Milford chronicle., 1893-10-27

alue.
HIS COUNTRY CAN SUSTAIN BIMETAL-
LisM ALONE
rovided it viii cease buying abroad
nd keep its gold at home. Ours IS
he greatest gold producing country
n the world, and if we manufacture
2ur own goods, sending abroad our
.otton and grain, our farming pro-
lucts. keeping the balance of trade
n our favor, the metal will flow IL
rom every country until we will
eventually have the supply OF the
world. If the governments abroad
will not recognize silver as money,
they certainly cannot offer it to us
and expect us to accept it in ex-
change for commodities. We have
a right to say we will not receive sill
YER unless it is sustained by labor,
and until the governments place upon
il their promises to pay and we rec
ognize their capacity to fulfill these
promises, we will decline to give for
if produets of labor. Our 4l2 grain
pieces of silver signify one day
work and the honor and resources
of the government sustain the valu-
alton. A piece the same weight
issued by foreign governments rep
resents one-half days work, for 1t Is
sustained only by it's commercial
value. Is such an exchange then
fair or reasonable? Since promises
on gold are the only promises for
eion lands sustain by wealth, aceu-
mulated labor, we will take from
them in exchange for our products
only gold, we will not receive their
silver.
THE COMMERCIAL PANACEA.
We did not say in our former ar
ticle. as quoted by our correspondent.
that "the governments of the world
were bankrupt because they could
not pay for all the products that
come out of the ground or from the
factory" Every nation is bankrupt
because not one of them can honestly
redeem its promises The nations
.of the world have issued $35, ,000,-
100000 of paper promises to pay i9
gold when they have collectively
only S8,OO0,O 900, ,OOO to pay with, !
lis the extent of the gold coiEagd bt
the world. Yet monometallists say
the government should abandon sill
yer and issue more paper promises
to pa,nin gold that they cannot pos
sibly z and this is the panacea they
offer for all the industrial and com
mercial distress of the world. These
promises must some day be paid and
any one can see to what an enor-
nous extent the commercial value Of
gold will eventually advance under
such a policy.
CONTRACTION OF CURRENCY FAVORABLE
TO THE RICH.
Monometallists assert thatwe need
but little money in carrying on the
business of the country, "Only s pei
cent. of cash is required" in the eX
change of commodities. Monomet
alFsm is for the rich and it comes
clearly out in this assertion. Ii
commercial transactions rich men dc
not need money, they can purchase
| by means of personal notes, based
upon accumulated labor, in form O
| property. But the poor man cannot
purchase, he cannot give promissory
notes, he has no property to base
them upon, some shrewder man ha:
received the benefit of his work, he
has no accumulations. The govern
ment withholds money, and the ne
cessitIes Of life, with him, become
more and more difficult to obtain.
The rich, ever ready to accept sucl
advantage, give less and less for labor
laying up products in wealth fol
themselves, the poor working harder
and harder receiving a smaller anc
smaller piece of gold in return--but
gold never luctuates, the rich say
labor and everything else does.
! DESToNETIZATION DECREASING THE COM
MERCgAL VALUE OF SILVER.
The correspondent says that sill
yer was at discount before specie
payments were resumed but after the
resumption discount disappeared
| When silver passed simply as bul
lion it was worth the commercial
value, but as soon as the governnen
accepted it as money its price ad
vanced and the discount disappeared
This is precisely the plea Of the bi
metallist; the present depression o
silver in the commercial world is du
to its general decentralization; re
monetize it and its commercial valu,
will increase. He further says upol
this same point that when silver wa
demonetized after the war through
the promise of the government t.
paw its outstanding obligations il
cold, the metal was valued at "mOr
than dollar an ounce" The caus
of the present low valuation, then
is inadvertently manifest--in the ac
itself; demonetizing it has caused
decline ir price of from "mote tha
dollar" to sixty cents an ounce