The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-05-05

been most extraordinary If, like all
his Republican predecessors, he had
kept Southern men out of important
offices? And are they to feel an over
whelming sense of gratitude TO him
because he did SO plain am act of JUS
tice and patriotism as TO put some of
them into responsible places?
How could he have claimed to be
Democrat-to say nothing of the solid
support he received from the South
if he had done otherwise? As~bo force
bilIs;n / say from personal knowledge
that to James G. Blaine no less than to
Samuel T. Randall the people of the
South are more indebted than to any
man living or dead, for their escape
from them.
Much more might be said in reply 30
Mr.. Henderson's laudation of the Pres
ident, but it is not an agreeable topic
at best, and / leave it.
Mr. Henderson asserts that 1.-THE free
coinage question is not as important
as it is believed to be hy its most ear
nest advocates" do not know he
SAYS: "Of more worthless issue, orone
that is less attaina.ble, or that prom
ises fewer practical results, at the ra-
tito that is proposed of sixteen to one"
But it not a question of ratio be-
tween the silver advocates and their
opponents. 1t is question of gold
recommendation, or honest bi-metal-
lisrn. such as existed in this country
before 1873. 1t lis not question of eN-
pediencv, but of right and Justice. 1t
is a question of law and morals, which
Involves the welfare of millions of peo-
pie, and it is trihing with most seri-
Gus matter to ask, as is sometimes
done with an air of triumph: How lis
a poor man going to get any more
money even if the circulation is in
creased? Such question is on a par
with the false absurd allegation that
the only honest dollar is a gold dollar,
because it is worth just as much after
it is melted down as it was in the form
OF coin. The reason that such is the
case with a gold dollar is that gold has
free access to the mint, and is stamped
by the government without expense
to the owner, and therefore TO say that
a melted gold dollar is worth as much
as coined gold dollar, is only anoth-
err way of saying that 1922 grains of
gold are worth 1922 grains of gold.
But silver cannot be taken to the
mint and coined free. It's function as
money has ceased, and it has only a
bullion value. In Mexico, where free
silver coinage exists, a silver dollar,
like the gold dollar here, is worth as
much after it is melted down as before,
and therefore, according to this test,
is as much an honest dollar as a gold
dollar is. But the true test of an hon.
est dollar is whether it is really what
it purports to be. A dollar that will
purchase two dollars worth of COM
modities is not as honest a dollar as
enc that will only purchase seventy
five cents worth OF commodities, be-
cause it robs the producing classes OF
half their labor, while the seventy -fiy,.
cents dollar only Tobs the capitalist oil
one-fourth of his profits.
But there is a remarkable fact about
the relative value of gold and silver III
this country during the past twenty
years, which, apprehend, is not gem
orally known TT is this: that in spite
CT the degradation of silver and its exc
clusion from the mints it's purchasing
power had diminished up to the first
of April, 1896. less than Is per cent?
while the purchasing power of gold
had increased more than 81 per CENT
That is to say that while 500 in gold
to-day will purchase as much Of com.
modities in general as 1852 rs in gold
would purchase in 1878, and while;
1928 in gold will buy as much of sill
yer bullion as 500 in 1873, yet the faI.
in gold prices has been so great thai
the purchasing power Of silver has
fallen only 14.41 per cent.
The difference IN value between gold
and silver since 1873 has not been du.
to the depreciation OF silver 50 much
as to the appreciation of gold, and the
facts show that, in spite Of the demon
etization of it, silver has really been
more reliable standard of value than
gold.
How can dollar that has appre-
ciated 81 per cent in 20 years, or on an
average of nearly per cent year, be
called an honest dollar or an honest
measure of value?
If deprecated dollar rob the cred
itor does not an approaching dollar
rob the debtor by compelling him to
pay in money which the law has made
dearer and harder for him to get? AMI
under an appreciating dollar is not
trade and industry impeded and disI-
cotaaged by reduction of the wages
of labor and the transfer of larger
share of its products to the creditor
classes who are not producers2 IL
cannot be denied that there has been
steady fall of prices since 1873 (e,s-
cepting the years 1850--1ss2 ,immedi-
ately succeeding the passage of the
Bland Act and consequent distress
and suffering among the people, and
yet we are told that the steadily appre-
CHATTING gold dollar which has been
Chiefly instrumental in producing this
state of things il the only honest dol
lari
The people are at last aroused TO a
consciousness of their condition and
the cause of it, and if they are true 10
themselves they will secure speedy re-
lief, and consign the authors of their
distress to that place in public estima-
ton which is their due.
A. M. WADDELL.
Wilmington, N. c., May 4.
~1EAfax~r-