The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-23
ACCUMULATION OF MINES.

| Some Things It Would Accomplish and
Some 1t Would Be Powerless to Pre-
| vent.
Commenting upon the very able
speech lately made by Chairman Tau
beneck upon the money question, the
National Spectator says:
''Mr. Taubeneck in his speech strikes
staggering blows at the money trust.
How clearly he outlines its power for
evil. How we'll he understands that
free coinage of silver is only a make
shift, while the mines are controlled by
alization of the gold and silver mines,
and the issue of all money by the gem
eral government. How skillfully he
outlines the means for getting rid Of
the money trust and its train of attend
ant evils.''
From a careful reading of Mr.. Tau
beneck's speech one can hardly draw
the conclusion that he had any such
| idea in his mind as the naturalization
of the gold and silver mines Rather
does it appear that he had in view the
issue by the peoples government of
legal tender paper money under q SCI
entific monetary system. The key to
his thought lies in the following para
graph:
''Just as it is impossible to corner an
article when its supply is unlimited, SO
it is equally impossible to control the
money volume when the right to issue
it is in the hands of the people and the
material out of which it is made exists
in unlimited quantities"
That material is paper. But from
many other quarters comes this same
suggestion of naturalization of gold
and silver mines. Like all new ideas,
this one should be carefully and DELHI
erately weighed and considered from
every standpoint, to the end that we
may understand just what good it will
do and what it will fail to accomplish.
Let us first see what it would do:
First-It would absolutely prevent
uncoined gold and silver bullion from
being cornered by individuals or corpo-
rations, and would put the control of
the entire output into the hands of the
peoples government.
Second-It would give to the govern
ment the profits, above cost of produc-
ton, now realized by individual and
corporate mine owners.
Third-It would render the interests
of those employed in mining gold and
silver identical with the interests of
the residue of the people, so far as is
concerned the volume of money in cir
culation and an increase in such vol
ume. This would remove one of the
most formidable obstacles in the way
of the adoption by the United States of
scientific monetary system, free from
the superstitious fallacies of barbaric
age.
Fourth. It would place the govern
ment in position where it could en-
tirely cease the coinage of gold and
silver money and simply put the mint
stamp of fineness and weight upon the
bullion, for use in settling adverse for
eign balances, ETC.
And now let us see what it will not
do. So long as the government contin-
ued to coin metallic money, and issued
it, the ownership of the mines would
| give the government no power or abili-
| ty, whatever, to prevent the cornering
of such money, after it was issued As
soon as money is paid out by the gov
eminent for services rendered or value
received, such government absolutely
loses all ownership and control of such
money and becomes powerless to pre-
| vent, or hinder its being cornered and
manipulated by bankers and money
| brokers.
Nothing but the assumption by tho
peoples government, as a public func-
ton, of the banking business of the
nation, can give the government power
to prevent money from being cornered
and manipulated to the injury of the
masses of the people.
There is but one satisfaction to bo
had if silver is demonetized, the people
are getting so well informed on finance
in this country that they will do the
same thing for gold in a few years.
| Then the CALLING yoke that has been ON