Mexico weekly ledger., 1895-05-30

BUR people owe any debts contracted as far
back as 1873, but il may be that some Of our
great corporations which issued bonds before
hat date still owe them, but they have all
been refunded at a low rate of interest, so that
our free-coining friends need not be disturbed
On their account. |
The fundamental proposition OF tho advo-
Gates of free coinage Is that all yalues are
and all prices are fixed and regulated
by the amount OF redemption money In the
and that the amount OF paper curren- |
or credit money, as IL Is sometimes called, |
such as bank notes, government notes and
the values or prices Of commodities. Having
doguiatically asserted this principle, they pro-
coed without further argument TO the conclu-
sion that the legal demonstration OF silver In
1873 and the legal establishment of the gold
standard of value at that time are the causes
of the alleged decline in the prices of comlnod-
tiles in this country, and then, upon the theory
that high prices for the necessartes OF life
would be a blessing to the people, they appeal
tured products to unite with them in the effort
to secure the free and unlimited coinage OF all
proper to present TO the mints. Even IL we
should admit the truth OF their first PROPOSE
lioh, thelr conclusion that the demonetlkation
of silver reduced prices is founded upon the
assumption OF a fact which can not be estab-
hshed; They have wholly failed to aiiege,
much less to prove, that silver actually con-
stituted any part of the redemption money in
use or in existence in this country before or at
the time Of that legislation. II 1t did not. then
not and could not in fact reduce the amount OF
such money in this country, and therefore can
not have reduced prices. IL is well known per-
sonally to every gentleman in this audience
who was old enough to know what was trans
p siI1ss u, In c ises MAJ ta = vas not a Dollar OF
The upon which the argument is
based is Numerically opposed TO the historical
and official fact. The only metallic or redemp-
tion money in use here at that time was gold,
which amounted to only sl35, 00o.00o, including
what the government was using, whereas we
pAor bo.ta about XfD1 M NM fa sfn1j md 1Nl- =
652, s73 in full legal tender silver, besides about
81, 100000 in subsidiary silver coin, II, there
fore, prices have fallen since 1893, the decline
has taken place in spite of the fact that our
full legal tender metallic money has been in
creased until now it amounts TO more than
seven times as much as 1t did at that date, and
consequently the alleged decline in prices
must be attributed to some other cause than
the demonstration of silver. These facts
prove not only that the characterization OF
silver did not reduce the amount of
redemption money In this country, but
proposition of the advocates of free coinage is
erroneous, and that prices are not fixed or reg
ulated by the amount of redemption money
alone, for. if SO, prices should have increased
since 1873.
FALSE OF FACTS.
Substantially, the whole argument for free
coinage, so far as it is addressed to the honest
people OF the country, is based upon this flmsy
foundation, upon an erroneous principle and u
false assumption of facts, That the amount OF
money in circulation, or available for circula-
LlOn. mas more Oh ltSo luHucICt lDOu lut DTlGES
OF commodities is not disputed by ANYBODY, but
1t is not the amount of metallic or re-
demption money alone that exerts this
influence II all other conditions remain
the same, IL the relations between supply
and demand are unchanged, il the cost
| of production, transportation and financial ex-
chanpes are stable, an increase or decrease of
the currency in circulation, or available for
| circulation, will, to q certain extent, increase
| or decrease prices, as the case may be; but by
the terms money and currency in this
| connection, | mean every element that enters
| into and is utilized in the complicated processes
Of buying and selling in the markets for prod
| ucts and in the mercantile exchanges, whether
| 1t be gold, silver, bank notes, United States
| notes, checks, bills or other forms OF credit
| written or unwritteu. Credit or confidence Is
an element of far greater Importance in liking
or upholding prices than the mere amount o.
actual money in use, or available for USE and
in fact, about 95 per cent. OF the entire bust
ness OF the country is transacted without tho
resentatives; and as to metallic money Itself
whether in gold or silver, 1t is not used to tn,
extent of more than l per cent. In our business
IN view Of these facts, which are as well es.
tablished as any other facts relating to oul
commercial and financial operations, how ao
surd 1t is to contend that prices are fixed b,
the amount of that particular kind OF currenc.
