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The representative. [volume] (St. Paul, Minn.) 1893-1901, August 23, 1893, Image 6

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—Demonetize gold.
—Demonetize silver.
—Give us a people’s money; not ft
gold or silver king’s money.
—Give us United States legal tender
notes, based on the labor, wealth and
Integrity of the whole nation.
—Silver and gold are both commod
ities, like corn and wheat, and are only
made money by the fiat of law.
—Government should issue all the
ftnd do all the banking and save
the people from the clutch of usurers.
—The national bankers and the bond
holders are stirring up a storm that
will sweep them away. The leaven is
Working. The elements are moving.—
National Watchman.
—The gold dollar is worth 100 cents
because the law says it shall be. The
silver dollar pays for just as much bread
as the gold dollar because the law says
it shall. That’s all there is to it. —But-
ler (Mo.) Union.
—Metal money is a myth. The time
has come to stop worshipping myths.
Give us legal tender paper money based
on the faith of the nation and let the
metal kings take their turn at hustling
for a living.—National Spectator.
—This beautiful world was not mads
for a few plutocrats to boss, deride, en
slave and rob the many, but was in
tended for all the people. No man has
a right to exact the productions of an
other without an equivalent. The fact
that we have a lot of million
aires while the millions are struggling
under debt and poverty is enough to
condemn the system.—Auburn (Ind.)
—Every dollar of money in this coun
try is drawing at least 10 per cent in
terest In ten years the interest will
equal the principal and it will take
twice the money in existence to cancel
the debt. A fool can see that these
debts cannot be paid in gold; hence
foreclosure of mortgage is the inevi
! table result. Then the people will won
der why times are hard.—New What
com Champion.
—“Thou shalt not lend upon usury
to thy brother, usury of money, usury
of victuals, usury of anything that is
lent upon usury.” This reads well, but
how is a man to live without work
under such a rule? By changing the
name from usury to interest good peo
ple escape the penalty of disobedience
to the Bible injunction while they
gather the fruit of their brother’s toil.
This was a Calvinist subterfuge.—
Twentieth Century.
—Here’s a calamity howl as is calam
itous. A. R. Chisholm & Co., bankers,
Broadway, New York, aft r noting
that France has S6O per capita in circu
lation, says in a circular: “Deducting
amounts in United States treasury and
banks held as reserves, and losses in
| paper money and coin, gold exports
and hoardings, this country is down to
an actual famine circulation of less
than f 6 per capita.” Query: How much
will the free coinage of silver add to
the *6?
—Currency reformers can now see
where their work in educating the peo
ple comes in. Contrast the talk of
* those who have read up. the old green
backers, the alliance men, the popu
lists, the K. of L., grangers, F. M. B. A.,
with the talk of the average business
man. The ignorance of some men on
the money question who are wa y up in
knowledge on many other subjects is
something to be wondered at. The
gold-bugs have mystified millions of
people and would have the popular
voice with them to-day, were it not for
the work hitherto done by currency
reformers, by the despised “fiatists.”—
, Missouri World.
—Senator Vest is reported to have de-s
dared very recently that the greenback
was the “best money we ever had.”
That the senator is right will be testi
fied to by nine-tenths of the people of
this great country. Then why may we
not have the greenback again? The
great mass of the people would wel
come it with shouts of joy, and the su
preme court has declared it constitu
tional, not only in times of war but in
times of peace as well. Then why not
have it? Gold gamblers, Wall street
sharks, credit brokers, salary grabbers
and tax eaters sav no, and our pigmy
law-makers dance to their piping music.
—Mt. Vernon (111.) Progressive Farmer.
