The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-28
LET'S HAVE IT. ANYHOW

LET'S HAVE IT, ANYHOW.
a Scientific Monetary system Demands
an Absolute Legal Tender Paper Dollar
Tho silver Question.
The government of New South Wales
has thrown up the sponge in regard to
gold, and proclaimed bank notes legal
tender currency as the only way out of
the financial stringency there. From
gold to fat money at one jump is dis
tinctively kangaroo performance.-Chi-
cago Mail
And let the advocates of the single
gold standard take warning that unless
silver is remonetized gold also will be
demonetized and fat money be resorted
to, for the people will have money from
some source. Congressman Warmers
Bimetallic Circular.
Why not resort to fat money, any
how? So far as is concerned the vol
ume of money, free silver will afford
but little, if any, relief.
Every ounce of gold not used in the
arts is converted to the money use, and
even after being coined the supply of
gold money is constantly being drawn
upon for use in the arts, $4,000, 600 in
gold coin being thus used in the United
States during the fiscal year ended juno
30, 1891.
The worlds entire production of sill
yer, except about $40, OOO, 900 coinage
value) annually, is officially accounted
for as used, and no one knows the
whereabouts of that $40, OOO, 900.
If the total available supply of silver
had been coined into money at it's coin
age value, we should yet have suffered
a loss of money in circulation, by rea-
son of exports of gold.
The theory of metallism, whether it
be known as ''mono" or obi" offers no
prospect of relief to the toiling masses
of humanity. Let us earnestly con-
tend for an absolute, legal tender, fat
dollar, based upon the unavailable,
elastic and uniform ideal unit of &C
count, the figure one ~, called by the
name dollar" or any other name.
So far as gold is concerned, there are
no insuperable or even important OBJ
stacles in the way of it's demonstration
by the United States and the displace-
ment OF our gold money by legal tender
paper money. So long as England and
the principal European nations remain
upon gold basis gold will always be
worth as a commodity as much as when
coined into money. We should be the
gamers to just the extent of the value
of the gold in our possession.
Mr.. Gallat1n said: eff in a country
which wants and possesses metallic
currency of $4,000, 900, paper cur
rency to the same amount should be
substituted the $4,000, 900 in gold and
silver, being no longer wanted for that
purpose, will be exported, and the re-
turns may be converted into a product
i've capital and add an equal amount to
the wealth of the country
AS have stated in a previous article,
foreign nations take our gold by weight
as commodity, whether in the form of
coin or bullion, and the fact that it is
coined into money does not seem to in
terfere in the least with their taking it
away from us when they desire so to do.
But when we come to consideration
of the silver question, we are confronted
with an entirely different state of af-
fairs The prevailing conditions may
be briefly stated thus:
Our chief competitor in the produc-
ton of wheat and cotton, the Indian
empire, is upon a silver basis, silver be-
ing the money of account and the silver
rupee" the unit of value. An ounce of
silver bullion has, in India, a coinage
value of about $1.33, and has depre-
ciated very slightly, if at all, in it's ex.
change value, or purchasing power the
rupee having an exchange value of
slightly more than 40 cents.
During the ten years, 1Ss1-1S9O an
ounce of silver bullion, uncoined,
would buy upon the average 64.6
pounds of wheat in New York. but
coined into rupees, 4SO grains of silver
would buy, in India, 70 pounds of
wheat For the ten years the average
gold value of an ounce of silver bullion
was SLOT, and the average freight upon
70 pounds of wheat from India to Liver
pool was 10 cents. During the ten
years, then, England could lay down in
Liverpool 70 pounds of wheat at an av-
erage cost of s1.21.
Thus, because of the low price of sill
yer consequent upon our assinine silver
policy, England is enabled to lay down
in Liverpool, at gold cost of $1.21, a
quantity of wheat that would cost her
$1.41 were silver worth it's coinage
value, or s1.29 an ounce That is to
say, that although the price of wheat
in India, for the ten years averaged
81. II per bushel, England was able to
buy it in India at gold cost of 81 cents
a bushel.
Now. what does England do? And
how does her action affect the Ameri-
can farmer? The price of wheat for
the wheat-exporting nations of the
world is adjusted and affixed in Liver
pool, England. England now demands
that other nations shall furnish her
wheat at what it costs her in gold to
lay Indian wheat down in Liverpool.
Does she get it? Yes! Marvelously do
the statistical facts testify to the &C
curacy of the theory maintained by the
Farmers Alliance and the silver men.
submit the following tabulated
| statement:
| B S55SS5sSS57
| IL IL: :: =: Year ended
|? :::: :::::: 8