The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-07-08
The Crime of the Century.

ACPtilAO0oiy OSIuOucClLtu 6llvtT Has
been apply called the "crime of
1873" The broader conspiracy Of
which this Infamous measure was
an incident, might be properly
termed the crime of the century.
When considered with reference to
it's influence upon the commerce
and production of the world. no
event has been SO important, SO far
reaching or SO disastrous in its
consequences as the monometallic
movement. We call it conspira-
cy and a crime, but leaving such
terms aside it was, at all events, and
is bold and deliberate scheme OF
the bankers, and of the creditor
class of England, aided by their
serviceable agents in New York, to
force the world to pay all debts
and to measure all values in gold
alone. The result has been the
most stupendous robbery ever eff
fected it has brought the people OF
several of the nations to the verge
of universal bankruptcy.
Whatever may be the true scien-
tific monetary system of the future,
| the practical and. actual medium
of exchange throughout the civil
lied world has been and is coin OF
the precious or monetary metals,
that is to say gold and silver. For
centuries and ages the commerce
and industries of the world have
been controlled and directed by
means Of such money. 1t has been
the ultimate measure or rather
measures Of of all values. All final
balances in international commerce
have been adjusted and settled in
coin metal; not in gold, as the ad-
vocates of the single standard in
sist, but in the coin metals, gold
and silver. This has been and still
is so simply because these two pre-
cious substances have a universal
value, SO that all people in all lands
have been willing to take them at a
fixed rate. Such rate or value has
been determined by the volume or
amount of the monetary metals in
existence as compared to the aggre-
gate wealth of the world. When
these metals, from one cause or an
other, have decreased their pur-
chasing power has increased and
vice versa. The destruction of one
half Of the money metal of the
world would mean the reduction by
one-half of the price or value, when
measured by the money metals, of
the accumulated wealth Of the
world. Hence the movement of
the bankers and creditor class, of
which we are speaking, to force the
nations to the single standard of
gold. The metallic money of the
world is about half gold and half
silver. BY demonetizing silver
retiring it as money metal-they |
hope to double the relative ex-
change value or purchasing power
of the gold, in which the debts held
by them must be paid. The scheme
has succeeded SO far that prices, in
all countries where gold is the
standard, have shrunk by more than
thirty.six per cent. This means
simply that gold has appreciated
that much, for the fall of prices and
the appreciation of the standard
for the measurement of prices are
precisely the same thing.
The movement for the general
demonstration of silver has actual
ly increased the relative value of
the debts held in England against
the rest of the world by thousands
of millions of dollars. 1t has been
estimated that the income derived
by the British holders of foreign
securities and debts is in excess of
$500,OO0,0O0 annually. This rep
capitalization of $1O,000,-
100000. The appreciation of gold
by 80 per cen: has increased the
relative value of these debts to that
extent and impoverished the debtor
class throughout the world in the
same proportion.
But this is not the worst Of the
evil. While the securities and
debts, which represent just so much
gold, have vastly appreciated in
value as compared to all other
;hings of value. except gold or its
equivalent, the other wealth of the
world has shrunk in value, that is
20 say prices have fallen. The ef-
iect of the universal decline in the
value of accumulated
wealth and the products of labor
nas been to create distrust in the
future. The industrial activities of
he world are paralyzed by uncer-
,ainty. If all prices in the gold
standard countries have fallen thir
" per cent by reason of the partial
characterization of silver, what may
not happen if the conspiracy is
wholly successful?
The recent action of the Govern
ment council. in India in closing
he minis of that vast dependency
Of England to the free coinage of
silver had the immediate effect, of