Iron County register., 1896-07-02

mechanical arts by which mans labor
multipiies itself As an ounce of
silver will purchase as much of the
staple articles of commerce not trust
protected as it did at the time it was
stricken from our coinage, it is evident
that its present depressed value is
wholly artificial-the result of manipu-
lation-and that the value of gold has
been increased by the same means.
Men who have artifcially restricted
the value OF silver cannot complain if
those restrictions are brushed aside
when the public good demands it.
In the period of twenty-five years
we have witnessed a movement all
over Europe and the greater part of
America toward the gold standard.
1t had not been occasioned by any de-
mand of the people. The producing
classes were well satisfied with the
condition of things as they stood at
movement. What was going forward
was, as far as possible, kept from the
knowledge of the common herd. for
they were not expected to profit by it.
1t was inaugurated and almost pushed
to success by those gentlemen who
deal in the markers of commerce-the
money-loaning classes. If Mr.. Whit
ney could show that special causes
have operated to reduce the price OF
silver that do not affect the value OF
other things, he would settle the con-
troversy, Cor the American people de-
sire to deal honestly by every one.
They understand that the sole cause
of its fall in price is the fact that one
of its principal uses-that of being a
money metal-has been taken from it.
They believe that restoring this use to
it will cause silver to resume its old
value, and their contention looks ex-
tremely plausible when it is remem-
bered that now there are in the world
less than 18 tons of silver, coined and
uncoined, to one of gold, while in 1S4S,
under free coinage, there were in the
world 81 tons of silver to one of gold.
They understand as thoroughly as
Mr.. Whitney that the volume of the
money of final payment in the world
measures all value, and that when
this volume is diminished the value oi
all articles not artifcially sustained is
diminished in like proportion.
They know that reckless contraction
means inadequate prices for all pre-.
ducts and the gradual accumulation
of all kinds of property in the hands
of the moneyed class.
They are also aware of the fact
that reckless imitation would ultimate
ly ruin the money dealer.
They propose that we shall endure
neither of these evils. By going back
to the coinage laws of 1873 they be-
lieve they will arrest sinking farm
values and restore to our peopl- a gen
erous measure of prosperity.
Mr.. Whitney, as is the case with al
gold standard advocates, INDUCES lib
orally in prediction. He prophessies
that if this country should destroy the
gold standard and go back to the mon
ey of the constitution, we would have
the worst panic that has ever been ex
perienced in this country. We re-
member in this connection that Sena
tor Sherman predicted that when we
had coined seventy-fve millions of sill
yer under the Bland-Allison act, gol6
would begin to leave US; but when W.
had coined over four hundred millions
of it under that act, we had many
more millions of gold than at the time
of its passage.
Passing over the assumption that
gold would at once disappear under fre'
coinage, and that the flowing of silver
into the currency vacuum thus created
would have no appriciable effect upon
its value, we at once admit that a pan
ic would follow the enactment of free
coinage law. 1t likely will not be de-
layed much longer than the day after
the election in which silver wins. The
fact is that a dozen men in New York
City can unite and create a panic
whenever they please, and no doubt
they would produce panic to intimi'
date weak legislators from carrying
into effect the will of their constituents.
just as Nick Biddle did to save the old
United States Bank from destruction in
Andrew Jackson's time. 1t is thi s
power for evil that the American peo-
pie are determined 70 overthrow, and
any effort on the part of the men who
WELD it to use it to intimidate them
will hasten its extin ction. The de-
scendants of men who risked theil
lives to establish liberty in this coun
try will not hesitate risk their proper
ty to preserve the heritage left to them
by their fathers.
The creditor classes will not be al