Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1895-11-14
MILLS FOR SOUND MONEY.


the Sixteen to One People.
Senator Mills Of Texas has heretofore
been classed as supporter Of free coin
age at l6 to /. If he ever believed in this
doctrine, he has been convinced by study
and thought of its folly and dangers.
That there may be n misunderstanding
he has just written letter to the chair
man Of the Democratic state committee
Of Texas, in which he states his position
clearly and forcibly. Here are some ex-
cerpts from his letter Of Sept. 10:
Il object to the silver standard being
adopted in lieu Of the existing standard
because it will defraud all creditors out
Of one-haf the value Of their debts Ev-
cry debt contracted since Jan. !, 1879,
was contracted on the gold standard.
The debtor honestly owes the value Of
2S.22 grains Of gold for every dollar
promised, and the creditor is honestly
untitled to receive it. When it was pro-
posed years ago to demonetize all the
coined silver Of the world and suppress
the further coinage Of that metal, I
Joined with other friends Of silver in
denouncing the monstrous proposition,
because it was an attempt to double the
debts OF the world, and TO bring all
debts in this country contracted on a pa
per standard, much Of it at less than so
cents On the dollar, to par with gold. Is
not the proposition now to substitute the
silver dollar on the silver standard for
that gold dollar the same that we all
condemned, except it is the creditor now
who is to be the victim instead Of the
debtor then:
mo persons would receive the least
benefit from the change Of standard to
silver except the man who owes 100
cents and wishes to pay it with so. He
would under the silver standard be able
20 discharge his debt by paying one-haf
Of what he promised. This would be a
scheme to enrich one-haf of q commu-
atty by despoiling the other half. Wher-
ever there is debtor there is a credit
or. and he is entitled to the same pro-
lection as the debtor. Congress has the
power to discharge insolvent debtors by
a bankrupt law, but the adoption Of the
silver standard now would discharge all
solvent debtors from one-haf the obli-
cation Of their contracts, even though
as class they might be the Weather
part Of the community.
II object to the silver standard again
because 1t is not the standard of the
country with which we conduct our
largest commerce. Mr.. Jefferson SAYS,
To trade On equal terms the common
measure Of value should be as nearly as
possible on par with that Of its CORE
spending nation, whose medium is in a
sound state. The reason for it is, as be
Gays, being Of universal value, it will
keep itself on general level, flowing
out from where it is too high into parts
where it is lower. Gold is the common
measure OF value Of the people with
whom we carry On nine-tenths Of our
foreign trade, ard, according to the
principles enunciated by him, gold
should be our standard, as it has been
since the days Of Jackson, Van Buren,.
Polk, Pierce and Buchanan, except dur.
ing the war period from 1861 to 1879.
when paper was the standard. If we
supplant gold with silver, then we have
two standards Of value for all the arti-
cles that we export. Cotton and wheat
Will be bought in this country by the
silver standard and sold in Europe BIZ
the gold standard. There must be be-
tween these standards constant fuctua.
tons Two-thirds Of all our cotton must |
be exported and sold by gold value. The
price OF the whole crop at home and
abroad will be fixed by the gold stand.
ard, but every pound Of it will be sold
by American farmers by the silver /
standard. When the American farmer |
sees cotton quoted at so many cents or |
pence per pound in Liverpool be knows
that 1t is so much in gold, but he does
not know how much the silver will
be worth with which he will be paid
for his cotton. Instead Of legitimate
business exchange, where everv one
knows with what value he parts and |
what he receives, our products will be
sold by system Il commercial gam
ohng with fiuctuating standard by
which the producer must in eyerv in.
stance be defrauded.
Believing that the silver standard
would prove injurious to the people of
the United States, and especially to
that par. OF them engaged in growing
'ottor, ! am unwilling to take any
steps in legislation calculated to imperi1
hat great industry upon which the vel.
are OF my constituency so greatly de-
lands 3"