The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-15

well as of small beer and all other COM
modities, causing fluctuations proper.
tionate to the supply and demand. Its
efFectual repeal is, therefore, necessary
preliminary step toward the establish
ment of the free coinage system proposed.
This obnoxious law being out OF the way,
the ratio of silver to gold might be safely
fixed at any point between zero and
ininity, for the demand for both metals
having ceased, it would be matter of
Indifference at what point of the scale
the ratio should be placed. Hence, it
will readily be seen by its advocates that
il the question Of free coinage should be
brought up in the approaching State con-
vention the overshadowing question of
repeal OF the obnoxious Democratic law
OF supply and demand must also be
urged. And IL the national Democracy
can not be induced to join us in denoun-
cling this law, we can, at least, secede
from the national party and become an
appendage to my Republican acquaint-
ance, who is 80 sound on this question,
and who, believe, will gladly accept
our assistance in repeating the law in
order to make prices go up
"But as long as this natural law re-
mains in force all attempts TO make fifty
cents equal to a hundred cents, half
equal to whole or two things OF I'M
equal value equal to each other, will sig
nally fail. The impossibility of accom-
plishing this has been demonstrated over
and over again during the past 500 years.
During the same period arbitrary mon
archs and parliaments have alike tried
to make two metals at fixed ratios ciTcu-
late, side by side, in unlimited quantities
on an equality, but every such attempt
has proved a failure. The intrinsic
value that which it will fetch when
sold in the market, governs the price of
the article. The law of Gresham, pre-
viously demonstrated by Oresme and
Copernicus-th where two sorts of
coin are current in the same nation of
like value by denominations, but not
intrinsicilly, that which has the last
value will be current, and the other as
much as possible will be boarded, prov
ed stronger than human laws, the money
OF inferior value driving the superior out
OF circulation and reducing the currency
to a monometallism. This has been
Il nd in ha
countries, and nearly all middled aged
men are witnesses to the operations of
this law in our country. At first the
less valuable silver drove gold from cir
culation, reducing us practically to a sill
yer recommendation. The discovery Of
gold in California reduced the value Of
that metal in regard to silver, drove the
legal tender silver dollar from circulation
and placed the country on monometal-
lism OF gold. The silver dollar was
melted down, exported and sold as bull
lion at a price in excess OF its money
value, although the Government stamp
on the gold dollar declared it the equal
of the silver dollar. Later greenbacks
were issued as full legal tender money.
Both gold and silver Immediately disap-
peared even to half-dimes and three
cent pieces, and we were reduced to a
currency exclusively of paper, so that it
required nearly three paper dollars to
buy dollar OF silver or gold. The sim
gular fact is thus presented OF the same
Government placing its stamps on three
different kinds Of dollars, giving to them
all equal legal tender effect and declar-
ing them to be Of the same efficiency,
but not only we're they of different values
but each different in value from the
others. But at the same time there was
circulating at its face value the $50 octa-
gon gold piece Of California, with moth
ing on ii but private stamp and having
the potentially to buy one hundred and
eighty-6ve paper dollars, each stamped
by the United States Government as
worth full regular legal tender dollar.
Large amounts OF private gold coins had
previously been issued and extensively
circulated in this country without the
Government stamp, as by Keid, in Geor-
gia, and the Buffers, of North Carolina.
The very coin which gave name to our
dollar was issued from private mint,
with private stamp and circulated free
ly throughout Europe. And, as has
been shown, gold and silver circulated
freely as money without any stamp at
all, for hundreds OF years before govern
ments took official cognizsnce OF their
existence.
sand yet it is now proclaimed through
out the land that gold and silver have no
intrinsic value, or, If they have, that
value is lost the instant the hand OF the
mint master touches them, that they
then become a mass OF matter devoid Of
any value, but that by some process Of
magic unexplained they undergo such a
change that on coming from the mint
each coin received and is worth any
amount which the stamp may place upon
IT, On this iallaey rests the argument Of
Senator Jones and other Populists If
their theory is true, then two pieces Of
the same metal OF equal weight and fine
ness and OF the same size and form may
BE- stamped-the one that 1t is dollar,
/ Az otko. tk.k "a Il. khouaoUI IolI...