Evening star., 1896-09-19
Discussions Of Some Of
IL 49, 80 -
the Points in the
t-E- S"sF nh.
Great Financial
=: -s,s-s 49,,
Controversy.

teen to one free and unlimited silver coin
age. says:
There is another point Of view from
which this subject may be advantageously
surveyed. What will be It's effect upon our
present silver coins? At present every Sill
yer dollar is as good as gold dollar. for
back of this silver dollar stands this great
government, pledged to maintain the pari-
ty Of the two dollars, but the moment this
pledge is withdrawn by the adoption OF
free silver the normal relation Of the
two metals at once obtains. One OF two
things must necessarily follow; either the
entire world supply Of silver will be lifted
up to par with gold or the whole Of our
silver money, being detached from Its as
scciation with gold. will at once fall 10 q
level with silver bullion. That sane man
can believe that free silver here VIII IN,
crease the commercial value Of silver ~
per cent, or even one-half that amount. ar
gues on unexampled- credulity. This ma
tion may adopt for itself the 10 to l ratio
but 1t cannot make sixteen ounces OF
silver exchangeable for one ounce OF gold
in the marts of the world. Economic as
well as natural laws defy coercion. Doubt
less no one expects this. There Is no
supply to par 1t follows then. Of neces-
sty, that our silver coin must part at once
with portion Of its purchasing power.
The government will be no longer pledged
10 MAINTAIN ltS parity. us dSSOcldtlON Win
gold must be severed. and 1t must take its
place with the new coinage and share it's
fate. No distinction can be made between
what has been coined for the government
and what will be coined fer the bullion
owner. They will be of equal value and
must be treated alike.
Supposing. now. that gold. instead of go
ing to premium of 80 per cent, which
and silver bullion, goes only to - per cent.
a very reasonable supposition-then ensues
an immediate depreciation in the value
of our silver coin and certificates Of -
per cent If We assume that these amount
to only $fpO.OOO.O00. this means a virtual
loss of $125.oOOO0 falling upon those who
happen to hold this money. While 1t is a real
loss to them, 1t Is also in effect a con-
To this Is to be added the depreciation which
will take place In the value of all paper
money: and. furthermore. 1t must be borne
in mind that. in accordance with the
Gresham law. which mas been found oper-
ative in similar cases. all gold will be
withdrawn from circulation, and thus a
still greater contraction caused, which can
not be counterbalanced by the coinage of
sight to see that 16 to 1 free. unlimited.
is likely to play havoc with our finances.
and to Introduce an era OF unexam2ied
confusion, II not disaster.
1t Is. however, but just that every phase
of this complicated and many-sided ques-
ton should be fairly considered and due
weight given to every argument presented.
Only thus can sound and stable conclusions
be reached. which Is the end of all honest
discussion. Those advocating the 16 to I
policy are effusive and persistent in their
declarations that its adoption will result
in more and cheaper money; more money
of course meaning larger per capita cir
culation. and cheaper money-silver dol
lars of less value than the present worth
of our silver and gold coins. This seems
to imply the suspension or reversal of the
yop oh ho1- ,a1
operative within the financial realm, and it
Is possible that a wider generalization may
show those laws to be but partial, and
subordinate to- some larger law. 1t is.
however. on the supposition that money
will cheapen-that a 53 or a CD or a i5-cent
dollar will be available for the payment
of debts-that farmers and wage earners.
the common people. are urged to vote for
the policy 1t is constantly affirmed that
this policy will be advantageous to debtors
because they will then be able to scale
their debts. and pay them In money of
less value than that in which they were
contracted, and then the effort Is made to
identify capital with credit. and labor
with debt. and to array capital and labor
against each other as creditor and debtor.
the object apparently being to persuade the
common people that by paying their debts
in cheap money they can. in a measure,
get even with the capitalists. by whom
they have been SO oppressed. and who have
so long had their innings
But who in fact, are the debtors In oul
population? Who is it Upon whom thes'
cormorants. the capitalists. are so raven
ously preying? There are about 100000 O.
our laboring class employed In manufactur
ing and mechanical Industries. How muci
on the average do these laboring men ant
women owe the money lenders Of Wall ant
Lombard streets? What amount of bill'
payable Is 1t supposed these same capital
:sts hold againSt the 3.O0O.OOO employees o
the transportation systems Of the country
How much have the 100000 Of the twt
sexes engaged in domestic and persona
service borrowed either at home or abroad
What claims have the money sharks" to
| day against the three million laborers OF
Cur farms and IN our miEes? These ffteeI
| millions constitute the bulk Of our wag
earners-the mass for whom such profound
sympathy Is everywhere expressed by TIL
free silver" enemies of wealth; how mucl
\ all told do these fifteen million laborer
| owe? What advantage is 1t to them Il
| have cheap money" to pay debts? The!
] they wish to avenge, and the effort to per
| suade them that they have is anarchist
| in its character. Capital Is really thei
| hest friend. Debts undoubtedly they owe
but they are in sums of few dollars. AM
| to local merchants chiefly; to suppose tha
| they would be willing to defraud thei
\ friends aud neighbors by paying these debt
| in "chcar money" Is a reflection upon thei
| integrity which they will not be slow L
| resent. Who. then, are the debtors who ar
| to be benefited by the 16 to l arrangement
| If any. then, chiefly the great railroad
| manufacturing and other moneyed corpora
| tons Of the land. These 1t is that ow
| bonds and stocks, and interest thereon t
| the amount of billions. and that pay mil
| lions in wages every year. Then there ar
| the savings banks. life insurance compa
| nies building associations and similar in
| stitutions. which owe billions more. 1t vii
| appear that the great bulk Of the debt o
| the country 10 owed. not by the laboring o
| middle classes. but by corporations, o
| moneyed institutions. which In the popula
| mind are Identical with capitalists If fire
| silver" is to benefit the debtor, then it vii
! surely be a boon to this class.
Let the matter be considered. from anoth
| er poiEt of view. The laborer receiving
! per day wages is creditor at the end of
| year. his wages not having been drawn t
| the amount Of. say. $3.50: at the end Of eac
| month, SIS; Of each week. 50, his employe
| being the doctor. There are at least fiftee
| uillion wage earners in the United State:
| If these are employed at the rate of onl
| 81 per day, then labor is creditor at the en-
| of each day to the amount OF $4,000 00(
of each week. $9O.O00OOO: Of each month
s3I5 600, ,OOO; Of each year. $4.5OO.OOO 900. an
some one is debtor to the same amour
| Who is this some one? Certainly none 9th
er than the. employer OF. labor, which
the main is capital
1t is again evident that II "free silver
is to benefit the debtor. then the employe
~