The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-10-22


saoafsf- but he cautioned as readers that
ne Sa-1e % silver. considered as money
an lie measure OF commerce, is nothing
oat us Qcant.1y."
WOODY, he thinks. can be SO sense
iess as 70 imagine that nineteen grains
OF ounces o. silver shall at the same time
sAehAhse for or buy as much corn. OIL
or VINE as twenty. which Is 70 raise II
. AAe Value OF twenty" The lust effect,
ae set-s US. OF raising silver by one
-, ei...etaa-nos one-half. as IS proposed n
sNe chlcago platform-wiIl be TO rob all
eFealSors Of one-twentfeth Of their cen.s
asi0 a. landlords OF cne-twentieth Of their
a.e-Eeh's forever" The second will ns thar
men VIII presently raise their caua,noi-
.eAes Per cent so TIA; IL yesterday -
cTo"as would exchange for twenty bush
e4s OF wheat or twenty yards OF a GER
sath soEe o. cloth, II yo1 Will today coin
eu'f eNt crowns one-twentieth lighter and
~ alisAe them the standard. you Will find
- crowns Will exchange for but nineteen
oaslsis or wheat or nineteen yards OF tina.
s.o'h' "hscn viii be just as much silver
Tor oushe! as yesterday" Silver VIII be
% 40 more real value by your giving
the same denomination 10 less GUAM
Hty OF IT. IL is impossible 20 state this
pFihcipie more clearly than Locke states
H. IN the words; SO much as Won
essen your coin. so much more You must
pay "a iale. as Will make the quantity
u siiVer the merchant expects for his
No-iiin"dily' under what denomination So
ever Ne receives IL" and again. IF you
make your money less in weight. /; must
pe maze up in tale" tina: IS, in the num-
peE Oh pieces paid out The raising Of
money Is in effect nothing but giving a
denomination or more pence TO the same
quantity of silver. Whether YOU call the
Pee coined t"elvepence or fifteenpence
or siAtypence or seveniy-five pence,
crown or a sceptre il will huv no ma~a
SILK salt or bread than II would before
1t is silver by its quantity. and not de-
nomination, that is the price OF things"
Locke meets the familiar objection 10
TINS seif-evldent truth. that clipped coin
- accepted. in many transactions. at its
race valuation, by observing thar ''c,ippe,i
ana unciipped money will always buy an
equal quantity of anything else. as long
aS 1nss VIII without scrupie change one for
another" IL is al one TO the seIler
whether he receives his money in clipped
Utohey or no. 50 IL De but current" But
III the quantity of your clipped coin be
once grown so great that the foreign mer-
c"aht cannot tI he has a mind to I'D easily
get weight money for it, he will in sell
ing ms goods, either contract TO be paid
IN weight money. or else raise the orlce
OF MS commodity. according 10 the dtnIn
isheu quantity OF silver in your current
com. Inc application of this remark 10
d Su'er do.tar not worth its face in gold
IS OBVIOUS The government can float a
limited, but not an unlimited number 80
such dollars
Locke, MOI cover. distinctly perceiyes and
emphasizes the difference between mas,
ana future contracts I'm contracts AL
ready made. if your species ,ooins or
i Spec, De oy law coined a fifth part
hshter, under the same denomination. tho
eieui'or must take hundred such light
shiiiings. or twenty such light crown
pieces, Tor E5. If the law calls them 60
out ne loses one-iifrh in the intrinsic value
oi ms oeot. But. in bargains to be made
anu Things TO be purchased, money has
ana always will have. its value from the
quantity OF silver in il. and not from the
stamp and denomination
many upon the great question of the
morality of raising the nominal va,ua az
conn., TINS honest and independent thinker
te"afhs: IL Will rob all creditors of one
'"sh'ielh tor per cent? OF their debts
and all landlords of one-twept,eth 90 ,ha,.
nutrients forever; and in all other rents
as Tar as their former contracts reas os
per cent OF their yearly income. and
THIS without any advantage to the debtor
or farmer. For he, receiving no nors
pounds sterling for his land or commoa,-
ues, IN this new lighter coin. MN ha
should have done OF. your old and weigbtier
n.o"es' gers nothing by it. II you saw.
yes. he VIII receive more crowns haIf
crowns and shilling pieces for nh, -
now sells for new money. than he shonIJ
nave done If the money of the old stand
ara mad continued: YOU confess vour
money Is not raised in value nm.
IN denomination; since what vo1,r
ne" pieces want in weight mus,
now De made up in number. - This is
az ii'St slght visible that In all payments
20 oe received upon precedent contracts
II your money be in effect raised tho re-
ceiver will lose per cent" FIsewhnra -
observes: ''Mr. Lowndes'-who was ,ba
English Bryan of 200 years ago. ana who
made the same complaint of the rising
siiFer smiling that Mr.. Bryan now makes
or the rising gold dollar-"says that silver
IN England Is grown scarce. and consa-
quently dearer. and so Is of higher priee
rms. IL IL were so. ought not TO annul any
mans bargain, nor make him receive less
IN quantity than he lent He was
10 receive again the same sum
ana the public authority was Guar
antee. that the g me sum should
nave the same quantity OF silver. under
the same denomination. And the reason
is plain. why In justice he ought TO have
the same quantity of silver again, not
"At'Stahu4hS any pftleD1Fd rise OF its
value. For II silver had grown more plen-
tlful. and by consequence (by our authors
ruie) cheaper his debtors would not have
been compelled. by the public authority.
10 nave paid him, In consideration of IT'S
cEeapness. greater quantity OF silver
than they contracted for. Cocoanuts were
the money OF a part OF America when we
first came here. Suppose then you had
lent me last year 800, or fifteen score CO.
81 ~ hf 81
you be satisfied and think yourself paid
your due. il ] should tell you cocoanuts
were scarce this year. and that four
score were OF IL much value this year as
a hundred last year: and that therefore
you were we'll and fully paid, IL restored
TO you only 24o for the 800 i borrowed?
Would you not think yourself defrauded
OF two-thrds tone-ffth) OF your right by
such a payment Nor would IL make
any amends for this 10 justice. or repara-
tfon TO you. that the public had latter
your contract. which was made for fifteen
score) altered the denomination OF
score. and declared II TO be sixteen instead
OF twenty"
Locke's reputation as a philosopher is
too great. and has been too enduring 10
be questioned. He lived and wrote TWO cen
turtles ago. AT that time corporations.
syndicates and trusts were unknown.
There is no reference IN his writings 60
paper money. Silver was the standard
Of valuation lie cannot. therefore be ac-
cused OF being IN the pay OF corporations.
or upon the side OF monopoly in opposition
70 the people. or OF being actuated by pre-
judce for or against bank notes or treasury
notes, or OF being "A blind worsh PIPER %
the yellow metal. A. that time the mod
ern system OF machinery as substitute
for hand labor had not begun 10 develop.
50 that the labor question OF today did
not affect his views. Neither was there