which does not constitute more than one hun
dredth part Of the whole. In the broadest an
most comprehensive sense the bushes
capacity and personal integrity OF each in
diVidual constitute o part OF the effective cur
cause these characteristics enable him to be
come a purchaser OF the commodities he has 3
sell, although at the time he may have neithe
money nor property. Credit is a purehasin
power, and the man who possesses 1t com
petes In the markets with the men who posses
actual money, and contributes as much a
they to the maintenance Of prices. To a.
sert that prices are liked by the amount OF re
demption money alone is equivalent TO the as
sertfon that IL all the silver dollars, subsidiar
silver coin, silver certificates, United State
notes, treasury notes, national bank notes an
leaving nothing but the gold, prices would re
, main the same as they now area propositio
so preposterous upon its face that l presum
no man with any regard for his reputstio
would venture to make 1t except in a disguise
form.
service for wages in one form or another, an
they are compelled to purchase In the market
everything they eat, drink or wear, and l
most cases they are compelled TO pay rent fc
the use OF a home for themselves an
their families. Like the farmers, they hav
no silver bullion to carry to the minis to 3
ing to dispose Of but their labor and their skill
and as a general rule all, or substantially al
the wages they receive must be used In procnl
|, selves and those dependenN upon them. The
can not eat, drink or wear the money paid
them for their labor, and it is valuable to thel
|, ~essaries and comforts OF lite;. and there new
! was a time in the history of the world when u
? necessaries and comforts of life as it will bu
now, and there never was q time In the histoi
| OF the W0rlu WQeH the NORTHUMBERLAND EbCblFe
, more good dollars for the same amount of labt
!, than he receives now In this country.
!, THE w~oRKINGMAN's
Any policy which reduces the value of tn!
= dollar on the day 1t is earned or on the day.
Is expended, by diminishing its purcbasir
> power in the markets, has precisely the san
t effect upon the holder as If the amount pa
l for his labor were reduced. II, therefore, Il
fayorite argument of the advocates of FRI
= coinage-that the free coinage OF silver at u
ratio Of 16 to l would double the prices OF q
t products.is correct, the wages OF the laborir
. | man would purchase under that system on
t one-half what they purchase now. This wou
2 undoubtedly be the case unless wag
4 should also be doubled, which, accor,
: ing to the uniform experience of IL
I past, is a most improbable thing. For mo
. than q quarter OF a century the working pc
earnestly and persistently, through their lab
s organizations and otherwise, TO Increase the
0 wages to a point which would enable them
: live decently and comfortably by expendil
$ their earnings for commodities at their pre-
s ent prices, and how long do you think tn
y would have to struggle in the future to raj
d their wages to a point which would enaf
r them to purchase the same articles when tn;
Q prices have been doubledS No man in this a
q dience viii live to see such q result accoi
| plished, and the laboring man who supper
the free coinage of deprecated silver d.
: lars must be content TO live and supp
l. his family upon what deprecated silv
70 dollars will buy. My position on this subtt
is that when the laborer receives a dollar
B. account Of his wages he has a right to be
sured that it will purchase as much In the mi
n ket as any other mans dollar, or IL he desil
E to lay it up for use in o time of need he ha.
20 right to be assured that 1t will be worth
or much when he wants to spend IL as IL was VOL
, on the day he earned it.
d, But, gentlemen, the free and co
E. age of silver would not secure for the use
Dr. the people at any time any addition TO tn
es stock Of actual money, but would simply g
W them less valuable money than they have nj
O To call a ten-cent piece a dollar and decl
v, it to be the standard OF value wol
add nothing whatever to its purchasl
e. power; IL would still require
Id OF them to purchase what o real dollar v
In purchase now, and prices OF commodities
oil pressed In dollars would appear to have be
m Increased ten-fold, when, in fact, moth
IN would have happened except the debasem'
at OF the dollar. An actual increase In prices
ny sulting from an increase in the volume
,n sound money IN circulation is quite a differ'
ad thing from a nominal increase of prices rest
by ing from the use of a deprecated currency
no argument upon the subject of prices can
sound that does no. recognize the distinct
between them. The proposition Of our 4
coinage friends is to double prices ncuins
but at the same time to have them paid
money intrinsically worth only one-half
nt much as it was before the prices were doubl
as and I confess my inability to see how t
at would help anybody.
We Squirrel Hunting.
,ol r. P. Hopkins, DR.. Ramsay, W
lv Eller, /. III. Talbot, j. T. Johns