The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-05-16

] Since le16 Us faster than ever
silver's Coinage since 1875
They say, 'fSo many hundred millions
/ OF silver has been coined since 1873 and
! ask, by are you not satisfied with such
/ an enormous coinagef''
The answer is this: All the silver coined
since 1873 has been credit money, pracui-
cally redeemable in gold. 1t has not added
dollar to the priHlary money OF the na-
tion. The moro you issue OF 1t In this
form tbs worse it is for the stability Of
QUE financial system, if the proportion Of
credit money is already disproportlonate
TO the quantity Of primary money What
was needed was its recognition as primary
money in competition with gold As
credit money il answers no other purpose
than paper money would answer
The Stamp OF the Government.
They say that the stamp Of the govern
ment on metal does not add to its value
That is true. The answer to it is thiss
Value is added to a thing by the use con-
feFred upon it, When the government
throws open its mints to silver, as they are
now to geld, and says all shat comes shall
be coined into full legal tender money, with
the option TO the government or person to
pay in either gold or silver. you have given
q new Use to silver in addition to its former
use; you have Increased the demand for it,
and that adds to its value. Money is made
by law. The demand for silver adds to
it's value, and it's competition with gold as
money takes away from the value Of gold.
The Act Of 1873.
f'But, - they say, 90 by this Bland-AllisOn
act of 1873 silver is now full legal tender
money"
The answer is this: BY that act silver
was made legal tender only in the sense
that green backs arc full legal tender. Tt
was left crippled by limited coinage. Tree
coinage was not given to it, as enjoyed by
e 81. q a
on it enjoyed by gold and that are neoes-
sary under true biDetallism to restore par
ity in commercial value between the two
metals. or was full legal tender given
to it. A clause was inserted, Unless
otherwise provided in the contract This
gave the money power an opportunity to
continue their war on silver. The country
was flooded with notes for you to sign,
payable in gold. and when the law thus
conferred the option on the creditor as TO
which metal he would demand another
law in bimetallism was violated Where
before 1873 the debtor having the option
gave it to the weaker metal, and thus
maintained the commercial parity, the
Bland Allison act gave the option to the
creditor who would always demand the
dearer metal, and the dearer it became
the more ap5 he would be to demand it.
Instead OF tho GOvernul ent debating what
was money, by this act the creditor was
money lenders have bound this country
and its people up in billions Of dollars
worth Of bonds, notes and mortgages pay
able in gold The debtor as a rule, has
no option when he goes to sign a note for
borrowed money. All such q time money
is such q necessity t o him that he is putty
in the hands of the money lender.
Nor does he, as rule, know that hs is
assisting in piling the demand on gold and
further increasing its value. He is hopeful
and expects the tomorrow to take care of
itself When he goes to pay the debt, he
finds that dollars have risen and that
prices have fallen and that he has to give
up more of his property than ever in ex-
change for gold or its equivalent
Improved FacfIities-
They say improved facilities and not de-
mOnetization is responsible for low prices:
The answer to that is this: From 1850
to 1873 was period of great improvement
on inventions and improved facilities,
greater by far than for the same period
either before or since. and yet in tho face of
improved facilities prices advanced. If i'm
proved facilities have lowered prices since
1878, why did they not do it before 1878? !
Cost Of production is not what makes
prices.
The Quantity Of Money.
They say we have as much money now
per capita as In 1873. The answer is this:
1t is true we have in gold and all forms Of
credit money rs much per capita as we had
in 1873. But over two-thirds of this money /
is credis money and less than one-third is i
gold or primary money 1t is therefore top /
heavy 1t shakes confidence in it all Pri- I
mary money fixes the sea level of prices /
and Will support only an equal quantity
of credit money. Any greater issue Of
credi6 money does not help the situation,
but, on she contrary it is harmful. We I
have less than One-half as much primary +
money now as we had per capita in 1873. We /
have only half as much sound money now I
as in 1873. When you consider the money I
boarded up in bank vaults not to 60 again 1
in circulation. except in the form of loans, T
which is hurtful, there is not to exceed SIS +
per capita in circulation today in the I
United States. 1t is not money to loan /
that gives a healthy tone to business. 1t is {
money seeking ACKNOWLEDGEMENTS
that benefits trade.
The Greenbaoks.
And now these blunderers who have de- I
stroyed the basis of our monetary system [
want to retire the green backs Retiring +
the gresnbaoks will noe stop a run on the /
Treasury All of our money is based on I
gold, and gold for export viii continue to T
pay the enormous gold interest we owe on (
our foreign debts. II the government /
transfers the demand for gold to the ma
tional banks, the run VIII be there instead
of at the treasury. To shift the struggle on
false lines is to invite slaughter in the end.
Tt is more primary money We want. To
retire ehe greenbacks and turn US further
over to the national bankers is to put us
more securely in the hands Of the money
power that is responsible for the Ills we
have.
Cost or Producing Silver.
They say it costs less to produce silver
now than formerly, and that makes it
cheaper When "a man makes that state
ment TO you. put this question to him:
Does it not also cost equally less 50 produce
gold2