The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-10-19
REDUCING THE VALUE OF MONEY!

When the Popunsts pirate Of reducing the
price Of money. whereby they mean redue-
ing It's purchasing power by means Of low
er.ng It's standard. DO the people who listen
and occasionally applaui that utterancs
ever stop ard think IN whose pockets the
actual tangible wealth Of the country Is:
Rarely. They take the Possulissic idea,
that wealth and money are synonomous
terms. ana jump q. the conclusion THAT thu
rich men OF the country hold the money Of
the country. or else that It IL locked Up
in the banks.
As an illustration OF the failacy Of this
argument. we will take the treasury state
ment OF June 90. lses. the one most con-
venientiy at hand. and which viii approx
tma;eiy represent the present conditions.
At that time the whole stock Of money
sn the United States was s.. So. e07. sc. o.
this amount the treasury held in reserve
s7ss.2.s.e s. rhs banxs s5si.iso.ooo. while a.
s7s.i4s,s2s was IN the pockets Of the people.
OF the money in the pockets OF the peo-
pie asarsy the entire amount was in silver
or Ia paper redeema5le in ''coIn."
Now. IL lax should PASS. as the Pop
ulists demand. by which the minis were
opened TO free coinage the whole amount
OF silver and paper would shrink a. once
IN value 10 the bullion price OF silver
II the bullion prise Of silver remained
substantially what Il is now. and there
is no reason yet advanced from any Pop
ulsstic source why II would not, the value
Of this vast stock OF money now IN the
hands Of the people would shrink IT once
by a. least $500 o0o, 600.
On whom would this loss fall? Popu-
llstic speakers assume that the loss would
fan on the rich. Now. Is II not a matter
Of common experience that men OF even
moderate wealth do not as a rule keep
any appreciabis amount OF money In their
own actual possession? Do not they. as a
uniform rule, make 1t practice OF keep
ing bank accounts and meeting all pay
ments by checky Do not all the railroads,
the manufacturers. the merchants, bank
their money as fast as receiveds The
money of the rich. the money OF the we'll
to-t,o, 10 in the banks. The footpad who
undertakes TO hold up a millionaire Is
likely to get a smaller return for his ex-
ploit than II he performed a like Office
for a mechanic, within a reasonable time
after payday. as far as actual money re-
turns are concerned.
The vast aggregate OF 81 o. IL. 80 Il al
most entirely in the pockets OF the peo-
pie who do not have bank accountable
farmers, the mechanics. laborers and small
shop-keepers. They are the people from
whom the PopsAlisiic programme proposes
TO take the mere trlhe OF 500. 900 600 by cut
ting the value of the dollar in two.
But while the rich people and the we'll
TODD do not have much actual money in
their possession. they do have abundance
OF property. And here is where the Pop
uljstic programme comes IN again. It is
proposed not only to cut down the value
of al dollars one-hak. but 10 double the
prices OF everything else-au other classes
OF property. The property Of the poor con-
sis,s iargely--ln fact. almost entirely-ot
money. or It's equivalent. deposits In saw
ings banks or investments I'm life insur-
ance. and the ike. This IS the class OF
property which is TO be- reduced one-hslf
Go,d-besring bonds. manufacturing plants.
stocks Of goods. houses. lands. etc. the
property OF the rich. are to be doubled In
price by the Populistic programme
This is what they are trying 10 effect.
and they are relying on the votes OF the
poor to assist them IN putting in force
a law which IN its operation Is designed
for TIE purpose Of cutting in two the
value u the coined money Of the poor
ard doubling the price OF the invested
wealth OF The rich. thus attempting 10
make The rich richer and To poor poorer.
This IA what they profess Will follow
the free coinage OF silver. That. however.
would Be i,s remote effect The immed!-
ste effect would be a long continued ana
disastrous panic. which would AFFECT al
aka.