—Kansans are making a mistake and
wasting a vast amount of energy and
means in holding a bimetallic conven
tion in Topeka. It is being partici
pated in by men of all parties, populist
predominating. The latter cannot af
ford to favor class legislation. The
Sherman law is certain to be repealed
any way and nothing offered as a sub
stitute. That will, of course, give us
the single gold standard. The conse
quence is bound to be that gold will go
to a premium, money will grow still
dearer, and debts harder to pay. Then,
and perhaps not till then, the people
will rise in their might and demonetize
gold, which will be followed by the is
suance of full legal tender paper money
•—the only true money. Let the gold
bugs and silver barons fight. It is the
fight of the millionaires. Populists
(can afford to look on. Whichever way
it ends it will help their cause and they
will be fresh for the final onslaught.
Washington (Kan.) Republican.
Objections to Vest’s Idea.
It is stated that Senator Vest will in
troduce a bill providing for the free
coinage of silver at a ratio of 24 to L
What would be the object of such a
bill? In the first place, as India has
virtually established a ratio of 22 to 1,
which gives silver a coinage value of
94 cents an ounce, while a ratio of 24
to 1 gives a coinage value of 86 cents an
ounce, India would offer, say, 90 cents
an ounce for silver, with the result that
she would obtain all our silver and
make a seignorage of four cents ‘an
ounce upon its coinage. Again, even
! if we coined our entire output, as the
combined output of both silver and
| gold in the United States is almost
exactly the same per capita that it was
1 in 1873, counting silver at its coinage
value, the effect of a change of ratio to
24 to 1 would give us as much less gold
and silver coinage value, as one-third
<{ of the present output of silver, or about
I $25,000,000 less than in 1873.
They Both Demand That the People's
Party Identify Itself as the No-metal-
lic Paper Honey Party.
I have read with much pleasure the
very able and forcible article from the
pen of D. Madden, in your issue of
July 20. but am sorry to find him using
the following language:
should repeal the Sherman act, but
should replace it with a free coinage
act, otherwise it should not Free coin-
age of silver will break the gold stand-
ard dead lock. That once broken the
way is easy to establish the true law
system. The demonetization of both
coins will follow naturally as a growth.
When the idea that law, not coin is
money can be comprehended.”
From the conclusions expressed above
I most emphatically dissent.
policy outlined and advocated, I shall
oppose my best efforts, though for so
doing I may be crucified by well mean-
ing populists and vilified and calumni-
ated by blatant silverites, who have no
conception of the underlying princi-
ples of true reform.
If David had desisted from slinging
his pebbles until Goliath had protected
his forehead with a shield the history
of Israel would probably not have read
as it does. If a pugilist, seeing that
his opponent was groggy and nearly
knocked out, should want to postpone
the fight until his opponent rested and
recuperated he would be written down
an ass. A general, fighting a battle,
who, knowing that the opposing army
was demoralized, nearly routed and
one wing of it almost annihilated,
should withdraw from the field to give
the enemy a chance to form a new line
of battle, would be regarded as an in-
competent imbecile or a traitor.
If a man had two mortal enemies,
twins, between whom there also ex-
isted a deadly feud, and one of them
had nearly done the other to death,
what a fool he would be to endeavor to
effect a reconciliation between them,
knowing that they would then unite
and fight him to the bitter end. If a
man, wishing to reach a certain point
should start in an opposite direction
he must encompass the earth before he
arrives at his destination.
The path to the numerary monetary
system lies not through the pleasant
fields of a bimetallic palliative, but
through scenes of carnage, strewed
with the wreck of fortunes and re-
sounding with the crash of dynasties,
ruined by the universal gold standard.
Demonetize silver and the emancipa-
tion of humanity, by the demonetiza-
tion of gold, must surely follow as an
inevitable result. Sooner or later a
generation must offer itself as a sacri
fice upon the altar of human rights, to
the end that future generations may be
free. And, at this moment, the sacri
ficial victim is writhing in agony and
sick unto death. The gold dollar has
been the sole standard of value in the
United States for twenty years. It
was made so by house bill 1,427 passed
in 1873. As Mr. Hooper explained in
the senate.
