The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1885-10-29
A GOLDBUG SGaLPED.

A G0LDBUG SGaLPED.
Prof. LaugI,lin Ios-a Up and Ten Nails
Driven tn;o lis Hoi,.n.
The NorM Ancricas. Rerier con-
tains a reply b. L. l.. buchanan, OF
Denver, Colo, to Prof. Iaugh.in's ten
propositions against the continued COIN
age Of silver.
These p.opos itions are quoted by Mr..
Buchanan and replied to i'll tie follow
ing order:
silver has chat Ell wholly - rs,so;l Of de-
cline ii sil.c..
The contrary is the fact.
Gold has advanced much more than
silver has declined, ana Prof. Laughlin
is the only respectable authority that
seems to be Obvious OF lie fact.
2. .silver would be il ctuating STAN
dard.''
The inference is that gold is not q
@huctuating standard" The same
fallacy as No. |.
8. "rhat II silver COMA o is continued gold
will go out oi circulation ani thereby the
credit OF the nitei stat viii Ic in! aired
How? Why?
The United States has promised by
the most solemn legal cnnctments, un-
doubtedly penned by the AGENTS Of the
public creditors themselves, to pay
every dollar Of its Indebtedness Il either
gold or silver coin at its (the Govern
ment's) option.
The whole of tho Government debt
has been refunded with that express
agreement. How can it impair the
credit OF the Government to do pre-
cisely as it agreed to do?
4. The intro iuction of the silver standard
would produce '.damorali ing change in
prices.
The whole business and industrial
fabric of the world has been badly de-
moralized for considerable time by
the appreciation of gold, and conse-
quent shrinkage of values.
A rise in prices can only demoralize
creditors who are only / in 100 Of the
population, and that one is rarely en-
gagged in active business.
LIS not the Generalization greatest,
which affects ninety mine persons rather
tuteu Il1at W AACA uAcCtS Uut Oucs
B. The laboring classes will sutier.
This is certainly not true, as rise
in the scale Of prices always benefits
the laborers, the taxpayers, and prop.
erty owners.
This is rule without exception. No
economic fact is better ascertained or
more certain.
4. (Repeated.) Silver fuctuates more than
gold.
The most authentic statistics and
tests applied for the past fifteen years
prove the contrary.
United States mint statistics for the
decade Of 1870 to 1879 show that gold
fuctuated in its purchasing power dur
inc that ten years, from 9l.7 to 116.2,
or by 24a per cent, while silver duc-
tuated from S9.l to 100, or by 1919 per
cent. only.
| Z. Gold has been insariable.
Simply ridiculous in view OF actual
facts.
8. The passage of the Bland bill simply
| made it necessary that the Treasury should
| be gorged before silver can he got out upon
| the community.
There is less than fifty million dollars
now in the Treasury subject to be paid
out except in redemption of silver cer-
| tiicates. All the remainder Of the
silver dollars are in practical circula-
tion by means of certificates. Is It
possible that fifty millions Of silver can
gorge the Treasury?
Is it possible that the $3.50, ,O00, 900
now in circulation became SO only be-
cause of gorge-an overflow? Then
again. II gorge of the Treasury
vaults is possible or probable, why does
not the Secretary prevent it by paying
out the silver dollars in liquidation Of
Government obligations now due and
legally and honorably payable with
silver dollars?
How can the silver dollars get out
upon the community at large unless
the Secretary of the Treasury dis.
charges his sworn duty aud pays the
Governments debts?
Q. Green acks, now redeemable in god.
Greenbacks are redeemable in either
gold or silver coin, ut the option of the
Government.
The statement that they are @nov
redeemable in gold is an assertion mo-
supported Ly law, common sense Of
morality.
10. The Government coin debt is payable
IN gold. because mo silver dciiars were II
circulation from before lss0 to ls7s. durini
which period our bonds were marketed.
No bonds worth mentioning wer,
marketed between 1850 and 1860, anl
not q dollar Of indebtedness createt
in that period remains unnaid.
Speaking approximately, the whole o
the existing debt was created at tims
when neither gold nor silver was in cir
culation. So If irof. Lauyhlin's rea
soning is good. no part of the presen
Government debt is payable in eithe1
gold or silver, because neither was il
circulation when the bonds wer,
marketed.