The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-10-29

LOOK at THIS silver question strip
ped of verbiage and unloaded of its
burden of statistics and the whole
thing resolves itself into an attempt
to double the cost of Il metal by legal
process. That is the bare fact and
there is no escape from it. To effect
this scheme the aid of the people is
sought, and it is sought to make them
believe that if the value of silver is
doubled there will be a corresponding
increase in the price of other products
But while the aid of the law is sought
to enhance the value of silver, other
products must rely upon conditions
affecting trade, that is supply and de
mand. This fact of itself should arouse
suspicion and make the people pro
ceed with caution IN accepting this
new doctrine.
If there is a scarcity of money and
the desire is to increase the amount
why not ask that silver be coined free
at its commercial value? If these
owners of silver bullion are sincere in
their protestations that they are act
uated solely IN this proceeding for the
public good, why do they in their de
mands ask for an advantage for them
selves so great that it is startling, an
increase of 100 per cent. in the value
of their output? There would be
nothing unreasonable in their asking
that silver be coined for them free at
its market value just as gold is This
would give us an announcement form of
money, but it would cause no disar-
rangement of business and would not
invite a panic, 1t would not drive
out gold as the commercial parity
would be preserved The free coin
age of silver could be dropped again
under these circumstances, if it was
found impracticable to continue it,
and no great damage to business in
terests would be incurred.
1t is true this system, practically.
was tried under the Sherman law, and
resulted in the financial, but not the
industrial, panic of 1898. Since then
the producers of free silver have in
creased their demands and now insist
that the people pay them two times
what it will bring III the market.
The situation may be condensed as
follows:
~ The owners Of silver bullion
want 90 cents worth of silver coined
into a dollar. That is the entrinsic
value of the silver dollar now. but the
government agrees to make good the
deticiency,and had full value in silver
bullion for the dollar it issues.
(2) The owners of silver bullion
do not agree to make good the differ
ence between the real value of the
silver dollar and its stamped value,
but want the differences as their
profit. That profit now goes to the
government but in exchange. it gives
its credit to the dollar it issues. and
practically becomes an indorser of it.
(3) The owners of silver bullion
want the government TO use its DOW
er to compel the people to take these
dollars coined on private account in
the payment of debts.
(4) The owners of silver bullion
say that If the value of their commod-
ity be thus doubled, everyone will be
benefited and good times will be re
stored.
(5) The owners of silver bullion.
the better to effect their purpose have
logged the bondholders into the con
irovery so as to create prejudice.
While the bondholders are being de-
attention will be called away
from the scheme through which they
expect to reap large profits.