The Monticellonian., 1895-05-24
CHANGE THE RATIO.


 weight and size of the gold coins. Monroe and Jackson did it. They were not called dis honest for doing so. They were legislating in the interest of the people, and not In the inter- est of the favored few. We are not compeled to keep the legal ratio at 16 to l. can change it to 20 to l. If necessary, to fix the legal ratio to correspond with the commercial ratio but, If the change IS made, let us make 1t in the rich mans money and not in tBe poor mans money.
 This is a question of capital on one side and humanity on the other or sound money-the sound Of the etod on the eofin-on one side, and sound money-the sound that has the honest ring of the peoples money in it-on the other site. It Is d question Of an English policy or an American policy. Which shall it bef''
 Prof. Iaughlin's Reasoning.
 Prof. Laughlln, replying for the negative, began: Apart from the well understood use of moner as medium Of exchange, money Is used like common denominator of value with which other articles are compared. As Il measure Of value, 1t serves in | similar way as quart cup may serve as a measure Of capacity: and as there Is not needed 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 F stn existence. The measure of value Is that in which prices are stated and debts are paid, provided the measure Of value is also made legal tender in any country. It is evident then, that the quantity of measures is not so valuable us the unvarying stability Of the standard Of the measure" ,"
 lie stated ihnt goods. when expressed in | terms of q common denomlnator of value are to-day exchanged in enormous quanti- ties, mainly without the use Of any money. The necessity Of an increasing quantity of fG Ffftrifef the development Of this system of exchanges. From g per cent. to 95 per cent. Of transae- tions are performed by this machinery without the use Of money, and recent investigations made by the comptroller of the currency show that 5i per cent. Of retail transactions are sim ilarly performed without the use Of money.
 Prices since 1873 had not fallen because Of lack ef money. Silver has fallen about 50 per cent., as compared with very modest fall in the price of commodities Silver does not have the same purchasing price in 1895 as in 1875 Hence, free coinage can not be urged as a just means Of paying debt
 SINGLE SILVER STANDARD.
 Prof. Laughiin said since we undertook the purchase of silver in 1878 1t has fallen about one-half in Yalue. although we have pur- chased about 5000 GOO. It is perfectly evi- 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 8 to l. If we had tho free coinage Of silver at 15 to there would Dc the premium of about sixteen ounces of sil- yer as | premium on withdrawing every ounce of god eoEa h circulation The free coinage of silver under such conditions as exist to-day would not mean the concurrent circulation Of both gold and silver. It would mean the fm- mediate adoption of the single silver standard. Free coinage ot silver would not increase the quantity of money. Since gold must De fnevit- ably driven out the silver coinage would re- suit in | dtminatien in the quantity Of money.
 "TO ad0pt free coinage Of silver at It 10 when the market ratio is but 3i to 1 would nletf the instant retirement from circulation of nearly s6000g0,000 Of gold circulation. It could not change prices therefore by merely increasing the amount Of the medium of ex- change. The way 1t would act, however, would be to change the price of everything because rcckOned III a cheaper medium than that Of gold. As free coinage of silver would ineVita- bly result in q rise of prices so 1t would imme- | diately result ill fall Of wages It's first 1 effect would be to diminish the purchasing i power of all our wages. Free coinage of silver would make all the articles of the i 1abuHGr x consumption cost him 100 per cent more, unless he get rise in his wages by l dint of strikes and quarrels and all the eonse- 1 queut dissatisfaction arising from friction be- 1 tween the employer and employe.
 BAD FOR DEBTORS.
 "It is usually supposed that free coinage | Of silver is fn the interest Of the debtors. think it will be found quite the contrary. | Not only will it prevent person in distress from being able to borrow money when he needs it, but 1t will create conditions which will make it impossible for the debtors to meet their indebtedness. But greater than all ob- leetons is that of public dishonor and repudia- tien. II free coinage of silver were to be passed II would mean that every depostor in . savings bank, every investor in a loan associa- tion, every holder of a lie tusut ance, every recipient of pension, would have their dues | reduced one-half. Is 1t possible that there is something behind this free coinage scheme not really discovered? Is 1t possible that 1t Is aimed at the great mass of the industrious and intel lgent, and is it 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 s6,o0o GOO 900 If free coinage of silver were introduced 1t would en- able these railways to pay.of their debts with what is now equivalent to 8 GOO. 0.000 GOO. They would thus be relieved of the necessity of pay ing to small investors who have taken their bonds one-hai of what these corporations now owe them
 Prof. Laughlin concluded as follows:
 Extraordinary as is the proposal for free coinage 1t is in truth only huge disease. It was born in the private offices Of the silver kings, nnrsed at the hands Of the speeulators clothed in economic error, fed on poodle; and as sure as there iS honesty and truth in the American heart, it will die young, and be buried in the same ignominious grave wherein lies the now forgotten infant once famous the rag baby