The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22


Treasy notes. act July IA. 1890. i.tG5,slg 90
United States notes.........,.. l21 Cos %
Curry cert'fs act June 5, 1872. 10000 on
National bank notes............ l0,66S,620 90
Total .......................... 1854. 5l9.sS1 on
All these forms OF money have been main
tanned by the government at par with gold
and they travel the circle OF the world
without dminution OF their purchasing
power. Though silver bullion has fallen
10 nearly one-half IT'S former value. yet
we have used Il and maintained silver coin
made from it at parity with gold at the
ratio OF 1G 20 l.
But now we are brought face TO face with
n proposition which N agreed 90 win make
silver the sole standard OF value for all
debts and credits. for the wages OF labor
and tho purchase and sale OF property.
The democratic party at its recent conven-
tlon at Chicago adopted n resolution IN
favor OF the free coinage OF silver at the
ratio OF 1G parts OF silver TO OF gold.
We know that In the United states and
I'm all countries In the world 80 ounces or
more OF silver can be purchased by ono
ounce OF gold. with the free coinage or sill
yer gold viii be demonetized. Nothing can
be more certain that the cheaper money
only will circulate. The United States has
thus far maintained its silver coins at
parity with gold coins only by It's exclusive
monopoly OF coinage and by limiting the
amount, but with free coinage OF silver
there could be no limitation. Silver bull
lien in every form will be pressed upon the
mints, and with the mandatory duty OF
free coinage silver dollars viii soon fill
the channels OF circulation and the gold
dollar will be boarded or will be quoted and
sold az commodity at about 1874 cents OF
the silver coin. Silver VIII stand as the
par OF value and gold will be quoted at its
commercial value.
Let us contemplate for awhile the In
cvitable result OF the free coinage or silver.
even II I repeat what say. IL would vio-
late every contract for the payment or
money made since January !. 1879. The re-
sumption act which went into operation
on that day provided for the payment In
coin on demand OF all United States notes
presented for redemption. All forms or
money. whether OF silver, or gold. or paper
were then maintained at par with each
other and have been so maintained ever
since. During ali this period gold and silver
coins at par with each other have been
the standards OF value OF all loans. con-
tracts or purchases, and the faith or the
United States was pledged for their main
tenance at parity with each other. Al
though silver bullion declined I'm market
value, the coins made from Il have been
kept at par with gold coins at the legal
ratio OF 1G 10 /. But N the free coinage or
silver IS authorized, then the market value
OF silver bullion becomes the standard for
payments on all contracts made In the past
the present or the future: 4l2is grains OF
standard silver bullion worth now 55 cents
can with free coinage be coined into dol
lar upon the demand OF any holder OF such
bullion. This dollar IL delivered 10 the
owner or the bullion, and is not supported
by tho fiat OF the government. The gov
eminent does not undertake 70 maintain
it's relative value with gold. The govern
mcnt stamps Il: This In n dollar" Its
purchasing power In SO cents but it's debt
paying power IL one dollar. ~ Is TO be n
legal tender for one dollar OF debt, but In
the purchase OF any article II is only worth
53 cents. for the seller OF the article can fix
his price according 20 the kind OF money Of
fercd. IL r. tho doctrine OF the popullst and
the anarchist. but II In direct opposition
TO the traditional policy OF Thomas JEFF
fcrson. Andrew Jackson and the demo-
cratic party.
When we contemplate tho great amount
OF debt and credit that Is unavoidable In
a vast but new country like ours we nat
urally shrink from any measure that viii
either rob the lender or do Injustice 90 the
borrower. IL ~ impossible TO estimate
the wrong and injustice that VIII bc done
TO creditors by the scaling OF nearly one
half OF debts due them. The very threat
90 do IL VIII lead TO the prompt md harsh
collection OF debts before free coinage can
become n law / am advised that already
debts that would have remained uncalled
for have, In fear u such a law, been en-
forced. ft r. certain that before free
coinage bill can become a law the wide dis
trust caused by the pending OF such meas
ure viii lead TO the rapid collection OF debts.
the sacrifice OF property and deepen ex-
istinR financial difficulties growing out OF
insufficient revenues for the national as
well as for many state governments.
n II sometimes said or creditors that
they are bloodthirsty Shylocks, aristo-
Gratis. bloodsuckers. cxtortionists IL may
bc said tina; there are among money
lenders some men who mcrlt these cpi-
thcts. but the great body OF the cred
itors OF our country are among tho thrifty.
industrious and intelligent men and women
OF every community. Ono great body OF
creditors here are the $4,000 union soldiers,
their widows and orphans. who are cred
itors OF the United States 10 the amount 90
over Nf0.000000 a year for services and
sacrifices In the union army. nc would be
an act OF pcrfidy and meanneEs beyond ex-
precision for this great country 10 pay them
with money OF less purchasing power than
gold coin merely because the overproduc-
ton OF silver IN the United States has re-
duccd tho market value OF silver bullion
contained tn a silver dollar To tnlgo adj
vantage OF this decline Ia order 20 reduce
tho value OF the pittanco Of these pen
rloncrs n worse than 20 rob the graves OF
the dead.