Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-10-13
THE 0LDSTANDARD.

some OF the Fraudulent and Objectionable
F2atu OF Gold Monometallsm Pointed
Out.
To the Editor of the Register.
Prior 10 the rascauy act Of 1873,
when the silver dollar was dropped
from our list Of coins. and it's legal ten
der quality destroyed by law as primary
money, the commercial value of silver
bullion was equal to the value of gold
bullion in all b.metalHc countries. The
reiunding act Of 1870 was the first
s,ea,thy move in the event Of striking
down silver. The United States bonds.
which under the reminding act were
made payable both principle and inter-
est, in coin, constituted that portion Of
the debt which could be made payable
in gold alone only by the demonetiza-
ton Of silver. The bonded debt created
as a necessity for the war, was made
payable in the then lawful money of the
country, which was greenbacks or
United States notes. issued for all debts
both public and private. The unpreCe-
dented prosperity which attended every
EFFORT in American industry from the
war up 20 the refunding act and the re
sumption o. specie payments caused the
holders OF government obligations 10
review the situation with alarm. They
observed that unless a change was made
in the coDtrac, by which the public debt
was then under the law to have
been paid the people would soon dis
charge the debt and they would have
60 go 60 work ike other men. The de-
mo1e-iza-iOn of silver in the United
States was under consideration in Eng
and three years prior to the refund.ng
act in 1870, and was the first move
TO have been undu,y influenced
by EnglaDd's cUpidity. Thus j, is easy
90 understand the reason why the con-
tract was changed by the act that de-
based the greenback, following the
act that reduced silver TO the
level Of masch3n Use. and to-day has
finally accomplished the cherished pur-
pose of making the entire public debt
virtually payable in gold coin. The act
that has so long deceived the people
namely. that &c is lef. TO the option OF
the government 10 pay its obligations IN
coin, IS as inactive as if il were wO, Ell
payable in god. Therefore is it not
plain beyond the shadow Of doubt,
that the public debt has been e.rOne-
/ Ousiy enhanced through the destruction
( Of one half cur primary money and
placing The same unit of value in gold
/ coin alone? Under these infamous acts,
I the single gold standard has steadily In
creased in it's measuring value over all
. forms Of property. except those invest
meats which We'd a fixed return in
money. To subs,anuate the above ut
/ terance. we mere refer the reader TO the
speech delivered by the late Hon. James
T G. Blaine. In the Senate Of the United
States. February 18th, 1878: On the
much vexed and long mOoted question
of b.ue-aUic or mOlO-metaillc stand
ard my own views are sufficiently In
lteated i'm the remarks 1 have made.
believe the s.ruggls now going on in this
country. and in other countries, lot
single gold standard would, if successful,
produce disaster i'm the end throughout
the commercial world. The destruction
of silver as money and the establish
mont of gold as a sole unit Of value,
must have q ruinous effect on all forms
,7f Dropertv. except those investments
which Weld a fixed return in money.
Alexander Hamilton. in his able and
invaluable report in 1871, on the e.
enlistment Of a mint, declared that:
ITO annu! the use of either gold or sill
YER 40 money is to abridge the quantity
of circulating medium and is liable 20
all the objections which arise from a
comparison OF the benefits Of full cir
cula;ion with the evils Of scanty cir
culat.on.'
win these hard facts before us,
stamped upon our minds, from such IN
ouestionably high authority. should be
enough 10 convince the wealth producers
of the country that the bottom IS not yet
reached in continuous falling prices
under the god standard. Unless
change Is made soon TO check the con-
slant drain Of the peoples income from
flowing into the pockets Of those who
enjoy this specia, privilege under law:
Inc common business Of the country wiz
be closed out AMI we viii be the serIs
+ of an enemy whose hand is more ruth
less than death. GEORGE ". HALL.
+ Peel Tree. ". Va. October 9, 1890
II your children are subject to Group
watch for the first symptoms Of the dis
/ -hoarseness. If Chamberlain
. EouoI U-..-.7-- g.. --:,-o-, &C sOoD nc tho