The Indiana State sentinel., 1893-07-05

.
this country who are demanding large
ly increased amount Of currency in the
belief that the ease of getting dollars is in
direct ratio to their number. Many OF
these men are in debt, and they are cast
ing about for means To SECURE the money
10 pay their Indebtedness. 1t is their
idea that double our present amount OF
circulation per capita viii give them 81
where they now have ore; that every
thing will advance in price, and that
crops will bring in money as they did
twenty years ago. That this view is
false there can be no doubt. Dollars are
easy or hard 10 get IN proportion as
their purchasing power is small or great.
The purchasing value of a gold dollar
lies in its actual value. und can not be
diminished unless an unexpected i'm
mense supply of the yellow metal should
be found and thrown upon the market,
or the demand for IT decreased by de-
monetization throughout the world. The
number of grains in a gold dollar will
buy a given amount OF wheat. regulated
by supply and demand. whether we have
s24 per capita or S4S. Tne gold in the
dollar is worth that given amount Of
wheat.
The claim IS made that the purchasing
power of a gold dollar will be lessened
by the issuance Of SILVER certificates
based on gold, as It is practically an in
crease of the gold supply for currency
purposes This amounts 10 almost moth
ing, as gold is rarely used in exchanges,
and the silver certificates would only be
a slight addition to she paper medium
IL Fe-
orders. negotiable notes, etc, founded
on a gold basis are the chief part The
gold dollar having an actuHl value as a
commercial commodity equal TO given
amount OF wheat. no tuggler OF congress
can make a European consumer-or an
American-pay us two gold dollars for
it. Congress can not change the ratio
between agricultural products and gold
TO any appreciable extent. and the
wheat. corn, cattle and hogs sold of a
farm will bring just so many gold dol
lars, according to the demand and sup
ply of such articles
Silver certificates issued upon silver as
a commodity bought in the market and
issued upon its value measured by gold
standard are the same as gold certifi-
Gates or gold coin. Ali these schemes
for the purchase OF silver and the isSu-
anCe of certificates are only different
forms Of the alliance sub-treasury plan
products with modification. Just as the
farm products are not money, so is the
silver in these schemes not to be money
as contemplated by our constitution. but
a commodity on which an amount Of
certificates are issued that will equal the
marketable value Of the silver, meas
ured by a gold standard. This being
true, how can the farmer expect to get
an increased number of dollars for his
produce, or increased price for his farm?
The price Of wheat is a certain amount
Of gold in the worlds markets. and only
that amount of gold, silver or certificates
based on gold, can he get.
There Is, OF course, some advantage %
the borrower in an easy money market
and an increased currency makes an
easy money market, as a rule but the
farmer VIII not see a return of high
prices through any issuance of silver
certificates on lot Of silver measured
In gold dollars Nor will he see it in an
issuance of greenbacks. provided the
issue is not sufficiently great 70 impair
the credit of the country When our
credit was below par. greenback dollars
were less than gold, had less purchas-
ing value. and We're therefore, easier
TO get. So long as they or silver certi-
hcateS are worth their face value in
gold, just so long is their purchasing
power as great as gold, and they are
as hard TO get What then. is the
remedy?
The only means by which there can
be return, in a constitutional way, 10
the higher prices of the past. or, in
other words. to that condition in which
the purchasing value of a dollar is less
than il now is. and Ii is easier TO get.
lies in our right To return to the un-
limited coinage OF silver at the old ratio
between il and gold, that existed be-
fore its demonstration many years ago.
Owing to the limited supply Of gold its
demand
many nations. and it's use in the arts its
supply has failed 10 keep pace with the
demand This has, of course, increased
its value, as such a condition would in
crease the value OF any article Silver,
owing TO free production and other
causes, has been able 10 supply all de-
mands. and therefore has not kept pace
with gold. Like wheat and ali other
farm products. IL is cheap. With the
old ratio Of coinage, the silver dollar
has not the actual value Of a gold dollar
It passes for the same as a gold dollar
inside Of our boundaries only because
the number is limited. II is like a cents
worth of nickel. stamped five cents -
passing for a five-cent piece
II there is free coinage Of silver at
the old ratio. and it is made full legal
tender for all Indebtedness the same as
gold. the amount will be suf1cient to
cause such dollars. in time, TO be worth
only their actual value The value will
be only dollar. and just as honest a
dollar as gold one, and lust as con-
StitutiOnal. but IL will be a dollar OF old
time purchasing power. or partially so
and the gold dollar will show its true
character that, owing TO scarcity. its
purchasing value is always increasing
and IS too great Is compared with other
arucles, and while the dollar itself is
TOO hard to get to be an honest dollar
Tor the producers of commodities that
Ike silver, are sufficient for the demand
and deserve 70 be measured in silver
The result Of unlimited coinage of ell
yer and the restriction of it's Durcbasine
value to its actual value would be Of
course. 10 enhance the price OF all pro-
ducts measured in il. just so much as
the purchasing value Of the silver dollar
or the paper would be less than the pur-
chasing value Of the gold dollar or the
paper dollar based on gold. It would in
no sense be nat money or a debased cur-
rency: but fair. honest. constitutional
dollar with less purchasing value than
the dear gold one, and therefore easier
10 get.
There are some slight benefits 10 be
derived by the farmer from silver Ger
tificates based on silver measured in
gold. but absolutely free coinage of SILL
Yer at the old ratio-not a new one equal
izing silver with gold-is the only road
this class Of farmers can afford TO travel.
II they expect "tO get there" Whether
their aims and wishes are best for the
rest Of the people as well as themselves
IS another question.
PIoV in the Potatoes.
The question has been asked: Why do
farmers continue TO use the one-horse