The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-18

as the transactions and is ultimately
resolved into goods and is based on
goods.
saThe transactions in goods are the
rea son for the existence OF the checks
and deposits, The checks and deposit
are not the reason for the existence of
the transaction. The redemption in rea
son for the existence Of the transaction.
The REDEMPTION is ultimately in goods
and not in coin. Coin is a means of
going from one set of goods 10 another.
prices Size 1873 have not fallen be-
cause of the lack of money Silver has
fallen about SO per cent as compared
with a very modest fall in the price
of commodities. Silver does not have
the same purchasing price in 1894 as IN
1873. Hence. free coinage cannot De
urged as a just means of paying debt
More so-called redemption money
by the amount of 1,092. 100000 dollars is
in existence today AS compared with
1872 and yet prices have fallen and sill
yer has fallen still more. Prices I'M
mistakabIy have fallen because of the
cheapened cost of production. Since
we undertook the purchase OF silver in
1873 it has fallen about one-half in val
ue although we have purchased about
$500. 600 000. It is perfectly evident that
there is no use in the United States act
ing alone 10 bolster up the price of sill
Yer WnS0 we nave III tOuCttl Win
the Latin union.
SILVER MONOMETALLISM.
Free coinage of silver at 16 to 1
means the single silver standard or sill
yer recommendation Today the market
ratio between gold and silver is nearly
"a to /, If we had free coinage Of silver
al Is to /, there would be the premium
of about sixteen ounces of silver as
premium on Withdrawing every ounce
of gold coin in circulation. The free
coinage of silver under such conditions
as exist today would not mean the con-
current circulati ton 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 free coinage Of siler would result
in diminution of quality Of money
May l, 1895. the official reports Of the
official reports of the gold circulation
coinage of silver at a ratio of 16 to l
"a hen the market ratir il tout "a to ].
would mean the instant retirement
from circulation of nearly $500, 100000 of
gold circula ton. 1t could not change
prices therefore, merely by increasing
the amount Of the medium of exchange.
The way it would act, however, would
he 10 CIldnS6 the DIlCCS VI SN rI ililllSS
because reckoned in cheaper medium
than that of gold. For example, a pair
of gloves now worth 100 cents in gold
would exchange for about 30 cents in
silver. A dozen of eggs now selling at
Is cents would sell for about 80 cents.
and everything we buy would rise IN
proportion.
PRICES AND WAGES.
GAS free coinage OF silver would in
evitably result in a rise of prices, so II
would result in a fall of wages. It's
first effect would be to diminish the
purchasing power of all our wages. The
man who gets $500 or $1,000 year IS
fixed rate of wages or salary VIII find
that he can buy just half as much IS
now 1t has been one Of the indis-
putable facts of history that when
prices rise the wages of labor are the
first to decline. Free coinage Of silver
would make all the articles of the Ia
borer's consumption cost him 100 per
cent more unless he can get rise in
his wages by dint of strikes and all the
consequent dissa tisfaction arising
from friction between the employer and
the employe.
"Are we willing to sacrifice the inter-
ests of the laboring class ID the de-
mands of certain owners of silver mines
who are trying to hoodwink the peo-
WIN the CRY u E-OilSS
"The proposition to adopt depre-
ciated standard of value IS simply an
attempt to transfer from the great
mass of the community who have been
provident, Industrious and successful,
a portion OF their savings and gains in
TO the pockets of those who have been
either idle, eXtravagant or unTortu-
nate. No invasion of hostile armies,
burning and destroying as they ad-
Nv rf,=S:h ilifV pnn11
the desolation and ruin which would
thus be forced upon the great mass Of
the people. The shrewd ones, the bank
erS and the like, will be easily able 20
take care of themselves. while wa plain
people will be robbed of our hard earn
ings without any hope Of compensation.
DEBT AND REPUTATION.
cit is usually supposed that free coin
age of silver is in the interest of the
debtors. l think it would be found
quite the contrary. Not only will it
prevent a person in distress from being
able TO borrow money when he needs 1t,
but il will create conditions which viii
make it impossible for the debtors to
meet their indebtedness.
But, greater than all objections is
that of public dishonor and repudia-
ton. No trick or sophistry can make
the scaling of a debt to mean anything
but dishonesty and cheating. Were free
coinage of silver TO be passed IL would
mean that every depositor in a savings
bank, every investor In loan associa-
ton. every dollar Of life insurance.
every recipient Of = pension. would
have their dues reduced one half.
at is possible that there is some
thing behind this free coinage scheme
not really discovered. It is possible
that it is aimed against the great mass
of the industrious and intelligent, and 1t
is really intended to serve the interests
of the very rich and of great corpora
tons. The bonded debts of the rail-
ways in the United States is about six
billion. If free coinage of silver were
introduced it would enable these rail-
WAYS to pay off their debts with what
is now equivalent TO about three billion
dollars. They would thus be relieved Of
the necessity Of paying to small inves-
tors who have taken their bonds one
half of what these corporations now
owe them.
SHERMAN ACT AND THE PANIC.
THE Sherman act of July 4, 1890. IN
less repealed, would have brought us
to the single standard. AS ii was. the
mere suspicion of silver recommendation
and the change of prices in our stand
ard of measure struck a blow at the
solidity of our international trade,
brought on the panic, made prices I'M
certain and caused doubts as TO future
plans in every factory and shop IN the
land. Those who have silver mines
and who can by their wealth control
political parties and legislatures, who
make the very seat Of our national gov
eminent their prided offices and actual
" turn the national senate into a bu-
reau for bulling the prices of their pro-
duct. n those men we say. beware
Those Of us who belong 10 the rank OF
plain citizens, who are thinking only Of
the country as a whole. who believe in
the honesty, intelligence and integrity
of the American people. who hold that
when a question of right or wrong is
presented in a campaign OF education