The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1896-10-16
FOR HONEST MONEY.
h'KlNLEYs ABLE DISCUSSION OF THE
MONEY QUESTION.


Money Never Made Hard Times"
Major McKinley's letter of acceptance
is as sound as a gold dollar. The fol.
lowing are some of his best points:
What Free Coinage Means.
The character of the money which
shall measure our values and exchanges
and settle cur balances with one another
and with the nations of the world is OF
such primary Importance and so far.
reaching in it's consequences as TO call
for the most painstaking investigation,
and in the end sober and unprecedented
Judgment at the polls We must not be
misled by phrases nor deluded by false
! theories. Free silver would not mean
: that silver dollars were to be freely had
without cost or labor IL would mean
the free use of the minis of The United
/ States for the few who are owners OF
silver bullion, but would make silver
coin no freer to the many who axe en-
gagged in other enterprises.
1t wGuld rot make labor easier, the
hours Of labor shorter or the pay better.
II would not make farming less labori-
GUS or more profitable. 1t would not
start factory or make a demand for an
additional days labor. 1t would create
no new occupations. 1t would add
nothing to the comfort Of the masses,
the capital Of tire people or the wealth
of the nation. 1t seeks 10 introduce a
new measure of value, but would add
no value to the thing measured. 1t
would not conserve values. On the con-
trary, it would derange all existing val
ues. 1t would not restore business con-
fidence, but its direct effect would be to
destroy the little which yet remains.
The meaning of the coinage plan
adopted at Chicago is that any one may
take quantity of silver bullion, now
worth SO cents, to the minis of the
United States. have it coined at the ex-
pense of the government and receive for
it silver dollar which shall be legal
tender for the payment of all debts, pub
lie and private. The owner of the silver
bullion would get the silver dollar. 1t
would belong to him and nobody else.
Other people would get it only by their
labor, the products of their land or
something Of value. The bullion owner,
on the basis Of present values, would re-
eeive the silver dollar for So cents
worth of silver, and other people would
be required to receive it as full dollar
in the payment Of debts The govern
ment would get nothing from the trans
action. It would bear the expense of
coming the silver, and the community
would suffer loss by its use.
Silver Dollars Now on q Gold Basis.
We have coined since 1878 more
than 400, 600, 900 of silver dollars,
which are maintained by the govern
ment at parity with gold and are full
legal tender for the payment of all
debts, public and private. How are the
silver dollars now in use different from
those which would be in use under free
coinage? They are to be of the same
weight and fneness. They are to bear
the same stamp Of the government.
Why would they not be of the same
value? 1 answer: The silver dollars now
in use were coined on account of the
government, and not for private account
or gain, and the government has SOL
EMMY agreed to keep them as good as
the hest dollars we have. The govern
ment bought the silver bullion at its
market value and coined it into silver
dollars. Having exclusive control Of the
mintage, it only coins what it can hold
at parity with gold. The profit, rep
resenting the difference between the
commercial value Of the silver bullion
and the face value of the silver dollar,
goes to the government for the benefit
of the people.
Farmers and Laborers WouId Suffer Most
If there is any one thing which should
be free from speculation and fuctuation,
it is the money of country. It ought
never to be the subject of mere partisan
contention. When we part with our Ia
Dor, our products or our property, We
should receive in return money which
is as stable and unchanging in value as
the ingenuity of honest men can make
it. Debasement of the currency means
destruction of values. No one suffers so
much from cheap money as the farmers
and laborers. They are the first to feel
its bad effects and the last to recover
from them. This has been the uniform
experience Of all countries, and here as
elsewhere. The poor. and not the rich,
are always the greatest sufferers from
every attempt to debase our money. It
would fall with alarming severity upon
investments already made, upon insur-
ance companies and their policy holders,
upon savings banks and their depositCrs,
upon building and loan association
members, upon the savings Of thrift,
upon pensioners and their families, and
upon wage earners and the purchasing
power of their wages.
"GOOd Money Never Made Times Hard"
1t is a mere pretense to attribute the
hard times to the fact that all our cur
rency is On gold basis. Good money
never made times hard. Those who as
sert that cur present industrial and
financial depression is the result Of the
gold standard have not read American
history Alright or been careful students
Of the events of recent years. We never