The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-07-27
A. M'GREGOR,
THE VETERAN DEMOCRAT DISCUSSES
THE MONETARY SITUATION.


Both Gold and silver-what tho Single
Gold Standard Would Do for the Debt
or Glasses.
EDITOR NEWS, DEMooRAT:-
The American people are again becom-
ing agitated over the money question and
the President has been induced to con-
vene congress on the 7th proximo.
As usual the chief magistrate will send
q message TO congress when he learns
from the two houses that they are or
Ranized and ready for business. In tsis
message the President will doubtless refer
to the financial situation and business
disturbance and possibly recommend
remedy.
Il is generally believed that the Presi,
dent will recommend repeating the
Sherman Law of three years ago, which
required the government TO purchase
4,500,0O0 ounces of silver per month and
issue therefor certificates which have
been thus far redeemed by the govern
m mt in gold, This policy indicates really
that the government recognizes only the
gold standard.
A financial collapse always brisgs busi-
ness ssHguation, followed by serious times,
low prices, depression of Tabor, and in fact
q general tumblinR of houses that Jack
and others have built.
All this is but additional proof of that
principle In Natural p philosophy, that action
and reaction are equal. II is cause and
effect.
II seems TO be admitted that our hnan-
cial structure Ia n sorry Affair, and the gold
cure has not so far proved buccess.
There is much false pretense, and has
been fraud in fact, all sorts OF scheming
for personal advantage and emolument'
The financial trouble of the last three
years, as ] understand il, may be traced
80 a ha hpIOrA
the late Presidential election the tariff
was held to be the paramount issue, since
then all other matters must give prece-
dence to the move to make gold the sole
unit of value.
And, let me say, it is thought by many
people that the present financial disturb.
ance is the result of q combination of
money magnates to so alarm the eople
and Congress that they will get silver
knocked out and make gold sole ruler
throughout. Would that not be joyful?
Would not the golden calf be paramount
again II often happens though, that
"the best laid schemes of mice and men
gang aft aRlee.n The approaching ses-
sion of Congress imbues these mngnates
with "Rreat expectations" seeming to
think things are ripe and ready for the
mplishment Of their purpose, We
shall see!
The fret step in the gold cure plan is
will be to knock that out first. These
gentlemen do not propose, as yet, going
back twenty years and repeating the
clause that demonetized silver, and was
the first foul step in oil this infamy. Ac~
cordIng TO all accounts Senator Sherman
had big hand in this piece ot"steaith.
The gold advocates talk much about
the depreciation of silver. When demon
etized in 1873 silver was about per cent.
above gold. II was nfter this demone>
tizing that silver deprecated as compared
with gold, for IL is, ss compared with
gold, and it 10 more correct really TO say
that gold appreciated. In proof OF this we
need only remember that silver bullion
now will buy az much wheat, cotton, wool
etc., as 1t would twenty years or so ago.
If by legislation " increase the demand
for gold Its value necessarily increases;
and hence the fall Of prices since the
fraudulent decentralization OF silver, the
more abundant and the more useful
metal.
1t is admitted on all hands that gold has
risen in value at least 80 per cent. since
the demonstration of silver in 1873, and
is still rising. And as gold has rlsen
prices have fallen, and must continue to
fall. In this way the burden of debts and
taxes increases. Is 1t not plain that this
scheme of me- king gold alone she stand
ard metal of value il most hidden and
effective engine for the robbery of the
people?
Not only is a gold standard VI just, but
Ii Is dangerous, as there ID not sufficient
supply for currency. Heretofore, with
gold and silver as currency, the money in
circulation constituted the representative
of value, and il was not subject to sudden
dangerous variations calculated TO diS-
turb values to any serious extent. Of late
years great banks and treasures of the
great nations Of Europe and this country
contain the bulk of the gold. OF less than
four billions OF dollars OF gold in the
world about two billions are in the banks
and treasures referred to. 1t 10 not cir
culating and is controlled by q few hun
dred persons. The money standard it
will be seen then is controlled and manips
ulated In the interest OF great creditors.
The scheme 10 to force upon Us gold
standard without gold currency!
Bi. i.metalliRm would make tho control OF
the measure OF values by few men in
possible. And then, why not putin circu.
lation the gold and silver In the treasury?
On the first of May, 1893, this gold and
silver amounted TO S3l1, ,097, ,779, available
for the redemption of greenbacks and
notes OF the government. The United
States Constitution is bi-metallic docu-
ment. The founders were men who
believed in gold and silver and intended
nothing else. They were not, aB rule,
ready 10 adopt the British funding and
royalty system. For years before the late
war our government collected all the
revenue ia gold and silver, and paid out
nothing else. During the Mexican war
our soldiers and sailors and all employees
of the government we're paid in specie.
Democratic platforms have invariably
been framed with view ITO maintain,
pro tect and defend the constitution, and
establish Justice" Accordingly the platI
form of 1892. adopted in convention AT
Chicago, denounced "the Republican
known as the sherman act of
1890, as n cowardly makeshift frauRht with
danger" The platform lso says: I'VE
hold TO the use of both gold and silver as
the standard money of the country, and
to the coinage Of both gold and silver,
without discriminating against either
metal or charge for minIAge, etc."
/ cannot think that Democratic Cons
Rress will become the servceable create
ures of the gold schemers. The people
are not with the goldbuR gentlemen,
They have felt and feel now how prices
and properly have been and are
All this too, under
the cooling, pooling John Sherman, and
the protective presumption OF McKin-
lev ism.
Undoubtedly there 10 much to be unI
done and the Sherman mRkeshift Ia one
of them. The first wrong step was Ia
1873, when silver was sneRkingly demone-
did not decline In value until after 1873,
and the gold advocates bowling over this
decline are taking advantage of their
own wrong. 1t 10 something that Shers
man q Co, acknowledge their wrongful
q ~ ~ 1900 Thav fairly clamnF nnw for