The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-20
THE CASE CLEARLY STATED

WI. l.. MI. 81.
THE CASE CLEARLY STATED.
NO International Bimetallism In.
cluding Great Britain is
Possible.
sept. i, 1888 Senator Allen pre-
sented the following memorial:
which was ordered printed.
PART II.
Practically the United States are
borrowing gold on call. In this re-
gard we have no independence what
ever. Let the United States, by
iegal enactments or otherwise, make
goid the exclusive money basis and
we VIII be completely ruined peo-
pie. AS the result of what has been
done by the government of the
United States already and as the re-
suit OF what is foreshadowed the in
dustrles Of the country have been
paraiyzed, business men have been
oankrupted, laboring men have been
throWn out of employment, and
universal depreciation of property
values has occurred east, west, north,
and south-everywhere through the
United States-and TO an amount
within the last six months. equal to
the whole money cost of the late
war.
For whose benefit is this? Not
the people Of industry. for they are
suffering. This wreck and ruin is
for the profit Of the money lenders
OF Europe and the United States.
Out of the deprecated property
values in railroad and every other
kind Of investments the money
lenders select their prey at their
own prices, and those who before
were exOrbitantly rich become richer
at the expense Of and by sacrificing
the men OF industry, who arc the
stay and support Of the nation.
? The money lenders and their ad-
vocates say they do not want cheap
money. For once they have not lied.
They do not want cheap money.
They want it as dear as by any pos
sibility they can make it. But
there is no cheap money in the
United States. OF whatever mater
ial it may be, in whatever form it
may exist, to whatever issue in
money,form the laws give the money
function, all Is equally money in the
United States, to pay all debts and
obligations, and to purchase all
kinds and forms Of property. What
can our people desire morc2' What
can they have better?
In the effort to exclude silver from
the money use of the. United States,
which the money lenders falsely call
cheap money, the money lenders
have made cheap labor, cheap farms,
cheap factories, cheap wheat, cheap
corn, cheap cotton, cheap everything
among us that has its value mea-
sured by money; and Il cheap nation,
for all we have seems to be in the
market, at the deprecated prices
fixed by the money lenders.
The gold monometallists falsely
claim that the export OF gold is
caused solely by the existence Of the
silver certificates, issued under what
is called the Sherman law of 1890.
The Director Of the Mint, in his re-
port for 1892 (p. 42), states 'The
heavy export Of gold commenced in
1888, aggregating to July. 1889, $61,-
435, $3.50. In the summer Of 1890 an
other movement commenced, which
continued for two onths, with a
total export in that brief period Of
$I5,672, 1882.
THE SHERMAN LAW HAD NOT THEN
BEEN ENACTED.
As a result Of the collapse of the
Argentine Republics securities in
1890 the failure Of the English bank
luS uOuSC VI DdIluS DIOGIlcIS III ICJ1,
gold was exported to the amount OF
$40, ,233 ,494. No Sherman law in this.
Gold was taken because it was need
ed.
Besides, we have had large balances
Of trade against the United States.
English failures in Australia have
occurred and also gold demands in
Austria. These are the sufficient
cause for the export Of gold from the
United States; not the Sherman law,
which has had no more necessary in
fuence than the eide wind" The
direct effect of all Withdrawals of
gold from the treasury, on deposit Of
legal-tender paper currency, is to re-
duce the volume of our circula ting
medium to the extent Of such depOs-
it's Gas ordinarily the current receipts
of the treasury equal the disburse-
ments), unless such deposits in the
treasury of legal-tender paper money
shall be loaned to or be deposited by