OCR Interpretation


The advocate. (Meriden, Kan.) 1889-1892, July 20, 1892, Image 7

Image and text provided by Kansas State Historical Society; Topeka, KS

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn85029079/1892-07-20/ed-1/seq-7/

What is OCR?


Thumbnail for 7

TidiL' ADVOOAQt
Republicans all agree that the un
pleasantness at the Homestead steel
works ia very inopportune, consider
ing its effect upon the prospects of
the party. Can it be that Mr. Car
negie precipitated this affair before
election for the purpose of avenging
the defeat of his friend from Maine
by the Minneapolis convention?
Republican editors consider it
mean in their opponents to make po
litical capital out of the Homestead
labor difficulties. They want us to
believe that there is no politics in it.
We would be glad to accommodate
them if we could, but the facts do
not justify it. They claim that the
policy of protection keeps up the
prices of labor. The Homestead dif
ficulty proves their pretense a fraud,
and if this little unpleasantness works
to their disadvantage they must
blame Carnegie, and not their politi
cal opponents.
WHY THE SECTIONS HAVE BEEN ES
TRANGED. The following from the celebrated
New York World interview with Sena
tor Ingalls is respectfully commended
t J the attention of those Republican
journalists and stump speakers who
are so very solicitous just now lest the
people of Kansas shall vote for a
southern brigadier. Speaking of the
two sections, the north and the south,
he said:
These great communities, that were only sepa
rated by the system of slavery, have since Its
destruction been alienated by factions that have
estranged them only to prey upon them, and to
maintain political supremacy by their alien
ation. Unfriendly legislation has Imposed In
tolerable burdens upon their energies; invidious
discrimination has been made against their pro
ducts; unjust tariffs have repressed their In
dustries. The ultimate coalition of all the political forces
of these sections is Inevitable. The west will then
secure its emancipation from the control of the
Atlantic seaboard. This Is one of the events of
the near future.
That is precisely what this reform
movement means. It means emanci
pation from the control of the Shy
locks of the Atlantic seaboard. The
people have recognized the fact that
they ''have been alienated by factions
that have estranged them only to prey
upon them;" they have recognized
the fact that the Republican party is
one of the factions that would con
tinue to alienate them in order to con
tinue to prey upon them, and they
have determined that the scheme
shall no longer succeed. The bloody
shirt will not be a winner this year.
THE CAMPAIGN OP ARGUMENT.
The determination of the money
changers to limit the supply of the
world's money to a metallic basis will
eventually compel the demonetiza
tion of both gold and silver.
That this will be the ultimate out
come of the conflict between the
Shylocks and the people, on one who
has any capacity to comprehend the
tendency of publio semtiment will
deny. While one of the metals is
used as money, however, the other
must be also. There is absolutely no
argument against the use of the one
that does not apply with equal force
to the other.
The Chicago Inter-Ocean of April
21 made the following editorial utter
ance: The product of our silver money last year
amounted to 53,330,000 fine ounces, and its coin
ing value In silver dollars was $75,418,565. nad
the Bland bill been a law in 1891 the silver mine
owners would have made a profit of $17,780,535.
It is not surprising, then, that Senators Wolcott
and Stewart should speak for free coinage of sil
ver. The only surprise Is that they were able to
dupe the mojorlty of the Democratic party.
This is one of the most popular ar
guments of the opponents of free
silver coinage. They would deny the
country the necessary increase of
currencyan increase that is abso
lutely demanded by every business in
terest, lest a few silver miners should
reap a profit on the product of their
mines. That they would realize such
a profit no well informed person will
deny, but the servile tools ef the
money power who oppose the free
coinage of silver on this ground over
look the fact that the same argument
would demand the demonetization of
gold. In the American Cyclopedia,
in the article under the head of "Sil
ver," we find this statement:
The occurrence of gold and silver in variable
natural alloy is so general that they may almost
be said to constitute but one mineral species,
ranging from silver with a slight trace of gold,
to gold with a slight trace of silver.
