The Canton times. (Canton, Miss.) 1893-1906, 1895-04-19
Wrong.

E
i Wrong.
1t is strange that ihtsfligentM en car
be found to say silver ID deinonetizes
when there Is about $7OO. OO0, 900, of tha
metal in circulation today in the Unit
ed State and good rs gold in value
Made 30 however at very dear cost
to the government which is the!people
who must be taxed to make half the
silver dollar good as its instrinisis
value is only about so cents. This
certainly is dearer than per cent on
bonds. The government can only &c,
money by Selgniorage, borrowing, and
! paying interest, or by taxation to create
a surplus both of W hich the latter. how.
ever, are better than to coin Silver and
give bullion owner 100 cts for SO cts
and have to make the other SOC good
to the holder OF the dollar after it is
pair out by the government, by redeem
ing it in gold If demanded, the know
ledge Of which fact makes the silver
dollar good and acceptable by US all
now. If A gives his note to B for 500
when he is only worth or able
to pay $50, he certainly has not made
$50, but must hustle around and pay
the other $50 or lose his credit, and
cannot repeat the transaction but once.
So with the government. --she must re-
deem her money with her stamp on it
which is her note to full commercial
value or have her credit ruined and be-
come bankrupted. The government
never issues money directly to the peo-
pie" it can only put 1t in circulation By
paying its debts and let it ramify the
channels of trade. The government
does however issue SO cts on the dollar
of bogus money to every silver bullion
holder and not only does it as graz
tuity but has to make it good. When
it issues q gold dollar to holder of
gold bullion 1t gets value received and
looses nothing and don't have to tax the
people to redeem any pledge for bogus
If free coinage of silver was
allowed and an attempt made to keepit
On parity with gold by increasing the
grains of silver, the silver dollar would
soon be as large as cart wheel and
who would want it? Some men look |
IN the Almanac when they want to
know when it is going to rain and some
men plant crops by the moon. Some
men believe cotton is priced by the
value Of silver and some believe it is
Town by the law OF supply and de-
nand. The fellow who plants by the
noon fails to record the failures of his
'rop in supporting his theory, as does
he fellow who don't get The rain when
{ hangs that way. So the fellow who |
believes the rise or full in the price of
liver influences the price of cotton
allied to note the time in lS43 in this
State when Silver was worth 1903, and
otton was only cents per pound,
orn 12K cents per bushel, mules $50
yer head and q good horse $50. What
vas the matter then? The fol-
owing from General Catchings in the
ireenville Democrat compl etely settles
he fallacy of cotton being Influenced
" the price of Silver.
In the leading editorial of your issue
the 2lst inst. you say:
Cotton is, and will ever be, the chief
money crop of Mississippi, and when
General Catchings admitted in his
peech, delivered in Greenville several
lonths ago, that the unconditional re- |
cal OF the Sherman law possibly tend
toward q reduction In the price Of !.
otton, before an audience of cotton
roducers, he admitted himself abso- I
itely out of court, for cotton Is the I
read and meat Of our people,"
desire, respectfully. but emphat.
ally to deny In the broadcast and most 8
bsolute manner that I made such a a
,atemeHt or admission" n
On the contrary; endeavored to show !,
I'D believe that / did show, that the :
herman law had not been of the
ightest benefit to the growers of s
,tton. /.
pointed out that the great fall in
'e price Of cotton began after the pas. .
'ge of the Sherman law in July, 1890. N
I'd also that It did not arrest the fall 81
the price of silver, which had been .,
ling on for long time.
on Sept. 2, 1890, the price of middling q
'land 10 New York was II So cents ID
II pound; on Sept7, 1891, Il was I-l36 N
nts per pound; on Sept. z, 1892, IL was r.,
lilo cents per pound, and on Sept, :,
13 was 1910 cents per r,onnd -T,h;. al