The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1891-10-16
- TRuE IssuE


Arrest tEa Depreciation IN the VsIss a.
LhslE Propartg-
have been entertained, and I uauat
confess, ConaldsEa'blT Gn-used by q Por-
usal Of the article from the pen Of u.
W. Wheeler, Of Seattle, Wash-, a. pub
liahed IA your journal of August IS
under tbs GaptiouE Free Coinage OF
Silver va NstioRai Bank CirculEtion-' %
Ar. Wheeler not only puts the people
in a false position and volunteers 20
formulate for them unsou1a premises,
but he uloFically reasons from his as
sumed premises 70 unsound and falss
conclusions Trusting that the Amerl-
can Banker is willing 20 give TO both
sides Of controversies q fair hearing, I
Offer few ideas IN defense Of free coin
age and the peoDle'a demands Mr.
. Wheeler says that money Is "a com
modify, established as q medium of ex-
change. the value of which hes been
hzed by the commercial world, etc % Is
not Mr. Wheeler mistaken Is money
a commodity And Is not the value OF
money afizsd by lavT Is &c possible
that all the standard authorities and
[ the supreme court Of the United
States are at fault ia this mat
money Is an ideal thing, 8 legal
fiction. Mr. Wheeler then Hays that
/ 1.-THE basis OF which (money) is gold,
and by this the value of every article
/ OF commerce and trade is dNedt and
/ this Is true OF silver, whether bullion
Z or coin, etc" Indeedl Suppose during
\ the next panic which takes place in
I India Mr.. Wheeler should go over
| there and try 60 borrow silver money
| upon gold collateral Could he do it2
/ No indeed Why not? Because gold
I IS not legal tender 10 payment OF debt
! in India Legal tender Is the essence
/ of money value Mr. Wheeler recog-
] ufRaa fnfa fact in his r=rnuEI-a "a hnFrF
/ wheat, which 7 will notice further on
/ But would Mr.. Wheeler have us under
[ stand that during our entire history
/ prior 70 1873 we had no money? He
/ will, during that period covering
. about eighty years, seek in vain for
J gold basis" How, then, and why did
/ gold become the basis? II Mfr.
| Wheeler Will reflect hs may conclude
that law, and not the commercial
world, hNed both the basis and the
] value thereof.
Mr.. Wheeler, in the course of his ar
ticle, In discussing the national bank
/ ing question and the demand of the
/ people that the national banking sys-
| tenn be abolished, has touched upon
I the leading vital issues between the
I people and the Plutocracy, 20 wit: The
value OF money as affected by its vol
umo and the rate of interest it bears,
and the relative merits OF the policies
of leaving the regulation OF such value
in the hands of individuals and corpora
tiona, or restoring such regulation 20
those whose sole preroEutivs 10 is-ths
people through their congress But
Mr. Wheeler disingeuuously attempts
to place the people ia false light as
regards their contention IN this behalf
by assuming for them that the chief if
not the sole desire animntiug them in
their demand for the free coinage OF
{ silver is an imitation OF the volume OF
currency and (what Mr. Wheeler ap-
pears 20 think would follow . reduc-
tion OF the rates Of interest in this
! Mr Wheeler Is not only disiugeuuoua.
. but he betrays therein ignorance Of the
laws OF finance. The people answer,
first, that they demand the restoration
OF silver 90 its money functions and
I the privilege OF free coinage iu order
20 treble what fnuuciers are won't %
call the basis OF standard OF value, %
which, under the existing system,
measures labor and all its prod ucts by
the value Of a metal or com oditY, the
supply OF which is constantly and
{ steadily decreasing Ia the face of a rap
idly increasing population aud volume
/ of domestic exchanges. The people
want to get on a gold basis, " which
means 70 them declining prices foE
land, labor and all produc.si ruiz
bankruptcy, despair and ohiitsratiou
Second. the people know, and Air
, Wheeler ought 20 know. that an In
crease in the volume OF money mp % q
certain limit, would have a tendency C
raise rather than lower Interest rates
The reason is plaiu-more money, mor,
business more business, more demand
l for money; iucreass demand for mon
| CIV, higher rates of interest During
! | periods of general depression and fall
- I ing prices people dare not borrow mon
ey 70 invest Besides, increased vol
9 D. in ~
. . labor and comm0dities- Six per cent
I I with wages Zt one dollar per day ID
. / better than eight per cent with wage
, / AZ one dollar and a-haH day. Au IN
creased volume of money would he'll
those now IN debt Coupled with
Z lower rate Of interest it would not ouii
y help them but all future p1stcrity
:, The alliance intends % have bou
10 more money and lower interest
4 MIR. Wheeler quotes Senator etsvvar
Z as follows. 'sThe government does no
buy gold; it coins it for the owners O
. the bullion 20 furnish money for tn
% people" Commenting upou Senate
Stewards statement Me-. Wheeler saws
Suppose silver was coined ia the sam
manner, what would it be WoFth7 Sim
I ply what the law Of supply aud deman
p would tx upon 10 in gold. and the Pric
of coined silver would ducuats iu th
market the same as silver bullion doe
Gl=AaFa mere MI w AaeIeAaA ~ EhlAA y
T. radically, eternally wrong Aud no
p only Is he wrong, but he aclEuovl ge
s that he is wrong in his remarks con
IS Gel ming wheat OF which more anon
- Gold is now and silver would be, Wer
l 10 accorded free coinage g .Verned b.
O the following dEed. fundamental Eu
% imm uuabIe law, to-wits When o meta
, iz used FOR money aud the total suppl
e Of such metal t. annually consumed 10
e use 10 the arts, etc, and coined int
$ money. the whole of such annual suE
e ply takes 20 itself the money value al
e fEed by Law 20 the portion coined int
.e money, and the commodity value be
.e comes merged into the money value
r. Mr. Wheeler can. perhaps, understan
p this b. asking himself this question
j Would not q man be a fool 20 take les
than one dollar for such metal as b
taking 20 the mint he can get coiue
into a dollar2 Under free coinage ever
q ounce Of silver would at once take Z
y itself its money value. and such none
D. value would become its market Valus-
Ia. D a. Hu