The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-05-22
.RETROSpECT AND PROSPECT.

There are u few principles Of H.
nance that can not be gainsald;
one is that no nation ever had ton
much gold and silver coin or IN
short too much coined money uf
final redemption. There may he
tokens, there may br bills that pass
current from man to man, but they |
have no more to do, however, than
check that passes current from
one customer To another. They |
are simply evidences of credit, but
have nothing to do with measu' ing
values. Nothing does that except
primary money. Values will be in
proportion to the amount Of pri-
mary money.
Sound money i. not necessarily
the dearest money in strict etymo.
logical sense. Is piece of pure
silver any less sound than a piece
of pure gold? What makes the
gold, when stamped, sound money f?
Nothing except the law that stands
behind it and gives it legal tender
power. Take away the legal stamp
upon all the gold money: destroy
the monetary power of gold and II
would not be as useful Il metal as
steel, hickel or silver. 1t Is well
understood that 60 per cent. of the
value of gold is in its monetary
use. Now in the strict sense Of the
word silver is just as sound metal
as gold, it does not corrode and it
certainly will outwear gold wher.
ever it is put. Now consider 1t as
piece of money; nothing makes
it money except the legal stamp
that is put upon it and the law
which stands behind it, for the law
either makes or unmakes all money.
The law made silver the unit of
value and itkept it so down to 1873,
in this country. At that time the
law took this unit of value from
silver and transferred it to gold.
That same law made gold the only
money of final redemption. What
is the law? Sometimes it Is public
opinion formally expressed. 1t
should be public opinion coined or
stamped. When the fact began to
be found out that silver had been
surreptitiously demonetized-and
the fact was brought out that not a
petition ever went up from man or
woman in this country for the re-
peal of the law, when the calcium
light was turned on and it was re-
vealed in whose interest the law
had been repealed-then public in
dignation began to express itself
and in 1878 that makeshift, the
Bland law, by which silver was
recognized as a commodity, was
passed. This was continued tri-
umph of the demonetizers and the
gold syndicate. They embodied in
law once more the fact that they
would measure silver by gold.
The agitation went on, the peo-
pie were being enlightened, they
brought their Indignation into con-
gress and they demanded further
restitution and recognition of sill
YER. The gold syndicate, solid as Il
phalanx, were forced, nevertheless,
to yield to the purchase Off 800, 900
ouuces of silver per month, but they
still held under the direction of
John Sherman that silver should
be measured by gold, and it was
measured. 1t was still deg graded,it
was still Disseminated against and
that is what the gold men wanted,
anything to keep gold in power,
anything except free coinage. They
knew that the minute silver was
admitted to free coinage gold and
gold bearing securities would no
longer dominate Their power lay
In keeping gold as the unit of value
and rs the only royal metal.
Thursday the upper house of the
Prussian diet, in spite of the influ.
ence of the emperor and his coun-
ell, voted 2 to in favor of bi.met.
allism or rather in favor of taking
steps to restore silver to it's right.
full place by the side of gold in the
monetary world. Bi.metallism il
the great prophecy of the day, the
great proclamation of enancipa-
tion of the common people and OF
the business world. 1t must and
will be made Plain Dealer.
MOnERN M NPTAlUSM