The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-06-21

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dent. then, that the quantity Of meas
ures Is not SO valuable as the unvary-
ing stability Of the standard Of the
measure"
He stated that goods, when expressed
in terms of a common denominator
Of value, are today exchanged in enor-
nous quantities, mainly without the
use of any money. The necessity of an
increasing quantity Of money is grow
ing less important with the Develop
ment of this system of exchanges. From
80 per cent to IS per cent of tranac-
tons are performed by this machinery
without the use of money, and recent
Investigations made by the comptroller
OF the currency show that 81 per cent
OF retail transactions are similarly per-
formed without the use of money.
Prices since 1873 have not fallen be-
cause of lack of money. Silver has fall
en- about SO per cent, as compared with
a very modest fall in the price of COM
modities. Silver does not have the same
purchasing price in 1895 as in 1873.
Hence. free coinage can not be urged
as a just means of paying debt.
Prof. Laughlin said: "Since we I'M
dertook the purchase of silver in 1878
it has fallen about one-half in value,
although we have purchased about
$4,000 900 900. 1t is perfectly evident
that there is no use in the United States
acting alone to bolster up the price of
silver When we have failed even in con-
cert with the Latin Union. Free coin
age of silver at 16 to 1 means the single
silver standard. Today the market
ratio between gold and silver is nearly
"a to L. If we had the free coinage of
silver at 16 to 1 there would be the
premium of about 16 ounces of silver
as a premium on withdrawing every
ounce of gold coin in circulation. The
free coinage of silver under such condi-
ions as exist today would not mean the
concurrent circulation of both gold and
silver. 1t would mean the Immediate
adoption of the single silver standard.
Free coinage of silver would not in
crease the quantity of money. Since
gold must be inevitably driven out the
silver coinage would result in a dimi-
mutton in the quantity of money.
TO adopt free coinage of silver at 16
to l when the market ratio is but "a
to l would mean the instant retire
ment from circulation of nearly $780,
DOC, 1000 of gold circulation. 1t could
not change prices therefore by merely
increasing the amount of the medium
OF exchange. The way it would act,
however, would be to change the prices
OF everything because reckoned in a
cheaper medium than that of gold. AS
free coinage of silver would inevitably
result in a rise of prices so it would i'm
mediately result in a fall of wages.
Its first effect would be to diminish the
purchasing power of all our wages.
Free coinage of silver would make all
the articles of the laborer's consump-
ton cost him 100 per cent more, un-
less he can get a rise in his wages by
dlnt OF strikes and quarrels and all the
consequent dissatisfaction arising from
friction between the employer and en-
ploye.
1T is usually supposed that free coin
age of silver is in the interest of the
debtors. I think it will be found quite
the contrary. Not only will it prevent
a person in distress from being able
to borrow money when he needs it,
but it will create conditions which will
make it impossible for the debtors to
maot thoir :rIoI+oIrooo DIT rrootov
than all objections is that of public
dishonor and reputation. If free coin
age of silver were to be passed it would
mean that every depositOr in a savings
bank, every investor in a loan associa-
ton, every holder of a life insurance,
every recipient of a pension, would
have his dues reduced one-half. Is
it possible that there is something be-
hind this free coinage scheme not really
discovered? Is it possible that it is
Armed at the great mass of the indus
trlous and intelligent, and is it
really intended to serve the interests
of the very rich and of great corpora
tions? The bonded debt of the rail-
ways in the United States is about &c.,
900, 000, 900. If free coinage of silver were
introduced it would enable these rail-
ways to pay off their debts with what
is now equivalent to $4,000, 000. 900.
They would thus be relieved of the
necessity of paying to small investors
who have taken their bonds one-half
of what these corporations now owe
them"
Prof. Laughlin concluded as fol-