“Section 14 declares what the gold
coins shall be. Thus far there is no
change. In addition it declares the
gold dollar of 25 8-10 grains [of stand
ard fineness—i. e. 9-10 fine and 1-10 al
loy] shall be the unit of value, gold
Sooner or later a
in 1873.
the senate.
coins shall be.
practically having been for many years
the standard or measure of value. Sil-
ver is out of relation to gold, being
worth now [1873] one dollar and three
cents. So the committee after careful
consideration condcluded that 25 8-10
grains of [standard 9-10 fine] gold should
be the unvt of value,” See page 2,305
in third column.
The agony is nearly over. The vic-
tim is almost dead. All expressions of
fear as to prospective evils to follow the
adoption of the gold standard by the
United States are gratuitous. The evils
are already upon us.
Not only am I eternally grounded up-
on the rock of principle, but the course
I advocate is good politics.
With clearer vision than is possessed
by populist leaders, Gen. A. J. Warner,
Senator John P. Jones and Sir Moreton
Frewen have each declared that the is-
sue was between bimetallism and full
legal tender
paper money, or, as the
latter puts it, “a universal era of
greenbackism.” And the shame, oh!
the shame of it!! the populists propose
to fight on the side of metalism.
Moreover, the democratic party has
an overwhelming majority in congress
and if silver is remonetized it will be by
the votes of western and southern dem-
ocrats in which case the democracy will
claim and receive the credit and nomi-
nate a western hard money man for the
presidency in 1896 and put him upon a
bimetallic platform. If silver should
be remonetized by the votes of silver
men, irrespective of party lines, the
parties will receive credit according to
the number of votes cast. In this case
the republicans will nominate a west-
ern man upon a bimetallic platform.
In any event, the people's party, if it
continues to advocate metallism, will
have to go before the country upon the
same financial platform as is formulat-
ed by one, or both the other parties.
In proof of this, I offer the opening
paragraph in Chairman Allen Thur-
man's address at the Chicago conven-
tion. He says:
“The fight between those who believe
that the circulating medium of this
country should be hard money—that is,
real money, gold and silver, and paper
redeemable in the same, and those who
believe in the use of soft money * * *
is on.”
Politics does, indeed, make strange
bedfellows. The populists should at
once have risen in a body and left the
On the other hand, if the people’s
party concludes to make a fight for its
true principles and adopts a platform
demanding full legal tender inconverti
ble Dromises to receive under a
numerary monetary system; whatever
may be the measure of credit received
by it, because of the remonetization of
silver, the party will have to expressly
repudiate and disclaim all such credit,
or be placed in the unique and anoma
lous position of seeking to tear down
and destroy the very system it claimed
credit for having assisted in establish
ingl •
And, in that event, all *the resolu*
is on.”
Hons and declarations, made and
adopted by the populists, favoring gold
and silver money as a “basis” and as
“money of ultimate redemption,” will
be quoted to prove the political insin
cerity and vacillating inconsistency of
the people’s party.
Awake! ye proletariats, awake!!
Baise the banner of liberty for a rally
ing point for the people and with the
battle cry of “down with metallism,”
march triumphantly to victory.—
George C. Ward, in Marion (Kan.)
If Silver Is Remonetized Onr Quondam
Allies Will Become Oar Bitter Ene.
Says the Denver Road: “The south
is in line on the silver question. They
To the
understand the question better than
coin, a mqtal used in connection with
gold in paying debts contracted on a
coin basis.
can see in the silver question is profit-
able mining- and smelting-. The legal
tender coin feature has troubled the
average Coloradoan mighty little.”
The Road is in a position to know
wereof it speaks and is undoubtedly
correct in its diagnosis.
Let us see what the result of silver’s
remonetization must inevitably be. In
the course of his speech in the senate,
in 1890, John P. Jones said:
“Thus by the universal competition
to get it the value of the dollar is made
to depend upon the number of dollars
that are out. This is a principle that
lies at the very foundation of the
science of money. The law, stated
broadly, is that the value of each unit
of money in any country at any given
time depends upon the whole number
of units in circulation in that country.
