The advocate., 1890-06-25

n uptO the full value OF gold2 Why in
crease the standard silver la a dollar from
4i2% grains 20 over 800 grains, which is
done by the Window bill2 Why not bring
the relative value Of gold down 10 a parity
with silver, wheat, corn, cattle, and other
commodities by increasing our volume OF
silver dollars and silver certiiicatesg They
would take the place Of part OF our gold,
diminish the demand for gold, bring gold
down, and bring the prices Of all com
mOdities up. The people of this country
are more benefited by rise In the price Of
wheat, corn and all products Of labor, than
they are In the rise of gold.
repeat that the secret OF the secretarys
bill is 90 demOneti1e silver, reduce us 10
gold basis, make gold the measure OF all
values, make all our government bonds pay
able I'm gold increase the value OF tho dollar
with which all Indebtedness has 10 b0 paid
no least 28 cents The more valuable dol
lar is, the more labor, wheat corn, ETC.,
u takes 20 obtain dollar Hence when you
increase the value OF our currency % cents
ON the dollar, which the Window bill seeks
10 do, you 10 that extent, increase the burdens
OF the people who have all indebtedness 10
pay. The following is an estimate Of the
present indebtedness Of our own country;
Public debt July l. 1889, ,,,...,, StGtO OG73, ,3l023
Debts OF states and territories In
Guiding all municipal debts, l,903, ,OOi ,775.00
Private debts, say".,.,,,,,,,,, lb,0O,OOO,WOOO
Si7,OOi ,b75, 1893
II is impossible TO give n correct estimate
Of the private debts, but parties who have
investigated the subject have generally
stated II at larger amount than we have
named. All these debts must be paid I'm the
taaaI AnvNhas HnIInu tsfhtuh stftII Ia Ia ssnIA
dollar under the s0cretary's bill. When
you incroase the value OF the measuring
dollar with which these debts are measured
28 cents, you increase the indebtedness of
the people 28 cents on every dollar, and ~
per cent Of 1904 ,b75, ,i15.23-Our total in
debtedneRs of oil kinds h S5,Ol3,28l ,O3l,D,
and this IL the amount of money the Win
dom bill would legislate out of the pockets
Of the debtor classes into the hands Of the
money y-lenders.
This would increase the indebtedness of
the people of the United States about SS3
per capita, and over MOO TO every family of
Ave persons. / believe 10 would be easier
for the people 60 pay this indebtedness in
standard silver dollars of 4l2J6 grains thani II
would in silver dollars OF over 500 grains,
and am opposed TO increasing the burdens
OF tho people for the benefit OF the bond
holders and other creditors, Az proposed by
the seoretary's bill. Again, Mr.. Speaker,
what effect would silver certificates issued
under the secretarys bill have upon the
b8bO,0O0,OOO Of silver certificates and stand
ard silver dollars now in circulatiOnp
dollar note issued under the Window bill
at the present price of silver would repre-
sent over 500 grains of standard silver,
while our present silver dollar certificate
represents but 412l6 grains OF standard sill
yer. How would you expect these two cer-
tiiic0tes Of unequal value TO circulate side
by side Ht parY Would not the dollar note
representing over 800 grains OF standard sill
yer depreciate the dollar certificate repre-
senting but 4l2l6 grains Of standard silver,
and would not the government be forced TO
call in our present silver dollars and silver
certificates and issue in their place Treasury
notes under the Window bill2 Such would
certainly be the result IL the stamp OF the
government in coming money and giving II
legal tender character adds nothing 10 its
value, as claimed by the gold bugs. II
must be remembered that the treasury notes
TO be issued under the secretary's bill are
not lawful money, are not legal tender,
and are not redeemabe in money.
They are mere warehouse receipts TO show
certain amount of silver has been deposit.
cd In the government warehouses. To UNI
dertake TO use silver In this manner gives II
no more the character OF money than no
much iron, wheat, corn, or any other pro-
duct deposited in the warehouses of the
government as security for such circulating
notes, and the value Of silver under such
conditions would be as luctuating as other
commodities subject 10 the various specula-
tive rings that would at once be formed.
You never bring the value of two gOmmOdi-
ties 20 a fixed ratio. Their values change az
commodity as silver bullion, and when
you undertake 10 bring the value Of gold
and silver 20 q fixed ratio regardless Of the
effect which coinage and legislation have
upon their value, you will find il as impOssi-
ble as 20 bring the value Of iron and copper
90 a ixed ratio.
NJ lSvaaLor tho ,oo,,Ia do,,,o,,d ,,ct ,,,1,,