The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-05-09
Why There Should BE Free Coinage.

from 81 SOIulllDuS correspondent VIM
says he wants to know i'll plain IAN
guaga our reasons for advocating the
free coinage of silver.
Out of the swarm of reasons that
present themselves we will select Il
few. We are in favor of the free coin
age Of silver
Because, from the establishment OF
the government down to 1873 silver was
q part of the dcbt-paying money OF the
people.
Because its decentralization, by Suirep-
titious means in 1873, robbed the people
of the basis of more than half OF their
debi-paying currency. When we say
the basis. we mean primary money on
which currency notes may be ISSUED.
The notes that are now supposed to be
based on silver are only rcdecmable i'll
gold.
Because the decentralization of silver
has immensely increased the value of
gold. This increase is shown by the
fall in prices of all commodities that are
the products of human labor. If our
correspondent will compare the prices
OF staple commodities in 1878 with the
prices in 1896; he will see that the aver
age decline is about 80 per cent In
other words 81 in gold will buy today
what .:33 in gold would buy in 1873
Call This Il rise in gold or IL fall in prices.
the result is the same 1t means that
4 farmer who could pay $50 debt with
one bale of cotton ten years ago is now
compelled to pay it with nearly two
bales. Does our correspondent fail to
perceive that this constant fall in prices
means the constant increase in the val
he of gold. the continual increase in the
value of debts and in the volume of in
tpreSt?
Because the unceaSing struggle Of the
nations 10 add to their stocks of gold is
another and Il powerful reason why gold
should constantly increase III value and
prices continue to fall.
Because low prices create depression
among the peOple-being another name
for hard times-and stitle enterprise.
BECAUSE the single gold standard is
devised to increase the profits of cent
per cent bankers and millionaire gold
sharks
Because. in short it is an invention,
growing out of the partnership between
the European monarchies and the mil
lionairc bankers. to plumber the people,
to rob labor of its profits. to make the
rich richer and the poor poorer.
There are many other reasons why
we are in favor of free coinage, demand
ed by the Chicago platform. Some of
them ought to occur to our correspond
IL. Z.
have given. AS a matter of fact, there
ought not to be any controversy until
the crime Of decentralization Surrepti-
tiouSly committed in 1873 is wiped out
by the restoration of silver to our cur
rency as Il money metal. it will be
time enough then for the money power
and its agents 10 show why our cur
rency system should be crippled by the
destruction of what is emphatically the
peoples money, leaving only gold to
supply the needs Of the people.
Our correspondent asks us in regard
to III" value of the silver dollar in Can
ada and Mexico. There has never been
a time. so far as we know, when a sill
yer dollar would not pass current i'll
Canada. 1t was stated n few days ago,
when the administration announced
that silver was discarded rs redemp-
ton money. that certain bankers of
Nova Scotia would only receive the
American silver dollar ut its bullion
value. When n government diScrcditS
its own coin what more natural than
that o5hcr people should follow the eX-
ample? AS TO Mexico we know nothing,
except that that country has never
closed lis minis to silver.
The silver in Il dollar is worth, when
melted, about GA cents in gold and this
is because the metal cannot be taken
to government mint and recOined into
Il dollar. Our correspondent wants us
to be plain and we shall try TO be as
plain as an old shoe. The silver dollar
melted is worth only "a cents in gold,
but this disparity exists only when we
compare the silver with gold. Silver
metal. worth only ca cents in gold, will
buy nearly Though not Quite as much
cotton. wheat or other staple commodi-
ties as it would in 1873.
Here is an interesting fact. 1t is
the gist and essence of the Whole bust
ness. If silver is found in 1898 holding
much the same relations to the staple
commodities as it held iii 1873, although
1t and the other commodities have fall
en- in value away below gold. what is
the inevitable conclusion? Why. that
gold. owing to the increased demand
for it as the sole basis of currency, has
tremendously increased in value-tfat
gold is. in effect, commanding an extra
ordinary premium as compared with
other commodities.
But we will put it in another form,
80 that a ten-year old boy can under
stand it, Suppose that in 1913 ten
mounds of cotton would buy bushel
of wheat or bushel of corn. But sup
nose that in 1898 it would take fifteen
hounds of cotton or a bushel and a half
of corn to buy bushel of wheat. Would
those engaged in the transaction say
that cotton and corn had declined in
nrice or that wheat had become dearer!
The value of the metal in a gold dollar
has become so dear that it is worth
abo,1t 81 80 in the staple commodities. .
The silver dollar melted into bullion
being worth only 81 cents in gold, the
correspondent wants to know how con-
press can make it worth 100 cents BY