Alma record. (Alma, Mich.) 1878-1928, 1895-03-29
"A MIsCHIEvOUs BOOK

Financial school. quoting freely from
the Chicago Tribune. If the case made
against Coin is the best that can be
made, then is he impregnably intrenched
behind the breastworks of truth.
There is not a single point made by
either the Republican or the Tribune
but Is "a bubble unworthy the slightest
consideration on any honest man.
First reference is had to Webster for
a definition of decentralization and
from this "A conclusion is drawn that
silver was never demonetized. either IN
this country or Europe
Does not Brother Clark know that "A
photographer is not the highest author
ity on scientific terms? Il Lexicograph-
ers 90 to scientists for definitions, and
ii is often the case that these authori-
ties do not agree; So the photographer
pays his money and takes his choice.
Whether silver was demonetiZed or not
depends altogether what we mean by
the term decentralization" = If it
means to deprive of some important
money function, then silver was de-
monetized in England in 1916. in the
and in France in 1874. One of the
most important of many functions is
that of serving as a standard of value.
Silver in all of these countries is
in the position of token mon
ey. having certain value only
because the issuing government re-
deems it in the only present basic or
redemption money. gold. Silver is no
better position now than our paper cur
rency, as it, with all paper money, Is
in the nature of debt continually
menacing gold, in which it must be re-
deemed. Gold is now the only SUBJ
stance which has all the functions OF
money. 1t is true silver is legal tender;
so, also, greenbacks are legal tender,
but they are not money.
The "Charlatan', Gas the Tribune
calls "Coin''), did not say "there has
been no LEGAL tender silver except for
little fractional tokens, coined in the
United States since 1879. But he
might truthfully have said that this
country has not issued a dollar of sill
yer money since 1873. Though 1922
600. 900 of standard silver dollars have
been coined since 1873, there never has
been a day since that they were money.
They have always been put i'll the po-
sition of copper tokens, and paper
money, so-called. as something which
the government was in duty bound to
maintain by redemption at par with
gold, the only money of ultimate re-
demption.
So with all the criticisms made by
the Republican and Tribune, based on
Websters definition of demonetiZation.
they are a. scnseless a the statement
that the law of gravitation is not uni
versal, because the Mississippi River
runs up hill. We may show from
Webster that high Is in the direction
toward the zenith (that is. in the dlrec-
ton from the center of the earth). that
cup hill' j. To higher and more elc-
waited position. 1t Is easy To show that
the mouth of the Mississippi Is more eie-
waited. farther from the center of the
earth. than its source by about two and
one-half miles But the river runs
from its source TO its mouth-from a
lower to higher position. OF up hill.
But gravity causes water to flow down
hill: therefore. the Mississippi River i
an exception aud always runs UP hill
contrary To the law. This reasoning is
as good as any that the Tribune uses
against Coin.
Gold and silver were both redemp-
ton money prior to 1873. and gold
only has been since, the Tribune and
other gold-bugs to the contrary not
withstanding; and redemption money
was reduced TO little less than half Its
former value. Silver is nothing but
token money-liability against gold
in any country, except in those where
silver is the standard. 1t seems strange
that any paper would give as argumen,
suce nonsense and quibbling, pettyfog-
ging billingsgatc as the Republican
quotes from the Tribune.
&. II. CHASE