Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-02-29
EaNE ALLuEMEINE vERM0uEN-
rACHT.

morrow.
Advocates of cheap money say they
need it to pay their debts. Should
their wish be gratifed. should they
succeed in paying their debts. they
would either have to get in debt again
or else join the creditor class. There
is no halfway place-no purgatory.
1t is either creditor or debtor-heaven
or hell. When the debtor becomes a
creditor then he wants to know if that
money which is due him is worth one
hundred cents on the dollar He does
not want any more cheap money.
A very good idea in discussing the
money question is TO put yourself, be
you debtor or creditor, in the others
place. Were that policy pursued the
problem would soon be solved The
mine-owner would learn that holders
of securities have rights which should
be respected, and vice versa.
A few historical facts in this con.
nection may not be amiss. First and
foremost are two truths. One is that
every coin manufactured under free
coinage will eventually have the ex-
act value of the material of which IT is
made. The other is that whenever
any nation created two coins of the
same denomination, differing in value,
the more valuable disappeared
But it is not necessary to 60 back
to the ancients. When Hamilton
was about to adopt ratio, he sought
that which most nearly represented
the value OF gold and silver at that
time-I5 to I. Gold disappeared
In 1884 new ratio-I6 to WAS tried.
The silver dollar remained the same,
but the gold dollar was reduced in
value. Silver disappeared. Why?
Because the silver dollar was worth
more than the gold dollar and no one
would take silver to the mint. 1t is
not in human nature to give 1903 cents
worth of silver for 100 cents. Even
the subsidiary coins were spirited
away and in order to get silver for
change all the minor coins were in
1883 reduced in weight and they so
remain until this day. At the time
of the passage of the act of 1873 the
silver dollar was obsolete. 1t was not
in circulation yet the minis were free
to both gold and silver. Finally,
there is not a country in the world
which has free coinage of gold and sill
yer which enjoys the use of gold and
silver.
The causes which conduced to the
decline in the price of silver are ex-
ceedingly simple. One was unfriend-
ly legislation by the nations of Europe,
the other the immense increase in
neutrality-suspicious..
What effect legislation had is a
mooted question Great Britain de-
monetized silver in 1915, yet silver
retained its value, fuctuating it is
true, yet near a ratio of I5K to 1.
Germany demonetized it in 1871 and
France in 1874. The act of 1873, in
this country, fixed the weight and
fneness of the gold dollar making il
the standard Nothing was done with
silver, because, as stated above there
was no silver in circulation. Since
that time the use of silver as money
has become general and a dollar ha.
been and is dollar Prior to 1873 bn'
eight million silver dollars had beer
coined, since that time six hundred
millions. Surely silver has no cause
to complain of lack of use, yet it ha.
steadily declined in value.
That free coinage is desirable NJ
one denies, but how can it be success
fully accomplished? A very simpl,
illustration will suffice. The posta
union now in force conveys letters
money orders, and parcels to and from
all civilized countries. Each countr,
has its postal system and issues it,
own stamps. 1t costs more TO carr,
a letter from Boston to San Francisco
than from London to Liverpool We
the rate is the same. A money orde,
from Tobago is as good in Martins.
burg as one from London or New
York. So, let there be an information
al agreement between the leading
nations providing for the free coinage
OF silver for fixed period of time al
liked ratio, and all will be we'll. II
will take some time, but it can and
will be accomplished, then all money
VIII have--eine allgemeine vermogen.
macht-a universal purchasing power