The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-08-08

determine the price Of ia How here her Ai,d
Should also prove an Undue ror 1. e l1e
United States to adopt the EsqUimat1x's
standard OF values! This is Senators Nell
sons argument in different garb. 81 il
|, on a par with his labor statistic argl-
ment and is virtually OF the same de-
grading character. q.
Referring to the decentralization of sill
Yer in 1873 Senator Nelson says there was
no silver in circulationno silver to de-
monetize. But why was it demonetized
then?- When discussing the money
question, why does not the, statesman in
form the people why silver was demone-
tized and gold compelled to perform the
functions; of both silver and gold, and
greenbacks,,. too, at time when there
was. no silver in cireulation-why not
this instead of telling how much profit
there was in raising wheat in 1852, or
how much Cinnamon work, for in China?
The explanation would give his cause
away. That's why vi.
Passing over the brief history of the
Sherman silver law, showing that under
that law the government purchased $685.
931 ,0G2 worth of silver, coming therefrom
SAT 100000 and leaving in the treasury
100000 in bullion, represented in
circulation by silver certificates the states
man goes on to show that on the silver
coined from July, 1875. to July. 1896, the
government derived profit Of $77, 188,977.
in the form of seigniorage, which under
free coinage would have accrued to the
bullion owners. How about the seign:or-
age in gold? Does the government own
gold mines any. more than it does silver
mines? Is it not a fact that there is no
seigniorage on gold for the simple reason
that it enjoys free coinage? II silver,
which costs even more than gold to pro-
duce, We're admitted to free coinage,
would it not prove the same as gold as re-.
CARDS seigniorage? In that case, as IS now.
the case with gold, there would be prac-
tica,ly no difference between the bullion
and coined values of the silver. And who
are the owners OF the gold mines, anyway,
since we never hear anything about the
profits they enjoy from their product,
while the profits of the silver mine owners
are forever held up as an obstacle to the
granting Of free coinage for that metal?
Or are the gold mine owners English, per-
haps, while the silver mine owners are
only Americans? But may be these ques-
tons are too suggestive. ~
Our total supposed circulation of money
VI IuO III 81 udy VI JuuCs LOW, uo AuoeNu 0c
$1,784, 15S. $40, made up as follows: Gold,
$574,520, 1872 silver, $500, 2S3,967; green
backs, Sherman notes and national bank
notes, 1855 ,2S1. Because Of it's being
demonetized the silver money is intr:r-
sically worth only little more than half
its nominal value, or about 1888, IA 1888.
The other half of its value rests upon
gold, upon the assumption that it may be
exchanged dollar for dollar in gold. The
paper money has no other value than that
given to it by the understanding. or pledge,
that it may be redeemed in gold. That is,
the silver certificates are redeemable in
silver coin, and the silver coin in gold,
while the greenbacks of which there are
$346, 000,0 900, are resting directly and Who'll
ly upon gold. It. will thus be seen that
1914, $40, 722 of gold, aside from perform
ing it's own functions as money, has to sup
ply 1886, 496,264 worth Of value which does
not exist in the silver and paper in use as
money. In other words, 1914, 520,722 in
gold constitutes the basis of a. total circu-
lat:on of $1,784, 158,970, of which 1856,
496,264 is virtually fiat, or fictitious value.
But this is not the worst feature: The
has national debt exceeding it's
entire money circulation, both intrinsic
and fiat, and the principal Of the greater
portion as we'll as the interest on all Of it
is payable in gold. When one now con-
siders who are the holders Of these obi
cations and then considers; that half the
money has been demonetized, leaving only
a little more than half a billion dollars Of
real or primary money to pay the debts
and do business with, is it difficult, then,
to discover III whose clutches we are?
And is it to be wondered at that those who
advocate perpetuat;on Of the curse are
looked upon as little better than traitors
to their country?
TO be sure, free coinage will not rid us
Of all the evils that surround U.S. We are
too far gone for that. But it Will be a
step in the right direction. N. P. 0.