The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-05-21

: standard on value, show forth me glory m
dignity Of tho human intellect. and are an ui'
mixed blessing b. the waole human family
Could any one outside Of a lunstic asyium ~
tribute nh these diverse and Inconsistent
movements of prices 60 ono cause. ana thn
cause acting evenly and uniformly upon al
things aiikef
what MAKES Interest Lews
Interest has declined since 1872 In my par
Of the country from per cent per month y
| and per cent per annum. There Is no deny
| ing the fact that the goldbugs did that. TIT
south and west have saved more ON the decline
| of interest than they have lost In the decline
| IN wheat and cotton. Interest u always Low
| under AN honest standard. among an honest
| people, where money Ii plentiful 10 lower
In London than In any other spot on the Gobs
because her standard II stable and her com
mercial integrity has been the care OF heI
statesmen and her people for ages past Eng
lands punctuality In meeting her obligations
has made London the clearing house or the
world Tyre was the London OF ancient times.
Seated on the eastern end OF the Nediterrs'
mean, she reigned queen Of commerce FOR cen
turtles. The scepter Of commercial greatness
passed from her when her own children reared
| Carthage at the other end Of that sen. Some
80 years ago England planted colonies In
| America and today the United States II Eng
| lands only formidable rival for the com
merce Of the world. The object lesson OF an
cient history II being repeated. III the insati.
/ able mine owners by use OF their millions, and
| the place hunting demagogues by unctuous APP
| peals to prejudice, succeed In driving this
| country from the standard Of civilization and
| commerce. the standard that announces In
| tegrity at home and inspires. confidence
| abroad, 10 Hat standard and silver basiA
| then England will have no rival to grspple
L x.,,tk On. sh.., ~ IN world
More Gold and Moro Credits.
The third proposition is that the supply Of
gold Is insufficient to make II correct stand
ard and its scarcity will tend TO depress
prices. The average annual output Of gold OF
the world for the hrst half Of this century. IN
round numbers, WAS Si6u0.O0o From 1881 ~
1885. covering the gold bonn In California and
Australia. the yearly average was sl0.0oOO0.
The output for 1893 was SIS. CO. 900 and for 1894
slsi, 900. 000 The birth rate among gold using
countries is not increasing. while the produc-
ton Of gold Is ON the increase, AS Just stated.
This answer ought to satisfy even the extreme
10 to l peopie-the 'per capita" Populist-es
pecially In view of the fact that improvements
In power and machinery are being applied to
the production Of gold, while the genius Of in
vention finds no inducement offered nor field
for operation in the population business.
My next answer Is that the more highly en-
lightened the world becomes, and the greater
the improvements In business methods, the
less necessity there Is for the use Of actual
money of any kind. Steam and electricity
have so knitted civilized people together that
they are practically one community. Business
men speak To each other around the world ar
II they were assembled in the same building.
Their business is done ON system Of credits,
without the use Of money, except for ultimate
settlement Nor is this method confined to
business men. IL is broadening with the evofh
fian Of nm fram "A lower tD "A higher nlapa n
intelligence. A farmer may now live for
whole year ON the fat OF the land and never
handle dollar in money during that time
He may receive checks for his CROP deposit
them to his credit with bank and draw on
the bank for what he owes and spends. Nsi
Their he nor the men who bought his crop had
dollar in the bank. They only had credit
there.
The bank owns the money In it's vault. and
its customers simply have the banks obliga-
ton. Bank credits perform precisely the same
work that gold and silver do, and they per
form II much quicker and more conveniently.
The Scots are the most conservative people In
the world. and they have had the best banking
system Of any people for Az years. On q gold
of s23 Co., uUO they support bank credits
10 the amount of s44s 81, wv. The best author
tiles estimate that only one bin OF exchange
in 10000 IL ever paid In money In England. i
Gold, silver and other money perform l per
ctnt Vi tut tAcnNngtS III tnls anu Il
credits in the shape Of bills, notes. checks.
etc. do the other W per cent The business
of the world could no more be done today with
gold and silver than its inland transportation
could be done with OK wagons.
The 10 to 1 orators, in denouncing the act OF
1873, assert that half the money Of the country
was destroyed and hold out the idea that our /
money has been contracted TO that extent. In |
1872 our population was ~, 500 000 and our per |
capita of money was $ls.79. In 1894, after the
country had been suffering with gold STANDARD |
for II years. our population is q, 2,5,0OO, and
our per capita OF money is sS5, ~, and we have
much better money now than he mad then.
The adoption of the gold standard as ~ meas
ure OF value did not increase the demand Tor |
gold for use to any great extent. Alcohol IL
the standard for measuring the strength of all /
spirituous liquors. yet that fact has never been /
found to be very straining ON alcohol.
A Surfeit OF Silver.
Fourth proposition. that the free and unlim /
tied coinage Of silver ut 10 to would create
demand for silver and restore IL T. i
q par. How the mere coinage of silver can I'm i
any way increase its use among the people ] /
am unable to understand. II there was no, /
enough Of it for use money and the govern
ment was limiting the coinage of IL and there
by denying the people of the use of it Ms
money, then there would be force in the prop Il
Dsition to increase the coinage of silver. But /
Jul condltou ~ e&dttiy tnt TtNtTst CT init.
The amount OF coined and uncoincdisiver In L
the treasury Is s5l2, 0OOOOO. while the amount
In circulation is about si07. 0Oo.OOO.
To encourage the use OF silver by the people
the government exchanges coined silver at its 1
nints for gold or legal tender currency and 4
pays the express charges ON the silver to any
part Of the country. This coined silver Is ali 1
good money. The dollars are legal tender 70, Il
all debts IN any amount, AMI the halves. quar-
ters and dimes are exchangeable in sums OF
~ for gold or other legal tenders. Notwith.
the inducemeDt offered by the gov. L
to promote the use Of silver, IL Ia.
hitherto been unable to force into circulation
more than about one fifth Of its stock ON hand
Then, why all this clamor for more coinagef II Il
) man had five times M much blood In his bad, l
as his arteries and veins would circulate and
'our-ffths OF IL WAS lying idle around his
heart, would any one say that such man
needed a free and unlimited infusion of bioodf
government can no more induce people 10
Use money they do not want than re can inducs
hem to eat what they do not like. The true
place OF silver Is rs change money. IL Is indis
'ensabie Tor that purpose and unsuited 10 any Il
'ther, and all the silver tongued orators In the
and cannot change this fact. The 81, q. 20 and
. goldpieces were too small and were unpopr |
iiar as change money. and the government |
topped the coinage Of them.
On the other hand. silver is not q debt pay
nR money In any considerable amount, nor
he money OF commerce. for the reason that IL L
$ too bulky and too heavy. When man gets
'ver 70 or $40 Of -. he unloads on the first
,ank he comes TO, aoi the bank unloads on l
he treasury. Thus tbs circulation Of IL il lin.
tied to Just what the people win use. Whom
he people get enough Of a thing, they know
7, and you cannot argue with them about n
They are gu1libe on theories, but intensely |
PRACTICAL In business.
The Great Crime Of 1874"
We have heard great deal about demonet,.
alton OF silver. Let us BEE the extent of "the
treat crime OF lS78." In 1883 In orter IN pro.