Professor Walker, in his work on
"Money," page 264, says:
In a degree the production of sllvei Involves
the production of gold, and vice versa.
And in the foot note to this state
ment we find the following:
Pliny called attention to. the fact that, In his
day, gold and silver were invariably found to
gether, though in varying proportions. "In every
species of gold," he said, "there is a proportion
of silver, in some one-tenth, In others one-ninth,
In others one-eighth.
Many persons speak of the wonderful silver
mines of Nevada who are not aware that a very
large proportion of the value of the metal ex
tracted is gold. The product of the Comstock
lode Is stated to be about 15 er cent, gold, and
55 per cent, silver."
It will be seen that the gold bug
argument above quoted, if it proves
anything, it proves altogether too
much to serve the purpose of those
who offer it. While they propose to
deny the country the increase of cur
rency that would result from the free
and unlimited coinage of silver be
cause such free coinage would result
in the realization of a profit to the
silver miners upon their 55 per cent,
of silver, they do not object to the
profit that accrues to the same men
upon the 45 per cent, of gold taken
from the same minea Yet this is
said to be a campaign of argument.
HOMESTEAD ITS LESSON.
From the Teople, (New York.)
Blood has flowed freely this week at
Homestead, and, probably, the end Is not
yet
Capital will, if necessary, summon all
the municipal, state and national powers
at its command in order to enforce its
authority. The worklngmen can only
die in asserting their right to live.
Why is this? Is it not plainly because
the wage workers, who constitute an over
whelming majority of the people, have
surrendered all the powers of society
into the hands of a plutocracy?
, And if, in their despair, they make of
their bodies a target to the bullets of Pin
kerton assassins, is it not because trade
unionism, pure and simple, is impotent to
cope with capitalism?
Honor, we say, to every man who would
rather die in battle than submit to oppres
soln! If there were one million such
men in this country, moving together In
a solid array, the days of capitalism
would be numbered.
And for aught we know there may he
millions of them. Local revolts every
where show that bravery is an attribute
of honest toil. But, unable to oppose a
solid front at any point against the mili
tary forces of their oppressors, each small
band of heroes successively falls an easy
prey to superior numbers.
How long will this last? How long
will the working class sacrifice its noblest
members in a desultory warfare of strikes
and riots, while sanctioning at the polls
the economic system that makes it a
slave class, and maintaining by its votes
the power that keeps it in abject slavery?
THE OMAHA CONVENTION.
From the New Nation.
The People's party convention at
Omaha, July 4th, exceeded in attendance,
in enthusiasm, and in importance of re
sults accomplished, any previous conven
tion of the party, and fairly compelled
the attention of the press of the country.
The associated and other press reports,
as regards voluminousness have been far
more satisfactory than those given of any
previous action of the new party. In
their accuraoy, we cannot, in the light
of past experience, feel absolute confi
dence, and to avoid misstatements shall
postpone a detailed account of the pro
ceedings until our next number, when
the delegates from New England will
have brought home their report.
Gen. J. B. Weaver, of Iowa, the nomi
nee of the convention for president, was
born In 1833, at Dayton, Ohio, and is a
graduate of the law school of Ohio uni
versity. He enlisted as a private In the
Second Iowa infantry in 1361, rose from
the rAnks to be colonel within a year,
and in 18G5 was made brigadier general
for gallantry in the field. A dozen years
after the war he practiced law, but early
became Interested in the greenback and
labor agitations which followed the awak
ening of the people to the fact that they
had freed the blacks only to pass, them
selves, under the yoke of the money
power. In 1878 he was elected to con
gress by a combined Greenback and
Democratic vote, and in 1880 he ran
for president on the Greenback Labor
ticket, receiving 807,740 votes. He was
elected to congress again in 1884, and
once more in 1886, as the candidate of
the same party, and has been affiliated
with the People's party movement since
its Inception.
Oen. J. O. Field, of Virginia, an ex
Confederate, was nominated for vice
president The People's party is the
only party that, now, twenty-seven years
