Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-13

weighed silver coins that had been mint
cd prior to it's passage. but the 17th sec
ton deprived silver bullion OF It's riRnt
of being coined into full legal tenoer
money on either government or private
acceunu. In no section OF the act was
Il specifically pointed out or referred 10
that the effect OF the act was TO cnanRe
the standard of values OF gold ana siiVe,
TO gold alone. The act when passed
was not read, except by title, and that
title. instead of expressing It's rear cnar,
acter, read: An act revising anu
amending the law relating to the mint,
ASSAY Office and coinage OF the United
states" tits notorious that this tran
cendent change in the money system OF
the country, affecting the most vital IN
terests. was carried through without the
knowledge or observation OF the peopie.
II was neither demanded by the resolu-
tlons of public meetings or polical con-
ventIops. nor asked for in petitions
from the people. In It's relatlon
to double or single stahu,
ard it was hardly mentioned
in the House, aud not atall IN the senate
The press of the country was silent,
| and for three years it rested unooserYed
bv The public. The actual demonetIza-
tion Of silver. coined and uncoined, was
not completed until 1874, In June, by
the following section (5556) OF the Re-
Vised statute:
".Tbe silver coins Of the United States
| shall be a legal tender at their nomlnai
value for any amount not exceeding
| five dollars in any one payment,
whereas the act OF February 18th, 1873,
did not demonetize or in any way erect
the silver dollar of 1853, or authorize
! its discontinuance, or prevent It's coin
age The above clause was interpolated
| into the statutes by the revisers, and as
/ the statutes thus revised were enacted
| in bulk, the demonstration OF silver
was effected. ,,
The foregoing / have taken bodily
| from q book published in 1856, entitled,
"Labor and Finauce." Thus is told
| tho simple, plain and truthful story OF
the decentralization OF silver, being one
| Of the greatest crimes ever perpetrated
in the history of civilization. Inc
whole scheme, through one pretext
or another, is TO utterly destroy tne
yalue of silver as money In order 10
| contract the currency and increase the
J purchasing power Of gold or whatever
| circulating medium we may have pay
able in gold. The effect OF shrinking
and swelling the values OF money
unon the industrial and COM
mercial prosperity Of a country are
most disastrous" As you increase
the volume of money, you diminish
! its purchasing power and increase the
price Of labor and products. AS you
! decrease the volume Of money yon In
crease its purchasing power and de-
crease the price OF labor and products.
The latter Is the game now being
pIayed. The point is contraction pure
and simple; every business transaction
entered into upon bi-metallic STANDARD
| must be settled for under gold stand
ard. Now, who is going to pay the
! freight on this enormous difference
! from one point to the other? Well, L
| presume that Mr.. Jones, as usual, Will
| have to pay the freight. The people
| seem to be proverbial for locking the
stable door after the horse is stolen.
AS gold rises in value all other property
deprediates rreSpondingly. AS you
destroy the purchasing power OF silver
Won Increase the purchasing power OF
gold. The New York Public, imam
cial newspaper, estimated that from
| 1873. being the time silver was demon
itized, to 1878 the purchasing power OF
gold increased 81 per cent. The Econ
OmiSt, a London financial newspaper,
estimated for the same period that the
rise in gold was 30 per cent. One rig-
ured upon commodities in New York
and the other in London. Suppose
that man In 1873 had borrowed 500
and paid it back in 1878, how many
more cattle, hogs, sheep, or how many
more pounds of wool, wheat, corn, po-
tatoes or other property would 1t re-
Qure to procure the same same 500
with which to pay back the loan? IL Is
plain. Is not this the principal cause
| OF the gradual reduction from
year TO year in the price Of
wool, wheat and other commodities?
AS we near the gold standard, 1t re-
ouires a greater quantity Of wool to
purchase a given sum in gold, than 1t
| did under a standard OF both gold and
silver. In other words wool has simply
been hunting It's relative value from
bi-metalc or double standard, to a
single or gold standard. So it is with
other products. No wonder there is de-
preston in every kind OF business, except
money lending, for the past few years
Can the people prosecute, with any de-
| gree Of success, any business whilst the
value of their labor, products and hold
! ings generally are gradually and con-
! tinually depreciatng as compared with
/ gold, gold seeming 10 be the basis to
which we are being forced? The bust
ness mans profits Of to-day are more
! than swallowed up by their deprecia-
ton tomorrow. The business man can
! not do business on a downward market.
/ The Denomination Act OF 1873 has
/ done it all, aud nothing now stands be-
/ tween change from bi-metalic basis
to . gold basis, except the Sherman Sill
YER Act II will be repealed, then the
steal will be accomplished. Under the
cry OF Union" Immediately following
/ the close OF the war, the bulk OF the
| Western lands were stolen and other
crimes committed, and now under the
cry Of sound currency" hundreds OF
millions will be taken from the people
by the depreciation Of the value OF all
property, except money, which increases
In value. Europe could not have &C.
complished the destruction Of silver
without the aid of the United States.
| Why did she assist? HONESTY.