The Louisiana populist., 1895-10-25


United States. When silver was Il. 80
per ounce cotton paid for in silver
cost more than cotton bought with
| silver at 80 cents per ounce.
Now, India cotton in the year 1894.
was worth in India silver the same
per pound that it was for five years
preceding that date. 1t follows as
logical sequence that any impairment
OF the value of silver bullion is
corresponding impairment of the
value OF such industries, as silver
countries compete with us in growing
and selling. The most prosperous ma
tions to-day are the silver countries.
Mexico is enjoying unparalleled pros
perity. Japan is developing with
greater rapidity than ever before in
her history. The good countries are
now reaping a harvest OF distress. In
the issue OF Public Opinion OF Scptem-
Der le occurs the following: Il: is
anticipated that the farmers OF Eng
land cannot go through the coming
winter without help" Lord Sails
bury is asked TO devise measures OF
relief for them. This he can not do
without seriously conflicting with
other interests. The situation in
England lis exceptionally depress-
ing and threatens to become worse.
All the products of the farm can
be supplied at cheaper rates from for
eign sources than they can be raised
in England, and from this outlook the
situation is almost helpless. Farmers
contemplate the coming winter with
feelings OF absolute dismay." From the
Springfield Republican Of same date
is taken the following: six hundred
and fifty acres of land in Eng
tand with farmhouses, stables, home
stead aud seven cottages sold ior
$2S, 800. This property dozen years
or more ago was valued at xlO0,000
and only four years ago.was mort
gagged for $4,000" This in the
creditor country of the world. This
is the country that is trying to force
monometalism upon every nation with
whom they have intercourse or infu-
ence.
Now word with another school of
Democrats who believe in the free and
unlimited coinage of silver at the
ratio Of l6 to /. There is but little
difference between you and me. You
believe in the free coinage of silver
at the ratio of l6 to /. So do we.
We have it in our platform. You
have not. You are opposed to ma
tional banks as banks of issue; so are
we. We have it in our platform; you
have not. You are opposed to inter-
est-beariug bonds in time of peace;
so are we. We have it in our plat
form: you have not You believe that
the government should issue all the
money; so do we. We have it in our
platform; you have not. You believe
in paper money issued by the govern
ment; so do we. We have it in our
platform; you have not. Now we ap-
proach the ground of debate. We
favor legal tender fiat paper money;
you say you do not. You want an in
trinsic value for a base money:
we do not. You want all pa
per money redeemable in metallic
money; we do not. Here is where
free silver Democrats are at disad-
vantage with gold Democrats. Here
is silver dollar. COnfessedly it has
an intrinsic value of so cents only,
yet it is current as mOuey for leo
cents. Fifty cents of intrinsic value,
100 cents of monetary value. There
is manifestly something here worth
so cents not accounted for on an in
trinsic value basis. What is it? This
dollar is worth 100 cents as money
and so cents in reality. Whence
comes this friction? All concede it is
government fiat. II the nation can
fiat for 50 cents, why not 60 100
cents? Then this difference between
us resolves itself into one of degree
rather than principle. Again. you
want a paper money redeemable in
metal money, to make it an honest !
dollar. II you are honest In this TO |
secure an honest paper dollar you
must retire q metal dollar to redeem
it with. This would not increase the
circulating medium one farthing.
But you say that one dollar OF me-
tallic money will float and sustain
three or five OF paper money. That
may be true. but your paper dollar is
not a genuine Christian dollar. 1t
possesses no intrinsic value nor has
it a full intrinsic value behind it. You
are opposed to bonds. You issue
IS. 900. 900, 900 Of paper money. You
retire 81 900, 900, 900 of metallic
money to redeem it with. Now the
money shyloeks buy $1,000. 900, 900 of
your paper. present it for redemp-
tion. Your reserve is burst. You
must maintain it. What are you to
do? How viii you restore the reserve?
You must issue bonds. and you must
continue to issue bonds so long as
your reserve is subject to raids by the
holders of redeemable paper money.
The more such paper money, the
easier you become a prey to money