Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-09-06
It ashlngtun Standard
OLYMPIA. WASH.
FRIDAY EVENING, SEPTEMBER G. 1888.
Redemption Money.

which our country rrospered 80 well
up II 1873. il would tie an occasion for
rejoicing" !: Is not very polite in
OF its disaVproval. either,
Tor 1t declares tina. our statement is
" the same old threadhare lie that the
silverites have been reiterating fo-
dozen years" and backs the declara-
ton with the remarkable assertion
that the amount of redemption money
now exceeds that limit. 1t gives the
per- capita circulation of redemption
money in 1873 at $lS04, and of 1894
at S2i30, and declares that "every
dollar OF it was redemption money for
any purpose OF business men,"
Now it is right here that the little
Joker pops up. Assuming that the
Nuggets figures are correct for 1873
and approximately 50 for 1894, it will
be seen that the controversy turns
upon what redemption money really
is. The Worlds almanac for 1895
gives the approximate amount Of
money in circulation per capita in this
country in 1884 at 9.Sl in gold, 1925
in silver, and G.96 in paper-a total o!
$1,000.
Upon just what hypothesis the Mug
gd assumes that silver and paper are
redemption money" which consti-
tutes the basis OF monetary system,
it is difficult to discover. While it
may be true that silver coin passes
current in the ordinary minor tran
sactions Of business, it is because it is
impossible to use gold for that pur-
pose, or to use anything that is a sat-
isfactory equivalent. Congress took
good care, however, when it substitute
ed the gold for the silver unit of
measurement of property values to
practically Eliminate the quality
hitherto possessed by silver of being
redemption money, by limiting its
debt-paying capacity, as legal tender
to five dollars. Nor was this quality
10y any means adequately restored by
the Bland act of 1878, which made
silver coin legal tender for debt, ex
cept when otherwise specified in the
contract. Since the passage of that
act every bond, every note, and every
piece OF commercial paper issued by
the money lender bears in unmistak.
able language the obligation to pay in
U. S. gold coin. Thus it will be seen
Mr.. Nugget that the volume of re-
demption money in 1894 was really
about one-half what it was when sill
Yer was demonetized.
Now witness the effect OF this vicious
legislation. 1t is estimated that there
are four debtors TO one creditor in thi
country, and that the total amount O
Indebtedness aggregates the immens,
sum of $40,0OO,00O,00O. The effect o
adoption of the gold standard has beer
to depreciate the value of all commod
tiles and property representing tn
debts incurred under a double stand
ard, to about one-half their forme
value. The debtor finds that realt,
bought with gold has shrunk in value
or rather the gold he has promised il
redemption has appreciated in value
until his holdings represent but abou
one-half the debt incurred, and i
would take twice as much property I,
buy enough redemption money-gol,
the legal tender nominated in tn
bond" to lift the burden from hi
shoulders.
It was to bring about just such
condition of affairs that the moneye,
power struck from the larger moneye,
transactions one.half the medium o
redemption-to enable it to make
"corner" on gold the same as tn
stock exchange handles at times tn
great crops or commodities of tn
country. 1t is the impressive logic o
facts like these, Mr.. Nugget, which be
trays the shallow sophistry of your de
tense OF the gold power.
STUBBORN PACTs.-It is not every
body that can get down to the bed
rock in treatment of topic like Chas
Besserer, of the Walla Walla Union
In contrasting the thankless life
mission of the editor with other pro
LESSONS, he draws the following paral
lei: "A child is born, the doctor il
attendance gets a $40 or SIS fee; tn
editor notes the birth and gets o. Thu
child is christened and the ministe
gets S. and the editor writes it vi
and gets another o; it marries, th'
minister gets perhaps $40 and thu
editor piece OF cake, or again 0
In the course of time it dies, the doc
tor gets from S. to 500, the ministe
gets perhaps another S.. the under
taker $25 or $50 and the editor re
ceives a notice OF death, an obituar,
two columns long and a set of reso
lutions from some lodge to which thu
deceased belonged; more 5000, ant
then has the privilege OF running I
free card OF thanks and lot of poetry.
AN old shoe is following "Owney,
the dog, all over the country. in U. S
mail, as an "omen of good luck" l
has countless tags appended givini
the names OF the postoffices through
which it has passed and the date O
its passage. Iii is quite evident tina
the postoftice clerks have considerabl
time to devote to amusement, thes
hard times, and they seem to enjoy