The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1895-07-05
POINTS FOR SILVER.
1T IS THE FRIEND OF THE
AMERICAN PRODUCER.
Gold Is the Only Hope of the Money
Lender and Usuror-The Issue Is One
Between Producers and Money
Lenders.

~@PNASAOh VI NhO PNA NNPAN0 Va
OF the country. Such is the strongest
argument put forth by the friends OF
the white metal.
On the other hand the gold monomet-
alists argue that the reconciliation OF
silver would drive all the gold out OF
the country. This is their strongest
argument.
There are other arguments on both
sides, but they are all more or less de-
pendent upon the ones given. All ar
guments for and against free coinage
OF the two metals must necessarily be
based upon either proposition. Thus
in the coming national campaign with
one party in favor of free coinage and
the other against it the issue will be
greatly simplified. The two parties in
next years contest will make finance
the dividing line, no matter by what
names they are known. The friends Of
silver will flock to the standard, which,
without reserve, declares for free coin
age. The friends of the single gold
standard will flock to the party which
represents the gold interests. Party
Affiliations will count for nothing when
1t comes to this issue. Especially
are the friends of silver determined on
this point.
But to the merits of the two propo-
sitions on the financial question.
The claim of the silver men IS
founded on truth. No one will for a
moment claim that free coinage Of sill
yer would not result in an increase OF
the amount of money in circulation.
But what kind of money would 1t
be-cheap or dear or Just medium? II
the proposition of the gold men is cor
rect, free coinage Of silver is not de-
sirable; for SO long as we use metallic
money OF redemption 1t should consist
OF the two metals, so that the money
lending class will not know what kind
OF money their loans will be redeemed
in at any given time.
To-day every political party, is, or
pretends to be in favor OF the double
standard. Yet we have the single stand
ard. Just because we use "a large
amount of silver money is no evidence
that we are on a bimetallic basis. The
silver must be redeemed in gold and
Is therefore only doing the duty of
paper money. Silver as it is now used
Is totally undesirable. Put 1t on a
plane with gold and it will go into hid
ing just like gold with the result that
more paper money than ever will so
into circulation among the people
something greatly to be desired in the
work of finally solving the great prob
lem. But for present purposes all we
need is to establish parity between
gold and silver. so that neither metal
will leave the country. The condition
desired is that which existed prior to
1873. gold and silver being then on a
parity at a ratio of 16 to l.
To rearrange the parity between the
two metals. it would seem that all that
is necessary is the re-enactment of the
law that existed prior to 1873. For H.
asmuch as the "act OF demonetizat.oA.
passed in 1873, has resulted in a
decline in the price of silver, an
act of reconciliation will have a Ike
effect in the opposite direction. For
all the purposes required for civiliza-
lion silver is just rs valuable as 1t was
prlor TO 1873. So is wheat or oats or
anything. Yet the price has fallen.
Here attention may be called to the
fact that the enemies OF silver contin-
ually point out the fact that the price
of wheat and other farm products has
fallen because OF the increased supply.
They tell us that prices Of c0mmodi-
ties are affected by the laws of supply
and demand, which is tr"e. Every
body knows that. But when you argue
to the same point with record to silver
the gold advocate becomes greatly con-
fused for an answer. He knows that
the demand that would be created
for silver by an act of remone-
tization would bring the price up
to a parity with gold at a ratio
of 16 to /, but he won't acknowl-
edge he truth. Nine times out of ten
he Will wind up the argument on the
spot by telling you that you don't
know what you are talking about"
II is as simple as abe that remone-
tization Of silver would result in br =
ing the metal up to parity with gold.
Who would be foolish enough to sell
silver at less than 81 dollar per ounce
when 1t could be exchanged for 81 at
the mint?
With a view of injur.ng the cause
of free coinage, the Reform club of
New York, principally made up of Eng
lishmen, recently promulgated a news
paper fake to the effect that ring had
"cornered" all the silver product of the
country. 1t was their idea 10 convey
the Impression that gigantic monopo-
" is at the head of the silver move
ment. Here are some lines quoted from
the first dispatch sent out: I" This syn
dicat stands to make fifty per
cent on its investment If free coinage
wins. Here is problem for work.
ing men TO ponder over Are they
going to assist monopoly Of this
kind?" Now is this not a confession
that reconciliation of silver VIII bring
the price up to the desired point? 1t