The midland journal. (Rising Sun, Md.) 1885-1947, 1896-07-24
Doubling the Value of Silver.

Secretary Morton says: GLOW can the
money theories of the Populists double
the value of silver, the value of labor and
the value of products at the same time by
the same legislation
That seems very simple question to
answer. Because legislation has done all
this before. Legislation doubled the
value of gold. Legislation doubled the
present value of silver prior to 1873. 1t
had been double its present value, COM
pared with gold, for centuries before leg
islation at that time reduced silver in
value. Restore it to free coinage and the
value of silver will be the same as coin.
And gold and silver will be the same
value in bullion as they are in coin at
present, and the value of labor and value
of products will be apparently doubled in
value because the price or value of money
will be reduced. The purchasing power
of money will decrease. The value of
gold or purchasing power of gold will
decrease, as that power of all money will
decrease as the quantity is increased.
This is inevitable because it is a natural
law.
The value of labor must also increase
as the price of money falls and the value
or price of products rise. Labor is the
creator of all commodities or products,
and they must carry up with them the
price of labor; not, perhaps by increasing
the price per diem or wages, but by
afording labor the opportunity to utilize
its present lost time, that is idle time.
Every day the laborer is forced to remain
idle is as clear loss as though the laborer
had been employed, received his wages in
the evening and lost them. Therefore
the conditions which make it possible for
the laborer to employ all of his time in
earning wages is the same thing to him
as doubling the value of labor, if labor
has been forced to lose the time by invol-
untary idleness. Hence it is plain, not
withstanding Secretary Morton to the
!. contrary, that the reconciliation of silver
will not only double the value of silver by
giving silver coin value, or what is the
same thing bring down the purchasing
power of all money, gold included, raise
value of labor and products at the same
time, as compared with the purchasing
power of money which we term value.
And now let us examine what effect
this movement will have upon debts,
interest, taxes and salaries. The terms
of contract which enter into the creation
of debt are, that the creditor shall re-
ceive at the. expiration of a stipulated
time specified number of dollars. All
incomes, interest, taxes and debts are
stated in a specific number of dollars.
They never vary like the price of COIL
modities or products. The number of
dollars they express pays them and it
matters not how the payor gets the
requisite number or dollars. If he sells
wheat for fifty cents bushel, dollar or
five dollars bushel or other products at
the same ratio, the creditor is paid
according to contract.
This is exactly what we free coinage
people mean to do. We intend to make
money cheaper as compared or measured
by products and labor. By cheap money
is not meant "debased'' money. Gold,
silver and legal tender money shall bear
the same relation to each other that they
do now, but the volume of money in its
entirety shall be increased, not ode
based" and it will cease to purchase such
large quantities of products as it does at
present, and throw the laborer out of em-
ployment because his labor cannot pro-
duce enough wealth to satisfy the enor-
nous purchasing power or demands of
money.
This is the way the Populists propose to
"double the value of silver. the value of
labor and the value of products at the
same time, by the same legislation. p"
This is our money theory" reduced to
practice by the free coinage of silver and
the issue of legal tender currency by the
government, till the equilibrium of COM
modities, labor and money which has been
disturbed by the clandestine demonetiza-
ton of silver and the gold basis system,
two of the most infamous outrages ever
perpetrated upon the industrial, producing
class of the people Thus Mr.. Morton's
question is answered fairly, conclusively,
logically, undeniably.