Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17

provided for the payment in coin on de-
mand Of all United States notes presented
Tor redemption. All forms Of money,
whether Of silver or gold or paper, were
then maintained ut par with each other
and have been so maintained ever since.
During all this period gold and silver coins
Ut par with each other have been the stand
ards of value Of all loans, contracts or pur-
chases, and the faith of the United States
was pledged for their maintenance at parity
with each other. Although silver bullion
declined In market value, the coins made
from IL have been kept ut par with gold
coins ut the legal ratio Of 16 to /.
But II the free coinage Of silver Is au-
thorized then the market value Of silver
bullion becomes the standard for payments
on all contracts made In the past, present
or the future; 412H grains of standard sill
yer bullion, worth now SO cents, can with
free coinage DO coined into a dollar upon
the demand Of any holder Of such bullion.
This dollar Is delivered to the owner of the
bullion and Is not supported by the fat Of
the government. The government does
not undertake to maintain its relative val
ne with gold. The government stamps It,
This is dollar" It's purchasing power
is So cents, but Its debt paying power Is 81.
1t is to be legal tender for 81 Of debt, but
In the purchase of any article 1t Is only
worth SO cents, for the seller Of the article
can fix his price according to the kind Of
money offered. 1t is the doctrine of the
Populist and anarchist, but Is in direct op-
position to the traditional policy of Thorn
as jefferson, Andrew jackson and the
Democratic party.
What Creditors Would Do.
When we contemplate the great amount
of debt and credit that Is unavoidable
in q vast but new country like ours,
we naturally shrink from any measure
that win either rob the lender or do
injustice to the borrower. 1t is impos-
sible to estimate the wrong and injus-
tice that will be done to creditors by the
scaling Of nearly one-half Of debts due
them. The very threat to do it will lead
to the prompt and harsh collection Of debts
before free coinage can become a law.
am advised that already debts that would
have remained uncalled for have, in fear
Of such a law, been enforced 1t is certain
that before free coinage bill can become
q law the wide distrust caused by the pend
ing Of such q measure will lead to the rapid
collection Of debts, the sacrifice of property
and deepen existing financial difficulties
growing out of insufficient revenues for
the national as we'll as for many state gov
ernments.
1t Is sometimes said of creditors that
they are bloodthirsty Shylocks, aristocrnts,
bloodsuckers, extortioners. 1t may bc that
there arc among money lenders some men
who merit these epithets, but the great
body Of the creditors of our country are
among the thrifty, Industrious and intelli-
gent men and women Of every community.
One great body of creditors here is the go, =
900 Unicu soldiers, their widows and or
phans, Tho are creditors of the United
States to the amount of over $40, 900, 900
q year for services and sacrifices in the
Union army. 1t would be an act of perfidy
and meanness beyond expression for this
great country to pay them with money of
less purchasing power than gold coin mere
ly because the overproduction of silver in
the United States has reduced the market
value Of silver bullion contained in a silver
dollar. To take advantage of this decline
in order to reduce the value of the pittance
to these pensioners Is worse than to rob the
graves OF the dead.
There Is another class of creditors that
the free coinage Of silver will greatly in
jure. 1t Is the depositors in savings insti-
buttons and kindred organizations, who,
according to official statistics, number
nearly ., ZOO, 900 people, and whose deposits
amount to more than 81 500, 000,0 900. Will
you cheat them by reducing the value and
purchasing power of the dollars they have
deposited?
Free coinage will also wipe out nearly
one half the value Of life insurance which
provident people of the United States have
paid to secure, in case of their death, some
support and protection to wife and chill
dren. 1t will affect injuriously the multi
tude Of clerks and employees who depend
upon monthly pay and will reduce the
purchasing power Of all salaries of officers
and employees in the public service of the
United States and of every state, county,
city or township in this broad land.
Workingmen In Greatest Danger.
But by far the greatest injury resulting
from the free coinage of silver will fall
upon the workingmen. Their wages are
now based upon money of the highest val
ne, upon gold coin of standard value.
Under free coinage of silver the value OF
the silver dollar will fall to SO cents in
gold or, as I have already said. the 100
cents Of the gold dollar will be worth 1914
cents of the silver dollar. With free coin
age of silver every workingman can and
ought to demand enough silver for his daily
wages to be equal to the purchasing pow
er of his present wages in gold. The strug-
gle between the workingman and the en-
ployer will then commence, and no one
knows better than the workingman how
difficult 1t is to get an advance Of pay. We
have strikes and strife enough now, when
the workingman gets his pay in gold coin
or its equivalent, but what will be the con-
dition II he is paid in cheaper money Of the
same nominal amount, but of less purchas-
ing power? Every sentiment of justice will
be on the side Of the workingman in his
STRUGGLE for good money or increased