Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-05-08
FREE COINAGE OF IRON.

having Oeeu uetply lupIesSeu
by the arguments of Judge Crisp,
Bryan, Livingston and especially
the Atlanta Constitution OIL the
financial issue now before the peO-
pie, and being deeply grieved,
shocked aud Mortified by the
stupendous loss entailed on the
people of the South by the "awful
crime Of'73," amounting to no less
than 100000, 900 according 10
my friend, Mr.. Jerry Goldsmith,
III his able paper in last Sundays
Constitution. | have changed nv
views on the money question. and
am ready to MAINTAIN the PROPOSE.
tions following, either in JOINT
debate or 10 newspaper controversy
with all cOmtrs Il accept their
argument, and agree with their
proposed remedy, as far as it goes
only | didn't think it goes far
enough. Let us have plenty of
remedy, In fact enough to make
debt end poverty things of the
pas relics OF the dark ages!
| am In rayor OF the fee aud un.
limited coinage of pig iron at six
teen to one, aud can produce au
thOrity for the proposition that
such course will raise prlces,'
put plenty of "mOnty in clIcula'
non" aud bring about general
prosperity.
Now in the first place, it may be
urged by some who do not under
stand the subject OF standards OF
value that such an act of Congress
would not raise the price OF pig
iron to this level. To them | re-
ply, tue stamp OF the govern
meDt" and its illegal tender Qnall
ties" would instantly make the bull
lion value of pig iron the same as
the NIT value "For who would
part with an ounce Of this metal
for anything less than The miut
value" Bryan, Jones and Stew.
arl).
Again, 1t may be urged that our
Nuts would be Overcfowded with
pig iron. | reply, "That the pr ice
of pig iron having been raised
from gil - per ton to ratio OF 10
to l with gold the world over, no
one would care especially 20 carry
it to the mint, since all oil his pig
non would bring that price 10 the
open market anywhere ATLANTA
CODstitutlOD)
Next, 1t may be urgel that gold
and silver would 20 out of circuls'
ton. l reply, "First, this is u
mere assumption of the tools of
the money power, which they can
not verify atlanta Constitutior);
second, Suppose they did, isn't
there enough pig iron to take their
place and give the people pleuly
of money!" Bryan; and third, that
"such an assn nptlOn mixes up
circulating medium aud standard
OF value that gold and silver would
still be potential money metals,
even il not In circulation, and
would help to raise prices and aid
in the general prosperity" Crisp
Tnen again, it may DO urged
against the pig iron basis that
wages would not rise In proportion
to prices. Tue reply is "wages
would be compelled to rise, since
no man would be fool enough to
work for a dollar day who could
make 81 COO picking up old nails
and horse shoes and carry ing them
to the mint for coinage" (HllD.
In addition, it may be urged by
the money power that We could
not alone go CD pig iron basis
without IN international agree
lmeat. "TO such dasiards as dale
to lay limit to the powers OF the
American people to do what they
please, independently of all nations
II hurl their cowsrdice and lack Of
patriotism back 10 their faces"
(Bryan.)
The ''crime of demOuetizlng
iron" took place about 2 900 years
ago in Greece, when certain gold
iolators AMI silverites, in order TO
increase the purchasing power of
their ill.gotten wealth, secretly
got the demonstration act passed
lin Sparta, asd prices have been
going down ever since. Today
China Is the only country on earth
honest enough to still coin iron,
and there the happy laborer can
carry the wages of his honest toll
10 a wheelbarrow." atlanta Con
stitut'on
Ihave calculated the losses en-.
tMled upon the honest people o
this world on account of th- dem.
ouetizaIion of pig iron, and the
ruinous fall in prices consequent
thereon hut l fear to give the
fipure. lest revolution follow.