The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-14
The H0ARDERs OF GOLD
Mr.. Ray illustrates How They
Profit by the Present Con-
dition.
He Says These Beneaclaries Can
not Control the Worlds FL
nances Inde flnitsly.
Silver Production From Discovery Until
Converted into Bullion Costs Every
Cent Of Market Value,


Az yVAS sBouV VI ~ ~ A"As ANSA"Sss 80
sumes that II the United states DEGREES free
pr oz) all other nations now atrAyed against
silver would maintain their hostile attitude
indefinitely, and the United States DO COM
PEELED TO enact the role Of despot. and that
unsuecessfully. l admit mother aasump-
tion. Fundamentally this contest is one OF
mono w. bimetallism. q brief consldesa-
tion Of which will clarity matters. Gold
and silver have boon used AZ money BY tho
world from tins immsmorial. Abou 1873
. general movement began 10 dsbnss silver
and make gold alone legal money. With
what ehectI Widespread disaster. Why?
Let us see. Taking the entire world there
is maintained approximately an equilibrium
between the aggregate value OF metal
money, and the total value OF all other
property. Imagine a pair OF balances. in
one ran put, oil the worlds gold
and silver. In the other all her realty,
raw and manufactured PRODUCTS. etc.
the two pant weigh alike. What results
II one-half the metal ~(silve:) IL removed
from one PAM Immediately . correspond
inaF dec ease occurs in tho total value Of
realty, products. labor, etc.. in the other
Daus HOW uO0b tuIb ouO9luOuu Il NJ nBS
affect those In debt? Reduces their assets
half md TO that extent prevents their paying
debts. The business OF the world 10 done
on credit, credit 10 based on confidence In
the debtors ability to pay mi his inteR.
rity; impair either qualification and tho
creditor at once becomes distrustful and
sndeavors to protect himself. The great
credit Of, ucturs of tho world was erected on
. gold and silver foundation; destroy one
half this foundation and tho superstruc-
ture falls. Who profits by this disaster
and the establishment Of q gold standard?
The hoarders Of gold. the shylooks and per
Sons with fixed incomes.
Can these bcneiciaties contfol the
worlds finances indefinitely? No. Tho
present nsarlv universal distress clearly
demonstrates that mono-msta!lism Injuries
masses and profits only classes. The ma
iority will soon realize that and return to
use OF silver. II an ''immutable law" OK
lists against bimetnllism why was II mop.
e,ative for nRes preceding 1873 and In force
since? Legal obstacles hnve been In the
signed our declaration Of independence
been deferred by them va would TO-DAY be
a British colony. The legal objections
mentioned by Mr.. Nelson will be lost in a
cyclone whom the people understand the
full import Of this struggle for financial in
dependence.
Turning to the question of ratio and ''fat'
money. To-day with silver at twenty-five
cents the ratio is twenty-seven and one.
half to one. Mr.. Nelson by advocating a
ratio OF twenty to one (1.03 ozs.) admits
the Rovernment's power to "hat" twsnty-
fifty-four cents Il. 20 ozs.) and a sixteen to
one ratio. l do not plead for OK believe in
Fat" money. A common, but erroneous,
conception of this matter 10 that because
silver is debased o IL must remsin 80.
ard any legislative efforts TO advance it lie
it ono attempted to lift himself by
pulling at his bootstraps. This ID false.
The truth IL that the use of an article moro
than any other factor determines the mar
ket value. II invention. or fashion, or ar.
bitrary law renders a thing useless It's mar
cost OF production or quantity. Restore ite
use and the value retn ms. Let tho United
States apply this to silver. onaot free COIN
age at sixteen to one ratio. and the market
value Of $1.29 per ounce 10 there without
any "fat," but by virtue of usefulness.
opposed to a sixteen to one ratio. Why 10
England against us? Because for twenty
years her merchants have been buying sill
yer. largely from us, at from 81 cents to
$l.29 per ounce. coming tho same in India
at $l,4o DER ounce. 1ftesn TO one ratio.
,ocketing the profit ('nat") OF II to 6S
cents per ounce. and using the rupes thus
coined to pu chase wheat and cotton from
India. Result 10 whas2 The exports Of
cotton from India increased 225 per
cent. Of wheat 700 rer cent, while ours
corr spondinolv decrease In quantity and
in price from 10 cents 10 seven cents for
cotton. and from $1.3l to 81 ccnts for
wheat. How much longer will the cotton.
wheat. and dependent industries Of tho
United States submit to this? England 10
our great commercial rival. claims to be =
GOLD standard nation. yet IN 1880 she coined
$66, 600. 600 in silver against our $39. 0O0. 600.
EnGlanA's entire possessions produced that
got the other $50, OVO. Ooo? Well. We fur
nished her half of II. Can England estab-
lish a gold standard In India7 No. tho
has tried twice and failed. The 200. 600. 600
natives want silves rupess and can't
be forced to or ooa1ed to use
anything else. Why did England
recently close her India mints to free
o crushing blow to silver At an opportuns
time. hoping thereby to obtain a COM
promise favorable to her interest, and later
when coinage was resumed to secure the
profits for tho government revenues in.
stead of as formerly permitting individual
merchants TO pocket them.
What il the policy. aye more. tho duty OF
the United States government Clearly &c
take from England this weapon go disas-
tronsly welded by her aRainat us. If w
in silver states rally around our magnificent
champion, Mr.. Bland. courageously and
persissently put facts before our sister
states We shalt quickly have an u%nconqusr
ably following and be free from financial
bondage to England.
Helena, Aug. 13. 1893.