Semi-weekly interior journal. [volume] (Stanford, Ky.) 1881-1905, 1896-10-23
NO 50-CENT DOLLARS.
This Is Not a Question o. Bullion, Cut
OF Remonctized. Oobt-Paying
Coined MoneY.
a Reply to False CHARGE A.nisst the
silver Dollar 10y Ex-senator John a..
Reagan. os TcNas--A Rank Dc,.p-
ton OF the Go,dpugs Mad,
Perfectly s,sln.

- NAf lfhAnf ~ A'NN u INlA AAiNN " Alf
policy of the free and unlimited com.
age &C silver should be adopted It vouIt
cut an two the wages OF the laIorrrs and
compel them 10 take 5J-c,ut dollar,
without an increase OF the rate OF their
wages; that those receiving salay4g.
would get but Cuc-half the pay they
now receive; that those having NOM,
ou deposit in savings banks would oniy
receive from the bank iu return foi
their deposits 5O-Ceut dollars. which
would lc but ouc-haif OF what would
bc due them; that the endowment
funds Of colleges and universities wuul'
he reduced onc-half in value. AS ,,ou03
all trust funds.
This frigutul statement is repeater
day by day by the newspapers. and
thcrviyoca'cs of the single gold stau..
ard. rs a controlling argument 10 pre-
vent the people from voting for the car.
didatcs who represent the policy Of the
free and unlimited coinage OF silver
The newspapers and men who are urg
ing this statement know il 20 be
stupcudous falSchood. They make n
lool, us plausible as they can. and riu.
the changes ON it I'M every POSSIBLE
form. And by this means have de-.
ccncl and are misleading thousands ci
honest people who may not lr able T..
dctcc; the fraud which 5 being prdc
uccd ON them.
What are the real facts as 10 this
The gold standard advocates. as the
basis OF their false statements, com
pare silver bullion Invested of tn, quail.
ity al money, uncoined and not a lcgn.
tender. with gold. which is los law
lcoin,l into money and made legal
tender in payment of public dues and
all debts, 10 the amount stamped on
leach coin. Is this an honest con-.
larjsou? Does il speak the truth"
Does ~ not, in effect, assert thiu.y
disguised, but gross and moustrou-
falschoOd? Let Us see. IL congress aad
the nations should prevent the com.
age OF gold bullion, as has been done
as TO silver bullion. dcpriving 1t by
law of the quality of money, then
the gold bullion would not IL money.
10 more thun silver bullion is now.
And the gold bullion would become .
commodity as silver bullion Is NOW. and
would simply bring what il would ID, !
worth for use in the arts. The same D.
true OF silver.
To make an honest comparison Of |
gold and silver, and 10 tell the honest |
| truth, vc must compare gold coin. 20 /
vested with the legal tender gm.u.. !
with SILVER coin invested with tle same /
quality. Doing that, we lind the sjfu, |
coins iu the United States uuf silver !
! bullion, worth as much 80 the purchase !
OF property and tu the payment ,f /
/ debts as the coins eft gold And we Sind I
| that more than sluHuuUU.uru of silver /
coin, Iu circulation 100 Europe are lt /
par with gold. Why this? simply rc- |
cause both are coined with the value ai 1
the coins liked 10y Law.
liza, any one ever seen a 5D-c,nt dol.
lar in this country? Ot course not
And Why not! Because our more than
IuU,s1u,luJ silver dollars. or their rep.
rcseut5uves, are the coined money OF
the United States, their ,.slu. GN,d
by law, and they are made a legal ten
der for all deUts. Hence, those now
coined are Is good as gold.
NO llbOrer. no person drawn 2 q sal
airy, no depositor in bank viii be
paid, Eor will any offer be mad, TO pay
them, with silver bullion. They NAV
he paid IN coined silver, as they may
now he lawfully paid in coined silver.
but the dollars in which they could be
so paid would be lUO-cent dollars, and
equal 10 gold, because they would GUY
as much property and pay as much of
debt as the same number of gold dollars.
If it Ice said that the stamp of the
government and the mandate of the
law make the coin of greater value than
the bullion, the answer may be made
that the present value of gold is fixed
by law.
An act of the British parliament
passed in the year 1874, 50 years ago,
requires the Bank OF England to pur-
chase all the gold presented to it at
three pounds, seventeen shillings and
nine pence per ounce. That fixes the
price all over the world, less the cost OF
transportation to London. SO that it's
price Is not governed by its intrinsic
value, Tut by an act Of parliament; ana
this makes 1t in that sense tiat money.
Money Is the creature OF law. The
material of which it is made is not
money until made so by law, whether
il be gold or silver or paper. The gov
eminent or the banks issue Their notes
to circulate as money. These notes
have no intrinsic value. Their being
money arises from the fact that their
issue is authorized by law, the promise
TO redeem them in coin, and, III some !
cases, the making OF them legal ten
der. So that it is the operation of the
law which makes money, and not the
material of which il Is composed; |
though gold and silver are recognized
as more suitable material out of which
to make money than anything else.