The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1895-09-11
THE EVOLUTION OF FREE
SILVER.

ne of silver is III the market. Ihty
term their change of opinion prog
ress. 1t is simply the progress of
evolution. Mr.. PETER, the great
Silver Light of the west, has reach
ed the conclusion that free silver
atterall, will notmake money cheap
enough; will not reduce rents aud
interest low enough, and comes
out strongly in favor of a currency
based upon land. Mr.. PETER has,
i'll reaching this conclusion simply
followed the logical result OF the
principle of free silver at l6 to l.
His conclusion Is the product of
evolulion, irresistible. He has
worked out the equation almost
mathematical in its logic, that if
the government can, by its eaict,
make fifty cents worth of silver
worth one hundred cents; it Can
create values and make a piece OF
paper q inches by 4 worth one
hundred cents or one thousand
dollars. Mr.. PETER is simply in
the van of the silverites and will
be necessarily followed by the
great body of those who continue
to advocate free silver. 1t is an
evolution which they cannot resist.
Moreover, Mr.. PETER is correct.
A currency based upon land will
produce a money cheaper than the
money Of free silver at 16 to l and
its basis is the same; the creative
power of the government. The
power to create the entire value of
paper money or by its creative
,Gwer to double the value OF silver.
But Mr.. Petfer's scheme is not
new. 1t was tried in France in
17l8. A government bank was
formed and the bank notes were
lfased on land and guaranteed by
tble King, a King who was abso'
l4te and constituted the govern.
pent.
|, The invention was hailed as the
greatest financial triumph of the
world. Its inventor was loaded
f with honors and made a manager
of the bank. A great boom follow
: ed. Paris was wild with thu
. wealth of cheap money. Tie notes
! of the bank rose high above par
Men rushed to Paris to gatbe
riches. Times were prosperous be
You'd precedent. The balloon ros'
n to a great height, but hardly ha'
!, it reached its greatest height whel
e the gas began to escape and th
S balloon began to collapse; th
j. money to d~epreciate. The govern
6 ment issued an edict that the note
should remain at a premium. Thi
was without effect and the depre
v citation continued. The govern
ment then issued a decree tina
their rates to gold should be Is t
L, j. e., one half the value of gold
& but the government found itsel
l. as impotent to create a value
u one half, as it was to create a va,
s he of the whole; as impotent
), rule the great ocean of commerce,
), lis the Autocrat of Persia was t
chastise the waves of the Heller
5, pont. The notes deprecated unit
o they were as valueless as til
leaves of Autumn.
= The French Revolution trie
i the same experiment. To refus
y to receive the assignat at par Wa
Il crime, a treason. To accept it, til
p highest patriotism. But neitht
:, the appeal to patriotism, nor tt
terror of that fierce reign of terrt
b could impart value to the assi'
G. nat. That burning patriotism an
o fierce terror could conquer Europ
,e but it could not create value. I'll
le briet life Of the assignat was har,
10 ly longer than the leaves ofsprin.
and fell as the dead and scattert
leaves of autumn.
x There is hardly "a despotism til;
Is has not tried the experiment
C. creating values. England tried
in the reign of her great, b
,r naughty and imperious Quee
Russia, that despotism of despe
lsms tried it. China tried it al
W many others, and each and (;
~ failed.
W. ho,o c,;1ol ~ A.