Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1896-10-01
FOR HONEST MONEY.
Mr.. Mckinley. Able Discussion Of
the Money Question.
No Debasement of Toney-No Reputation
of Debts-Free Coinage Imperiis the
Nations Safety-Workingme and
Farmers Have Most at Stake
"Good Money Never Made
Hard Times"

Maj McKinley's letter Of acceptance
/ is as sound as u 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 our balances with one another
and with the nations of the world is OF
such primary Importance and so far
reaching in its 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. 1t 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 are en-
gagged in other enterprises.
1t would not make labor easier, the
hours of labor shorter or the pay better.
It 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. It would add
nothing to the comfort of the masses.
the capital of the people or the wealth
of the nation. 1t seeks to introduce a
new measure of value, but would add
no value to the thing measured. It
would not conserve values. On the con-
trary, it would derange all existing VAL
Tes. It would not restore business con-
fidence, but it's direct effectwould be to
destroy the little which yet remains.
The meaning of the coinage plan
adopted at Chicago is that anyone may
/ take a quantity of silver bullion, now
worth SD cents, to the mints of the
United States, have it coined at the eN-
pense of the government and receive for
it silver dollar which shall be legal
tender for the payment of all debts,
public and private. The owner Of the
silver bullion would get the silver dollar.
It 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 OWL
or, on the basis of present values, would
receive 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. 1t would bear the expense of
coming the silver, and the community
would suffer loss by it's use.
Silver Dollars Now Gold I:asis.
We have coined since 1873 more
than 4OO,000,Co0 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 should they not be of the same
value? I answer: The silver dollars
now in use were coined on account of
the government, and not for private ac-
count or gain, and the government has
solennly agreed to keep them as good
IS the best dollars we have. The gov
eminent bought the silver bullion at it's
market value and coined it into silver
dollars. Having exclusive control OF
the nintage, it only coins what it can
hold at parity with gold. The profit,
representing 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 Laborcrs Would Suffer Most.
If there is any one thing which should
be free from speculation and f1uctuation,
it is the money of q 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, ond here as
elsewhere. The poor, and not the rich,
are always the greatest sufferers from
every attempt to debase our money. 1t
would fall with alarming severity upon
investments already made, upon insur-
ance companies and their policy holders.
upon savings banks and their deposit
ors, upon building and loan association
members, upon the Savings of thrift.
upcn pensioners and their families, and
upon wage-earners and the purchasing
power of their wages.
Good Money Never Made lard Times"
It is mere pretense to attribute the
hard times to the fact that all our cur
rency is on gold basis. Good money
never made hard times. Those who as
sert that our 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 CT recent years. We never
had greater prosperity in this country,
in every field of employment and indus
try, than in the busy years from 1880
to 1892. during all Of which time this