The larger the number of units out.
population remaining the same, the
less must be the value of each unit; the
smaller the number of units out, popu-
lation remaining the same, the greater
the value of each.
“Notwithstanding the variance some-
times found between the premises and
the conclusions of economic writers,
there is no economist of repute who
does not admit this to be a fundament-
al principle.”
Now remember this rule applies to
all legal tender money units, no matter
of what material such units may be.
If, in a country which has in circula-
tion a certain amount of metallic
money, there is added to such volume
an equal amount of paper money, the
exchange value, or purchasing power
of each unit, both metallic and paper,
will be lessened one-half. Not that the
denominational or stamped face value
would be changed, but each unit would
then exchange for but one-half the
amount of labor and commodity that
the metallic unit would before the
addition of the legal tender paper
Now suppose that silver is fully re-
monetized upon the ratio of 16 to 1
Each 23.22 grains of fine gold, or 371.25
grains of fine silver might be freely
coined into one dollar. We have, under
these conditions, a certain volume of
money in circulation and conclude that
such volume is only one-half enough.
We now desire to issue full legal tender,
inconvertible paper money, in volume
equal to that of the gold and silver
money in circulation. Immediately the
gold and silver men combine to defeat
this proposed action and fight to the
bitter end any action looking to the
issue of paper money,
Why would they do this? Simply
for the reason that, although they
could continue to get the same quanti-
ty of their metals coined into a dollar
as before, the dollars would buy only
one-half as much labor and labor’s
products as before. Under free coin-
age acts, the government does not issue
money, but simply coins it for tht»se
who own the bullion out of which it is
coined, and it is by these bullion own-
ers that it is “issued.” or put in circula-
tion, in exchange for labor and com-
A Farce in Two Acts—What Two Bodies
[Populist convention at Omaha.
Reading of the following financial
“We demand a national currency,
sound, safe, and flexible, issued by the
general government, a full legal tender
for all debts, public and private, and
that without the use of banking 1 cor-
porations; a just,equitable and efficient
means of distribution to the people, at
a tax not to exceed 2 per cent, per an-
num, to be provided as set forth in the
sub-treasury plan of the Farmer’s
Alliance; also by payment in discharge
of its obligations for public improve-
“We demand that the amount of the
circulating medium be speedily in-
creased to not less than SSO per
capita.” [Tremendous applaus* by the
[Silver convention at Chicago, largely
composed of populist leaders.]
Opening address of Chairman Thur
"Mr. Chairman, Ladles and Gentlemen:
“The fight between those vfrho be
lieve that the circulation medium of
this country should be hard money—
that is real money, gold or silver —and
paper redeemable in the same, and
those who believe in the use of soft
money, that is, paper-promises-to-pay
money, redeemable in other promises
to pay—is on. * * * Gold and
silver have been used as money
from time immemorial and no man
ever lost by either of them. Based,
too, upon gold and silver, its vol
ume must be regulated by the out
put of the precious metals, which, of
itself, would prevent any sudden period
of either inflation or contraction. * * *
to pay—is on.
Again, the volume being regulated by
the output of the mines, some kind of
stability to our measure of value would
be insured, a thing none of the gold
using countries have had for twenty
years, and which is the one thing above
all others that commerce needs.”
[Tremendous applause by the con*
▼ention. Curtain drops. Pull down
the flag.]
Their idea of silver is
About all a Colorado man
George C. Ward.
The Unit of Account Is Ideal, Abstract
and Imaginary—Truth Tersely Told.
