The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-10-17
QUESTIONS
AND ANSWERS.
Silver, India, Greenbacks, Etc.

Silver, India, Greenbacks, Etc.
We have received the following let
ter:
Cov1NaToN, Ia, June S, '94.
EDITOR REPRESENTATIVE:
l advocate the Populist doctrine
among my neighbours; and also in oul
debates or public discussions here,
But there are some things upon which
l want information, and SO l send you
a list of questions, which would like
answered If possible-and l don't know
OF better place to go than to the
REPRESENTATIVE"
What book will answer all such
questions as the eigth question have
asked.
want to get some Populist books
but not having had an opportunity to
examine any, thereby to know what l
need first.
l would like very much to get this
information, and doubt not it will
do others good as well as myself.
II. L.. HUTCHINSON.
1. In one Of his speeches Hon. j. P.
Jones said, that the material that is
IN the dollar has nothing to do with
its value. But Hon. W. NJ Stewart,
admitted, in one of his speeches, that
copper, would not do for the dollar
coinage because it was too plentiful.
Now all POpulists admit that paper
money, 1. e., greenbacks,-is the best
OF all, and yet paper is the most plen-
t1ful of either, they even make car
wheels of it. 1t would seem as if
there was large fallacy here some
where. Please explain where it is"
Ans,cer. There are two elements
in money. 1. The historic, tradi-
tional superstition among the people
of the world, in behalf of gold and sill
yer. 2. The conclusions of modern
statesmen and thinkers.
Gold and silver are commodities,
like wheat and wool. If the world
had been accustomed, for 5000 years,
to interchange sacks Of wheat or WOOL
marked, 81, 81, ETC., as money of final
settlement, it would be very hard to
root out the custom and it's accom-
panying beliefs. But it is now agreed,
by the highest authorities on the sub
ject, that gold and silver are not in
themselves money; that the essence of
money is the stamp of government,
making it legal tender. This is
shown by the recent history Of silver.
The moment the nations agreed not
to coin it, the silver bullion fell near
ly one-half in price. Gold would have
fallen in the same way, under similar
treatment. Senator Stewart was
probably affected in his views by the
fact that he is from Nevada, and the
especial champion Of the Use Of silver
as money metal. 1t would not do
for him to admit that paper could
fully take its place. Senator Jones
probably looked at the matter in a
broader light But the difference OF
the two men, with all respect be it
said, neither proves nor disproves any.
thing.
2. after England buys her silver
bullion here at IS cents per ounce, and
then takes it to India to buy wheat
with,-what does bushel of wheat
cost her there, measured in terms of
silver?"
Ansac:r. The Hindoos are vast
population, hundreds of millions in
number; mostly poor and Ignorant
ruled by colony Of Englishmen; they
have never used gold as money; they
reverence silver with all barbarian s
fidelity. They know nothing of the f.
nancial tricks and changes of the
western world. They are ready to
part with what the world esteems
dollars worth of wheat for sixty cents
worth of silver. The English buyer
makes the 40 cents difference. That
is the inducement for his nation to
break down the price Of silver in
America and stimulate wheat-grow-
ing in India. They burn our candle
at both ends.
3. "As the Argentine Republic has
of late years been throwing SO many
millions Of bushels upon the worlds
market, would not that affect the
price Of wheat with us even under
free coinage? Or would the price
there, as in India, also be determined
by the price of our silver"
Ansuer. The demonetizat of sill
yer broke down its price, or, more
strictly speaking, increased the pur-
chasing power Of gold. This is repre-
sented by fall in the price of all COM
modities, measured by gold. The de-
probation, according to the Ham
burg Tables" and the estimates of
Professors Soetbier and Sauerbeck.
amounts to nearly One-third of the
values of all commodities. This de-
probation applies to the wheat of the
Argentine Republic as well as the
wheat Of the United States. If there
had been no demonetization of silver
wheat, here, there and everywhere.
would be worth about 80 per cent
more than it is now. While it is true
that the Indian and Argentine wheat
supplies have become formidable COM
petitors for our own product, never
theless, if the plutocra tic conspirators
had not demonetized silver. we would
have been so prosperous and labor so
fully employed and well paid, that we
would scarcely have felt the COMPETE
ton of those countries. The rapid in
crease in the worlds population re-
quires a corresponding increase in it's
wheat area, provided the people are
occupied and prosperous; and while
wheat culture is advancing in one
mart of the world it is dying out in
others.
4. "Mrs. Emery in her "Seven FL.
nancial COnspiracicS," and the lead
ing PopuliSt orators, claim that Ernst
Seyd, of London, came here in 1928.