Evening star., 1896-08-15

GES
| trine Of the populist and the anarchist.
but It 10 In direct opposition to the tradi-
| tional policy OF Thomas Jefferson, Andrew
jackson and the democratic party.
Injustice to Creditors.
When We contemplate the great amount
| Of debt and credit that is unavoidable In
| a vast but new country like ours VIC nat
urally shrink from any measure that will
either rob the lender or do injustice to the
borrower. 1t is impossible to estimate the
| wrong and injustice that will be done to
| CT debts due them. The very threat to do
| 1t will lead to the prompt and harsh col
lection OF debts before free coinage can be-
come q law. I am advised that already
debts that would have remained uncalled
for have, in fear Of such a law, been en-
| forced. 1t is certain that before a free
| coinage bill can become a law the wide
distrust by the pending Of such a measure
will lead to the rapid collection Of debts
the sacrifice of property and deepen exist
| ing financial difficulties growing out of in
| sufficient revenues for the national. as well
| as for many state governments.
1t Is sometimes said Of creditors that they
! are "hloodthirsty Shylocks." "aris;ocrats,"
| ''bloodsrckers." "extortioners." 1t may be
| that there are among money lenders some
men who merit these epithets. but the
great body of the creditors of our country
| are among the thrifty, Industrious and in
| teiligent men and women of every COM
| munity. One great body Of creditors here
is the $4,000 Union soldiers. their widows
| ana orphans, who are creditors OF the
| United States to the amount OF over 81 40.-
OO,OOO year for services and sacrifices in
| the Union army. 1t would be an act Of
perndy and near ness beyond expression
| for this great country to pay them with
money OF less purchasing power than gold
| coin merely because the overproduction of
| silver In the United States has reduced the
| market value of silver bullion contained in
a silver dollar. To take advantage of this
| oecllne In order to reduce the value Of the
| pittance to these pensioners is worse than
| to rob the graves OF the dead.
There is another class OF creditors that
| the free coinage of silver will greatly in
| tutions and kindred c-ganizations who. ac-
| cordng to official statistics, number nearly
| 100000 people. and whose deposits amount
| to more than 81, 500 OOO 600 Win YOU cheat
| them by reducing the value and purchasing
power OF the dollars they have deposited?
| Free coinage will also wipe out nearly
| one-half the value of life insurance which
| provident people of the United States have
paid to secure in case of their death some
| support and protection to wife and chill
dren It will affect injuriously the multi
tude OF clerks end employees who depend
| upon monthly pay, and will reduce the
purchasing power Of all salaries Of officers
and employees in the public service of the
| United States and of every state county,
city or township in this broad land.
Injustice to the Wage Farmer.
But by far the greatest injury resulting
from the free coinage of silver will fall
upon worl:ingmen. Their wages are now
based upon money OF the highest value,
upon gold coin OF standard value. Under
free coinage Of silver the value of the silver
4 1olla 81
have already sand. the hundred cents of the
gold dollar will be worth 1914 cents Of the
| silver dc liar.
| With free coinage Of silver every work
| ingman ought to demand enough silver for
his daily wages to be equal to the purchas-
Ing power Of his present wages in gold.
| The struggle between workingmen and en-
ployer will then commence, and no one
| knows better than the workngman how
difficult 1t is to get an advance in pay. We
have strikes and strife enough now, when
the workingman gets his pay in gold coin
| or Its equivalent. but what will be the con-
| dition when he is paid In cheaper money
OF the same nominal amount, but of less
purchasing power? Every sentiment of
| justice will be on the side of the working
man in his struggle for good money or in
creased wages in cheap money.
Gold Dollar the Best Dollar.
OF all the evils which a government can
|
| money, whether of coin or paper. That
dollar is the best dollar that buys the larg-
est quantity Of food and clothing That
dollar is the gold dollar for 1t buys more
food and clothing than any other dollar
and will also buy a silver dollar for a3
cents II the coinage of silver is made free
| at the ratio of 10 to / OF gold. Experience
| has shown that the United States can
| make the dollar buy as much as the gold
dollar. but 1t can only be done by the gov
| ernment buying silver bullion as needed
and coming It into dollars on government
| account This has been tried
| Every country OF Europe. except possibly
| Russia, republics and monarchies alike
| maintain the gold standard and silver coins
| at parity with gold at even a less ratio
than the United States. and now Russia
has boarded over $40O,oo0.oO0 Of gold in
preparation for the gold standard which
| she will adopt.
| We have now in the treasury belonging
! to the government over 319OO0OO0 silver
| dollars. represented by certificates. and sill
yer bullion costing over s1ss s"0o@o in
| treasury notes, In active circulate and
| maintained at par with gold at the ratio of
| 16 to 1. The free coinage Of silver is an in
| vitation not only to American miners hut
to all miners or holders of silver in the
| world. to deposit their silver in the mints
| OF the United States. and to receive in ex-
| change therefor a silver dollar for every
! 412 1-2 grains Of standard silver deposited.
| bul ludt silver Is worth IN the market only
| So cents.
Why Pay Double the Market Value.
| Why should we receive this bullion from
the owners Of silver mines at nearly double
| its market value, when we have such a vast
hoard in the treasury. which We hold with
difficulty at par with gold? The only object
! ana effect of this measure will be to degrade
the dollar. to lessen its purchasing power
| nearly one-half. to enable debtors to pay
their debts at fffty-three cents for a dollar,
| and to cheat the public creditors who hold
| our bonds. If this policy should be adopted
: the United States will take its place among
| the nations of the earth a bankrupt clos
| ing its business at fifty-three cents on the
F, dollar.
Robbery to Pay Bonds in silver.
There is another element of meanness I'm
this free coinage of silver. The United
States has always paid its bonds in gold coin
| or it's equivalent. In the darkest hours of
the civil war We stipulated to pay our bonds
| principal and interest, in gold, or its equiva-
lent. All Of the war debt has been maid IN