[The following article by Edward
Evans in the Buffalo Courier, contains
the most lucid and clearly defined ex
planation of the true and scientific
principles of finance I have ever seen
ill so short an essay. What a pity that
the suggestions the writer makes stop
short of the idea of entirely divorcing
the money of the country from the
metals, gold and silver, leaving them to
be handled as bullion, in settlement of
foreign balances. George C. Ward.]
The present financial condition of
the country seems perfectly alarming.
The large increase of population since
the close of the war, and the rapid de-
crease of the circulating medium con-
sequent upon the absorbing of the gov-
ernment greenback by the issuing of
interest-bearing bonds at the close of
the war, has practically left the coun-
try without a circulating medium suf-
ficient to carry on the commerce of the
To give to this increased population
$25 per capita, which is only about one-
half of the per capita of France, would
require the enormous sum of $700,000,-
000—a sum greater than all the gold
and silver money in the country, with-
out taking into account the loss of a
dollar by abrasion, or the use of these
metals in the fine arts.
same per capita for the former popula-
tion before the war, and you require
$1,000,000,000 more.
It is believed by many that in order
for us to enjoy the same prosperity that
France is enjoying, we must raise our
money per capita to that of France,
which is very near S6O per capita, which
require about $3,900,000,000.
Now, the question is, how can this be
done? Certainly it cannot be done by
the use of metal money alone.
entire output of both the gold and sil-
ver of the country will not do it. Be-
sides, the entire commerce of the na-
tion must seriously suffer if it is not
driven into absolute bankruptcy, be-
fore a sufficient amount of the precious
metals can be found, if found at all.
What are we to do? The stringency
of money, superinduced by the enor-
mous contraction since 1868, by the re-
tirement of the old “greenback” and the
national bank currency, and the phe-
nomenal increase of population during
that time has placed the nation in a
predicament which demands a speedy
I believe that our trouble all lies in
the fact that we have been following
the old feudal systems of the past in
our attempts to make prices of metal
the only basis of a circulating medium.
We harve heard a good deal of “cant”
and “descant” about the “intrinsic val-
ue” of gold and silver money. I deny the
Gold and silver, when
formed into discs, without the govern-
ment stamp on them clothing them
with legal paying power, would place
these metals into the most useless form
known to man; but when authorized
by an act of congress, fixing their
weights and fineness and stamping up-
on their face the measure of their legal
value, then and only then can these
pieces of metal be called money and
become a legal tender in payment of
The world must yet learn the lesson
that money does not inhere in any ma-
terial thing in its normal condition.
The thing we call “money” is only the
the material substance upon which we
stamp the subdivision of a mathematic-
al proposition. Let me illustrate what
I mean: We have in our mind a “unit,”
a “dollar”—something to “dole out.”
We then proceed to select a piece of
gold metal of a certain weight and fine-
ness (25.8 grains, 90 fine), which we call
a “dollar,” and which represents one
of these mathematical “units” which
we had in our mind. We then multiply
these “units” by ten and then proceed
to select a piece of gold metal ten times
larger than the piece selected to repre-
sent the first “unit,” and then stamp
upon it ten “units,” $lO, which gives us
a $lO gold piece; and likewise do we
proceed to select 412% grains of silver,
90 fine, to represent the “unit” which
we had in our mind when we se-
lected the piece of gold to represent
the same “unit.” The point I wish to
make is that money is purely and scien-
tifically a mathematical proposition
and only applies to material
when certain pieces of gold and silver
are taken to represent these “ideal
units,” or decimals which we first have
in our mind. We commence to enumer-
ate by decimals or by a scale of deci-
mals, such as “ten mills” make “one
cent,” ‘ten cents’, “one dime,” “ten
dimes” “one dollar” You see that the
practical decimals are first determined
before we arrive at the unit, cent.
