Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-06-24
THE SILVER QUESTION.
Secretary Norton Offers a Very
Graphic Illustration Of
THE FALLACY OF FREE COINAGE.
The Silver Men Want an Artificial
Value for Their Product
Created by Law-How the
Farmer Gets it Where His Col
lar Ought to be.


WASHINGTON, D. c., June 23.-The
Star this evening has long interview
with Secretary j. Sterling Morton on
the subject Of the Populist agitation
and the financial question in politics.
The Secretary expresses the opinion
that the Populist party is disintegrating
and that the Democratic party being
committed to policies not IN accord
with the teachings Of the Populists,
cannot have an alliance with them.
"By the nomination OF Mr.. Cleve-
land" says the Secretary, land by the
working of the platform, the Demo
Gratis repudiated all heresies and took
the position to whichit belongs on the
side of sound money and sound princi-
pies. The party is pledged to this, and
the election Of Mr.. Cleveland is an in
dorsement OF his position by majority
of the people. His election meant,
among other things, the condemnation
of laws placing artificial prices upon
commodities, whether Of wool or
OF metal, tin or silver; that the govern
ment should not be forced to be buyer
or free coiner Of silver, and that
sound financial policies should be in
forced. All the plain, honest people OF
the country want is sound, reliable
currency sufficient for the purposes OF
trade and commerce. You can never
get a majority of the people OF this
country TO favor q currency
based on an artificial value,
and consequently unstable and liable
to serious depreciation, The great
trouble in settling this question has
come from the fact that many OF our
Statesmen of both parties in Congress
are demagogues and are Influenced by
the consideration Of what may be the
immediate effect OF their action upon
their political prospects, rather than
by their own judgment as to what is
the right thing to do. They deceive
themselves as to what the people want
and then sometimes deceive their con-
sttuents into wanting what is not the
best thing for them"
The Secretary said ne did not know
whether or not the advocates OF the re-
peal OF the Sherman law would have to
accept q compromise. He hoped for the
repeal of the law, and saw no objection
to the repeal OF the ten per cent tax on
State banks as compromise with those
who want more currency. Under one
condition he said the absolutely free
coinage of silver and gold alike might
| be agreed to as compromise, that Is II
both were deprived Of their legal
tender quality. The stamp OF the
government would then signify no
more than merely that the coin was OF
certain weight and flnese, and the
people could take which coin they
pleased and refuse either II they did
not like it. The two sorts OF coin
would then be placed on their merits,
and the people would soon ascertain
which they wanted.
"Without the legal tender quality"
continued Mr.. Morton, deprived Of
the fat element, silver would have to
depend on, the proper measure OF sup
ply and demand for It's value, and IL Is
not difficult to judge which metal the
/ people would want as long as the diff
| ference between the denomination
value and the bul lion value Of the coin
is so great.
"I think the farmers are beginning
10 realize that they are being required
to exchange their products, produced at
the cost Of much labor, for product
costing much less labor, and possessing,
therefore, a less intrinsic value at the
ratio of their exchange than their wheat
and their corn.
"What is silverl An earth product
dragged out by human effort. The Gran
| tie Mountain Mining Company produced
refined silver in the year 1857 70 the
amount of nearly three millions Of ounces,
at a cost for refined silver of IL cents an
ounce The whole output cost that year
| in all s36S, 600 Coined at 4l21f grains 10
the dollar it would make over 50, GOO, 900 OF
legal tender for over three million bushel
of what the labor cost OF which Is more
than g, 100000. That is, by free coinage.
under the law 1886. 900 OF mine labor is
made and forced to an equality with 81
/ 600 900 Of farm labor cost. By law this free
coined silver will, when it represents only
1865. 600 mine labor in Montana, is 70 be
made exchangeable for e., 900, 100000 farm
1 labor in Nebraska.
as this rights VIII Nebraska and 9TH
! err farmers hurrah for this enormous swim
die of their lsborl Where is the advant-
age 10 the farmer or the laborer in re-
dundaDcy Of cheap money! II raises the
price of the farm products in cheap money,
cutting off the export trade, ana narrowing
the market"