The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-06-22
The Crusade Against Silver
coin n GR.

Chicago Inter Ocean, June 8.
The dropping of the old silver dol
lar out of the list of our coins by the
act of February 18th, 1873, the limit
ing of our future coinage of silver to
a legal tender for only five dollars in
any one payment, and the abolition
of the legal-tender character of the
trade dollar for any amount whatever
by the resolution adopted by Congress
July 18th 1876, were not chance steps
taken in the dark, but deliberately
planned movements actuated by deep
seated motives, reaching out carefully
toward an end to be attained. Ex-
cept men shut their eyes blindly to
everyday facts, it Is easy enough to
perceive in the circumstances which
surrounded and accompanied the de-
monetization of silver in this country,
a conspiracy of capitalists to provide
legal advantages which would operate
to make them masters of the moneta-
ry situation, and pour an additional
stream of wealth into their pockets.
The origin of this conspiracy was
upon foreign soil; there is proof that
it was naturalized here by foreign aid.
Now let US look at some of the ef-
fects of this legislation at home and
abroad. Since 1858, throughout the
world, the production of gold has been
declining, while that of silver has
been advancing. This alone was SUIT
ficient to produce considerable change
in the proportional value of the two
metals, the purchasing power of silver
decreasing relatively to gold, and the
purchasing power of gold augmenting
relatively to silver. Neither was sta
tionary in value-bOtn were going
apart in purchasing power in directly
opposite movements. TINS took place
while the worlds exchanges, popula-
ton and production were proceeding
at an accelerating pace. OF course
the widespread characterization of sill
yer precipitated the fall in the value
of silver, and largely enhanced the
value of gold, because the demand for
the latter was swiftly increased while
slowly increasing its quality; and be-
ause the demand for the former was
rapidly diminishing while more rapid
ly augmenting its production. This
condition forces among nations which
adopt a gold standard of coinage q
competition for the possession of gold
"a struggle which enhances its pur-
chasing power by making it scarcer
and harder to get in all these coun-
tries.
Thus are the interests of the mass
es of the people sacrificed to subserve
| the interests of the millionares. The
great capitalists are the great lenders
of money to governments, to corpora
| tions, and to individuals. Being the
owners of vast amounts of public
bonds, of mortgages, and of other
pecuniary obligations, they neeessari-
ly obtain great advantage, and Sc
can aggrandiZe the value or purchas-
ing power of money which they can
exact in payment. This they can
and do accomplish when they have
laws changed so as to compel debtor:
to pay in gold coin. An additional
percentage of value has thus been add
ed TO the value of every bond an6
mortgage SO made payable. Already
this effect has been felt in the wide
spread deDreciation of almost every
kind of property. Should specie pay
ments be forced on January /, 1879, or
an exclusive gold basis, as now con-
templated and fixed by law, the own.
ers of property will be placed at the
mercy of creditors, who will be able
to sell ont debtors at such low price:
as to acquire the property sold, YET
leave an unpaid balance to hsrass the
future plans and operations of the nm.
fortunate victims. AS the govern
ment cannot be prosperous when the
people are not, the government, as the
greatest of debtors, must be involved
in the general ruin.
If for no other reason, the full re-
monetization of silver is requisite Il
prevent the resumption act from being
an act OF phenomenal treachery to tbs
people, an act of extraordinary op
preston, and a pitfall for the property
interests of the country. Let US M
longer sacrifice the general welfare tc
serve the selfish ends OF greedy mil
iionaires, most of whom are foreigners
II is the middle an the poorer classes
who comprise the bulk of our popula
ton, that most need the projecting
hand of the government. Capital
; strong in its opulence, and while
deserves the shield of the laws, it doe.
merit exclusive privileges, nor has
the right to be first of all considered
So we say, restore the silver dollar.