Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1895-05-23

insist upon the adoption Of this rcvo-
mtionary policy TO show plainly and
cNuCluSively in advance not only that
it would result in no injury, but that
il would he positively Murhcial, for
IL NJ, positively hrueiCial the change
would IT least hr wholly useless.
FREQ and unlimited coinage Of full
legal Iendrr silver dollars nj the ratio
of Ii 10 mtvlus that our law shall I've
50 changed that amy owner ot silver
bullion may send 1t to the mintS and
have L cointNi, at the public expense,
into dollars zach ronta lining III IL
grains of standard silver, the dollars
when coined 10 We delivered to the
owner II the bullion, and all the pro-
pie Nt the CuittI States to be COM
prllH 10y law to receive them rs dol
lars in the payment Of debts, although
not mtrinAiVally worth more than htty
cents each. rhr ~ $40 grains uf
standard gold contaiuCd IN a gold dol
lar is worth loo eHutS, Nr the tluiva
lent of loo cents, all over the world
IN SilNcr-SiandaM countries rs we'll as
III gold ,Standard countries, and It is
worth just rs much before II is rotueN
as afterwards; hut the Az ~ grains
m standard silver routaiurd IN n silver
dollar are not worth anywhere In the
world mora than about Nrty cents.
or, tn put the statement IN a ditrrTnt
form Ii pounds of silver cannot Nr|
exchanged Tor | pound Of gold any
where In the world, but Il requires
about ~ pounds of silver to procure
pound Of gold anywhere Rut some
one may say that this is not fair
statement, because II measures the
value Of silver 10y gold. The answer to
this uhi@'tinu is that the statement
does moi attempt to measure the value
OF either OF the metals, but simply to
compare thru, one With the other. and
that for the purpose of making the
comparison the value OF gold Is lotNr~
mined 10y its purchasing power IN the
markets Of tho world, and the value Of
StlNor Is determined IN the same way
III Il man Las borrowed n thousand
dollars In gold, or its equivalent, and
chased Il thousand dollars worth OF
another mans property and promised
to pay for 4 In the standard money
recognized 10y law at the date OF his
contract, believes that 1t would be just
and honest to discharge his obligation
in a new standard worth only half as
much MS the money he borrowed or the
property he purchased, he would np-
pr,riate and endorse this argument ana
ii would hr useless tn discuss the qurs-
ton with him. But the immediate Of.
feet of the adoption Of Il free coinage
policy ut the ratio of 10 TO | would he
to contract the currency to the extent
of about SG52.Ooo,WO, 10y the with
dnwal Of hat amount Of gold from
circulation and from use rs the basis
of notes and other forms of credit,
prices would not even numinally adj
vance, On the contrary, for the time
being at least, this contraction would
greatly reduce prices because II
would alarm the country, destroy
credit, and undoubtedly produce the
NEST serious linaCiAl disturbances this
country ever Witnessed,
suppose the change ~ made, aud
that the business affairs of the country
have boon finally adjusted 10 the new
standard, what will lac the effect on
on. domestic trad"I III" prices of nll
things viii hc uominally Increased
thai Is Ia say, II will require greater
number of dollars 10 purchase = given
amount Of any commodity than II re-
uuir"d before, There appears Ia he n
singular dclusiun In the minds Of som"
upon this subject Many good people
appear To think that ia some mystrri
Gus manner, which no one has yet at
tempted 10 explain, the government,
,rrHSr the prices Of the things they
have Ia buy. If there is any financial
1ccromancy 10y which this one sided In
crease of prices can be accomplished
our free coinage friends ought to cN
plain II to the people,
"FnCts prove not only that the dc-
m0nctIzatiof Of silver did not reduce
the amount Of redemption money In
this country, but they prove that the
fundamental proposition OF the ndvo-
Gates Of free cOinage ~ erroneous and
that prices are not fixed or regulated
by the amount OF redemption money
alone. for. " So prices should hive In
creased since 1873"