Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-07-06
Uncle Sterling Morton on Silver.

Uncle Sterling Morton on Silver.
Our Unncle J. Sterling Morton's talk
on the silver question, leaves a very
strong suspicion that he has been
caught on the short side of the brains
market, and Notwithstanding a very
urgent and pressing demand, so far the
supply has failed to catch up. He
frisks around the financial question
with all the nimbleness o. a COW that
endeayors to discharge the functions OF
a kitten. In his endeavor to elucidate
his financial ideas, he gets tangled to
such an extent, that, should Mr.. Cleve-
land undertake to straighten him out,
he will have more difficulty and worry
with that job, than with those misguid-
ed people who are afflicted with the
ssmad craze for spoils." Uncle Morton
wants the ten per cent. bank tax re-
pealed. Why, pray? What necessity
is there for banks of issue? Evidently
because there is an insufficiency OF
the circulating medium. Silver is not
good enough to meet this demand, al
though it has great intrinsic value,
but s.wild cat bank note" that is not
a legal tender and that has no intrinsic
value is all right.
This is very fine scheme, but it
does not take powerful magnifying
glass to see through it. The idea
seems to be to give the people the
notes of these banks in lieu of silver,
and then to smash the banks and get
rid of the bank notes and silver, too,
so that the money barons may have
unquestioned control of the money
market
Another of his ideas is, that the
government shall vacate its constitu-
tional power to coin money and regu-
late the value thereof, and simply affix
its stamp certifying to given amount
of gold or silver, and not giving either
metal any legal tender quality. Why
not include platinum, copper and al
luminum among the metals to be
stamped by the government? Why not
let the government certify to the quail
ity of diamonds or other precious
stones? This leads to the question
''What is money!" Money is copmod-
ity with an especial use. 1t is meas
ure of value as well as a medium of
exchange. ALI value is primarily a
product of labor; value can only be
conferred by labor, and it can come
from no other hand. Without a medi-
um of exchange, we would be confined
to barter. The man who might want
new hat, would, if he had wood to
sell, be put to considerable trouble in
getting his hat, or the baker who
should desire new coat, might exper-
fence difficulty in turning his bread in
to that garment. The government
steps in and undertakes to furnish the
medium of exchanges. 1t takes piece
OF paper or piece metal and stamps
it, which guarantees to the possessor
that the amount of labor certified by
the stamp upon it has been performed.
Silver and gold, almost to the exclus-
ion of other metals, have been used by
civilized nations for the purpose of
money, because they furnish a further
guaranty in themselves, that the
amount of labor certified to by the
stamp of the government has actually
been performed.
OF late years the price of silver, as
measured by its purchasing power, has
remained stable, as is evidenced by the
fact that an ounce of silver will pur-
chase now, nearly as much as it did in
1873. In other words, bar of silver
bullion will buy as much cotton or
corn now, as the same bar would have
bought then. On the other hand a
bar of gold bullion will buy vastly
more of the commodities that men
have to sell. now, than the same bar
would have bought in 1873. This |
shows that its value has appreciated. |
The man in 6ebt, if he has to pay his |
debt in gold, is compelled to pay it in |
q commodity worth very much more
than that in which he agreed to pay.
Consequently. he is robbed of the
amount of the difference. The people
want stable money. and not one that
increases or decrease in value. The
people of the West are, and have been
in debt. and they want to pay their
debts in money no more valuable
than they borrowed. This is especial
II true of the state that Uncle Morton
misrepresents in Mr.. Cleyeland,sl