The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-05-25

change the ratio. and make the change "a
weight and size OF the gold coins. Monroe and
jackson did it, They were NOS called dis
hoBess for doing SO. They were iegislatiug In
the interest Of the people, and not In the inter-
est Of the favored few. We are not compelled
change Il 70 20 70 I. II necessary. 20 tx the
legal ratio TO correspond with the commercial
ratio. but. II the change Is made, let Us make
IL In the rich mans money and not in the POOR
mans money.
This Is Q question Of capital on one side ard
humanity on the other. OF sound m0ncy-fhe
sound OF the ciod on the cofin-on one side.
and sound money-the sound that has the
honest ring Of the peoples money In it-on the
other side. It is O question OF an English policy
or an American policy. Which shall it bes"
Prof. LaughiIn's Reasoning.
Prof. LaughIIn, replying for the negative,
began: Apart from the well understood use Of
money s O medium OF exchange, money is used
lik q common denomination Of value with
which other articles are compared. As q
measure Of value, 10 serves In q similar
way as o quart cup may serve % o
measure Of capacity; and as there Is not
needed q separate cup for every quart Of
milk IN existence. one can measure hundreds
Of Thousands Of goods by comparing with the
same standard OF measure. There Is no need
OF an amount OF money equal to all the goods
In existence. The measure Of value IS that IN
which prices are stated and debts are paid.
provided the measure Of value Is also made Q
legal tender In any country. Il Is evident,
then. that the quantity Of measures is not so
valuable rs the unynrying stability Of the
standard Of the measure"
He stated that goods. when expressed In
terms Of o common denominatof Of value,
sre to-day exchanged In enormous quants-
ties, mainly without the use Of any money.
The necessity OF an increasing Quantity
Of money is growing less important with
the development Of this system Of exchanges.
From % per cent to 95 per cent. Of TRANSACT
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 SIM
ilarly performed without the use Of money.
Prices since 1873 had not fallen because Of
lack Of money. Silver has fallen about 50 per
cent, as compared with c very modest fall in
the price OF commodities. Silver does not have
the same purchasing prise in 1885 as in 1873.
Hence, free coinage can not be urged as 9 just
means OF paying debt.
SINGLE SILVER STANDARD.
Prof. Laughlin said: ..Since we undertook
the purchase Of silver In 1878 IL has fallen
about one-half in value. although we have pur-
chased about $eo0.O00,0o0. It is perfectly eyi-
dent that there Is no use In the United States
acting alone to bolster up the price of silver
when we have failed even In concert with the
Latin union. Free coinage Of silver at 16 to
1 means the single silver standard. To-
day the market ratio between gold
and silver Is nearly "a to 1. II we had
the free coinage OF silver at 16 to 1 there would
be the premium Of about sixteen ounces Of sill
yer as a premium on Withdrawing every ounce
Of gold coin in circulation The free coinage
NJ ef1par nudar Gnch conditions a q awsSf 49,
would not mean the concurrent circulation Of
both gold and silver. It would mean the i'm
mediate adoption Of the single silver standard.
Free coinage Of silver would not increase the
quantity Of money. Since gold must pe newt
ably driven out the silver coinage would re-
suit in q diminution In the quantity OF n.oney.
ITO adopt free coinage Of silver at 10 to I
when the market ratio is but 81 to 1 would
mean the instant retirement from circulation
Of nearly s600.0c0,O00 OF gold circulation. Il
could not change prices therefore BY merely
increasing the amount Of the medium Of ex-
change. The way it would act. however, would
be to change the price Of everything because
reckoned in a cheaper medium than that Of
gold. As free coinage Of silver would ~inevita-
bly, result In o rise Of prices SO it would imme-
diate1y result in q 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 consumption cost him 100 per cent
more, unless he can get q rise In his wages by
dint Of strikes and quarrels and all the conse-
quent dissatisfaction arising from friction b
tween the employer and employe.
BAD FOB DEBTORS.
1T Is usually imposed that free coinage
OF silver Is In the interest Of the debtors I
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
viii make 1t impossible for the debtors to meet
their Indebtedness. But greater than all OBJ
~jections is that Of public dishonor and repudia-
ticn. If free coinage OF silver werc to be
passed It would mean that every depositor in a
savings bank, every investor in q loan associa-
tion, every holder Of q life insurance, every
recipient OF q pension, would have their dues
reduced one-haif. Is 1t possible that
there Is something behind this free
coinage scheme not really discovered:
Is tt possible that it is aimed
ut the great mass Of the industrious and INTEL
Iigent, and is IL really intended to serve the In
terests Of the very rich and Of great corpora
tions: The bonded debt Of the railways in the
United states Is about 5000, 900, 900. II free
coinage Of silver we're introduced 1t would en-
able these railways to pay on their debts with
what Is now equivalent to $500. coo 900. They
would thus be relieved OF the necessity Of pay
ing to small investors who have taken their
bonds one-half Of what these corporations now
owe Them"
Prof. Laughlin concluded as follows:
sExtraordirary as is tho proposal for free
coinage, 1t Is In truth only q huge disease. It
was born in the private ofices OF the silver
kings, nursed at the hands OF the spectators,
clothed in economic error, fed on Doodle; and.
as sure as there is honesty and truth in the
American heart. IL will die young, and be buried
in the same ignominious grave wherein lies the
now forgotten infant once famous as the rag
baby
FINISHING ARGUMENTS.
Contrary to expectation, the time