The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1894-12-20
In SILVER is SAFETY
Enlargement Of the Circulating Medium
Absolutely Necessary.
SOME PERTINENT FACTS and FIGURES
The Battle of the standa rds-Thts
IL incomparabIy the Most Import-
ant Economic struggle the World
Has witnessed.

We are much wealtbier nation than
France, and as individuals We are much
greater spenders than the French. France
has about double the money per capita
that We have. No one, Frencbman or
other, has ever dreamt OF claiming ta.sa,
France had too much money. II, then.
France has not too much money, it fol-
lows, as the night the day, that we, with
much greater exchangeable wealth, much
greater spending capacity, and only half
her money, would be all the better for
more than double the money we have.
1t 10 generally admitted that we have
not enough money. The question then
is, of what sort shall the money be to
to supply the existing need7 Surely sill.
yer, with e government image and sub
scription, is better money than paper
with the same cschet. 1t 10 true the
bankers will take any quantity Of gov
eminent bonds, while they are MORALLY
afraid of silver; but bonds bear interest,
and the bankers no longer lead the people
by the nose.
As has been said, value has two ele-
ments, the first having reference to the
usefulness and desirability of a thing,
the second to the quantity Of II relating
to other things. II metallic money pos
sessed only the first of these, paper
money would be just as good. But ex-
perience shows that civilized man de-
mands in money not only usefulness as a
medium OF exchange, but also what may
be termed the inherent element of value
arising from limited quantity. This is
because money has to fulfill the function
of a standard of value. 1t seems profit
less to dispute this proposition. Man
mot being populistl will have il so, and
so it must be. The only concession he
seems willing to make is that the evil
IDENTIFY insufficient quantity may be eked
out, within certain limits, by the nation
(behind which is every individual with
his wealth. issuing its pledge of credit
redeemable upon demand. But this
power to create money and pledge the
prosperity Of the individual 10 evidently
so dangerous, so subject to abuse, that it
is most jealousy safeguarded and strictly
limited.
Money has the first element of value,
this usefulness as q medium OF exhange,
by virtue of legislative enactment. The
second it possesses by virtue OF its exis-
tence in relation to other things.
Silver ia most convenient for small
payments, and to promote its use by the
people and make it to fulfill it's legitimate
function, no gold coins of smaller de-
nomination than ten dollars should be
struck; nor should any notes be issued
for lesser sums. In the west no incon-
venience would be experienced from such
a change, and in the east any slight in
convenience which might arise would
soon cease to be felt
Congress had no constitutional RICH. to
demonetize silver. The greatest au-
thorites on constitutional law, from
Hamilton and Webster to Blaine, have
been unanimous and clear on this point.
The change in our coinage system was
made without the knowledge or consent
OF the people, without the knowledge Of
even the speaker OF the house himself.
The change has acted most disastro usly
on the great majority of the people. This
is mainly an agricultural state, so let us
view the matter from the agriculturist's
standpoint. 1t ia estimated that about
80, 100000 OF our people are engaged in
farming. The value of the product Of the
| farmer per acre since the decentralization
of silver in 1873 has fallen as follows.
The tabulation is for the whole country
and is shown by periods OF five years and
in averages. 1t is from the New York
Sun:
Is71-75 1860 1SSl-S5 lSS6-9O 1893
1919 $l1.88 SLIPS $3.50 $S.15
The farmer has profound belief that
as silver falls SO falls wheat. 1t has al.
ways been so. Nor is it difficult to see
| why III sUOuiu Ue 50. III luuid tHo uIcde-
ure OF the value OF the bushel Of wheat
is the ounce OF silver. 1t always has
been so. England gets her silver here in
America Tor 20, 90, 80 cents, or whatever
the price of silver bullion may be. sends
it to India and gets bushel of wheat for
it. Therefore as silver has fallen, 30 has
wheat. And yet our gold monometallic
friend denies the connection and calls it
coincidence.
The great argument for the demonetiz-
alton OF silver is that the production Of
that metal has become so great as to Sc
riously lower its value. This argument is
not founded on fact, and has been far too
easily and idly accepted. The true and
only cause for the depreciation of silver
has been the legislative action against it.
We do not believe that any sane and can
did man will deny that had gold been
treated as silver has been it would haye
fallen in value just as silver has done.
The increased production of silver cannot
have been the true cause. because the diff
terence has been altogether too small
either way to affect the mass of the