Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1895-07-11


silver calf in spite of Moses.
Long time ago, when the country dairy.
maid could not get her butter TO come by
churning, she was taught to believe that
"a witch was in the churn." Now, when
new machinery, and the far cheaper. cost
of transportation within the past 80 years
have immensely reduced the cost OF neart,
all commodities, the silver propaganda
would persuade the very elect to believe
that our money standard had been be-
witched, and that gold has risen to about
twice its former value. The true and per.
haps the highest test of this question
relied upon by all political economists
since the days Of Adam Smith. is whether
or not the wages of laboring men have
been adversely affected. From 1860 to 1891
the wages OF all American working mer
ana women have been very largely in.
creased, no class less than A. pei cent and
from that up to 100 per cent. Surely they
are not asking to have their wages, tend
cred in money of a lower standard thar
what they have been receiving. and tn,
best money of the world has no terrors
for them. No one denies that, Labor is
the ultimate price which is paid for every.
thing"
Another irrefuabe proof that gold has
not advanced in value since 1870 ia the ia C.
that gold loans are now obtalnablo by oul
government at a far less rate of interest
have banks held larger sums of idle money
on deposit Tho rates of interest in Berlr
and London, on the gold standard are the
lowest in the world, and the highes
wherever silver is dominant The rate o.
interest in New York on loans for 50 day!
is from to 49, per cent varying with tn,
class of paper and in London at the Banl
of England, is per cent, while the genera
market rate is less than per cent. Amonl
people who are limited to silver money
debtors are the common prey Of usuriou'
Shylocks, i6 to !, compared With peopl,
who maintain the parity Of gold and silver
and defautinR debtors. who eXemp
from the forfeiture of the single pound o
flesh" have not been exempt in Spanisl
America from the greater eXaction o
peonagc.
Finally, the fact that the worlds stool
of gold, recently very largely increased
should strike a dcathbow to the gidt,
accusation that its scarcity has great,
augmented its value. According to tn,
high authority of NTulhall, the world
total stock of gold in 1850 was 50. lS6. 900 600
and in 1890 it had Increased to So, 17j, 900 600
The scarcity" argument win be only half
rations to hungry enemies of gold bugs.
| AS Dow once sermonized, they must no
forget that
"A little lying is a dangerous thing
Go your whole length or never make
! SPRING.
| It should be remembered that. by rea
son of use of checks on banks, drafts an,
other substitutes, less than 3 per cent o
any kind of money is actually handle,
in the business transactions Of the com
mercial world. Il
/ The "4uantitive theory" of money
denying the gold standard, sets forth tina
the unit of value is wholly regulated b,
the more or less quantity of gold, sive
az Il ,1pet
pepper properly limited and made a lega
. tender by law, needs no backing by eithc
gold or silver. This forgotten greenba 81
theory seems now TO be revived as a new
suit of clothes to aid silver initiation
though admittedly not a whit better thai
paper with the government stamp Tn
many admirers of the most distinguishes
supporter Of this theory will have higho
faith in what he taught in the Senate
/ April LIST. 1874, about gold:
/ 80 exact Il measure Is it of human
effort that, when it is exclusively used a
money it teaches the very habit of hon
osty. II neither deals in, nor tolerate
false pretences. It cannot lie. 1t keep
its promises to rich and poor alike"
! If, however, the "quantitiVe theory o
money were true, and that every dolla
added to its circulation diminished it
value, our money on the gold standar
should now be down to zero; for we hay
recently added almost fabulous amount
to our circulation. In 1860 We had a Yer
limited amount of gold and silver. no
exceeding 500 600 600. and barely s2J7 So, Uj
! of paper money, but in 1874 the tota
amount of gold. silver and paper legal
tender money in circulation was $2,4i0
GlG,19S. This is tar more than we ever ha
before, bein. S2j per capita and unequale
by any other nation save France. "Quan
titive," Thanks to the teacher of tina