since the war, dares put a southern can
didate on its national ticket It alone
can afford to, because It is the only na
tional party.
To Nationalists principles are more
important than men, and the platform
than the candidates. The sentiment of
the party was regarded by the Omaha con
vention In adopting the St Louis plat
form unchanged aa to substance, but
with the Nationalist planks intensified
and emphasized. It was a striking testi
mony to the difference between the Peo
ple's party as a party of principles first,
and men afterwards, as compared with
the old parties, that the chief burst of
enthusiasm during the Omaha conven
tion attended the reading of the platform
rather than the nominations of the can
didates, and that, too, wholly without
disparagement to the latter. It was
striking and most gratifying testimony to
the growth and strength of nationalism
that no plank in the platform elicited, at
every reference made to it, such tumults
of applause as the most nationalistic
proposition of all that of government
ownership and operation of the railroads.
Now that the convention has done so
well by us and our cause, let as take our
coats off and do our best to carry the
ticket to success.
METAL MONEY.
To the Editor of Ths Advocatk.
"Standard money," "true coin," "hon
est money," is what we hear from finan
ciers who hold that the value of money
consists in the value of the material of
which it Is made. Thus the tlnacl&i edi
tor of the Toledo Blade defines money:
"Money is coin who..e bullion value ia
equal to its face value. Such are true
coins." This leaves his readers to infer
that all coins not equal in bullion and
face value are dishonest money.
By the subjoined table we endeavor to
show how this is by giving the name,
weight, coin or face value and bullion
value of the coins of the leading civilized
nations. In it fine gold is rated at its
present market value, eighteen dollars,
and fine silver at 90 cents per ounce.
United States and French coins are nine
tenths, and English eleven and German
nine-twelfths fine.
mams. Wtf" Cf?cer Bug,
grains, value.
U. 8. gold eagle... 258 ' $10.00 $8.70
dollar.. 25.8 .87
" silver dollar.. 412.5 loo .70
" " H " 192 .50 .33
" nickel 77.1G .05 .007
" capper cent.. 48 .01 .0007
Eng. gold pound .. 123.273 4.S5 4.47
silver shilling 87 .24 .10
Fr. gold 20 franc. w.6 3.85 3.30
" silver franc... 70.5 .19 .125
Ger. stiver thaler.. 343 .72 .48
'Demonetized.
REMARKS.
First There is no such thing aa
"money of the world." All coins are
national. Gold and silver used In for
eign trade go by weight and price like
other commodities.
Second No metal uncoined is money.
All the common metals iron, tin, lead,
copper, brass, nickel, silver, gold and
platinum have been coined and used
as money. But to make them money
they must be given a certain definite
shape and bear a stamp designated by
the law making power that Issues them,
establishing the value of each coin. Cop
per Is the true money metal, being used
by all nations, having been coined before
any other and never demonetized.
Third The claim is made that the bul
lion value of standard coins should equal
their face value, and in different metals
equal each other. This is a simple im
possibility. Metal worth a dollar to-day
may be worth more or less to-morrow,
and the ratio between money metals
fluctuates continually.
Fourth By the table we see that all
nations debase their coins from 9 to 23
per cent, making their money value
largely above their bullion value. Coins
must be so made to keep them in use as
money, iut if at any time the metal in
them becomes worth more than their
stamped money value, they are at once
bought and used up for other purposes.
So either the quotation at the beginning
of this article is false or there are no
true coins.
Fifth Of our United Stated coins, at
the present, to make a dollar bullion
value, requires nearly one and one
seventh gold dollars, almost one and
one-half sliver dollars, over three half
dollars, or 133 nickels, or 1,129 coppers,
yet each has a purchasing or debt paying
power equal to the stamp placed upon it.
Finally, we must conclude from all the
above that the value of the material of
which money is made is entirely disre
garded in its use as money. Its money
power is entirely given by law, and is its
stamped value. This holds true of what
ever material it is made.
Flat (meaning "a decree") established
by law, is the foundation of all money,
and all Is alike fiat money, whether of
metal or paper, and other than fiat money
does not and cannot exist anywhere.
L. A Stonj,
Boling, Kan.

xml | txt