the land, and when the outraged people have risen in revolt, and are demanding the restoration of silver as a money metal, the servile tools of plutocracy, with a full knowledge that discriminating legislation for which they and their party are re sponsible, has caused the fall in the price of the white metal, and, know ing full well that its remonetization would restore it to . its former parity with gold, meet the demand of the people with the hypocritical cry of a 70 cent, dishonest dollar. Out upon such everlasting dishonesty and de ceit! It should and will be fittingly rebuked at the polls in November next THE WAGE WORKER. By J. B. Detwller, President of the Fourth Congressional District Alliance. We are frequently asked how the wage worker, who has no land or other securi ties upon which to borrow money, is to be benefitted by the financial reforms pro posed by the People'8 party. Since we appeal to the wage workers for their sup port it Is proper that this question be an swered. Our platform demands "that the amount of circulating medium be speedily increased to not less than $50 per capita." Since the supply of gold and silver must always depend upon the freaks of tickle fortune, and the output of our mines may at any time be greatly de creased If not entirely exhausted, while the population of our country and the demand for money Is steadily increasing, it becomes apparent that the circulating medium cannot be held steadily at $50 per capita, or at any other stated vol ume, without we supplement the coinage of gold and silver with the issue of some other form of money, the supply of which maybe under human control. Recog nizing this fundamental fact, we demand the issue of United States treasury notes, which shall be a full legal tender for all debts public and private, directly from the government to the people, as a loan upon real estate and other good and sufficient securities, at a uniform tax of 2 per cent per annum for the use of such treasury notes. Under this system, if from any cause there should be a flow of gold or silver out of our country at any time, or the production of our mines should fall, the deficiency could be at once supplied by an issue of treasury notes, and the circulating medium held steadily at $50 per capita, in defiance of all manipulations of foreign potentates, or domestic moneychangers or schem ers. Or if we do not choose to limit the issue according to population, it could be lim ited by the demands of commerce, at the unchangeable rate at 2 per cent, for its use; in either case we would be supplied with a sufficiency of money to transact our business at all times, and panics would be forever averted. We would have for the first time In the history of finance "an honest dollar;" that is to say, we would have a dollar that could never change in its purchasing power, because the relation between the supply of money would always be the same. The wage worker In common with all other citizens will be benefitted: First By an unchang&ble measure of relative values, establishing justice be tween debtor and creditor. SecondBy a supply of money suffi cient to develop all legitimate enter prises and give employment to all who desire to labor. Third By a reduction of the rate of Interest to a point where capital will no longer absorb an undue proportion of the products of labor. . The effects of increasing the volume of money and reducing the rate of interest cannot fall .to be beneficial to the wage wbrker as the following quotations from eminent authors will show: Wag oa cannot rise but by an increase of the aggregate of the funds employed in hir ing laborers or a diminution in the number ' of competitors for hire. John Stuart Mill. Wages are the residue that ia left to the laborers after rent, profits and interest have been paid. Henry Thomas Buckle. The amount of money saved from the proposed reduction of interest on real es state loans Is a handsome sum to be added to the wage fund of our state, as shown by the United States census re port. The account stands as follows: Real estate mortgages 243,iw,82s Interest at 8 per cent i9,4ri,74ti Interest at 2 per cent 4,802,936 Annual saving for Kansas $14,588,810 Everyone knows that an increase of money will stir the energies of the people and promote more enterprise, and be the means of employing every idler in the oontry. Senator Leland Stanford. We find that every kingdom into which money begins to How in greater abundance than formerly, everything takes a new face, labor and industry gain life, the merchant becomes more enterprising, the manufac turer more diligent The good policy of the magistrate consists only in keeping it, if possible, still increasing, because by that means he keeps alive a spirit of industry in the nation and inoreases the stock of labor in which consists all real waelth. David Hume. All intelligent writers on currenoy agree that when it is decreasing in amount,poverty and misery must prevail. William II. Crawford, Secretary of the Trea8ury,1820. European industry had been declining under the decreasing Btook of precious metals, human industry grew dull under the paralyzing influences of declining profits, and capital absorbed nearly all that should have been divided between it and labor. But an increase of the precious metals in such quantity as to check this ten dency operated as a new motive power to the machinery of commerce. R. M. T. Hunter, in a report to the United States Senate in 1892. The contraction of the currenoy means to everyone, except a capitalist out of debt or salaried officer, a period of loss.laoitude of trade, fall of wages.disaster and ruin. Sen ator John Sherman in 18W. The retirement of the national banking circulation during the past twelve months has been 5 per cent, of the total amount of the ourrenoy outstanding. There has been during this period a phenominal deprecia tlon of the prices of property. There has been the greatest depreciation of the price of agricultural products the country has ever known. Senator I'reeton B. Plumb, April, 1888. We call uion wage workers to take a careful survey of the conditions now ex isting, and the trend of events during the past few years, and we feel confident they will feel convinced that their condi tion has been growing worse and worse under the contraction policy of the Re publican party, and that better times will surely follow the adoption of the policy of expansion advocated by the People's party. Our battle cry is, more money and less taxes, more benefits and less burdens from the government. Let all drop their contentions about petty de tails, and rally under the People's party standard. There will be no difficulty in coming to an agreement as to a mode of proceedure when we have elected enough officials to control the government. J. R. Detwiler.