Then we proceed with our numerals of
ten to find our “dime.” Then again by
our numerals of ten to find our “dol-
lar.” Then we proceed by an act of
congress to determine upon a proper
material to represent these mathemat-
ical divisions, and so we take a piece of
copper to represent a cent, a piece of
silver to represent a dime, and a piece
of gold to represent the dollar, and
each piece in its turn to represent a
mathematical ideal.
money the creature of a “mathematical
idea,” and precludes forever any “in-
trinsic” value in the metal, as money,
before it is clothed by congress with its
legal debt-paying function.
The little sections of bone, called by
the Indian “wampum,” never had any
intrinsic value, but it had a legal debt-
paying power amongst the Indians, ac-
cording to their law. So with our
gold, silver and copper, when manu-
factured at the mints into discs which
we call cents, dimes and dollars. In
this form their intrinsic value ends
right where their legal value begins.
When this form is changed and these
metals are converted into some form of
the useful arts, then their intrinsic or
commercial value begins just where
their legal value ends. And so a legal
dollar’s worth of gold when made into
a finger ring or a pair of cuff buttons,
assumes a commercial value of three or
four dollars, instead of one dollar.
We get a clearer insight as to the
real functions of money, when we re-
flect that all balances in commerce are
determined by mathematics, and gold.
silver and paper dollars, clothed with
law power, are only material represent-
atives of. the mathematical fact deter-
mined by numerals, so that when two
merchants balance their books and find
that there are, say twenty units (cents
or dollars) due the one from the other,
the law steps in and designates a ma-
terial called dollars and cents, and
clothes them with a legal power, so
that A can say to B, you must take
these for the difference between us.
These dollars and cents being invested
by law with legal tender power, B is
compelled to take them, and the ao-
count is closed.
Now, having define' the ethical as
well as the mathematical processes by
which money is created and its func
tions determined, I now proceed to
close this letter with certain sugges
tions, which if acted upon at the next
session of congress, will, I believe, re
lieve the present stringency of the
money market, in this country at least,
and save many of our most useful in
stitutions from bankruptcy and ruin.
1. I would recommend that the
Sherman act, relating to the purchase
of silver bullion, be repealed, and that
free coinage of silver be substituted in
its place at a ratio of 16 ounces of silver
to 1 of gold, giving to the silver dollar
full legal tender power as before the
act of 1873.
2. I would have congress authorize
the secretary of the treasury to issue
certificates of sl, $2, $5, $lO, S2O, SIOO
and SSOO in payment for either gold or
silver bullion at the above ratio, “pay
able in coin,” or in other words, in gold
or silver dollars, at the option of the
government. Then if it is found .that
the full find of gold and silver does not
funish a sufficient volume of
money to carry on the business
of our country with ease, I would
further authorize the secretary of the
treasury to issue, from time to time, as
the business of the country seemed to
demand, a “government debenture,” or
a legal tender “bill of exchange,” in
suitable denominations, not to exceed
$500,000,000. I would then put this
money into circulation: (1) by paying
off all the domestic current expenses of
the government. (2) I would institute
a national bureau of works, build post
roads wherever needed, and make all
act of 1873.
Add to this the
funish a sufficient
necessary improvements upon the har-
bors and waterways of the United
States. I would also build suitable
post offices in every town and village of
2,000 people or more, and United States
courthouses, where needed throughout
the United States. This would at once
employ the idle laborers of the country,
and would, moreover, put into circula-
tion a volume of money equal nearly
to that which we had at the close
of the war.
with this kind of money one of the
most gigantic wars known in modern
times. Can we not carry on commerce
in time of peace with the same or simi-
lar kind of money? If it be said that
foreigners will not take this money, I
answer, ’tis well. Should they refuse
to accept it in exchange for foreign
goods, it will be a blessed God-send to
home manufacturers, and will be a bet-
ter protection to home industries than
any tariff ever devised by human skill.
This money can all be covered back in-
to the treasury in time through taxa-
tion, either on incomes or otherwise,
and be reissued if necessary.
So Far as Increasing the Circulating
Volume Is Concerned, Free Coinage
Will Help Hut Little.
