Alma record. (Alma, Mich.) 1878-1928, 1894-12-14

depreciation of our standard to a So
cent dollar-will bring us TO a silver
monometallic basis of money. Now,
if the first hypothesis be true, certainly
the mine owners would profit 80 cents
on every 81 grains of silver but if
the second be true he would gain
nothing, as the coined dollar would
purchase no more than the bullion out
OF which it is made. The first aSsump-
ton is evidently intended to array the
people against the mine owner. by rep
resenting that free coinage is merely a
scheme of the mine owners 10 increase
the value of his product The second
assumption is intended to appeal to
peoples sense OF honor and honesty:
for no one should favor paying debts
with deprecated currency-payng a
dollars worth of debts with 50 cents
The fact is, both assumptions are false,
coinage would not make 80 cents worth
OF silver worth Sl.00, nor would it de-
preciate our currency to a fifty-cent
dollar. 1t would force the parity of
the two metals-wOuld make 371l
grains of silver as valuable as 1922
grains of gold. This would be in a
manner analogous to making connec-
ton, by means of an aqueduct. between
two ponds of water of different levels
The lower pond is not raised to the
level of the higher, nor is the higher
lowered to the level of the lower; but
the higher lowers its level and the
lower raises its level till both are on
the same level at some point
intermediate, and the aqueduct keeps
the two at the same level. For
the past twenty years the gold pond
ha, been raissg its level, till now it
has about twice the head it had in
'7l-the gold unit will buy about twice
as much. The silver pond has re-
manned at about the same level-that
is, the silver unit will buy about the
same as twenty years ago. But now
the creditor nations say, the gold pond
i, the best; it will develop more power;
we will regulate all our contracts for
power by the gold pond. 1t is true.
that the fellows who entered into con-
tract twenty years ago, figuring on the
head at the height only of the silver
pond, and "A one inch flow. will have to
furnish twice rs much power as they
expected; but that's our advantage in
going by the head of the gold pond.
And if we can keep those free coinage
fellows from making a connection be-
tween it and the pesky silver pond, the
head will continue to rise higher and
higher all to the advantage of us fell
lows who are long on contracts and to
the disadvantage of the fellows who are
short. Had there been no dcmonetiz-
alton the money standards OF the world
would have appreciated since the pro-
duction of money metals has not kept
pace with the demands of civilization
Though silver has been demonetized by
the great nations, yet the demand for
silver has been sufficient to keep its
buying capacity as high as twenty
years ago. But by demonstration the
gold unit has doubled in buying capac-
ity. and creditors now, after collecting
interest fer twenty years, have besides
doubled the buying capacity of the
principal. The gold dollar, then, is
the dishonest dollar and should be
characterized as such. 1t may with
propriety be called the two-dollar dol
lar The fact of the approaching stan
dard and its evils will be discussed in
a future article.
CONTINUED NEXT WEEK