The mirror. (Stillwater, Minn.) 1894-1925, 1895-03-07


take. A country that coins gold and
no silver will not get any other country
surplus of silver. We, having many
silver mines favor its use; but we must
remember silver is dscredlted by the
commercial world, not by governments,
but bv commerce which always selects
the best standard of value. Because
we have plenty of wood, we know 1t
would be foolish to build Il wooden
navy. We would not give up electricity
and return to candles for light; II we
should. would the world follow our eX-
ample? Evolution is as irresistible IN
the financial and commercial world as
every where else; evolution has selected
gold. rejected silver, all we can do is to
decide. whether we will take as our
standard the selected metal, or the re-
iected. that is, stand with the great
nations or with the weak. Wampum
was good money between our colonlsts
and the Indians, but it was Of no use
in foreign commerce: she did not want
if Two facts overcome all arguments;
silver is too plentiful, the price is TOO
low. statistics prove this. p to 1910,
the out put was less than half as great
as gold. Silver was worth Sl.3O per
ounce: the purity of the two metals
was Is to |. The production OF gold
has not materially changed. While Sill
yer has increased to b greater than
gold. consequently is worth about 2lto l..
Trade and civilization could not eX-
list beyond primitive state without
banking institutions: simple barter
/. could not transact the smallest traction
of our exchange. So financial systems
. are a necessity and the world depends
I upon it for existence. The ancient
J. planters when short of money Whlle
crops were growing. to support theli
hands before harvest, depended on the
money lender: he supported the place
4 of our banks, who today send money
e West to move the crops after harvest
e, The planter then has money to loan a
q interest. so places it in bank: every oh'
% except the weak or tlmld are WILING
le to place their savings in strong hand
as to increase it. TO find a village Q
e; town without bank is to find com
st munity who are ignorant and pool
o. Our paper is merely receipt for none!
e. or a promise to pay. A person VIII
OF trusts his money with another wlshe
or a receipt, and if banker or borrowe
N. are well known his receipt passes cul
all rent. in exchange for merchandls'
IN, The benefit to him who issues paper,
IN. derived from issuing more paper tina
he there is real money behind. Agal
Ell in receiving deposits to the amount
er' a hundred thousand dollars trusting
ge. the public to only draw twenty-flN
las thousand He has Seventy-tlve tho
en- sand to loan on interest, consequent
he the people have seventy-fve thousa1
ear dollars greater circulating medlu
so than before. Let the people unue
lde stand there is real money behind
re- paper, and the quantity is never ST.
lor ficient When government lssu
0.' paper money. Guc udHSOI al 1913 III y
led belief that the value rests on the Cover
ed, mental stamp. Governments have
INT, forth excessive volumes, not known
re- there was any danger, whether CIV
OK a legal tender or not, paper money pa
the to troops for clothing, weapons, ANN
Old. milton and other things, it finds Its W
don into circulation, and when large qua
hey titv flows from the national treasr
1er- people appear prosperous. Demagogl
on applaud, and safety is we'll behind,
lent fore any expectation of gold, acts a
ank danger signal. Government respor
gold bility and guarantee is far more So
than Individual responsibility. Ba
alue ers could issue notes, providing Il
un- changed the volume, from time to til
the to conform to the natural changes
the trade, and to raise the rate OF inter
SUI or lower it as the bank OF Engl'
gold moves it's rate. We may fairly sp
,om- of the evolution of money, trs
- IN credit, of civilization in one breath,
u ~, w evolution in each depends on the OF
With And today the test of civilization
will any country, is in the kind OF none
with uses, the development of its trade, {