The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1896-08-29
We HAvEFIAT MONEY now


A RAyonIrs gold standard arga-
ment i, that the silver contained
n one Of Uncle Sans silver dol
lars b only worth 50 cents. That
70 have silver coined free would
hsse the effect to food the country
with 53-cent dollars, which would
unsettle al values and put . large
premium on gold, and destroy our
credit abroad. In other words, that
the United States cannot maintain
the value of the dollar above the
market price of the bullion con-
tanned IN Il. II il true that the
present deprecated market value
Of the silver contained in one of
our dollars e but little more than
so cents. IL IL true, also, that this
came silver dollar IL q full legal
tender for all private debts, and
goes 1t its face value in all the
n,arts of trade at home, and even
abroad; a. we have heard from
these same goldbugs, that it is
worth double that of o Mexican
dollar in Mexico. John q. Car
Isle, secretary of the treasury, has
recently published Q circular, show
ing the amount Of gold and silver
coined and in use in the United
States. This circular, issued on
the 2nd of August, this year, is in.
tended % . goldbug argument, and
therefore cannot be said 10 be got
ten up by q silver lunatic to de-
ceive; coming from such high
source II must be official and cor.
rect.
For the purpose of this article,
We snail only quote one item from
Mr.. Carlisle,s tables, viz, the
amount Of gold and silver coined
and used in this country. The
total stock of gold coined to July
!, 1896, is given as $500, l00, 600;
and the total stock Of silver coined
70 the same date Is given at $685.
100000. This statement shows
that there have coined over $685.
600, 900 more Of silver than gold.
Il IL also Q well-known fact that
but small per cent. of the gold is
in actual circulation, Is it is hoard
ed in banks and vaults more than
any other kind of money; also,
there is 500, 100000 kept in the
u. 8. treasury as the reserve fund.
This vast amount of silver, upon
which We are doing the principal
part of our bushes, is not redeem
able in any other kind of money, |
but stands on its own merit as 8
medium of exchange. What is it |
that makes this silver money good,
and pass current with gold? We
answer, il is the faith of the world |
in our government. It must be
this, a. about two-thirds of all our
money in actual use, has q so per
cent fiat Valse, when measured by
the metal markets Of Lombard and
Wall streets.
The boasted argument Of the
gold standard men ct once falls to
the ground, that we cannot main-
49, AZ taIde vi . suTcr uUlIar at
100 cents, as we are doing notD,
and have been doing it for many
years, notwithstanding all the un-
friendly legislation which has been
directed against the white metal.
The goldbugs say: "Oh, if you
melt 9 silver dollar now, it at once
becomes worth only so cents"
Wen, what of that? If you burn
= ten-dollar greenback, the ashes
are not worth anything. People
don't melt their dollars, as a rule;
there is no one In the business of
melting dollars, that We know of.
In fact we don't understand Why
anyone would be such fool as to
melt . silver dollar, any more than
N wslfullv hreak n china Mate Dol