Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1894-07-26

silver dollar provided for by that ac
should DO legal tender for all debts, publ,
and private, eroept duties on Imports ams
interest on Tho public debt, we'll knowing
that this exception would disOredit tn,
silver dollar and send gold TO a premium
They were not then so much concerned
about the character of the dollar held by
the laboring man.
Let us see II present conditions ar,
beneficial TO the laboring man. II Ia uni
VERBALLY acknowledged that labor's best
condition 10 that Of constant employment
II is not so important for laborinR man
that he should have occasional employ.
ment at higher rate OF wages as that he
should have constant, uninterrupted EN-.
ployment, even at a lower rate of wages
In a country like this, whore there Il 90
much to do, there is something wrong
with the conditions whenever a single
able bodied man is unable 10 find employ.
ment. With the inventive genius OF the
American people, with the field we pos.
sess, with the start we have in the race for
national preeminence, II we follow the two
rules for regulating the amount of our
currency which have suggested, there will
not be day Of enforced idleness for any
man who is willing to work. Labor Ia
this country ia so we'll organized, that under
such circumstances this excessive concern
for It's condition, so suddenly manifested,
would be unoalled for
Do you consider what such a condition
of affairs would meant Does II occur to
you that a days labor can never be re-
gainedY Here, whore there is more than
enough for every man to do, IL is claimed
that for the last year a million men have
been idle. Let US estimate mans wages
at vi per day. With a million idle, this
nation in one year would lose $500, 1000, 900.
The $600,000,OO0 of gold would have to
60 to premium of so per cent. to equal
that.
Let Us investigate the claim that there
is $6O0,O00,O00 of gold in circulation in
this country to-day. Where ia itf The
last report of the comptroller Of the our
renoy shows that, on July 10, 1898, all Of
the banks OF the United States - national
state, private together with all savings
banks and loan and trust companies. had
on hand only $l08,4lI876. The treasury
statement about the same time, showed
that outside the United States treasury
there was e484, 1856, 100 OF gold In oiroula-
ton. Here is discrepancy OF more than
$3.50 100000 Of gold to be accounted for.
Was that In the pockets Of the peoplef
II 80, there was more than IS Of gold In
the pockets of the people for every man,
woman and child In the United States.
Do you believe III Which seems the more
probable, that this money was i'm the
pockets of the people, or that tho gre alter
part Of 1t has been Lost destroyed, or has
emigratedf
We all know that when a ieweler wants
a piece OF gold in his work he docs not
want gold bullion; he takes a piece of
gold coin and uses it. Yet the treasury
statements, issued monthly, give the total
amount Of gold coined and issued since
the first coinage law was adopted.
If gold coin could increase in amount
as the tax returns show that Rreenbacks
can, We would probably not urge tho free
coinage of silver. There are supposed TO
be 846 million dollars in greenbaoks In
circulation, II we make no allowance for
those that have been lost and destroyed.
The greenbaok 10 not taxed, and IL on
assessment day man owns $1,000 in
greenbacks he Is entitled to exemption to
exemption on that amount A member
OF the congressional committee on bank
ing and currency declares that official
returns show that, in the United States,
banks and individuals claim exemption
on billion dollars of greenbacks.
We know that all the gold coined Is not
in che United States treasury nor in oirou-
lati0n among the people; and doubt IL
there Is to-day $800000,000 of gold In
circulation In the United States.
If this assumption be correct, then the
loss to the United States, by the idleness
of 100000 men one year, equals all the
gold in circulation.
When does labOring man receive hiph
wagesf Is it not when there is a persis.
tent and constant demand for laborersY
When there are two laborers for every lob, |
then labor Is cheap; but when two Jobs
can be found for every labOrer, then labor
is fairly paid, So, there is NO class of our
citizens who would be more benefited by
free coinage than our laboring men, be
cause Of the stimulus it would give to en-
terprise,
The American laboring man is lntelli-
gent He knows that his services are
worth more than his board and clothes,
and he is bound to have more.
Many worthy men say, ave are in favor |
OF the free coinage of silver II you will put |
a dollars worth of silver in a silver dollar" |
Now, how much is dollars worth of sill
VERT When the United States, in 1892, |
adopted a system of coinage, We adopted
a new coinage nomenclature. We did not
coin francs; we did not coin pounds,
shillings, and pence. We coined eagles,
dollars, dimes, and cents; double eagles,
half eagles, quarter eagles, half dollars,
and quarter dollars.
We provided by law that the silver dol.
lar should be the Wnit Of value, and should
contain 371t grains of pure silver. The
same act provided that gold dollar
should contain 24.75 grains of pure gold.
So the silver dollar weighed Just Is times
as much as the gold dollar. In 1884 there
was change made in the coinage law for
the following reason: The European ma
tions, except England, we're coming both
gold and silver at ratio of 15t to /. The
silver In our silver dollar therefore was,
when compared with the silver coin of
Europe, worth less than our gold dollar.
In other words, an ounce of gold would
only buy 10 ounces of silver here, while IL
would buy 16t ounces of silver in Europe.
The consequences was that spectators
shipped our gold TO Europe for the profit