The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-07-26
GIVE US A NEW DEAL.

Tho Only Scientific Money ID cuu Logan
Tender In Convertible Paper Bills.
A worthy citizen of Saline county and
one of our leading fnanciers, presented
for my consideration and reply cir
cular letter from certain mercantile
company of Cincinnati, O., PROFOUND
ing direct and pertinent questions bear.
ing on the financial situation, its strait
ened conditions and dubious outlook.
Under the John Sherman plutocratic,
the immediate safety and prosperity of
our tax-oppressed, debt-ridden land is
in jeopardy. This will not appear
mere rant or idle statement to him who
reads, thinks and studies the dangers
of present conditions.
Z Our country is on the dangerous
verge of financial crisis that might at
any moment precipitate chaos, anarchy
and revolution. Would not these nat
urally result if the wheels of commerce
stopped and labor were thrown out of
employment, bringing privation, hunger
and starvation? Such are the condi-
tions that exist to-day, and what
brought them about? This brings me
to the inquiries contained in the afore-
said circular letter. The letter stated
that our country is on a sound financial
basis, and then inquired the cause of
the present embarrassed situation, the
great cause of alarm in financial circles
and what would be the effect if this
Sherman silver purchase act were re-
pealed? l answered that the present
financial basis, that u.s. the gold basis,
is not sound one, and can never be,
judging for the future by the past.
The past financial history of our coun-
try is filled with financial wreck and
ruin when we made use of both gold
and silver. Gold and silver in the past
were more plentiful than now and their
need far less, as the demand for both in
the arts and requirements of trade, and
as a medium of exchange, were not
nearly so great as at present.
Gold and silver can never give an
ample currency because of the great
scarcity of the former, the insufficiency
of the latter, and the .inadequacy of
both. The annual product of both can
never furnish the required amount of
money to keep the vast machinery of
the commerce of the world in motion
with its numerous dependent and in
ter-dependent wheels and cogs
There are other reasons against gold
as sole medium of exchange. In the
use of gold, money sharks, in conse-
quence of it's great scarcity, are,
through a system of ski2lful financial
legerdemain, enabled to corner it
and divert it from it's legitimate uses
Anyone familiar with the debates on
the passage of the Sherman act kno VS.
that it was not the intention to redeem
the certificates in gold. This was an
after-scheme, a bargain made after
ward to swindle the west and south
the debtor class-and put money into
the hands of Wall street brokers, bank
ers and money-sharks who are now
through the connivance of those high
in authority-still robbing the people
of their daily sustenance
think 1 have answered the ques-
tions as to the cause of the present
Strengthened conditions. Now as to
the next-"What would be the effect
of the repeal of the Sherman act?''
Its repeal, without the substitution
of provisions more favorable to silver,
would utterly degrade the white metal
to a common commodity of simple COM
mercial value. Gold, having thus
pushed silver out of circulation as
money, would be the sole standard of
value, and, having the field to itself, as
well as being scarce and easily mani
pulated, would appreciate above it's al
ready high price, increase it's purchas-
ing power, enable money sharks to con-
troll the markets, reduce below the cost
of production all commodities and all
produce, whatsoever. BY silver being
thus demonetized we would lose over
one-half of our coin currency, which,
together with our limited cir
culation gold being left us as the
sole standard) would cause still
further depreciation of prices to fol-
low, thus inflicting disaster and whole
sale ruin on the producing and indus
trial classes Thus the repeal of this
infamous act, made in the interest of
Wall street, would precipitate fnan-
cial, agricultural and Industrial ruin,
if there followed no legislation to pro-
tect silver from the onslaught of the
gold monometallists
The old theories of finance, like hui
man codes and creeds, are vanishing
before the resistless sweep of this nine
tenth century's progress, which is
proving so demonstrative and regener-
ative-creating new theories, new doc
trines and new systems-thus enlarg-
ing human facilities and possibilities
The idea that gold and silver afford
the only safe medium for an honest
currency is giving way as the true ma
ture and philosophy of money-its
functions. it's beneficial uses and dan
gerous abuses-are becoming better
understood.
We know, if we know anything, that
neither the monometallic nor bimetalic
standard alone will do, but in addition
thereto we must have as circulating
medium legal tender treasury note,
ample and sufficient to meet the ever
increasing demands of commerce and
trade, issued by the national govern
ment. AS long as we use silver and