The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-09
Jonas Howe on Free Coinage.
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Jonas Howe on Free Coinage.
EDITOR REPRESENTATIVE:
The value of money is governed by
the same law of supply and demand
that obtains in commodities; when
supply is short the demand increases
the price or value; if this proposition
is once generally accepted it would
follow of course that money restrict
ed to any one metal as scarce as gold
or silver, or money based on one
metal or both metals, would not be
sufficient in quantity to do the
legitimate business of the country,
necessitating the use of credit or
confidence to make up the deficiency.
And confidence is based on money or
wealth; and when both are absent
confidence will tumble like a cob
house when the stills are kicked out
from under it, and the expression so
much in use just now to account for
hard times, ''lack of confidence" is a
way of expressing the truth obscured
by thin veil. eff a government
contract a debt with a certain
amount of money in circulation and
then contracts the money volume be-
fore the debt is paid, it is the most
henious crime a government could
commit against a people" -Abraham
Lincoln. Why? simply by contract
ing the volume it increases the value
of what money there is left and de-
creases the value of all kinds of
wealth from farm produce to the
price of days labor. AS witness,
the New York market price of wheat
in 1867 two years after the war when
the soldiers had become producers,
was $3 per bushel, and cotton upland
29c. per h., butter Soc. per h., corn
$1.164 per bushel, flour $40 per barrel.
Wheat was quoted in Chicago, July
IL, 1893, at 67ac. per bushel. In 1867,
two bushels of wheat would pay Sc
tax; in 1898, it takes over 81 bushels
to pay the same tax. In 1867, 400 lbs.
of cotton would bring SIG; in 1893 it
would take 1851 lbs. to bring the
same money. In 1867, farm land in
Ohio would bring on an average 800
per acre in 1890 it was offered for SIG
per acre. In the New England
states it used to be valued at $50 per
acre; in 1891 thousands of farms were
abandoned by their owners for they
could not make living on them nor
sell them at any price. There has
been a general depression of prices
since 1873, averaging two per cent per
annum or forty per cent IN tsoo gears.
Now brother farmers can you see the
cause of hard times? And do you not
see that if the mongers succeed in
demonetizing silver or prevent the
free coinage of it, harder times are
in store for us? And the remedy lies
in our own hands and the blame will
fall on us if we neglect our plain
auty. But what is our duty as voters
as soverigns and inheritors of free
government? Evidently, LIST to or
ganiZe and educate ourselves. Or
ganizatiOn is the school for grown
up-men, in which each helps to in
struct the other. But, says one,
what's the use? Money rules and al
ways will rule. Money rules both old
parties. Stop and think what are
you saying! The phrase if true would
be rank treason, not alone against our
government but against human
rights for self government. There
are certain self evident rights claim
ed for man in our Declaration of In
and 'that to secure their
rights, governments are instituted
among men, deriving their just pow
ers from the consent of the gov
erned." 1t nowhere claims or grants
any rights to the almighty dollar"
Our fathers had an abiding faith in
the honesty and integrity of the peo-
pie and nowhere expressed doubt of |
their ability to govern themselves or
a fear that with a free ballot in their
hands they would not defend them
selves from the aggression of the
very rich; they endured the hard
ships and deprivations of an eight |
years war against foreign foes and
domestic traitors, never expecting
that their descendants would fall SUI.
pinely into the snares of plutocracy.
They successfully resisted the power
Of King George, trusting that their
descendants would have vigilance.
manhood and patriotism
enough to resist the diplomacy of
Ernest Seyd with his golden argu-
ments. If $1,000 men own three
fOurths Of the wealth of the u. S.
what binders the remaining II .OOO. 900
leaving out the odd 96S, 900 flunkeys
TO vote with the millionaires), the
rest of the people who would be bene-
1ted by a larger volume of money.
!arge enough to cut the interest
Town to two per cent per annum:
;hen the producers of wealth could /
retain large share Of it.
4 Tow n un--