Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-09-29

Major McKinley's letter OF accept
ance is as sound as a gold dollar. The
following are some of his best points:
What Free Coinage Means.
The character of the money which
shall measure our values and eX-
changes and settle our balances with
one another and with the nations of
the world is of such primary import
ance and so far-reaching in it's con-
sequences as to call for the most palms.
taking investigation, and in the end
sober and unprecedented judgment at
the polls. We must not be misled by
phrases nor deluded by false theories.
Free silver would not mean that silver
dollars were to be freely had without
coat of labor. 1t would mean the free
use OF the minis of the United States
for the few who are owners of silver
bullion, but would make silver coin
no freer to the many who are engaged
in other enterprises.
1t would not make labor easier. the
hours Of labor shorter or the pay bet
ter. 1t would not make farming less
labOrious or more profitable. 1t would
for an additional days labor. 1t would
create no new occupations. 1t would
add nothing to the comfort of the
masses, the capital of the people of the
wealth of the nation. 1t seeks to intro
duce new measure OF value, but
would add no value to the thing meas
ured. 1t would not conserve values. On
the contrary, it would derange all eX-
listing values. 1t would not restore
business confidence, but it's direct ef-
feet would be to destroy the little
which yet remains.
The meaning of the coinage plan
adopted at Chicago is that any one may
take a quantity of silver bullion, now
worth 53 cents, to the minis of the
United States, have it coined at the ex
pense Of the government and receive
for it silver dollar which shall be
legal. tender for the payment of all
debts, public and private. The owner
of the silver bullion would get the sill
yer dollar. 1t would belong to him and
nobody else. Other people would get
It only by their labor, the products of
their land or something of value. The
bullion owner, on the basis of present
values, would receive the silver dol
lar for SO cents worth of silver, and
other people would be required to re-
ceive it as full dollar in the payment
of debts. The government would get
nothing from the transaction. 1t would
bear the expense of coming the silver
and the community would suffer loss
by its use.
Silver Dollars Now Gold Rasis.
We have coined since 1878 more than
| 800 900 900 of silver dollars, which are
maintained by the government at par
ity with gold and are full legal tender
for the payment of all debts, public
and private. How are the silver dol
lars now in use different from isose
which would be in use under free coin
age? They are to be of the same weight
end flneness. They are to bear the same
stamp Of the government. Why would
they not be Of the same value?
duSN u. Ht ollNSI NOW III
use were coined on account of the gov
ornment, and not for private account
or gain, and the government has SOL
cmnly agreed to keep them as good
as the best dollars we have. The gov
eminent bought the silver bullion at
it's market value and coined it into sill
yer dollars. Having exclusive con-
troll of the mintage, it only coins what
it can hold at parity with gold. The
profit, representing the difference be-
| tween the commercial value of the sill
yer bullion and the face value Of the
silver dollar goes to the government
| for the benefit of the people.
Farm ers and Lsborers Would Suffer Most
If there is any one thing which
should be free from speculation and
| nuctuation, it is the money OF coun-
| try. 1t ought never to be the subject
| of mere partisan contention. When we
part with our labor, our products or our
property we should receive in return
| money which is as stable and un-
| changing in value as the ingenuity Of
honest men can make 1t. Debasement
i
| of the currency means destruction Of
values. No one suffers so much from
| cheap money as the farmers and labor
| ers. They are the first to feel it's bad
| effects and the last to recover from
| them. This has been the uniform ex-
perience of all countries, and here as
elsewhere. The poor. and not the
rich are always The greatest sufferers
from every attempt to debase our
money. 1t would fall with alarming
severity upon investments already
made, upon insurance companies and
their policy holders, upon savings
banks and their depositors, upon build
ing and loan association mem 2ers, upon
the savings of thrift, upon pensioners
and their families, and upon wage.
earners and the purchasing power of
their wages.
Good Money Never Made Times Hard.
II is "A mere pretense to attribute
the hard times to the fact that all
cur currency is on a gold bass. Good
money never made times hard Those
who assert that our present Industrial
and financial depression is the result
OF the gold standard have not read
American history Alright or been care
full students of the events of recent
years. We never had greater pros