As there are many who lay great
stress upon the demand for free coin-
age, because they honestly believe it
would greatly increase the volume of
money in circulation, it may be bene-
ficial to examine the facts in the case.
Upon approaching this subject, it will
be well to lay aside all preconceived
ideas and prejudices and seek only the
unadorned truth.
may be remarked that all the leading
advocates of free coinage have reiter-
ated, time and again, the statement
made by Senator John P. Jones, in the
United States senate, as follows
We are told that if silver is given free access
to the mints we shall be flooded with it from
all parts of the world. Does anybody show
where the flood of silver is to come from?
Where are the reservoirs that contain it? Not
in England, where it is difficult for the people
even to get a sufficiency of it for small change
to transact the business of the country: not in
Germany, where the scarcity of money was so
pressing that the government had to abandon
the idea of selling silver. Thougn the stock in
France is large her people will never give it up.
Silver has been the “shield and buckler” of the
French republic.
ratio of 15(4 ounces of silver to one of gold, and
its shipment to this country would involve a
loss to France, not only of 3 per cent differ-
ence between the French relation (15(4 to 1)
and ours (which is 18 to 1). but of 3 per cent ad-
ditional in the cost of gathering and shipping
it And after that could only exchange them
for treasury notes. The silver stock in India
and the Orient is performing indispensable
duty as money, and no “flood” of it can be
expected from that quarter. From time im-
memorial India has been absorbing all the sur-
plus silver of the world. She has never got so
much as to appease her appetite for more So
Insatiable is her desire tor that metal that she
has long been known as the “Sink of Silver.”
China has not a piece of the metal that she can
dispose of. Mexico has no stock whatever of
silver on hand, except the limited number of
coined pieces forming her moderate money cir-
culation, and not a dollar of it can be spared
No country of Central or South America has
This makes
any surplus silver. Every piece of coined sil-
ver in every country in the world is part of the
monetary circulation of that country, and even
when of short weight and classified as a mere
“token” is passing at par as full valued money.
No gain could possibly accrue, therefore to the
owners of coined silver anywhere by shipping
It to this country for any purpose, and there is
no surplus stock of bullion anywhere.
If anybody doubts this statement let him
make the attempt in all the money centers of
the world to buy from accumulated stock even
fd, 000,000 worth of it. He will fail to get it in
London, Paris, Berlin, Calcutta, New York, or
San Francisco, or in all combined. There is no
source from which to get silver except the cur-
rent supply from the mines, and whatever that
is now it is not likely ever greatly to Increase.
The term which we shall cover with
this investigation runs from August 13,
1890, to December 31, 1892.
During the period named, there was
produced of silver in the United States
139,000,000 ounces, of the value of $179,-
406,900, of
bought 129,779,322 ounces. So then we
Total production
Bought by government, 125*,779 322 oz.
But during the same period there was
used 17,450,000 ounces in the arts, which
We carried on successfully
Edward Evans.
At the outset, it
All she has is coined at the
which the government
caused us to use $10,615,825 of our coined
silver dollars for that purpose in addi
tion to that portion of the product of
our mines not bought by the govern
The silver bought by the government
was paid for with $124,632,429 in silver
treasury notes, whereas the 129,779,322
ounces thus bought had a coinage value
amounting to $167,415,325, so that the
difference which would have been
gained, in money, had the whole of it
been coined at a ratio of 16 to 1, was
$42,762,896. During the same period
our net loss in silver money, by reason
of excess of exports over imports,
amounted to about $13,000,000. This
loss by export, as also the sum of $lO,-
615,825 used in the arts, did not come
out of the silver produced during the
period named, but out of the stock of
silver money accumulated before Au
gust 1, 1890.
Cold figures, honestly handled, will
not lie. Our total gain by the free
coinage of the entire silver product of
the United States, for the two years and
five months, would hare been $42,762,-
896, or about 65 cents per capita for the
average population for the period.
