The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1896-09-17

III. y enactment can free lis from that newt.
"pc Necessity. Ii Is a known fact thot
more than so per cent of the 49,, anal
basis. q" VIZ v On a gold
euch lrce coinage legislation. ~ ovnr con
suihhlatei, would discriminate agaiust avnry
P,'uucer OF wheat, cotton, corn or rvo
wiz shouIa III justice be equally entitled
Win the silver owner, to sell his nroduc,S
TO the United States treasury at a 81
hAeu ny the gOvcrnment-lnd nroipSt oil
producers or iron, steel. zinc or conner VIII,
niSht properly claim TO have their metals
maze INTO current coin. 1t would. MS well
De Il irand upon all pc: cons forced 10 accom-
a currency thus stimulated and NJ thn sop,o
time degraded.
in every aspect the proposed policy is
partial and one-sidcd, because it is onl,
When n profit can be made by y MIN,
owner or deale- that he takes his silver IN
tne mint fof coinage. The government j.
always at the losing end. Stamn such
FICTITIOUS value upon silver ore ana "A dis
honest and unjust discrimination will be
made against every other form of industry.
When silver bullion, worth "A little nrrc
IMAM 90 cents, Is made into a legal tender
dollar, driving out one having a purchasing
and debt paying power of 100 cents. it will
clearly be done at the expense and in
jury OF every class of the community.
THOSE who contend for the free and UNI
limited coinage Of silver may believe in
all honesty that while the present ratio
OF silver to gold is as thirty TO enc mot six
teen to one), silver will rise above the exist
Ing market value. IL 1t does so rise the
effect Will be to make the loss to all the
people so much less, but such an opinion
Is but n hazardous conjecture at best and
Is not justified by experience. Within the
last twenty years this government has
bought about 400. 100000 ounces OF silver,
from which Ii has coined approximately
43O, OGo, 600 Of silver dollars and issued 13O,-
100000 in silver certificates, and the price
Of the metal has steadily declined from
S1.lj per ounce to 6S cents per ounce.
What will be the decline when the supply
Is augmented by :he offerings OF all the
world? The loss upon these silver pur-
chases TO the people Of this country has
now been nearly $500 o 900.
The Dollar of Our Fathers,
about which so much Is said. was an honest
dollar, silver maintaining a full parity Of
intrinsic value with gold. The fathers
would have spurned and ridiculed a propo-
sitiOn to make a silver dollar worth only
53 cents stand Of equal value with a gold
one worth 100 cents. The experience OF
all nations proves that any depreciation, how
ever slight, Of another standard. from the
parity with gold, has driven the more valu-
able one out of circulation, and such eXpe-
ricnCe in a matter of this kind Is 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 at all that the metal is
not performing n most important function
In business affairs. The foundation of the
house Is not always In sight, but the house
would not stand an hour IL there were no
foundation. The great enginery that moves
the ocean steamship is not always in view
of the passenger, but 1t is, all the same, the
prOpclling force OF the vessel, without
which it would soon become a worthless de-
rcllct.
1t may be instructive to consider a mo-
mcnt how the free and unlimited coinage
of silver would affect 4 few great interests,
and | mention only enough TO demonstrate
what n calamity may lie before us If the
platform formulated at Chicago is permitted
TO be carried out.
There are now on deposit in the savings
banks Of thirty-three states and territories
OF this Union the vast sum OF So 600. 600, 900.
These are the savings of almost 5000, 600
depositOrS. In many cases they represent
the labOrs and economies of years. Any de-
probation In the value of the dollar would
dcfraud every man, woman and child TO
whom these savings belong. Every dollar
Of their earnings when deposited was worth
100 cents in gold Of the present standard OF
weight and f~ncncss. Are they not entitled
10 receive In full, with interest, all they
have so deposited? Any legislation that
would reduce 1t BY the value Of g single
dime would be an lntolcrable wrong TO
each depositor. Every bank Or banker who
has accepted the earnings of these millions
Of dollars TO the credit of our citizens must
be required TO pay them back in money
not one whit less valuable than that which
these banks and bankers received in trust.
There are, in this country, nearly 5000
building and loan associations, with share
holders to the number of 100000, and with
assets amounting to more than $500 OO, 600.
Their average of holdings is nearly $500 per
capita, and in many cases they represent
the savings OF men and women who have
denied themselves the comforts OF life in
the hope of being able to accumulate enough
10 buy or build homes Of their own. They
have aided in the erection Of over 100000
houses. which are now affording comfort
and shelter for 100000 Of our thrifty peo-
pie.
Free Coinage
at the arbitrary rate of sixteen ounces
OF silver TO one Of gold would be equivalent
to the confscatiOn of nearly half the saw
ings that these people have invested. 1t
would be tantamount to a war upon Ameri-
can home-makers. II would be an invasion
Of "the homes Of the provident," and tend
to destroy the stimulus to en-
deavor and the compensation Of honest
Every one OF the shareholders Of
these associations Is entitled 10 be repaid
In money of the same value which he de-
by weekly payments or otherwise
In these companies. No one of them should
be made homeless because n political party
demands a change In the money standard
Of our country, as an experiment, or as
a concession to selfshness or greed.
The magnitude Of the disaster which
would overtake these and cognate interests
the more strikingly apparent when
in the aggregate. Stated broad
ly, the savings banks, life insurance and
companies, and building loan
associations Of the country hold in trust
S15, 300, 1881. The debasement Of the cur
rency to a silver basis, as proposed by
the Chicago platform, would wipe out at
,ne blow approximately S7,963, 504. 500 Of