The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1893-07-14
SILVER MOnOmetaliiSm.
[Louisyille Courier.Journal.

The opponents of the repeal Of the
Sherman law have a great deal 10
say about binetHlllsm. This il 8
much abused word, being used in a
considerable variety OF senses. In
the proper sense Of the word most OF
the opponents Of the Sherman law
are bimetallists, and better bimetal-
lists than the mine owner, who
advocate policy that must lead to
recommendation at that.
1t is idle TO expact that ii we 60 on
buying silver aud losing gold we can
keep gold and silver circulating to-
getner, with the bullion va ne Of the
former nearly twice that OF the latter.
The alternative is TO sinG to the sit
yer basis, with the bullion va'ue of
silver as the measure Of value.
There are those who think that
this would be no misfortune They
Insist that it would only injure the
great capitalists and corporations,
and that the mass Of the people
would not be hurt, but rather bpne-
tited. This is not an eleva ed view
OF the subject, but il is inflIeutlal
with some people, and deserves eX-
animation.
Among the best hated corporations
in this country, whether Justly or uu-
Justly hated is not msterial to this
inquiry, ere the railroads. Thes4
corporations owe some tEOusaNds OF
millions OF dollar. Tuey b9!one
emphatically to the DEBTOR class
Their obligations are held eXtenIively
by persons OF moderate means as in.
vestnents. II the value OF these
securities were scaled one. .haf, th+
COZ porstions would not be the CHIEF
sufferers, but the holders OF th-i'
securities. Yet this woul be the
effect Of silver m0nometalllsm, OF
dropping to silver bullion STANDARD
Another class of corp lrations
though not 20 unpopular, are the in.
surauce compsnies. Tney have i'm.
mense obligations in tue shape OF
policies on life aud property reaching
into many billions of dolla;I Thes-
are held by all classes of people from
almost the poo e-t to the richest
Those upon property are contingent
on the occurrence OF losses by fi'e
but life policies, uules5 forfeited, are
certain to become payable sooner OF
later. Tuese have nearly all beer
issued at gold values, and sitve,
recommendation m .an9 that they vii
be paid in currency having abont
half the purchaHng power that tn,
policy. holders have been led to eX
| mt IL
the policies or certificates of the
numerous fraterual orders through
out the country. Tne man whC
thinks he is insured for 50 ,00l. gOlt
value, will get s. 900 worth OF silve
bullion, or lis equivalent, worth ahou
$1,000 gold value.
Tue deposits in the savings hank
represent the savings OF people o
small means-w0rkiug people, VIII
are accommodating little fun agaiDs
the intirmities OF old age, to purchas
homes of their own, to educate thei
children, or Tor some other lau1abI
purpose. These deposits amOInte,
last year to $l,7l2,000 The los
that would accrue to these depOsitOr
by deb&sement of the currency !
b-yOnd the power OF the human min
to conceive. Men talk vecy familiar
ly ABOUT billions OF dollars, bat n
finite intelligence eau realiz5 hO'
much billion il.
A large proportion of the people {
this country are wage workers. ST
yer recommendation would reduce TN
purchasing power OF their wages b
One-half. In process Of time thes
wages would doubtless 90 up. But
IS the common experience in All il
stances wher- a d-based c1rrenc
has brought inflated price, that III
wages OF labor are the last TO ris
aud that it is years before the rise i
wages equals the iEcresse in the co
Of the neoessaries Of life. TO sink
the silver standard is, therefore,
entail frightlul losses on laborin
people in the purchasing power {
their wages.
This argument docs not assum
that there il any higher morality i
robbing a rich man than in d-frau
ing poor one. The notion that
sound currency rebounds to the ben,
tit only of the rich is oae founded i
ignorance and p"eiudlce, aud requir,