The farmers' union. (Memphis, Mo.) 1891-1895, 1893-01-19
ABOUT FREE COINAGE.
A GOOD TIME TO READ UP
ON THE QUESTION.
The GOldbuss Are Continually Tryin. T."
Nystty the Money Question:. l.ansi
Loans i'll England How WIN the Up
rising End:

Now Is good time to read up on the
question of free coinage. During the
past few months the Alliance papers
and books have shed much light on the
subject. but there is much to learn vet
The gold-bugs try to mystify the money
question. and leading papers that lean
that way poo poo anything said in favor
of free coinage or an increase in the
volume Of currency, by any method
suggested.
Statesmen, philosophers and rolitica!
economists from the time of Aristotle
to the present day have always agreed
upon two points-that money is the
creation of law, and that to destroy or
withdraw one-half of the money in cir
culation doubts the purchasing ,ower
of the half that remains in circulation.
The efforts is .icH rather than seen in
the decline of prices. In 1864. the :su
preme Court OF Iowa handed down
the following decision: When the
legal tender is applied each dollar of
every mode or form of currency, de-
clared TO be legal tender, has the same
value. Wiftout reforehce IL lie mater
icl Of rhjch Il is conpoSed.'
In the legal tender decision the
United States Supreme Court covers
the same point. After saying thai loo
eagles coinedialter 1884 would pay Il
debt of : 600 contracted before tina.
date, though they contained no more
gold than ninety-four eagles at the
time the contract was made. it saws,
''nnd this is moi because uf lie i?t-
trinSir rd'',c of thc coin. Lht because
of' is legal rnjue." Two values are
recognized by the court, a bullion
value and /, coinage value.
Up to 1873 silver had been a fall
legal tender for all debts public and
private. At that time this quality that
had been conferred upon it by law WAS
taken away and has never been re-
stored. Silver is money now only in
the sense tina. paper is money and for
the same reason. Neither is a full legal
tender. Both represent gold, which
alone is money. In gold standard
counties gold does all the work Of
| money.
Having settled the question OF what
constitutes money!" its legal value,'
the next thing is to consider the effect
of demonctiZation. The methods
adopted TO secure the passage OF the
bill in 1873 by the Use OF English
Doodle. anl the Insertion Of a word
| after the bill was disposed OF, oug 1T to
be looked upon as crimes oi the black
est hue hy al honest people That
Congress has failed TO remedy Tie
| wrong since is another crime.
We have shown in these columns al
Ill fyjJ l., >
per hundred since 1873, until it be
came impossible for farmers to raise it
| and live The demonstration act no
doubt had much to do with il, but there
are other causes. most Of them growing
out Of the same legislation.
1t is the same thing to say that it
takes more wheat. cotton. beef. etc. to
pay debt than it dill before; and that
is the same as to say that the dollar Is
harder to get it takes more work to
get it-than before The natural effect
IS to dwarf enterprise, rramp hnsincss.
| oppress labor, prevent the debtor from
paving his debts, stagnate agriculture,
and reduce the value OF all real estate.
! The value OF land must decline rs the
value of the produce of the land de-
clincs. Here is where the laforer,
| farmer, mechanic, banker. merchant,
! ane professional man ali find II common
| interest IN the silver question. BY the
| fiat of law We lave decrced short cIt y.
an artificial famine Of money. rs with
a short crop OF anything, sp with this ::
what there Is, Is more valuable. because
it will exchange for more Of other
| thing. As money increases III value
everything else decreases in value --
| Advocate