The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1895-11-13

NOut1uU0U OuIIuR AIAC VI XVt1cItS
Governor Stone Of Missouri is an ar
dent advocate Of cheap dollars and de.
nounces all who favor our present fnam-
cial system as being guilty of "unre-
lenting hostility to silver" In q speech
at Scdalia, Mo-, he declared in favor Of
the immediate opening Of the United
States minis to the free coinage Of sill
yer at l6 to l and said: If after q fair
trial it Is demonstrated that we cannot
on that ratio maintdin both metals in
circulation at a parity, then congress can
at any time IN the future do what it has
done i'll the past-change the ratio by
decreasing tho amount Of gold in the
gold dollar, or 1t can increase the
amount Of silver III the silver dollar, or
It can do both"
This is q fair sample of silverite logic
and shows clearly the lack Of any we'll
defined principle in the 80 cent dollar
agitation. 1t is only fair to Governor
Stone to say that his plan Of establish
ing a permanent ratio of 10 to / be-
tween gold and silver by making the
gold dollar smaller is not original with
him. The idea is taken from that repos-
itory Of INSTRUMENTATION on the money
question-"Coin's Financial School"
That the governor of an-important state
should indorse such a dishonest PROPOSE
ton is merely evidence of the %incapaci-
ty for reasoning which the free coinage
craze produces in it's victims.
If Governor Stone really understood
the money question, Oh which he pre-
sunes to instruct the people Of Missouri,
he would know that reducing the size
Of the gold dollar would do nothing to-
ward fixing the commercial value Of sill
ver at 10 to 1 Of gold. 1t is the 20 2-l0
grains Of pure gold which Is the unit Of
value. The same number of grains Of
pure silver are worth about one-thirty.
second as much. If the unit of value
were made 30, 15 Or 10 grains, the re.
lation between the value Of gold and
silver would not be altered in the least.
What would happen would be that every
contract made payable in dollars would
be cut down in proportion to The reduc.
ton in the weight Of the unit, thus rob.
bing by law all creditors Of a part Of
their property. The real value Of gold
OF silver in relation to other commodi.
ties would not change, but the term
dollar" would mean less value than 1,
does now. In other words, q decrease il
the weight Of the gold unit would mean
q debasement Of the currency similar te
increasing the quantity Of cheap metal
used as alloy in coins.
It cannot be too often pointed ont that
In their last analysis all cheap money
schemes, and especially the free coinage
Of silver, involve positive dishonesty
on the part Of the government. Good
having been sold, capital loaned or con
tracts for payment Of wages made OF
standard Of value established by con
gress it is coolly proposed that the valu,
Of goods, capital or wages shall be Gu
down by decreasing the measure Of val
ues. Such action might be popular will
some creditors and employees, VIII,
would be able to escape from a part O
their obligations. But every principle o
common honesty and Justice would
stamp legislation for that purpose a
fraudulent and opposed to the best inter
ests in the long run of debtors as vel
as creditors. Civilized societies hav'
long passed the stage when it wa
thought just and expedient to repudiat'
lawful obligations.
Governor Stones alternative PROPOSE
ton to increase the amount of silver IL
the dollar" is not open to the charg
Of dishonesty if he means that the coin
should contain as much silver as woul
be worth a gold dollar. But if this pla
is honest it is also absurd and would b