Birmingham state herald., 1896-03-15

est? Does it not necessarily follow that the demoralizaton of the food-producing sections of the country, through failure to procure reasonable prices for their products causes the manufacturing sec tions to accumulate excessive stocks, and in conSeqence of a poor market hundreds of thousands of operatives are necessari- ly thrown out of employment, thus rob ping them of the power, even at the low prices, to purchase the necessaries of life.
 Again, Is 1t not obvious to everyone that the striking down of one-half of the worlds volume of money makes the re- maining half a comparatively easy mat ter for capitalists to control and manip- ulate and the toilers, to obtain money for the purchase of their food supplies are placed entirely at the mercy of the foreign and AmercaH money sharks who, by contracting the currency, can force panic or famine in money at their supreme will?
 Would they be guilty of such a crime? We only say in reply, look at our pres ent helpless condition. Does it not seem to you, in the light of the facts here giv- en, that where in the midst of plenty there is widespread suffering and unhap- piness here is considerable meat in the re- frain from Wall street:
 Dig on, ye toilers, dig; the legislative button that we press will do the rest"
 Precious Metal Legislation.
 The first coinage law enacted under the constitution as recommended by Haml- ton, concurred in by Jefferson and ap- proved by Washington, provided for the free and unlimited coinage of both gold and silver, the silver dollar containing 371A grains of pure metal.
 In 1887 the mint laws were revised and a standard for both gold and silver was made nine-tenths f1ne-that is, nine tenths pure metal and one part alloy; the number of pure silver grains to the dollar remaining unaltered, viz, 371A grains.
 This law established our present ratio of 16 to 1.
 In August, 1865, the public debt which grew out of the war reached it's highest point, the debt, less cash In the treasury, being S2 756, ,431, ,000. This debt was not payable in gold. No bonds or other gov ernmental obligations were ever made specifically payable in gold. The interest on the bonds was made payable in coin the greater portion of the principal of the original bonds in lawful money and of the refunding bonds in coin--not gold coin, but coin of either gold or silver.
 In 1869 the principal of the bonded debt was also made payable in coin.
 In 1870 the standard of coin was by the refunding act nominated in the bond; that is to say, all of the obligations of the United States were then declared payable
  tio, at the option, rot of the bondholders, but of the people of the United States.
 All of the acts passed since the close of the civil war it will be observed, were in the interest of the bondholders and against that of the producers and toilers.
 But it remained for the year 1873 to witness the crowning blow of all In that year an innocent appearing bill entitled An act revising the laws relative to the mint, assay offices and coinage of the United States" was successfully snug gled through congress.
 That bill purposely omitted from the list of coins to be minted the silver dol- lar.
 By that clandestine act, of which the people and the peoples representatives were ignorant, and the subsequent act of 1874, adopting the revised statutes, sil- yer was demonetized and the worlds volume of ultimate redemption money was reduced from about H,o0o,0 900 to $3, 500, 900, 900.
 In 1878, after the discovery of the crime of 1873, congress passed what was known as the "Bland bill" This bill was vetoed by President Hayes (John Sherman being secretary of the treasury), and congress passed the bill over the veto. The aot added to our volume of money over S70,- 900, 900 standard silver dollars.
 Under the Bland and sherman laws over $500 000, 900. or about g per capita