Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-10-10

,ninh; re therefore desired that siixnr
standard o Of 'e recognized az the LEGAL
,Wien,su as commodity. But he o, 10
v v,ohen his feaders that ''the value Of III
NE oeehsldered as money and the meas.
quantity" "i"s put Its
NobodyP he thinks, "can be 80 sens.
~ ~ ~, as 10 imagine that 10 grains or ounce.
dlof' Or bury. as much corn, fjJ or ,si ,a"se
~, when is 10 False IL 10 the value Of a,
s in,e Just effects, he tells us, OF "raisinp..
Il ~ ,rl,' 10y one Wentietf-not cne-haK. ~
I, proposed IN the Chicago platforn-wiii
DC 70 rob all creditors Of one-twenti"th
~ thelr dctts, and all landlords of one.
s"9,','n OF their nutrients forever" The
false their commodities per cent So
that II yesterday 20 crowns would ey'
change for ~ bushels of wheat. or n
yards OF certain sort of cloth If yor,
@ilI today coin current crowns one
twentieth lighter. and make them tl,e
standard, you Will find 90 crowns Will ex-
change for but - bushels If u,bcat 81 Ia
yards of'.that cloth. which win he u a., 30
81 a. much silver for bnshel as yesterday
silver VIII be ''of no more real value hv
gouf LIVING me same denomination to a
iess quantity Of It," 1t h Impossible tn
state this principle more clearly thar
Locke states 1t, In tho words: 80 much
as you lessen your coin 20 much more
you must pay in tale ~ will make The
quantity of silver the merchant eYDerie
Tor his commodity; under what dcnornlns.
tion soevef he receives IT. and again.
IF you make your money less in ,Uelpi,t
II must be made up in tale" that h. in
INC number OF peiccs paid out. The "rais-
ing of money" is In effect nothing nut
giving denomination OF more pence 10
the same Quantity of silver. Whether
you call the piece coined l2-pencc or IL
pence, or W-pence. or -. crown or a
hhcep,rs ~, IT YIN buy no more silk, salt or
by its quantity. and not Denomination.
that Is the price of things"
Locke meets the familiar objection to
TINS seli-eyident truth. that clipped coin
y accepted. IN many transa ctions. at its
race valuation, be observing that ''ciprted
ana unclipped money will always buy AN
eluai quantity Of anything else, as long
as they VIII without scrlIple change one
for another IL is "all one to the seller.
whether he receives his money in clipped
money or no. so it be but current" But
once grown so great. that the foreign
merchant cannot Gf he has a mind TO III
easily get weight money for it, he viii
in selling his goods either contract IN he
paid in weight money. or else raise the
price OF his commodity. according to the
diminished quantity OF silver in your cur
rent coin The application of this re-
mark to Il silver dollar not worth it's face
n gold Is obvious. The government can
ioat limited. but not an unlimited num-
Der Of such dollars.
Locke moreover distinctly perceives and
emphasizes the difference between past
md future contracts. In contracts al
'eady made. if your species" tcoins or
lighter. under the same denomination. the
,reditor must take a 100 such light shil-
igs. or 20 such light crown pieces for l.
the law calls them so, but he loses one
fifth in the Intrinsic value of his debt.
BUT in bargains to be made and things
o be purchased. money has. and always
viii have. its value from the quantity of
aver IN II, and not from the stamp and
denomination.
Finally, upon the great question of the
norality of raising the nominal value of
DIN this honest and independent thinker
emarks: 1T will rob all creditors of one
of their quit-rents forever and
AL other rents, as far as their former
early income and this without advantage
, the debtor. or farmer. For he receiv-
ls no more pounds sterling for his land
commodities. in this new lighter coin
Ran he should have done of your old
nd weightier money, gets nothing by it.
you say. Yes. he will receive more
'r what he now sells for new money
IAN he should have done, if the money
the old standard had continued you
,nfess your money is not raised in value
1t in denomination: since whatyour new
eces want in weight must now be made
, in number. This is at first sight
lived upon precedent contracts. if your
oney be in effect raised the receiver will
Sc per cent" Elsewhere he observes:
Mr.. Lowndes'-who was the English
me complaint of the rising silver shi-
lg that Mr.: Bryan now makes of the
sing gold dolar-"says that silver in
lgland is grown scarce. and consequent
dearer. and so is of higher price. This
1t We're so. ought not TO annul any
ans bargain. nor make him receive
IS in quantity than he lent He was to
ceive again the same sum. and the
blic authority was guarantee. that the
me, sum should have the same quantity
silver, under the same denomination
nd the reason is plain, why in justice
ought to have the same quantity of sill
r again. not withstanding any pre-
own more plentiful. and by consequence
Y our authors rule) cheaper. his debtor
ould not have been compelled, by the
blic authority, to have paid him. in
nsideration of It's cheapness, a greater
antity of silver than they contracted
r. Cocoanuts We're the money of part
America, when we first came here
ppose then you had lent me last year
or 10 score cocoanuts.to be repaid this
ar, would you be satisfied. and think
urself paid your due, if | should tell
II. cocoanuts were scarce this year,
d that four score We're of as much value
is year as hundred last; and that
erefore YOU We're well and fully paid
restored to you only 2io for the 800
rrowed? Would you not think yourself
Irauded of two-thirds (one-fifth) of
ur right by such payment? Nor would
make any amends for this to Injustice
reparation to you, that the public had
Ter your contract. which was made for
Stoitl altered the denomination of Il
,re. and declared it to be Is instead of
Jokes reputation as n philosopher is
} great and has been too enduring TO be
estoned. He lived and wrote two CEN
les ago. AT that time corporations
idicates and trusts were unknown
ere is no reference in his writings to
per money. Silver was the standard of
iuation.. He cannot. therefore be ac- .
ied of being in the pay of corporations.
upon the side of monopoly in opposi-
n to the people. or of being actuated by
eJudlce for or against bank notes or
asury notes. or of being a blind wor-
PIPER OF the yellow metal. At that time
? modern system of machinery as Il
oSutute for hand labor had not begun
develop. so that the labor question of
lay did not effect his views. Neither
S there then the great expansion Of
credits, which the inventive
ent OF the 18th century and the de-
nds of business under the altered con-
ions of life have created. 1t must
'refore appear. to every unprecedented
lder of his works. that a man today. in
, United States. may hold the philoso-
&c and economic opinions which were
lntained and defended with such per-
Guilty and force by this apostle of
md currency, without being justly
IN to the charge of prejudice of any
I, political or economical. Locke said
himself: Il shall never knowingly be
any but truths and my country's
e; the former l shall always gladly en-
ice and honor whoever shows ii to me.