Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-10-01

io.t. Oh 81 so 81
/. ',........... / OF 81 IS ~
lssl: :...... i $ 3 81
lou VIII notice that | go back as far
oeiore 1913 as ! come this way, and | have
taken two years Immediately before the
year OF the legislation complained of. and
Two years Immediately after. These figures
no not snow any fall In prices and what
Incomes of my friends But IL
Is the price at the farm that should govern
IN the consideration of this question and
let us get a little closer to the farm"
frof. McCleary then quoted from the
ngures compiled by George H.. Roberts of
fort Dodge, Iowa, from the papers of Du-
ouque, showing the prices at that point, and
treating them in three periods between 1861
ana 1871. These figures show the same
state of facts and prove that prices have
averaged higher since 1879 than before. He
then quoted the price OF wheat at Mankato
compiled from the files of the Mankato
Review whose editor, j. G.. Wise, was on
the platform as Mr.. Lind's referee.
"on Nov. !. 1863. wheat sold In Mankato
al - cents. In 1894, with a JO-cent dollar.
wheat sold ut between 30 and 40 cents
a bushel, measured in gold. In 1873 the
crop sold AT an average of about so cents.
In 1882 Ii ran up as high as Sl.30. In
1855 1t was as high as SLID. In 1891 it
was as high as % cents.
The average price before the crime "
he continued, was 80 cents in gold. The
average price since the crime was 81 cents
in gold. Now what becomes of the story
CT my friend IL he can blot out the memory
Of these last three miserable years.
my friend suggests that his plan would
give us more money and therefore better
prices, and with better pri ,es, better times.
This is a very attractive plan, but instead
or expanding our currency 1t would con-
tract our currency. Instead of giving us
better prices and better times, it would
give us poorer prices and poorer times.
My respect for the American cong ress is
unbounded, but there is a Lawmaker above
the American congress, whose laws are the
same yesterday, to-day and forever.
The experiment of having the mints
open TO the coinage of both metals at Il
fxeJ ratio has been tried in this country
and n other countries, and has everywhere
been abandoned. Our friends stand for the
free and unlimited coinage on private ac-
count at a fixed ratio, the coins 10 be a full
legal tender. They stand for coinage on
private account. The coinage of gold is
simply the certificate of the government
that Ii is worth what 1t is worth the world
over. The silver man waHIS the govern
ment certificate that - cents worth of
silver is worth a dollar. He is refused.
When the ratio was established ut Ii to l
IUdL EdllO WIS the true RATIO, Dul Nntu the
market price of gold went up no gold went
to the mint. on the other hand. it became
the best place to take silver. Silver went
TO the mint ard gold went
To the Market,
and retired from circulation. Our people
didn't miss IL at first, but when they did
in 1884. the ratio was changed TO Is to l..
This over-valued gold somewhat and gold
came to the mint and to the market. Bust
ness was embarrassed by the absence of sill
yer. 1t was necessary for SINAI change.
Congress first attempted 10 satisfy the de-
maud in 1919 by the coinage of one dollar
gold pieces, but tIcy were not a practical,
business coin. They were too easily lost
and in 1853 the government commenced to
buy silver to supply the coinage. That was
the adoption of the principle or the govern
mcnt coinage, and to keep the fractional
currency from being melted dow the value
of the coins was reduced, ard ii was made
a limited legal tender. That principle is
three years older than the Republican
party and il is the principle contained in
the Republican platform of 1896.
Not a dollar piece was coined OF silver for
circulation after 1906. A few dollars were
coined for owners of bullion, who asked the
coinage of dollars TO be used in the sale of
their bullion, Since 1873 we have coined
49,. 900, 900 of them, and they circulated
either as dollars or in the form or certln-
Gates. Coin made on government account
Is Just as eificacious In the transaction OF
business as coin made on private account.
The per capita circulation In countries that
have coinage Of silver on government ac-
count Is vastly greater than the circulation
of those countries which have coinage on
private account. In the latter countries
thee is very little money in circulation.
Ii Is argued in favor Of free coinage that
II will double the value OF every mans
property. The man worth a million is 10
have two million. The man worth nothing
will still have nothing. They tell the farm
er that II will double the value OF his prod
uct. They are the farmers friends because
they want the farmers to be their friends.
With unlimited coinage on private account.
the value Of the coin is exactly equal TO
the value Of the metal in the coin. This Is
true OF our gold coins. and 1t would be
true with unlimited coinage or silver on
private account. The first effect would be
TO enhance the value of the silver tenn
porarily, and then 1t would fall faster ana
farther than ever before. A dollar would
have the purchasing power of so cents.
Would that be a good thing for the farmer?
When YOU talk Of taxes remaining the same.
| reply that nine-tenths OF all your taxes
are self-imposed. II they are too high, you
have the power to lower them.
'If you received twice as many dollars
for your products and paid twice as many
for what YOU buy how would you be bene-
fitted? As a matter Of fact you would not
receive twice as many dollais, and what
Won buy would cost you more than twice as
much. Your dollar would not only be a
cbeap dollar, but 1t would be a f~uctuating
dollar. Your price Is made II Liverpool.
and TO the fixed charges of to-day must be
added under free silver another charge TO
insure every man who handles your product
against loss from the fluctuations OF the dol
lar. SO on all you buy you will have TO pay
n premium of insurance to the manufactur-
or, 10 the wholesaler and to the retailer.
So Won will not receive twice as much for
what you sell, and you will pay more than
twice as much for what you buy.
.sThis is not a question between gold and
bimetaIlism. Ii is a question OF gold and
silver on the one side and silver alone on
the other. The coinage OF gold on private
account and Of silver on government ac-
count Is the only scheme devised by the
wit of man to secure the concurrent circula-
tion Of both metals. /.
aIf prices are falling from one cause all
nr,ces ought 70 fall. You know that IL
Won set up a number of poles here in the
sunlight. as the sun goes down the shadows
cast would lengthen equally, and IL a man
should tell YOU that some would lengthen
ana others shorten, you would not believe
him vet il Is a fact that some prices have
fallen and others risen.
.sIlyer is going down to-day and you
r,ow that the price Of wheat has gone up
nit ,,r twenty-four hours. The only way
"a decrease the price of your product Is to
Get n retter market for 1t. The consump-