The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-02-19
FALLACIES EXPOSED.
SENATOR RiNGDAL REPLIES TO
GOV. NELSON.
When Morse Meets Morse Then
Comes the Tug of War;.
The Champion Of the People unhorses the
Champion Of Plutocracy and Leaves Him
Sprawing in the Dirt.-Knute's Bimefallism
Rothschild's Gold-Bugism.


United States senate on the question OF
bimetallsm. This speech is of peculiar
interest to the people of this state for the
reason that Mr.. Nelson is the latest Of
fetal product of Republicanism as 1t ex-
lists in Minnesota, and for the further
reason that he has now given public ut
terance to those views which he was con-
coded to hold by his party when it elect
ed him. His utterances, therefore, may
be considered as oracular, from the
standpoint of the Republican party of
this state They may be considered as
the utimatum Of the party whose crea-
ture he is. With these facts clearly IN
view a survey of the speech ought to be
interesting and instructive, as throwing
clear and unmistakable light
upon the position of Republican
party in this state with regard to that
question which, more than any other,
will be the battle-ground in the campaign
now opening. Mr.. Nelson has chosen the
position and fired the first gun on behalf
of the Republican party. 1t is therefore
as the recognized and up-to-date leader
and spokesman OF Minnesota Republl-
canism that Mr.. Nelson must be dealt
tenable position, his party must suffer
the consequences. 1t cannot escape the
responsibility.
Mr.. Nelson starts out with the asser-
ton that 1.-The free and unlimited coinage
of silver at the ratio of 16 to by the Unit
ed States at the present time would de-
stroy the last vestige of bimetallism."
This assertion, without saying so, in
so many words, plainly implies that we
are at the present time either wholly or
partly under a. system of genuine bimet-
allism.
Before any rational idea can be ar
rived at, as to whether this assertion is
true or false, it will be necessary to ex-
anime more closely what genuine bimet-
allism really is and then to compare it
with the thing which Mr. Nelson desig-
mates by that name.
Bimetallisrn is system of money per-
hitting two kinds of metal to be so treat
ed a. to maintain coins from both of
them ct fixed relative legal value while
ia NO way depending upon each other.
This Is the kind of bimetallism that ex-
listed in this country prior to 1873. But
it does not exist today.
Under this kind of bimetallism both
gold and silver we're recognized as actu
al money. use the words actual mon
ey" designedly to distinguish primary,
legal tender, or irredeemable money from
the sham money which is represented by
such bills or coins as are forced into cir
culation by being made redeemable in
primary money.
1t is the former-"actual money" alone
which can benefit us at the present time,
nor is this difficult to prove. We want
more money in order to increase the gen.
eral prices of our products. Everybody
comedies that. But we want only such
money as will increase prices. We do
not want money that will still further
decrease them.
Primary or irredeemable money is the
only kind Of money that can in the least
enhance prices. This is easily under
stood Money is used to measure values,
but money that has no value of its own
must itself be measured by the primary
money, so that instead of it's helping to
bear the burden of primary money as
a pricemaker it actually increases that
burden and depresses prices still further.
That is the kind of bmetallism we are
blessed with today and it is this kind of
bimetallism that Knute Nelson is labor
ing to preserve. But Knute Nelson is
guilty of misusing language when he
chooses to call this kind of bimetallism
genuine"
He says further, complete bimetallism
not only implies equal mint facilities for
circulation. Both metals may be freely
coined and yet not freely circulated A
metal may be freely coined and yet be
powerless to maintain itself in circula-
ton. Though both metals may be freely
coined, yet if for any cause only one of
these is in active circulation then there
is failure of that bimetallism which
seeks an abundant currency and enhanc-
ed prices, the chief grounds upon which
free coinage is placed. In this full and
plenry sense we have never had COM
plete bimetallism in this country.'
The above contains some well-knowr
facts, but coupled, as they are, with base.
less assertions, they bring him to the
most misleading and nonsensical conclu.
> sions that can we'll be imagined. 1t alsf
contains an admission which ought to bt
sufficient to politically damn any person
or party making it.
When Mr.. Nelson says, that, "com
plete bimetallism not only implies equa
mint privileges, but also equal facilitie!
for circulation" it may mean something
or nothing according to what is under
stood by facilities If he means to say
as his language further on in the abov'
quotation would seem TO indicate, tina
the actual circulation Of the two metals
side by side, is necessary condition o
bimetallism, he simply advertises hi
own lack of knowledge as to what thu
necessary conditions of bimetallisn
really are His definition of bimetal
lism does not tally with the conception
that the early statesmen of the republi
had, as can be readily ascertained by al
examination of the early coinage laws
If the founders of our financial system
who were true bimetallists, regarded tn
actual circulation side by side, of tn
two metals, as vital point in bimetal
lisn, it was criminal oversight on thei
part that permitted them to neglec
making mention Of it or in any name
providing for such circulation. The
were reasonably wise, aud diligent il
carrying out their wishes and views il
other respects. so much so, indeed, tina
lit seems strange at this time to hear tn
: Junior senator from Minnesota give At
terance to assertions, which, if true, con
yict the founders of this government {
ignorance, or worse still, of slovenlines
A legislative enactments affecting til
very existence of their country as FIRE