People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-06-23
LET'S HAVE 1T, ANYHOW.

The government Of New South Wales
has thrown up the sponge in regard to
gold, and proclaimed bank notes legal
tender currency as the only way out of
the financial stringency there. From
gold to fiat money at one jump is dis
tinctively kangaroo performance. Chi
cago Mail.
And let the advocates of the single
gold standard take warning that unless
silver is remonetized gold also will be
demonetized and fat money be resorted
to, for the people will have money from
some source.-Congressman Warmers
Bimetallic Circular.
Why not resort to fiat money, any
how? So far as is concerned the vol
ume of money, free silver will afford
but little, if any, relief
Every ounce of gold not used in the
arts Is converted to the money use. and
even after being coined the supply of
gold money is constantly being drawn
upon for use in the arts, $1,000, 900 in
gold coin being thus used in the United
States during the fiscal year ended June
30, 1891.
The worlds entire production of sill
yer, except about S2O,OOO,OOO coinage
value annually, is officially accounted
for as used, and no one knows the
whereabouts of that 100000
If the total available supply of silver
had been coined into money at its coin
age value, we should yet have suffered
a loss of money in circulation, by rea-
son of exports of gold.
The theory of metallism, whether it
be known as mono or 'bi." offers no
prospect of relief to the toiling masses
of humanity. Let us earnestly con-
tend for an absolute, legal tender. fat
dollar, based upon the unavailable,
elastic and uniform ideal unit of ac-
count, the figure one (I, called by the
name dollar" or any other name.
So far as gold is concerned, there are
no insuperable or even important OBJ
stacles in the way of its demonetization
by the United States and the displace-
ment of our gold money by legal tender
paper money. So long as England and
the principal European nations remain
upon gold basis gold will always be
worth as commodity as much as when
coined into money. We should be the
gamers to just the extent of the value
of the gold in our possession.
Mr.. Gallatin said: IF in country
which wants and possesses a metallic
currency of S70,OOO,OO0 a paper cur
rency to the same amount should be
substituted, the $4,000, 600 in gold and
silver, being no longer wanted for that
purpose, will be exported, and the re-
turns may be converted into a product
i've capital and add an equal amount to
the wealth of the country"
As have stated I'M previous article,
foreign nations take our gold by weight
as a commodity, whether in the form of
coin or bullion, and the fact that it is
coined into money does not seem to in
terfere in the least with their taking it
away from us when they desire so to do.
But when we come to a consideration
OF the silver question, we are confronted
with an entirely different state of af-
fairs The prevailing conditions may
be briefly stated thus:
Our chief competitor in the produc-
ton of wheat and cotton, the Indian
empire, is upon a silver basis, silver be-
ing the money of account and the silver
rupee the unit of value. An ounce of
silver bullion has, in India, a coinage
value of about S1.33 and has depre-
ciated very slightly, if at all, in its ex.
change value, or purchasing power, the
rupee having an exchange value of
slightly more than 40 cents.
During the ten years, 1SS1-1S9O, an
ounce of silver bullion, uncoined,
would buy upon the average $40
pounds of wheat in New York, but
coined into rupees. $50 grains of silver
would buy, in India, ~ pounds of
wheat. For the ten years the average
gold value of an ounce of silver bullion
was Sl.O7, and the average freight upon
- pounds of wheat from India to Liver
pool was IL cents. During the ten
years, then, England could lay down in
Liverpool ~ pounds of wheat at an av-
erage cost of S1.21.
Thus because of the low price of sill
yer consequent upon our assinine silver
policy, England is enabled to lay down
in Liverpool, at a gold cost of s1.2l, a
quantity OF wheat that would cost her
Sl.4l were silver worth its coinage
value, or S1.29 an ounce. That is to
say, that although the price of wheat
in India, for the ten years averaged
Sill per bushel, England was able to
BUY II IN India at gold cost OF 81 cents
a bushel.
Now, what does England do? And
how does her action affect the Ameri-
can farmer? The price of wheat for
the wheat-exporting nations of the
world is adjusted and affixed in Liver
pool, England. England now demands
that other nations shall furnish her
wheat at what it costs her in gold to
lay Indian wheat down in Liverpool.
Does she get it? Yes! Marvelously do
the statistical facts testify to the ac-
curacy of the theory maintained by the
Farmers Alliance and the silver men.
| submit the following tabulated
statement:
Is s98Sgg5&&A8
Il =: Year ended
:; June 80