Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-01
EIkins on Money.
Nrittsn for the Register.


Grade existed before money" Money
does not make trade or business al
though "as necessary as air and water 70
physical life"
Logically. therefore, while air and
water make life, yet life cannot exis'
without them, so, while money does mo-
create trade. yet trade and business
flourish in proportion TO the money II
circulation, and cannot exist without It,
We will not split hairs On the 1ues-
ton. but | defy Mr. Elkins or any one
to find any nation in the past sufficiently
civilized to carry on anything like trade
who did not use money of some kind.
Even Abraham, $500 years ago, when
he bought a tomb for Sarah. did not ex-
change cattle, sheep or camels for 1t, but
paid down 400 shekels of silver.
The trouble with Mr.. Elkins and all
goldites is this. they look upon the dol
lar as an absolute, Interchangeable stand
'oSB sJB9i o. cures 9QL 5nIBA 10 PIE
to-day, and forever, when really its value
is constantly changing.
All scientists agree that the value of
money is its purchasing power and, as
,ha, purchasing power has increased
from 80 to leo per cent. in % years. it
follows that The value of money has in
creased to that extent.
Mr. Elkins virtually acknowledges
his in his speech, where he claims re-
ductiOn in prices, for low prices simply
mean that the dollar has increased in
value, or will purchase more OF average
products.
INTRINSIC VALUE.
Mr.. Elkins talks about intrinsic
value" Of money. Money has no in
trnsic value. Value is a relation. and
can only be expressed in something out
side of the object The value of dol
lar in wheat is two bushels: in corn.
three bushels.
1t IS absurd to talk of intrinsic value.
Commercial value is the value Of money.
and that is the purchasing power. All
legal tender money in circulation has
the same commercial value without re-
gard to the material with which Il is
made
From an American standpoint there
are no 52-cent dollars. but from a Brit
ish standpoint our dollars are 52-cen-
dollars; and as ilr. Elkins is advocating
British Interests he can be Dardoned.
II nothing whatever can be purchased
with money, where would lis value be2
It's value therefore. is in the things
which 1t purchases, j. e.. its purchasing
power.
Hence II is true that when the aver
age purchasing power of money in
creases its value increases in that very
proportion.
FREE COINAGE.
I will quote two or three extracts 10
illustrate gold standard logic:
Free coinage means that owners Of
silver bullion. now worth - cents on
the dollar, may take the same 10 the
mint and have it coined Al the expense
Of the United State. making each dollar
legal tender, and EQUAL IN VALUE
TO a GOLD DOLLAR THEREBY
IT'S VALUE FROM %
CENTS TO 100 CENTS
Again he says o. these legal tender
silver dollars equal to gold and
"wcr,h 100 cents" that banks and in
surance companies will pay them Out a1
50 cents. The above = q strong aIgu-
melC in favor OF free coinage. for by it
We get 100 cent dollars for % cents.
In another place he states that the
nations Of Europe can bring - cents
worth of silver and have !, coined inco
legal tender doli2rs equal 10 sold col
lars l. VIII be an interesting sign
% see a 'naticn Of Europe" bring -
cents worth CT silver over here in IFS
brseches pocket. and take back a silver
dollar equal to gold. 70 pay it ont for .
cents.
Mr. E'kins does not seem to he aware
thar any article IS worth what II Will
bring. and when 271.2 grains CT pure
silver WI bring p legal tender dollar
as good as gold that there VII be no
more - cen, dollars.
Th.S free coinage CT silver has for its
object the equalization of gold and e.l-
yer money. ana WI do away with these
- cen, dollars. which are ,le direct re-
SUI, O. this rascally gold standard.
Decentralization AND FALL OF
SILVER.
To prove that demonstration id not
cause the decline in silver. Eik.ns gives
The following Bullion value of The ST.
Yer dollar: 1854. S104: 1873 $l0o; 1853.
SOS cents; 1898. 80 cents. BY substitute
ing 1872 /, is shown ,hal The decline b.
gan in 1873.
1864. $l04; 1872. S103; 1873. 500;
1883. SOS cents. ejc.
The change n ratio in 1894 raised Sill
YER from Sl.00 70 Sl02i2 and IS years
after. in 1872. was sl.o3. bur fell &c. the
frs, year after demonstration and 1Ic.
in II years.
CURRENCY.
Mr. Elkins claims 1919 millions Of gold
in circulation.
Joseph 4 Walker of Boston. says
that there is only $350G0o,000 in the
whole country. and he is right.
The 5000 banks OF the country have
only $50 millions. 80 millions in the
treasury. and 80 millions of gold GER
uicajes makes up $50 millions Of gold
in tae Uninted States.
Here Is n gold s29s, OOO, 900 oyeresti-
maze in cur currency. United States
law requires SEQ millions OF lawful
money to be kept as a reserve to guar
antee deposits. leaving 500 millions in
circulation. less than 5000 per capita.
Here 5 the true reason for low prices
and s,agnanJ business: An enormous
contraction for the science Of money
teaches thar a small amount of money
means low prices, stagnation IN bust
ness and hard times.
SILVER COINAGE.
Mr.. Elkins guesses that 500 100000