Query—lf we gain 65 cents per capita
every twenty-nine months, how soon
will we have SSO per capita?
At this writing there is very consid
erable talk to the effect that the silver
men proper, L e., the senators and con
gressmen from the silver states, are
making overtures for a compromise in
the nature of a free coinage bill at the
ratio of 20 to 1. It is also said that
Senator Vest is preparing a bill provid
ing for free coinage at a ratio of 24 to L.
It will be interesting to know just
what the result would have been if wo
had had free coinage at such ratios
during the twenty-nine months in ques
At 20 to 1 we should have had $9,409,-
620 more than we have had under tho
operation of the Sherman act. At 24 to
1 we should have had $13,043,747 less
than we had as the law now stands.
George C. Ward.
Some Things It Would Accomplish and
Some It Would Be Powerless to pre
Commenting upon the very ablo
speech lately made by Chairman Tau
beneck upon the money question, tho
National Spectator says:
“Mr. Taubeneck in his speech strikes
staggering blows at the money trust.
How clearly he outlines its power for
evil. How well he understands that
free coinage of silver is only a make
shift, while the mines are controlled by
private parties. He favors the nation
alization of the gold and silver mines,
and the issue of all money by the gen
eral government. How skillfully ho
outlines the means for getting rid of
the money trust and its train of attend
ant evils.”
From a careful reading of Mr. Tau
beneck’s speech one can hardly draw
the conclusion that he had any such
idea in his mind as the nationalization
of the gold and silver mines. Rather
does it appear that he had in view tho
issue by the people’s government of
legal tender paper money under a sci
entific monetary system. The key to
his thought lies in the following para
“Just as it is impossible to corner an
article when its supply is unlimited, so
it is equally impossible to control tho
money volume when the right to issuo
it is in the hands of the people and tho
material out of which it is made exists
in unlimited quantities.”
That material is paper. But from
many other quarters comes this same
suggestion of nationalization of gold
and silver mines. Like all new ideas,
this one should be carefully and delib
erately weighed and considered from
every standpoint, to the end that wo
may understand just what good it will
do and what it will fail to accomplish.
Let us first see what it would do:
First—lt would absolutely 'prevent
uncoined gold and silver bullion from
being cornered by individuals or corpo
rations, and would put the control of
the entire output into the hands of tho
people's government.
Second —It would give to the govern
ment the profits, above cost of produc
tion, now realized by individual and
corporate mine owners.
Third—lt would render the interests
of those employed in mining gold and
silver identical with the interests of
the residue of the people, so far as is
concerned the volume of money in cir
culation and an increase in such vol
ume. This would remove one of the
most formidable obstacles in the way
of the adoption by the United States of
a scientific monetary system, free from
the superstitious fallacies of a barbaric
Fourth. It would place the govern
ment in a position where it could en
tirely cease the coinage of gold and
silver money and simply put the mint
stamp of fineness and weight upon the
bullion, for use in settling adverse for
eign balances, eta
And now let us see what it will not
do. So long as the government contin
ued to coin metallic money, and issued
it, the ownership of the mines would
give the government no power or abili
ty, whatever, to prevent the cornering
of such money, after it was issued. As
soon as money is paid out by the gov
ernment for services rendered or value
received, such government absolutely
loses all ownership and control of such
money and becomes powerless to pre
vent, or hinder its being cornered and
manipulated by bankers and money
Nothing but the assumption by the
people’s government, as a public func
tion, of the banking business of the
nation, can give the government power
to prevent money from being cornered
and manipulated to the injury of the
masses of the people.
—T he . re one satisfaction to be
had if silver is demonetized, the people
are getting so well informed on finance
in this country that they will do the
same thing for gold in a few years.
Then the galling yoke that has been on
the neck of labor for thousands of years
will fall, and the freedom of the world
soon be achieved.—Lamar (Mo.)
trial Union.
9,220,878 oz.

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