The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1896-10-27
NO 5O-CENT DOLLARS.
This Is Not a Question Of Bullion. But
Of Remonetized, Debt-Paying
Coined Money.
A Reply 20 False charge Against tho
silver Dollar by Ex-senator John II.
Resgso. OF Texas--A RANK Dcoep-
tioa of the Goidbugs Made
Perfectly Plain.

One of the scare-crows used by the
advocates of the single gold standard
ia the false resentation that II the
policy of the free and unlimited coin
age of silver should be adopted II would
cut In two the wages Of the la borers and
compel them to taks 50-cent dollars
without an increase Of the rate OF their
wages; that those receiving salaries
would get but one-half the pay they
now receives; that those having money
on deposit in savings banks would only
receive from the bank in return for
their deposits 5O-cent dollars, which
would be but one-half of what would
be due them; that the endowment
funds Of colleges and universities would
be reduced one-half in value. as would
all trust funds.
This frightful statement is repeated
day by day by the newspapers, ard
other advocates of the single gold stand
ard, as a controlling argument to pre-
vent the people from voting for the can
didates who represent the policy Of the
free and unlimited coinage of silver
The newspapers and men who are urg-
ing this statement know it to be q
stupendous falsehood. They make it
look us plausible as they can, and ring
the changes on it in every possible
form. And by this means have de-
ceived and are misleading thousands of
honest people who may not be able to
detect the fraud which Is being prac
ticed on them.
What are the real facts as to this?
The gold standard advocates, as the
basis of their false statements, COM
pare silver bullion Invested of the quail
ity of money, uncoined and not legal
tender, with gold, which is by law
coined into money and made a legal
tender in payment of public dues and
all debts, TO the amount stamped on
each coin. Is this an honest COM
parison? Does it speak the truth?
Does it not, in effect, assert a thinly
disguised, but gross and monstrous,
falsehood? Let us see. If congress and
the nations should prevent the coin
age OF gold bullion, as has been done
as to silver bullion, depriving it by
law of the quality Of money, then
the gold bullion would not be money.
no more than silver bullion is now.
And the gold bullion would become u
commodity as silver bullion is now, and
would simply bring what it would be
worth for use in the arts. The same is
true of silver.
To make en- honest comparison of
gold and silver, and to tell the honest
truth, we must compare gold coin, in
vested with the legal tender quality,
with silver coin invested with the same
quality. Doing that, we find the silver
coins IN the United States, not silver
| bullion, worth as much in the purchase
of property and in the payment of
debts as the coins of gold. And we find
that more than $1,OOO,OO0,000 of silver
coins in circulation in Europe are at
par with gold. Why this? Simply be-
cause both are coined with the value of
the coins fixed by law.
Has anyone ever seen a 50-cent dol
lar in this country? OF course not
And why notP Because our more than
400, 100000 silver dollars, or their rep
resentatives, are the coined money of
the United States, their value fixed
by law, and they are made legal ten
der for all debts. Hence, those now
coined are as good as gold.
No laborer, no person drawing sal
airy, no depositor in q bank will be
paid, nor will any offer be made to pay
them, with silver bullion. They may
be paid in coined silver. as they may
now be lawfully paid in coined silver;
but the dollars in which they could be
SO paid would be lOO-cent dollars, and
equal TO gold, because they would buy
as much property and pay as much OF
debt as the same number Of gold dollars
If it be said that the stamp of the
government anu the mandate &c the
law make the coin of greater value than
the bullion, the answer may be made
that the present value of gold is fixec
by law.
An act of the British parliament
passed in the year 1914, SO years ago
requires the Bank of England to pur
chase all the gold presented to it a
three pounds, seventeen shillings anl
nine pence per ounce. That fixes tn,
price all over the world, less the cost o
transportation to London. So that iii
price is not governed by its intrinsic
value, but by un act of parliament; ant
this makes it in that sense fat money
Money IS the creature of law. Thu
material of which it is made is no
money until made SO by law, whethc
it be gold or silver or paper. The gov
eminent OF the banks issue thelr note
to circulate as money. These note
have no intrinsic value. Their beini
money arises from the fact that thei
issue is authorized by law, the promis
to redeem them in coin, and, in som
cases, the making Of them legal ten
der. So that it il the operation Of tn
law which makes money. and not rh
: material of which II IL composed
: though gold and silver are recognize