Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-09-19

from them
proportion In Spain is Is to 1; in England. l5h
TO 1; in France, Is to L. He said he would b
inaccurate" to fx the proportions Of gold t.
silver by the coinage laws OF these countries
because, as he says. lit is mercantile problem
altogether"
It is a problem Of markets. not OF minis
When his attention was called to this state
ment. which he had made On former occasion
he repeated and emphasized it, and again said:
and silver is q mercantile problem altogether. .
Ard to show how he arrived At the true pro
the market prices Of gold and Silver IN ai En-.
gland. France, Germany. Russia. Holland
70 open our minis at the legal proportion Of
Is to would be to reverse the principle an
nounced by Mr.. jefferson and to discard the
market value altogether and take legal ratio
that was erroneous by about per cent. when
adopted. and is now erroneous by 48 per cont.
II 10 to failed to secure bimetallism at per
cent variation. is 1t not much more likely to
fail at e per cent:
lam always willing to stand In the footsteps
OF the great founder Of our party and to follow
wherever he leads in defining the principles
and policies OF government.
am willing now to join my democratic
friends In any effort to ascertain the market
value OF silver and gold and open the minis to
the unlimited coinage of both metals at that
cess or it may not. II it should not the un-
der-valued metal would leave our circulation,
but the margin Of difference would be so small
when the change occurred that little injury
would result
Can not all democrats agree that this is In
fact mercantile problem a'togethere Can we
not agree that we will inquire into the market
price of gold in the several countries with
which We shall be principally connected in
in commerce and take an average from them.
That average would now be found somewhere
between = to and 32 to l. II we can agree on
the principle, it will be very easy to arrange
details.
will dismiss this part OF the subject with
this statement: / am public servant and a
representative of the people of Texas In the
senate. recognize the obligation of a repre-
sentative to reflect the will OF his constituents
or resign his trust.
In the last state convention proposition to
coin silver without limit at Is to l was mega
lived. Until different deliverenceis made by
the democracy of Texas, shall vote against
the ratio of Is toll.
II the state convention of my party which as
sembles next year should declare in favor of
that proposition, my vote shall reflect their
will not mine.
free popular government as declared by its
great founder in this country. Absolute ac-
quiescence in the decisions OF the majority Is
the vital principle OF republics. from which
there is no appeal but to force, the vital pr.n-
ciple and immediate parent OF despotism."
The most serious feature of the financial con-
tention remains to be considered a very &C
tive and aggressive party is now demanding
shall be placed in the sole control of banking
corporations. And in order that the field may
be cleared for the exclusive circulation Of their
notes. it is demanded that all the treasury
notes. amounting to about $500. 900 600. shall be
funded into longtim intereSt-bearing bonds:
coined. but sold as bullion for gold; that the
treasury notes, until they are funded into
bonds. shall be redeemed in gold alone. and
bonds shall be sold to obtain more to pay the
same notes.
The objection alleged against the treasury
notes as paper circulation Is that they are not
elastic" They can not be expanded and con-
tracted at the pleasure OF the banks.
O, the eeVernment has opuosed h1 tbe noIcv 81
authorizing banks TO issue the circulation Of
the country.
chants and common carriers, but it is not the
part Of the legitimate business Of banking to
issue notes IT that are to circulate as money
much rs 1t Is to coin money and regulate its
value.
When the government retains the power Of
coming and issuing. it il exercised by the rep
resentatiyes Of the peuple for their welfare.
When corporations exercise it they do not do
it for the public welfare, but for the profit Of
Bank circulation under existing law can not
the Companies, It is limited in its is
sue to certain per cent. on the value
Of the bonds deposited to secure it.
ove1tssue secures stability in our ssa cur.
rency and preserves the standard Of value II
the amount OF issue Of circulating notes is to
be determined by corporate companies, and
they are permitted to contract and expand the
circulation at their pleasure. they can put up
and pull down prices as often as profit L. to be
made by such an exercise of power.
The people of the United States have had ex-
perience enough. and more than enough. in the
From 1860 to 1866 the exigencies Of war REQ uired
the government to issue paper money to ex-
and all Of y went up as the
power of issue would be to establish and keep
In time of peace the financial conditions we
had in time Of war. Every class OF people
would be plundered except Spectators and of
all classes those who work for money wages
would be the greatest sufferers.
Every maa woman and child who is paid in
money for services receives the highest possi-
BILE remuneration when paid with the best dol
lar that can be kept in the circulation. That Is
now the gold dollar and the silver and paper
dollar that Is invested with the functions OF
the gold dollar and circulateS its credit.
Quoted this basis. all fluctuations. specula-
tons and gambling are eliminated from bust
ness and exchanges are made upon the priucf-
pie OF equal value given for equal value re-
ceived Whenever this standard Is supplanted
by deprecated money, whether silver or pa
the wage-earner lives are controlled by specu-
lation and stock jobbing. A feverish demand
is made for all articles that may be sold again.
As the money depreciateS 1t increases in value
and the price Of commodities correspondingly
rises.
But wages rise but little. They keep at a
point far below the prices of the things which
the laborer must buy.
There is no demand for his hire to-day that
1t higher price. Speculation does not deal
in labor; only in the products of labor
Political economists tell US that labor is the
last to rise and first to fall when prices are
by deprecated money. Irrcdeema-
BILE paper money is the worst OF all circulation.
because when issued by corporations it admits
elasticity. money Z "a.
ow the best and highest standard is a money
that cheats the wage-earner at every turn.
Let me give an illustration: A few years ago
, very extended investigation of this subject
vas made by the finance committee OF the sem
ate Prices and wages we're examined from
gond ali controversy two facts:
First. That wages. measured by the best
are still increasing. %
Second. That prices. measured by the same
standard, were falling during the whole fifty
.wo years
This is very happy condition for the wage
garner. He Is douoly benefited by the STAN
lard Of the gold dollar. He is benefited by
again by the constant decline In the
prices OF the things which he must buy.
q per cent. while the prices OF things he had
o buy were constantly declining The inves-
iga. h covered the prices OF Sss articles.
.ent. Many of the articles which were every
lay necessaries OF life declined much more
han that: Fuel fell IS per cent: metals. 80:
rugs and medicines, 80; and house furnishing
FOODS, 10 per cent.
This is to-day the wage-workers' situation
N a gold standard. Let US compare it with the
PAPER standard, when the country had the
highest prices 1t has ever known. In 1855 the
unlimited issue OF paper money banIshed the
,old from our circulation. and the paper dollar
vas the standard.
Wages in paper money had risen 80 per cent.
Ibove the gold rate of 1850.
At the same time we find that beef had risen
0s per cent. above the gold rate: hams 1873 per |
emit, New OrleauS mOiaSSes 13s per cent. rice
s. cent. salt 1O5 cent, refined sugar IS