Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1895-04-25
Silver Monometalism.

Silver Monometalism.
In his argument for sound money, made
IN the Re, ssentatives' hall at Harrisburg
lately. Mr.. Charles Emory Smith rendered
a substantial service to the country. his
speech was forcible statement OF tne NJ
nnblican position as repeatedly set fortn
hv National Conventions of the party, anu
II was at the same time an eloquent anu
convincing demonstration of the soundneSS
ofthat position. Probably one OF us III
mediate good effects will be the apan'
doumert of the attempt to secure from our
Lepislature an Endorsement OF Senator
Cameron,s unsound views concerning Tree
coinage; and if is circulated as widely as II
should be. il must do much to counterac'
in all parts of the country the specious az
guments of the silver producers and thelr
advocates, who are in fact intent on reouc-
ing our currency to the cheap silver basiS'
Mr.. Smith devoted considerable space
to the proof of the proposition that iree
coinage means in fact the silver standaru'
NOT bimetallism with parity OF value
between gold and silver, but SILVER mono-
metallism No man of average sense can
expect gold to circulate under law pro-
vidine for the unlimited free coinage OF
f;ftv-cent silver dollars. In that event the
more valuable coin will be locked up Ut
exported. The common, selhsh lnseihcs
of all men and the laws OF trade atte sted
by universal experience would render this
resnlt as certain as the operation OF the
law of grayitation. All Americans VINO
remember the last war know that when
the Government was unable TO redeem us
paper promise to pay dollar, gold IN
stantly went to premium and disappear
ed from circulation. The "fat' OF the
Government, with the pledged faith OF the
Nation behind it, was then unable 10
to make even our own loyal citizens be-
lieve that paper promise not presently
redeemable was as good as gold dollar.
But the free-coinsge advocates have now
started out to make US all believe that the
mere "fat" of the Govern ment, backed by
no pledge at all, will make fifty cents in
silver worth gold dollar in the open mar
ket! The task is msnifestly impossible,
and. as Mr.. Smith says, when that day
comes the country must drop to the silver
standard.
1t is of the highest Importance, then'
for men who propose to help along that
time to determine what the silver standard
means. What will be the practical effect
OF placing the country on silver basisT
Mr.. Smith very plainly points out some of
the effects of such plunge to the silver
level. He calls attention to the fact that
the deposits in the savings banks OF the
country amount to more than /, TAT million
dollars, belonging to nearly five million
depositors. This industrial army of de-
posltors have thus placed in these banks
an average of 1866 each, every dollar so
deposited being worth 100 cents in gold
But after we drop to the silver standard
each depositor will be able to draw out of
the bank but 1865 in silver, each worth |
but so cents. In other words, the frugal |
toilers of the country are to have their |
savings scaled down one-half by a law |
that will benefit nobody but the producers
of silver bullion and the spectators. This
State has 24s, ,244 such depositors with sg- |
gregate deposits of $66, OPS ,s2l, 80 that the
Pennsylvania workmen's direct contribu-
ton to the cause of free silver coinage
would amount TO some 33 million dollars,
to say nothing of the shrinksge of the as
sets of the ], 1,239 building and loan associ-
ations in the State.
Contemplate another object lesson: The
aggregate disbursements for pensions last
year were, in round numbers. $l40, 772, 900,
or an average Of $l44 to every pensioner.
The number of pensioners in this State
was 1895 The payments now made to
these Union veterans or their widows and
orphan children are practically gold dollars
silver producers paradise, the payments
will necessarily be made on silver basis
in dollars worth so cents each, so that
each pensioner will receive 72 real dollars
contribution to the glorious cause of clip
ped coinage, and all for the sake Of the
silver producers, the bullion spectators
and the cheap demagogues.
These are few of the object lessons to
which Mr. Smith calls attention a. illus
tfations Of the effects of the unlim ted
coinage of cheap silver dollars. He adds
others that are quite as impressive; bnt
all the toilers in the land. Every man who
works for wages is paid to-day the best
money the world knows "A currency
every dollar of which is literally as good
as gold, and which will buy more of the
necessaries and comforts of life than ever
before IN the history of the world. Does
this dollar Of the workman buy too muchi
The silver men and their advocates think
it does, and they propose therefore to pay
the workers of this country q currency |
worth about half as much as that they now |
receive. And TO bring this about they |
have the impudence to appeal to the work |
ing man himself TO help along by his own |
vote the scheme to cut do~n the pay for
his own labor to the tune of so per cent ia
the hope that somehow 10 the cunning era
of dear commodities and cheap money he
may be able to get it raised again! The
workers OF the country are in fact the
great creditor class Of the country, and To
them it is Of the first Importance that
wages shall be paid in currency thas is
most stable and that possesses the highest
possible purchasing power. They are the
very ones who can least afford to tamper
with the currency. IL is to them that
cheap money-which simply means dear
commodities-mus prove most damaging,
and if they can he bamboozled into the
support of silver moDometallism the fact
will be most astonishing. g.-Agitator.
THE Russian government is not pleased
with the terms Of the treaty of peace be-