Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1896-09-18
: MR.. HOBART ACCEPTS.

l>>>>>>~>>>>>>>>>>>>>>>>>>S
| absolutely fiat. There is no difference in
principle between a dollar half-fiat and
one all fiat. The latter as the cheapest,
under the logic of .'cheap money" would
surely drive the other out.
Any attempt on the part of the Gov
ernment to create by its fiat, money of
fictitious value, would dishonor us In the
eyes of other peoples. and bring infinite
reproach upon the national character. The
business and financial consequences of
such an immoral act would be world wide,
because our commercial relations are
world wide. All our settlements with
other lands must be made, not with the
money which may be legally current in
our own country, but in gold, the standard
of all nations with which our relations are
most cordial and extensive, and no legis-
lative enactment can free us from that in
evitable necessity. 1t Is a known fact
that more than 30 per cent of the COM
merce of the world is settled in gold or on
a gold basis.
Such free coinage legislation. If ever
every producer of wheat, cotton, corn OF
rye-who should in justice be equally en-
titled, with the silver owner, to sell his
products to the United States treasury,
at profit fixed by the Governmcnt-and
against all producers of iron, steel, zinc
OF copper, WHO miBul properly cidim "
have their metals made into current coin.
1t would. as well, be fraud upon all
persons forced to accept currency thus
stimulated and at the same time de-
graded.
Only Helps the Mine Owner.
In every aspect the proposed policy is
partial and one-sided, because it is only
when profit can be made by a mine-own-
er or dealer that he takes his silver to the
| int frr Tho Gnyornmonf ia
always at the losing end. Stamp such
fictitious value upon silver ore and dis
honest and unjust discrimination will be
made against every other form of indus
try. When silver bullion, worth little
more than 80 cents, is made into legal
purchasing and debt-paying power of lOO
cents, it will clearly be done at the ex-
pense and injury of every class of the
community.
Those who contend for the free and un-
limited coinage of silver may believe in
all honesty that while the present ratio
of silver to gold is rs 30 to mot IT. to u
silver will rise above the existing market
value. If it does so rise the effect will be
to make the loss to all the people SO much
less, but such an opinion is but hazard.
Gus conjecture at best and is not justified
by experience. Within the last twenty
years this Government has bought about
it has coined approximately 43O,OOO,OO
of silver dollars and 10000, ,OOOof dollars
in silver certificates, and the price of the
metal has steadily declined from ST. 10 an
ounce to Us cents an ounce. What will
be the decline when the supply is aug:
mented by the offerings of all the world
The loss upon these silver purchases to
tine people of this country has now been
nearly $150,OOOOOO.
The dollar of our fathers, about which
so much is said, was an honest dollar. sill.
yer maintaining full parity of intrinsic
value with bold. The fathers would have
spurned and ridiculed a proposition to
make silver dollar worth only SO cents
stand of equal value with q gold one
worth 100 cents. The experience of all
nations proves that any depreciation
however slight, of another standard from
the parity with gold, has driven the more
valuable one out of circulation, and such
worth much more than mere interested
speculative opinion. The fact that few
gold coins are seen in ordinary circulation
for domestic uses is no proof Mt all that
the metal is not performing a most i'm
portant function in business affairs. The
in sight, but the house would not stand on
hour if there were no foundation. The
great enginery that moves the ocean
steamship is not always in view of the
passenger, but it is, all the same, the pro-
pelling force of the vessel, without which
it would soon become a worthless dere-
lict.
Some People Who Would Suffer.
1t may be instructive to consider mo
ment how the free and unlimited coinage
of silver would affect few great inter
ests, and I mention only enough to dem
onstrate what calamity may lie before
us if the platform formulated at Chicago
is permitted to be carried out.
There is now on deposit in the savings
Of this Union the vast sum of 81, 600, 900,
. 600. These are the savings Of almost
5000, 600 depositors. In many cases they
represent the labor and economies Of
years. Any depreciation in the value Of
the dollar would defraud every man
woman and child to whom these saving,
belong. Every dollar of their earnings
when deposited was worth 100 cents II
gold of the present standard of weight
and fneness. Are they not entitled to re
ceiye in full, with interest, all they have
SO deposited? Any legislation that would
reduce it by the value of a single dime
would be an intolerable wrong to eact
depositor. Every bank or banker who has
accepted the earnings of these millions OF
dollars to the credit of our citizens mus,
be required to pay them back in money
not one whit less valuable than tina,
! which these banks and bankers received
in trust.
There are. in this country, nearly 6,O0(
building and loan associations, Will
shareholders to the number of 100000
and with assets amounting to more thar
$780, 0O0, ,0o0: Their average Of holdings
cases they represent the savings of mer
and women who have denied themselye.
the comforts Of life in the hope of being
able to accumulate enough to huv or hu;lG
homes of their own. They have aided in
the erection of over 100000 of houses
which are now affording comfort ant
shelter for 5000, 600 of our thrifty people
War Upon the Homemakers.
Free coinage ut the arbitrary rate Of
sixteen ounces of silver to one of gold
would be equivalent to the coniscation OF
nearly half the savings that these people
have invested. It would be tantamount
to war upon American home-makers
1t would be an invasion of 1.-THE homes Of
the provident," and tend directly to "de
stroy the stimulus to endeavor and thu
compensation of honest toil.'' Every one
of the shareholders of these association
4 A.