The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1896-07-29

stamp OF the Government, il is true, is
not what gives value to the metal, but
IL is the demand for the metal for use
as money, as the law was provided, that
gives 10 such metal its value. The law,
by making il money, has made the de-
mand, and il Is the demand that adds
TO its value
Uuder the present law gold has the
unlimited right of way as money, and
all the demand is ON gold, and the BIZ
metallic option has been taken away
from silver. The minis are open to
the coinage Of all the gold that will
come, aud the debtor has no option by
which he can use gold or silver at his
plea u e he is conf ned to gold alone.
This is monomptallism' 1t puts all
the demand on gjld and takes the de-
mand from silver. 1t bulls the price of
gold and bears the price of silver Tn
der bmetallism the demand shifts at
the will of the debtor. Under this
shifting demand the two metals for the
three hundred years that we have for
statistical history of, prior to 1873, did
not vary in commercial parity more than
3 per cent And during that time
there were periods when the worlds
production Of silver was 81 to | of gold,
and at other periods s Of gold to | Of
silver. The supply of each, however,
being limited, the demand maintained
the commercial parity. Since 1873 and
for the twenty two years that have
elapsed the worlds production OF the
two metals has been about dollar for
dollar, and yet, the demand having
been taken from silver by all the lead
ing governments of the world, the COM
mercial parity between gold and silver
has been broken so per cent.
1t is a common statement that sill
yer is now legal tender to any amount.
This is not true. The Bland alison
act OF 1873, that restored to silver its
legal tender quality, had a proviso
Except where otherwise provided in
the contract" This gave the creditor
the option M TO which money he would
receive when he could dictate the terms
in which note or bond is payable,
in gold. The act Of 1873 demonetized
silver for Us, and the act OF 1873 drove
knife through the corpse Of bimetal-
lism. 1t authorized contracts that de-
stroyed the vital principle in bimetal-
lism.
1t is common state ment that free
coinage OF silver will run gold out OF
circulation. Bimetalism contemplates
that from time to time one or the other
of the metals will be hard TO get and
will go ont OF circulation. 1t is the
right to use either metal aud the fact
that the other metal is accessible and
may be used that constitutes the pria
cipal merit OF bim' tallism. There il
calamity when one metal goes out Of
circulation, il it is the only metal the
law has provided for use as primary
money. But there is no calamity on
one OF the metals going out of circula-
ton il the other metal is accessible,
the mints open to its free coinage, and
the people have the option to use it.
Gold is now out OF circulation. There
is no gold among the people. 1t is cor
nered in the bank vaults. 1t is leaving
us to 90 to Europe to pay $3.50, 100000
annually as interest on our gold debts,
authorized by the act OF 1873. Under
the gold standard it is only a question
OF time when all our gold will leave Us.
We produce about $4,000 900 year OF
gold and are sending S250,00 900 year
to Europe as interest on debts OF ours
held by foreigners. The gold being
shipped back to us in borrowed gold
that is increasing our gold debt to Eu-
rope and intensifying the sitution. 1t
means that in the future more gold must
be annually shipped to Europe to pay
our increasing gold interest. 1t means
that we have committed ourselves to an
erroneous financial system and that
the longer It lasts the greater our suf-
feripg must be in the end
The gist of the financial question is
in this: The men who deal in money
are interested in making the property
they deal in more and more valuable.
This is a natural instinct in the dealers
of any property. A cattleman OF Kan
sas who owns 10000 head OF cattle
knows that he could make his 10000
head OF cattle worth considerably more
to him If he could cause the sudden
death OF half OF the other rattle in the
world. The money dealer understands
this principle, and knowing that money
is made by law, he has gone where the
law is made and caused the destruction
Of one-half Of the money Of the world.
He is dealer in money-it is the prop
erty he studies. When he makes his
money 80 valuable that it will buy more
and more OF your property and mine
he is the gamer When the farmers
wheat exchanged for less and less mon
ey the farmer grows relatively poorer
than the man WHO owns the money.
The unfortunate circumstances that
adds additional gravity to the situation
is that the money dealer deals in prop
erty upon which all civilization is de-
pending. 1t is the blood of civilization
in which he deals, and when he absorbs
il he strangles civilization. When he