The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-09-19

| popuiists 1 am constrained 10 turn 10 some
| remote age In human experience, and there
4 always IND the precursor or the hnanclal
agitator who happens 10 be monopolizing
the attention OF a free people al any one
moment. Now this statement about Eng
/ land and English influence and English
domination OF our monetary system the
nefarious influence OF Lombord street OBJ
Grating through Wall street. the activity
chained up somewhere that never could
discover-snd 1 was most anxious 10 dis
afraid OF the money power on the contrary
| would be glad TO meet II face to face and
see how IL worked, and perhaps discover
! the money method OF making a money
| power OF myself But I'm all the search
| ever made for a money power have never
/ yet discovered Il except where / saw a pair
| OF brawny hands at work making some
thing useful for the family OF mankind.
IT have received great many letters,
few printed. since had the good or III for
tune TO make "A speech In Madison square
on this question and every one OF these
| statements which assumed 10 give me In
| formation as 10 how a change I'm the none
| tary system is going TO enrich everybody
and Increase the rate OF wages. open up
| with the statement that England Is now
| trembling lest we should go TO a silver
standard and damage her commercial pres
ment OF tss KIND se wnds nm S Sis statement
by saying: These are cold facts and not
political exaggerations.
| trembling. or how she was trembling. /
mover knew OF any gentleman who put his
| hand on her 10 find out how she was
| trembling but n she IS II must be with mer-
riment at the men who are proposing 70
compete with her for the markets OF the
| world by using an inferior money to that with
conquest OF the world There is nothing
| new In this statement. II used 10 be made
in England I'm 1896 Now. before that time
land II you will pardon me, just for brief
| historical statement OF the method In which
England's commercial greatness was es-
holiowness and the folly OF this particular
feature OF populistic eloquence.
Before 1856 England was not an impor-
important s as France Su" She wa. then SUI
| fering from a disordered coinage, pretty
much as we are suffering to-day. not be-
sion had got possession OF the treasury and
controlled financial legislation OF the coun-
try. but because the people among whom
the coins were current used to clip them,
and after clipping piece OF a coin would
proceed TO pass II as a good coin.
Debasement OF British Coinage.
Now. every king when ne assembled the
throne was little prone TO that practice on
coinage OF precious metals and the king
happened TO be embarrassed. he solved the
difficulty by increasing the seigniorage that
was paid at the mint That Is 20 say, he In
creased the quantity OF the coin which he
took for himself. and when the subjects
saw the king. who was held 10 be incapable
OF wrong, practcing such n game as that.
why, the subject thought II was a pretty
good game. and he should initiate q, and
he did. and the result was the whole coin
ace OF England was I'm n state OF absolute
disorder. A hundred pounds COLLECTED In
one part OF ne s SI would norweigh
II was impossible 10 say what a shilling
was worth. IL might be worth ten pence,
or nine pence, or eight pence II was never
worth a shilling; Il was never worth %
pence
Ind a an haa on, pbf
would sell their horses, thoir butter. their
eggs by the market price. then new dis
pute arose ms to the character OF the money
That they would accept. and trade finally
came to paralysis from the distrust OF the
coinage that existed everywhere through
out the country.
Now, az this time parliament undertook
to deal with this most important question.
and forthwith there was loosened upon the
English people flood OF educators n food
OF orators all OF whom insisted that the
way 10 reach prosperity was 10 cut down
the coin. to make 4 a poor mans money.
70 reduce the circulating shilling 10 the
level of the smallest clipped coin that was
IN existence. and one OF the most remark
able OF the pamphlets. which were circu-
lated everywhere, thrust into the hands OF
members OF parliament, Is referred 10 by
Lord Macauley n the, twenty first chapter
OF his history I'm the following words. which
| ] VIII read to you: In one of the most GU
rious. and amusing ofthese. he says. Louis
and his mipisters-that f.. Louis XIV. OF
France-are introduced as expressing the
| greatest alarm lest England should make
herself the Richest country In the world
by the simplest expedient nv calling nine
pence shilling. and confidently predict
ing that n tho old standard were main
tained there would be another revolution
Philosophers to EngIand's Aid.
Now, that was the populistic literature
OF 200 years ago They yank into the plat
form about which they talk 80 much the
plan for a land bank. Mr.. BRYAN was no
more cxtravag giant In HIS assertions that de-
based coinage would mean prosperity and
good coinase revolution than Mr.. Cham
berlain, who at one time had following
in England sufficient TO dominate the ma
iority In both houses OF parliament, but the
English people committed this whole ques-
tion not to farmers who didn't farm not TO
lawyers who agitate agricultural condi-
lions. not 20 journalists who have made
the farmers grievances their own. but 20
eminent ACKNOWLEDGEMENTS Isaac Newton
who discovered the law OF gravity, and
Prof Locke, who was the author Of the
essay on the human understanding. Now
both OF these eminent men concluded that
you could have but one coin for n standard
and they also concluded that Il was abso,
lutey necessary that the clipped debased
coins that were circulating through the
channels OF commerce. expelling a good
system OF coinage should be called I'm and
good coins issued for them
Now, you sec at once, ladies and gentle
men. that man with debased coin would
a profit In doing ~. He would rather take
his chances in passing IL out In the ordi-
And so the government, rising, believe
| TO n height Of craftsmanship never before
witnessed in the history OF CIVILIZATION
blazing n way for all civilization TO initiate
hereafter. announced that they would give
good, sound, whole coins for every clipped
| coin that within a certain period was sur
rendered az the mint. And they did it, and
out OF coinage OF about f6.0000O0 tho gov
eminent actually paid out about E3,0OO,QOO
TO make up the deficiency between the
clipped, debased coins which they received
! and the good coins which they issued.
"rhat expenditure was the greatest, the
wiscst and the bost investment ever made
by n civilized nation, judged by the fruits
and the consequences which ~ produced
for from that instant England became
the international depository OF the world
simply and plainly because II was the
only country I'm which deposit OF money
could be made with reasonable certainty
that whenever ~ was called for the same
coin would be returned IN which the de-
! posit had been made. From that moment
| not by steps, but by leaps and bounds,
| monopolzing almost the whole profits OF
| international banking. Her capital grew
larrn IkaI during tho Nnnolnnnlc Mnr