The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-08-26

of silver and have that converted In
te the form Of dollar. and 60 away
with it. Uncle Sam buys tho silver,
pays for 1t. and puts into q dollar SO
mnch OF silver. tits virtually q GER
tificate that he viii maintain that
silver dollar on parity with a gold
dollar. How does he dc it9 Why Is it
that it will buy 100 cents worth OF
things? The United States limits the
number Of these dollars issued. That
IS one reason it maintains it's pur-
chasing power. Second, the United
states receives those dollars on any
obligation due to the government In
any quantity person may bring, but
it does not compel people. whom it
chooses to pay to receive them. The
government receives them in uniim-
tied quantities, and pays them out
only rs persons receiving them choose
to receive them. The United States
puts into each silver dollar So cents
worth OF silver; the other Al cents be-
longs TO the government, and the gov
ernmcnt holds itself in duty bound to
preserve this parity. While If the
man who owns the silver himself
could 60 and have it converted Ia the
form of dollar he could get 100 cents
for % cents. In other words, ii there
is gain in putting So cents worth of
silver into the form of dollar. that
goes now to the government, (which is
SDonsible for keeping it at loo cents
purchasing power, while If an individ-
ual could bring 50 cents worth of sill
yer to our mint and have 1T converted
into money the gain would go to him.
1 trust the professor will pardon us
for saying that his ignorance is phe-
Notwithstanding.
He seems to think the government
Is still buying silver bullion and con-
verting 1t into money. That process
ended Nov. ]. 1898, and it had only ex.
listed from July IA, 1890, three years
and three months, and no other gov
crnment In the world had ever had
recourse to a similar expedient. II
was simply trick Of the plutocrats.
When they shut the door of the minis
against the coinage OF silver dollars,
by the act Of Feb. IL, 1873, and the
outcries OF the mining states became
clamorous, they threw a tub to the
whale" by providing for the purchase
Of from two to four million ounces Of
silver bullian each month at the mar
ket price! This did not interfere with
their scheme to plumber the producers
OF wealth of the world, for the price
OF the commodity-silver-had gone
down with all other commodities; aud
TO purchase given quantity, as q COM
modify, was no substitute for the law
giving it the right to be exchanged at
the mint for l0o-cent dollars, for that
fixed the price OF 4l24 grains of stand
ard silver at 100 cents.
II A. B. advertises that he will take
all the wheat offered at his elevator
for 81 bushel wheat will 90 up at
once in that neighborhood to 81 a
bushcl; and if it is known that A. B..
has unlimited wealth the price will
rise to 81 bushel all over the world.
But If A. B. publishes In the, papers
that he will buy all the wheat offered
at the market price wheat will still
remain at 80 cents bushel. This is
too plain to be disputed. And it illus
trates the difference between coming
silver dollars and buying silver bal
lion.
The minis Of the world do not buy
bullion. They simply cut up the bull
lion into coin. and stamp them with
the name and value prescribed by law,
and affix to them thereby the legal
tender power, and hand them back to
the owner OF the bullion to do
what he pleases with them. The
omnipotent power of the nation af-
fixes itself to those coins; and as we
have said A takes them from B be-
cause he knows G will take them from
him, and D will take them from B:
and so on to the end of the alphabe
Really no one Of the Professors
former scholars, in the Normal school
at Mankato, would talk such unmiti-
gated nonsense.
But this is enough for one sitting.
We will return to the subject and the
Professor hereafter.
II We have not made Ourself Sufic-
iently clear on any Of these points we
will be glad to have our attention
called ia them