The prison mirror. [volume] (Stillwater, Minn.) 1887-1894, 1893-07-20

SALTWATER, MINNIE
fixed standard of value is necessary
accompaniment Of confidence, and
without confidence, no credit, for 80 per
cent. of the commercial transactions
are conducted on the credit system or
basis. One thing is assured, and that
is, that the United States alone, with
out the cooperation of the European
powers, cannot maintain the value of
silver. OBSERVER.
Xxx
President Cleveland's call for an ex-
ira session Of congress is no doubt the
right step in the right direction. Ever
since the success of the Democratic par
ty to place their leader at the helm of
the ship of the Nation, depression in
financial and commercial circles has
been felt. Some of our leading indus
tries ceased to operate; our imports in
creased, while our exports decreased
with the exception of gold shipments,
which flowed across the ocean while the
head of the nation and his advisers
stood by, powerless to prevent it. until
now, it has become dire necessity to
pass measures to repeal the Sherman
act. But whether the repeal will take
place, and, if it does, whether it will
put us on a sound and safe financial
basis, is much to be doubted. What we
need is money, whether gold or silver,
which will represent its full face value,
here and abroad; and, until we get this,
the trouble is likely to continue.
SITS.
My idea is that no man should pay
more for thing than what another
man can buy it for. The government
might better buy wheat, corn, hogs or
iron, and store those useful articles
away against rainy day, than buy sill
yer. Nobody wants to haul along lot
of silver when he goes to buy bill of
goods for cash. If government is just
to issue gOOd-fOrs on the security of so
cents worth of silver and 80 cents worth
of Uncle Sam it might just as we'll 60
little further and give us dollars
worth of Uncle Sam and have done
with tinkering. There is no stability
to the value of silver, it is trade COM
modify; why then fuss with it except
for small change purposes. While we
are fussing everything is going to pieces
and there won't be enough of the body
polite left for decent inquest if the
doctors don't agree quickly. AS saw
it put in some paper lately why should
81 ,OOO,O 900 people be heavily taxed to
maintain 100000? (?)
Glancing over the silver question we
find that those most interested are a
clique of mine owning politicians. They
need market, the government is their
market, if that market fails them the
price of silver will decline; naturally
their cry is "mOre silver" But if the
government continues it's purchase of
silver, the decline will result, for like all
marketable commodities, competition
would lower the price, and unless pro-
duction ceases, the decline will con-
tinue. The former price of silver was
80 cts, an ounce, to-day III Cts, loss
of 181s cts, on every dollar heretofore
coined. If production continues in the
same ratio, the decline will also con-
tinue in the same ratio, and this loss in
value is sustained by the people. The
intrinsic value of the dollar is to-day,
644 cts, the people pay 100 Cts, for it
loss of 35A cts. Added to the 1917
GUS, loss In Cne price pald Tor silver we
have now total loss on every dollar
coined, of 5411s cts. Who gets the 354
cts, profit? LEONARDUs.
In 1862 specie payments were stopped
The legal tender substitutes fell below
par. Then gold was made the only ten
der for the National debt and interest,
and was followed by the demonetizing
of silver. This, believe, brought on
the panic of '73 and the subsequent
hard times, out of which grew the agi-
tation for silver resumption, as business
improved. Not touching the grand
work of Mr.. Bland in presenting the
common peoples ideas, we come to the
sherman law" to which is charged all
of the disturbance in commercial circles.
The sherman act,' is not the cause,