The farmers' union. (Memphis, Mo.) 1891-1895, 1892-01-14
SILVER Is NOT NEEDED.
THE WHOLE METALLIC BASIS A
DELUSlON.
The Stamp OF the Government Il Suf-
iiclent. and There's No Need Of Either u
Silver or Gold Reserve Back Of Oun 1Ia-
tiOnal Currency.
The Coinage Of silver.


eral calculations intended to convey to
his readers an idea of the immense
volume of metal thus stored away, which
would occupy 33, 500 cubic feet and make
a solid column of silver q foot square
and about six and a half miles in height.
The points Sought to be made by the
writer are that this immense mass Of
silver, SO long as it remains boarded, is
rs dead and incapable I rendering any
useful service as it was before it was
mined; and, secondly, that the Govern
ment's policy has not only failed to
maintain the old-timc ratio of value be-
tween gold and silver, but has been CO.
incident with IL remarkable decline in
value of the latter metal. 1t is no doubt
true that for all practical purposes the
four hundred million dollars worth of
silver might as well he sent to the
melting pot and used for artistic
thing is equally true as regards the gold
coinage. The increasing use of paper
in one form or another is rapidly super
sediny coined money; in fact, has en-
tircly superseded it in all large trans
actions. But under existing conditions,
including the prevalent politico-ecOnomi-
Val SuPCISlillOl luatt IIlVHVS III oiuCA
to retain its face value, must be based
on metal coinage, the silver accumula-
tions in the Government vaults serve a
vastly more useful and necessary pur-
pose than if they We're trans
Though the silver dollars them
selves are not in circulatiOn,- the
silver certificates representing them are,
In,o ll ~
our available currency. The withdrawal
of this volume of circulating mcdi-
um would be ruinous to every
body but the Shylocks and gold-bugs in
whose interest Mr.. Wells writes. The
silver is there serving exactly the same
purpose as the gold reserves in the
popular ignorance, a sacrifice to the de-
lusion that nothing is money which
does not purport to represent
one of the so-called precious metals
If only that money is honest which
is based on hard coin. the silver
certificates are certainly superior
to the national bank currency, mas
much as there is dollar in specie be-
hind every dollar called for by silver
certificate, while the actual gold coin
age is utterly inadequate for the re-
demption of the bankers issues. The
fall in the value of silver is mainly due
to the tacit conspiracy of the money
kings everywhere to dem, netize it and
reduce it to the level of a commodity
Whatever diminishes the volume OF
money gives increased power and larger
profits to those who control the tinan-
cial system. Therefore, for many years
,,14 l. Ill 4.
line upon silver with the result that il
has been demonctized or reduced to an
inferior position in many countries, by
means of which the wealthy and cred
itor class have been further enriched at
people. With all that Mr.. Wells
says as to the intrinsic alb.
surdity of keeping hundreds of tons
of silver under lock and key in the Gov
crnment's vaults, while the actual WORK
of exchange is being done by the paper
representing it, we heartily agree. But
the writer must imagine his readers tC
be very stupid if he supposes they can
not see that this argument tells moi
against silver coinage merely, but
against the whole metallic basis delu
sion. Some day the people will be in
telligent enough to undertand that there
is no need of silver or gold reserves al
the back of the national currency so long
as it has the stamp of the Government
and then the anomaly of coming hun
dreds of tons of metal which are never
destined to go into circulation will bs
abandoned. But in the meantime, as
concession to this lingering superstition
the coinage of silver is the only safe
guard against a limitation in the volum,
of currency which would bring abou
well-nigh univeral stagnation.-k.o Of L
journal.
Both Parties in Danger.
May it not be the gold party which il
using the two great parties of the coun
try and the one little party of Phari
sees to play the cuttle-fish game ant
prevent the ople from discovering tn,
cause of hard times and depression?
The money kings of Europe ant
their lieutenants in the United States
undoubtedly would like to frame tn
issues of all parties, SO that there coul'
be no inquiry as to the method by whicl
the wealth of the country is transfcrre,
from the producers to the parasites o
humanity. The gold trust offers to re
ward each of the great politica
parties by free gift of the elec
toral vote of New York if nothing i
| said about the silver question. All tha
they ask for the offices they confer upoI
both parties and opposing candidates
| fidelity to the lords of contraction, stag
nation and hard times. One or tn
other party must reject the bribe of tn
kings of avarice and look to the people
and not to their oppressors. for support
| When that day comes, the chains q
contraction to a shrinking volume G
| gold will be broken, and the kings G
avarice dethroncd. If neither part
will legislatc for the interests of tn
producers of wealth, but continue in tn
service of the exploiters of money, a
emergency may arise when the peopi
will refuse longer to submit to cxtortio
for the sake of party names. Neithe
of the great political parties can L
| united on the so-called gold STANDARD
which means contraction, falling price
and hard times The party which boldl
| declares for the restoration of silvc
more money and good times will be vic
torious in the next Presidential election
! Washington Cd. c. Post.
O. r. Morton Against Glass Legislation
Senator O. P. Morton, who, Will
Governor of Indiana was known as tn
great war Governor" could hardly l
classed as a calamity hOwler' or as
political crank" He would be thu
classed, however, if he were alive to-da
and should utter the burning, scathin
words in denunciation OF class legisls
tion and the methods employed to secul
the enactment Of these class laws b
Congress.
Was Senator Morton falsifier, or ca
it be possible that he was mistaken {
deceived when he thundered forth frol
his seat in the United States Senat
these strong words Of denunciatior
Ponder well his language:
There is gathered around the capt.;
of this nation gang of pirates, VIII
thundercd successfully at the doors unit
they have driven this government int
the most preposterous acts Of bad fait
IL Ia