Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1895-11-22
WHAT DID IT. 5i
CHEAP DOLLAR IDEA CHECKED.

Right of Property Attacked by Silver
ites-Fallacies and False Statements OF
Silver Mine Owners Exposed.
Various causes have been given for
the rapid decline in the free silver SEN
timent, which less than a year ago
seemed destined to sweep everything be-
fore it. The mastery exposition Of the
fundamental principles Of the currency
question by Secretary Of the Treasury
Carlisle in a series Of speeches has
doubtless done much to check the free
coinage idea In the southern states an
advance Of over 90 per cent in the price
Of cotton destroyed the sole argument
Of cheap cotton on which the silverites
relied for their support by farmers and
planters. Throughout the whole country
the educational work Of sound currency
clubs and similar organizations, aided
by the sound money press, has exposed
the fallacies and false statements
through which the agents Of the silver
mine owners had secured a following
for the cheap dollar scheme.
These different agencies have all con-
tributed to the rout Of the 16 to sill
yerites, but q more potent influence
than any or all Of them was the recog-
milton by the American people Of the
right Of property and the hope Of every
citizen to be some day a property own
err In the progress Of the currency dis
cussion it soon became evident that the
free coinage agitators were really at
lacking the right to hold property, and
that their arguments against the gold
standard and the creditor class" were
directed against the natural right Of
lenders to receive back from their debt
ors as much property as was loaned.
The Populist papers and the speeches
and pamphlets Of the more rabid silver
ties were filed with denunciations Of
capital, rich men and bankers so that
the issue between gold and silver was
generally dropped for the wider ques-
tion Of the poorer classes against the
wealthy.
Fortunately for the cause Of sound
money, the great majority Of the people
Of this country own property or hope at
some time in the near future to be prop
erty owners. When they were asked to
support a financial policy which would
enable all the debtors Of the country to
repudiate one-haf Of their obligations,
thus practically taking by law half Of
the property Of all creditors, they
promptly answered "No. " Those who
had little money loaned out to a bank
or to individuals; all who held pre-
miums in a life or fire insurance compa-
ny or were in any other way creditors,
saw that they could only be injured by
the adoption Of 80 cent dollars.
On tho other hand, those whose bust
ness was carried on by borrowed money
knew that although they might be tenn
porarily benefited by financial repudia-
ton. yet when they again wished to
borrow no one would lend, while all
who look forward, as every American
should, to being themselves owners Of
property were convinced that their best
interests would be served by maintain
ing a currency system which recognizes
the rights of every man to all his pos
sessions. They argued that if the pres
emit silyerite and Populist demand for
the confscation Of half Of the property
Of creditors should be granted, it would
not be long before there would be an
other socialist agitation for the confsca-
ton Of all property, and they therefore
refused to favor scheme which threat
ened to destroy all their hopes Of pros
perous future. II is for this reason
above al others that schemes Of repu-
diation and attacks on property owners
can never secure a permanent footing
in this country.