The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-10-17

against the assertion. Silver Is now pro-
duced In such quantities. at such small ex-
pense OF production, that It's value cannot
be kept up 70 IT'S former standard. The
boast that the United States II able alone
TO whip England and the rest OF the world
into the coinage OF silver at sixteen 70 one
or 10 force the value OF silver up 70 81 %
an ounce Is mere nonsense. We are great
people indeed. but we have not yet grown
TO the commercial strength that our coun-
try means the commercial world. Would
all the commercial nations together coin
Ing silver at aixteen TO one bring up the
silver value OF bullion 10 sl-7o an ounce7
Perhaps strong commercial reasons sug-
gest the contrary. Would America alone
bring silver 70 l.297 Assuredly not, though,
OF course. the new demand for silver would
give some increase TO its value-whieh in
crease. however, might again be offset by
an increase OF production.
bismarck Sly Old Fox.
The ratio OF silver to gold. the archbish-
op says. is constantly changing. and tho
question for as to-day Is not what the ratio
was at preceding date. but what IL should
be In our time. He says II Is true that Bis
marck has counseled the United States TO
make the experiment alone. and adds:
THE SLY old fox would. indeed. be pleased
10 see America make the experiment-and
20 10 the bottom OF the sea"
Free coinage viii give us money worth
In the commercial markets OF the world a
ilAhtv over iAli Oh It's nOmlndl value. Inc
stamp or the government gives no value TO
piece OF metal; IL merely certihes 70 it's
quantity and quality. II the government
stamp gave value, the debased coins Is
SUED IN the past by impecunious sovereigns
would not have ruined the subjects OF
those soverelgns. and the assgnat OF
France and tho paper issued by Ferdinand
or Naples century ago would not have
sold In the market almost as government
rags. Legal tender compelling men to ac-
cept against their viii money above its
commercial value In the markets OF the
world Is rank injustice. The early financial
statesmen OF America-Jefferson, Morris,
1amilton-never thought OF making the
legal value OF coin higher than the COM
mercial value OF the metal of which the
coins were made.
business Could Not Prosper.
Business cannot prosper with currency
rejected at its NOMINAL value from the
markets or the world, unstable and fiuctu-
ating I'm real value. such as free coinage
would give us. The first condition OF the life
OF business Is certain value to-day in coin-
merce and Industry. II by the time the raw
material has been turned into market
able wares the currency is likely 10 have
changed In value. business In all branches
would become a speculation, a gamble,
and conservative capital would keep out
OF sight No loans would be made Capt.
tai would remain in the vaults OF safety
or GO to other parts OF the world. where
reward is small, but certain. And with
out capital. there will be no enterprises
and no work for the people
Would Hurt the Working Glasses.
The archbishop says he is convinced that
the greatest sufferers from free coinage
would be the laborlng classes Those above
all others In the land who should to-day be
on their guard against the silver move
ment are the laborers OF America. Farm
ers may receive a higher price for their
httf 20 al n yHnf
use Is II TO have a dollar instead OF half
dollar II the dollar can purchase no more
than the half dollari The best market OF
the farmers product is his own country,
and IL his own country is impoverished, II
factories are closed, II laborers In cities
are penniess. the farmer will receive but
little for his harvest. Men on salaries Will
scarcely hope to have their salaries
doubled, even nominally, and then their
salaries, such as they may be, will have
only half the purchasing power they have
to-day. Those who owe debts tayablc-
principal or interest-in gold will receive
the same salaries as to-day and their sal
aries VIII have but half the deot-paying
power which they have to-day. The only
men benetited-and they are few to-day,
and Il Is scarcely worth while TO bring
around a revolution I'm this country 10 benz
eft them-are the debtors, who have to-
day gold on hand. and who, by free silver
coinage viii have their store doubled I'm
duce their debts by one-half. And for
those the question remains: 10 IL honest?
Cause of Hard Times.
Replying 20 the argument that we have
had hard times under the gold standard,
the archbishop says Il Is true. but Il Is
a great fallacy TO attribute our hard times
to the gold standard. Hard times have
come through the severe and resistless
working or economic laws, which gs their
way In spite OF legal enactments and par
| laments or congresses. Our hard times
have come from the general competition
with the countries OF the whole globe. into
which we are forced by cheapness and IA
cility OF transportation-from overproduc-
| ton I'm past years, from extravaganza dur
| ing good times, and from our own social
and political agitations. one OF the chief
causes OF hard times to-day Is the agitation
| for radical change In the currency OF the
country.
Confidence the Essential Thing.
He continues: III the American people
put down by an overwhelming majority
| ths Ngitation-bury Il out OF sicht-one
| chief cause OF hard times Will be out of the
way. Other caues may remain more or less.
| That OF the general competition with All
| the nations OF the earth must remain Good
| times. however, may be expected TO come
| back surely. even IL only gradually. The
ovorproduction that glutted our markets
has been used up; capitSl Is anxious TO do
\ something with It's money. II II can be
invested safely: our woSdrous natural re-
sources invite investments to develop them.
and. confidence restored. the outlook IL
| bright But the essential thing Is conf
dcncc. To-day IL Is confidence that ia
/ needed far more than IN increase In tho
| volume OF currency. The volume OF the
| currency II large enough: 20 increase it
| ictitiously surely would not help us. Nine
~ per cent. OF all business Is done without
| currcncy-by checks and drafts OF which
| the whole foundation ~ confidence Those
who suffer from hard timcs-and there are
many-must hearlSen TO reason silence pas
sion, turn away from dclusiye remedies,
| and the country viii be again put on the
road TO prosperity.
| "a ask is Il honest TO try TO pay debts with
/ half the money which We received when we
| contracted them2 Public or private debts
| contracted upon financial system such
/ as those who loaned money gave II at GER
/ tain commercial value. and believed. az
| they could not at the time have helped do
ing. that they would receive Il back at the
same commercial value. should be paid In
/ values OF that same financial system.
| A