Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1896-05-26

OF pneSo INST only LnlS was bAIo oioSeAN
ity that biz q .i.ism gave to our primary
money.
In 1878 the law was changed and golo
only was made primary money. The mints
were left open 10 the free coinage OF gold,
! but closed as to the free coinage of silver.
An unlimited demand for gold for use rs
mopsy was left in operation. The unlim.
! ltd &c page of silver was stopped. One OF
the main arteries feeding blood to civiliza-
ton was cut of. The debtor was to have
no option TO pay in money made from
either of these two metals. He was to be
limited to gold alone.
One of the fundamental principles of q
popular government was violated in max
Ing this change. The consent of the peo-
pie was not obtained--the consent of the
governed--that principle pronounced in
the Declaration of Independence. 1t was
not discussed In any campaign, and 1t was
not known TO the people for over two
years afterward The editors and news
paper reporters did not know it. 1t was
done surreptitiously. have not time to
dwell upon this dark page of our history
and cover what else ! want to In this
speech. will dispose of it this way: Sill
yer was demonetized Feb. 12, 1873.
now offer a reward of 500 to any man or
woman who will find word about it in
any newspaper published in the month of
February, 1878. You will find the news
papers of that year In your public libraries.
ALI you will find lie a simple news telegram
of five lines that the amended mint bill
had passed The mint and coinage bill
that has been on our statute books since
1899 and amended frequently is more than |
Is pages long, embracing everything from |
the cent pieces to the naming of the vari- |
Gus officers of the mint and fixing of their |
salaries 1t has frequently been amended |
in many respects, as to duties and salaries
of officials, alloy In the metals or the size
and form of our copper and nickel token
pieces. A telegram announcing the
amendment of the mint bill conveyed no
information to the people that indicated
that the minis had been closed to silver,
its legal tender character taken from it, or
any other Information that would indicate
that silver had been demonetized; hence
the people were in ignorance of what had
been done by that congress, famous in his
tory as the salary grab congress
Let no man claim that the act was hon.
estly and openly passed till he can claim
the reward 1 offer. II the typesetters, re-
porters and editors of the papers did not
know 1t, the voters did not know it. That
which has agitated the world for 30 years
was put on our statute books secretly and
Both political parties
have declared ever since it's discovery for
sllver's restoration, and those whom the
people have elected have been manipulated
by the same power that caused the original
crime.
The Decline of Values.
With all the principles of bimetallism
destroyed, with silver thereafter used as
oxen, or credit, money, like our paper
money, all resting on gold, silver began to
lecline in value as measured In gold, the
only primary money, and in 22 years it
las declined so per cent, or rather gold,
Inder the demand for it, has appreciated.
For 200 years prior to 1878, under bimet-
lllism, they had not parted more than
Der cent; in % years, under monometal-
ism, the metal in the two dollars had sep
lrated 80 per cent.
All property not supported by trusts
)r by increased demand, fell with silver
IS expressed in dollars. AS measured by
value with each other, or
With silver, they had not declined. They
have only declined as measured in dollars,
and these dollars mean gold dollars or their
equivalent. What is meant by equivalent
S our other forms of money-copper,
nickel, silver and papeT-whioh, by the
lew law, are all redeemable in gold.
When thing is redeemable In another
hing the former is made as good as the
after, so long as it can be had to redeem
With.
What Is meant by this Is that gold is
low orr primary money, and all other
orms of money are credit money. Credit
DO kafi |
ng primary money Our credit money Is
led to gold like the tail of kite is tied to G
. kite. The tail has gone up following the
rite. Gold has gone up and is our only
Urinary money, whereas before gold and
liver both were primary money, neither
in the other. Other forms OF
money were credit money. By the change l
If the law silver was added to the credit a
money, and the quantity of primary money !
vas cut in two. ..--
The simple law of bimetallism has been Y
,verthrown, and a selfish and powerful !
interest has sought since to main I
ain the gold standard. As was to be ex-
,eoted, 1t has resulted in great strain on Z
,old, the only basis of our monetary sys- I
EN-. AS the demand for gold increased e
is value rose as compared with other prop o
rty. While nominally fixed by being I
allied dollar the gold in dollar was t
Using In value. This is one of the things ?
t has been the hardest for the people to G
Understand. AS the demand is piled on
yold the gold in the bullion rises In value o
IS compared with other property, and the .
,old dollar rises with it, and likewise all
orms Of money that are redeemable in p
gold. If wheat grows scarce. or the de-
nand for it increases, it rises in value. If o
gold grows scarce, or the demand for it T.
Increases, it rises in value. But If the de-
nand for gold should increase till it, rela-
lively with other property, was ten times
IS valuable as 1t is now the quantity OF it .
n dollar would still be worth 81 as ex-
pressed in itself
1t does not rise as compared with itself,
put rises as compared with other property. 8
What the Result Has Been.
With falling prices the people have been
impoverished. Taxes have not been re-
luced. The, farmer must now give I'D
jwice as much of what he produces to pay
MS taxes as he gave up in 1873. Official
salaries have not been reduced Some have
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