Omaha daily bee., 1896-08-06
Tr,E D

Ifif - 80
WEEPING WATER, Neb.. Aug. 4, 1885,
To the Editor OF The Bee: My land is en-
numbered by a mortgage OF $1,000. payable
in lawful money. November 1, 1897. The
burden OF paying a debt has doubled since ]
borrowed the money. | must pay this debt
with the products OF my farm. Under Or
binary circumstance I will be able to raise
a surplus Of 1000 bushels of wheat next
year. II there is no change in our financial
system this wheat at so cents per bushel
will pay half the debt, When the value OF
a silver dollar is reduced to so cents by free
coinage, a bushel of wheat, without any
change in value, will be worth a (oO-cenO
dollar. with free coinage of silver shall,
therefore, be able to pay the entire debt
with the LOCO bushels OF wheat. have
oboyed the laws of my country under the
gold standard, and shall obey them under
the silver standard. The advocates OF the
present standard are appealing to the savings
bank depositors, the insurance policy hold
ers, pensioners, salaried people, wage work
ers and creditors generally, to protect their
own personal interests. II | fail to look
out for my own interests. who Will do so LOT
me? Is there any reason why | should
not vote for the free and unlimited coinage
of silver at the ratio of 1G to /? j. S. NJ.
when n man consults Il doctor he Is
expected to keep nothing from him con
corning his ailmcnt. When n man asks
nm editor for advice lie should state his
case in cnndor and in truth. 1t is not true
hat the burden of debt as measured
by wheat has doubled within the period
that the ordinary mortgage due in 1870
has run. Ordinarily the farm mortgage
does not run more than five years. But
assume that this mortgage dates back
ten years. or from 1887. In 1887, the
market price of wheat in chicago
ranged from 81 to IS cents per bushel.
At 81 cents II bushel it would have taken
1,53S bushels of wheat to discharge the
debt. AT 6S cents n bushel 1t would
have taken 1856 bushels of wheat to
discharge the debt. September wheat
is selling today on the Chicago market
at 30 cents q bushel, so that 1t would
take 1896 bushels of wheat to discharge
a debt Of 1000. The difference in the
quantity of wheat required to pay OFF
$1,000 would, therefore, be equal to
ABOUT ~ per cent.
In the meantime, however, the price
of all things the farmer buys has fallen
more than 10 per cent. If the mortgage
dates back only four years, 1t would
have taken just as muc wheat to pay
it off in 1897 as it would have taken in
1893. On August l, 1893, wheat was
quoted at Chicago at from 81 to 5SR
cents for red wheat and 80 cents on
spring wheat. Manifestly there has
been no doubling of the burden as meas
ured by the price of wheat.
The pith of the question submitted Is
whether free coinage would legalize the
payment of a $1,000 debt with $500.
We answer frankly, yes" 1t would
be legal, but it would be legalized rob
berry. Congress has the power to fix
tho standards of weights and measures
and might, if it saw fit, decree that II
peek shall be known and recognized as
Il bushel. Assume that Il ten-year loan
had been contracted for LOCO bushels of
wheat and was r%epayable with 1000
bushels of wheat on November /, 1897.
Under a law making.a peek receivable
as a buShel, the farmer might discharge
his debt with one-fourth of the amount
of wheat he borrowed. But the newt
able consequence of such dishonesty
would speedily follow. His reputation
for honest dealing would be destroyed
and so would be his credit. If the whole
nation We're to go into the same debt
,.-- "a, Il, and
financial ruin would be soon accom-
plished. In this ruin all would be en-
quilted alike. The capitalist, merchant,
manufacturer, farmer and wage worker
would all suffer and the people of mod
crate means would suffer the most.
There are, however, probable two
views to take as to he effects of free
coinage. One is the view just dis
cussed, namely, that the price of silver
would remain unchanged and men
would be able to pay debts with so
cent dollars. The other is that 1t would
raise the price of silver up to $1.29 an
ounce so that every dollar will be equal
to 100 cents in gold. Senator Teller
and Banker st. John, who is the treas
urer for the silver party, assert posi-.
lively that free coinage will send silver
up to the price 1t commanded before
1873. William J.. Bryan ut Kansas City
in June last said the same thing. II
this view is sound, then free coinage
cannot possibly help the debtor unless
he is the owner or producer Of silver
bullion. In that case all other cOm.
modities would remain at prices regu.
lated by the existing money standard.
FRAUD IN MA.
The democrats claim to have carried