The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1896-10-01

| 1871 81 J0 NJ
"You will notice that / 20 back as far
before 1873 as l come this way, and ! have
taken two years Immediately before the
year OF the legislation complained of, and
two years Immediately after. These figures
do not show any fall in prices and what
becomes of my friends argument? But 1t
Is the price at the farm that should govern
In the consideration of this question and
let us get a little closer 10 the farm
Prof. McCleary then quoted from the
figures compiled by George III. Roberts Of
Fort Dodge, Iowa, from the papers of Du-
buque, showing the prices at that point, and
treating them in three periods between 1861
and 1891. These figures show the same
state of facts and prove that prices have
averaged higher since 1873 than before. He
then quoted the price of wheat at Mankato
compiled from the files Of the Mankato
| Review whose editor, j. c. Wise, was on
| the platform as Mr.. Lind's referee.
'On Nov. /, 1863, wheat sold in Mankato
at 80 cents. In 1854, with a 5O-cent dollar,
wheat sold at between 80 and 40 cents
a bushel, measured in gold. In 1878 the
crop sold at an average of about so cents.
In 1882 1t ran up as high as Sl.3O. In
1855 1t was as high as $1.15. In 1871 II
was as high as 90 cents.
The average price before the crime "
he continued. "was 50 cents in gold. The
| average price since the crime was 81 cents
III olu. &NoN what pNN'h'NP VI tAN Nv
| Of my friend IL he can blot out the memory
| Of these last three miserable years?
my friend sugg ests that his plan would
| give us more money and therefore better
| prices, and with better prices, better times.
This is a very attractive plan, but instead
Of expanding our currency II would con-
tract our currency. Instead OF giving us
better prices and better times, it would
\ give us poorer prices and poorer times.
My respect for the American cong ress is
unbounded, but there Is a above
| the American cong ress, whose laws are the
same yesterday, to-day and forever.
'"The experiment of having the minis
| open to the coinage of both metals at a
| fixed ratio has been tried In this country
and in other countries, and has everywhere
| been abandoned. Our friends stand for the
| free and unlimited coinage on private ac-
| count at a fixed ratio, the coins to be a full
legal tender. They stand for coinage on
| private account. The coinage Of gold is
simply the certificate Of the government
| that ii is worth what 1t is worth the world
over. The silver man wants the govern
| ment certificate that - cents worth Of
| silver Is worth a dollar. He Is refused.
When the ratio was established at - to 1
| that ratio was the true ratio, but when the
market price Of gold went up no gold went
| to the mint. On the other hand. It became
the best place to take silver. Silver went
to the mint and gold went
To the Market,
and retired from circulation. Our people
didn't miss it at first. but when they did
In 1884, the ratio was changed TO Is to 1.
This over-valued gold somewhat and gold
| came to the mint and TO the market. Bust
ness was embarrassed by the absence of sill
yer. 1t was necessary for small change.
Congress first attempted to satisfy the de-
mand in 1919 by the coinage of one dollar
gold pieces, but tn"y were not a practical,
IL WI -.
and In 1853 the government commenced TO
buy silver to supply the coinage. That was
the adoption Of the principle of the govern
mcnt coinage, and TO keep the fractional
currency from being melted down the value
of the coins was reduced, and it was made
a limited legal tender. That principle is
three years older than the Republican
party and it is the principle contained in
the Republican platform of 1886.
Not q dollar piece was coined OF silver for
circulation after 1906. A few dollars were
coined for owners of bullion, who asked the
coinage of dollars tu be used In the sale Of
their bullion. Since 1878 we have coined
a3i 100000 OF them, and they circulated
either as dollars or in the form of certifi-
Gates. Coin made on government account
Is just as efficacious in the transaction OF
business as coin made on private account.
The per capita circulation In countries that
have coinage of silver on government ac-
count Is vastly greater than the circulation
Of those countries which have coinage on
private account. In the latter countries
there is very little money in circulation.
1t Is argued In favor of free coinage that
1t will double the value OF every mans
property. The man worth a million Is 10
have two million. The man worth nothing
will still have nothing. They tell the farm
er that IL will double the value of his prod
uct. They are the farmers friends because
they want the farmers to be their friends.
With unlimited coinage on private account,
the value Of the coin is exactly equal to