The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1895-06-27

/ N~"NAAS
tlons, they look to the medium, or, as
they term it, the standard in which the
payment is, by the terms of the bond,
| to be made
10 suppose that such feature is neg
lected would be to suppose that public
creditors, the keenest of men, had lost
their cunning. Every bond ever issued
mas III plain terms stated on it's face the
authority for it's existence. 1t contains a
clear citation of tho law or laws which
constitute the reason for it's being. These
laws are open to public inspection No
class OF persons better than public cred
ltors 50 we'll understand the limitations
whicE the laws Of all civilized nations
place upon the functions of executive
officers with respect to issuing bonds OF
incurring debts Or obligations on behalf
OF their country. They know that the
duties OF those officers in connection with
loans are specified in the laws by which
the loans are authorized to be effected.
Hence these loans are examined as with
mental microscope to see that no doubt
exists as to the authority of the officer
who executes the securities, and as to ali
other particulars concerning payment of
the obligation. If they did not observe
on the bond the plain printed statement
that it was payable in the standard coin
OF the United States Of July IA, 1870,
they must have been blind indeed.
| have never heard denial by any
one having knowledge Of the legislation
under which the bonds We're issued that
it is the legal right of the United States
to pay those bonds in either gold or sill
yer coin. It is said that at the time of
the negotiation Of the bonds silver mon
ey was out Of use III this country. The
sufficient answer to that is that gold
was equally out Of use. It is said that
the bonds We're sold to citizens or sub
Jects OF countries in which silver was
not recognized as money. This was GER
tainly not true Of Germany, in which
country early and considerable sales
were made.
Germany was on the silver standard
until December, 1871, and had consid-
erable silver in it's coin for long time
after that. Besides, our bonds were not,
either by their terms or by implication,
payable in foreign countries or in the
money OF those countries. They were
payable within the United States, and
1t was distinctly affirmed on their face
that they We're payable in dollars of the
United States If the citizens or subjects
OF foreign countries who bought such
bonds did not understand what a dollar
Of the United States meant, they could
rot have had the slightest difficulty in
ascertaining, and Of course they did as
certain.
The Fail Of Prices-A "Pre,nium" Which
Producers Have to Pay.
When the number of dollars in a coun-
try is from any cause reduced, there is
a tendency to Il fall in the prices of
commodities. If, then, man be en-
gagged in productive operations in this
country, and if by reason of the outward
flow of gold to meet foreign payments
a fall takes place in the prices of the
products of his labor, compelling him
to accept less for those products than he
otherwise would receive, he suffers
loss which, though not called 'pre-
= is in tenor and effect premium
on gold. So far as he is concerned he is
SO much the poorer by reason of the out
flow Of the money of the country.
Why bubble about names? In order
that a payment may be entitled to be
called premium, - and to involve the
serious consequences attributed to a
premium, is it necessary that it shall
be paid by particular person? If a
farmer, planter or manufacturer in this
country is compelled to pay 800 through
the medium Of products, the prices Of
which have been to that extent reduced
owing to the maintenance of the gold
standard, what but the mere name is
jhe difference between that mans pay
nent and the payment of the banker or
broker who disburses 800 as a differ
ence III exchange and on his books en-
2ers the amount as a Premium" If an
American farmer, halter or shoemaker
las to give more of the products of his
abor for gold, what divinity doth hedge
around the American banker or broker
which entities him to call his occasional
payment premium, while the con-
tant and persistent payments Of the
PRODUCERS are called mere "fall in
)rice?''
If farm products fall 10 per cent by
eason of the sending out of gold if the
'roduct of the shoemaker S labor is sim
larly reduced, as well as that of men
ngaged in all other industries, is not
hat 10 per cent premium on gold?
And if not, does it differ in anything
ut the name? Being q loss caused by
he gold standard, does it not have all
he effect OF premium? Is itnot in ma
ure and substance {, premium? Yet the
importer says, and our financiers and :
tatesmen all unite in saying, that SO
ong as it is the producer who is suffer-
lg the loss everything is all right, and
1at it is only when it becomes the turn
the importer or the money broker to ,
ay that the times are out of joint
long as the producing classes do the
aging it attracts no attention, but as