Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1896-05-26

q NOlieA w bilO primary lIO1cg VI OIb La
ton. The more you issue of it in this
| form the worse 1t is for the stability of
our financial system, If the proportion of
credit money is already disproportionate
to the quantity of primary money. What
was needed was its recognition as primary
money in competition with gold. AS
credit money it answers no other purpose
than paper money would answer.
The Stamp of TIE Government.
They say that the Samp of the govern
ment on a metal does not add to its value.
That is true The answer to it is this:
Value is added TO thing by the use con-
ferred upon it. When the government
throws open its mints to silver, as they are
| now to gold, and says all that comes shall
be coined into full legal tender money, with
| the option to the government or person to
pay in either gold or silver, you have given
| a new use to silver in addition to its former
use; you have increased the demand for it,
and that adds to its value. Money is made
| by law. The demand for silver adds to
its value, and its competition with gold as
money takes away from the value Of gold.
The Act of 1878.
"But, they say, "by the Bland-Allison
act of 1878 silver is now full legal tender
| money"
The answer is this: BY that act silver
was made legal tender only in the sense
that green backs arc full legal tender 1t
was left crippled by limited coinage. Free
coinage was not given to it, as enjoyed by
| gold. None of those rights were conferred
| on it enjoyed by gold and that are neces-
sary under true bimetallism to restore par
| ity in commercial value between the two
| metals. Nor was full legal tender given
to 1t. A clause was inserted, "Unless
otherwise provided in the contract" This
| gave the money power an opportunity to
| continue their war on silver. The country
| was flooded with notes for you to sign,
payable in gold. and when the law thus
| conferred the option on the creditor as to
which metal he would demand another
law in bimetallism was violated. Where
before 1873 the debtor having the option,
gave it to the weaker metal, and thus
maintained the commercial parity, the
Bland-Allison act gave the option to the
creditor, who would always demand the
dearer metal, and the deaFer 1t became
the more apt he would be to demand it.
Instead of the government debating what
was money, by this act the creditor was
allowed to dictate, and since then the
money lenders have bound this country
and It's people up in billions of dollars
worth of bonds, notes and mortgages pay
able in gold. The debtor, as a rule, has
no option when he goes to sign a note for
| borrowed money. At such time money
is such necessity to him that he is putty
in the hands of the money lender.
Nor does he, as a rule, know that he is
assisting in piling the demand on gold and
further increasing It's value. BE is hopeful
and expects the tomorrow to take care of
itself. When he goes to pay the debt, he
finds that dollars have risen and that
prices have fallen and that he has to give
up more Of his property than ever in ex-
change for gold or its equivalent.
Improved Facilities.
They say improved facilities and not de-
monetization is responsible for low prices
The answer to that Is .lIis: From 1850
to 1873 was period Of great improvement
on inventions and improved facilities,
greater by far than for the same period
either before or since, and ys't in the face of
improved facilities prices advanced. If i'm
proved facilities have loweSed prices since
1873, why did they not do 1t before 1892
Cost of production Is not what makes
prices.
The Quantity of Money.
They say we have as much money now
per capita as in 1878. The answer Is this:
1t is true we have in gold and all forms of
credit money as much per capita as we had
in 1878. But over two-thirds of this money
is credit money and less than one-third is
gold or primary money. 1t Is therefore top
heavy. 1t shakes confidence in it all Pri-
mary money fixes the sea level of prices
and will support only an equal quantity
|
credit money does not help the situation,
but, on the contrary, 1t Ia harmful. We
have less than one-half as much primary
money now as we had per oap4sa in 1878. We
have only half as much soemd money now
as in 1873. When you oonssder the money
boarded up in bank vaults not to 60 again
in circulation, except In Tho form Of loans
which is hurtful, there Is not to exceed So
per capita in circulation today in the
United States. 1t is not money to loan
that gives healthy tone 90 business. 1t is
money seeking investIneDfs-purch
that benefits trade.
The Greenbaess.
And now these blundsxefB who have de-
stroyed the basis of our IyAooetary system
want to retire the greenAa&ks. Retiring
the greenbacks Will not stop run on the
treasury. All w, OuE tklSuh1y 40 UtASou Ou
gold, and gold for export wthl continue to
pay the enormous gold SnsSnest we owe on
our foreign debts. n De government
transfers the demand H< apld to the ma
tional banks, the run wa there instead
Of at the treasury, TesASAb%he struggle on
false lines is to invite shatlgf ter in the end.
1t is more primary spensV we want To
retire the greenbaoks ard t4Arn us further
over to the national bSakas Is to put US
more securely in the kApds Of the money
power that is respcsssble for the ills we
have.
Cost Of Producing silver.
They say It costs less 10 produce silver
now than formerly, and wiat makes IL
cheaper When man makes that state
ment to you, put this question 90 him:
Does 1t not also COST equally'less TO produce
goldP
Wages and Wage Farmers.
They say wages have not declined.
Store clerks in tine city of Chicago in
1873 got $l2 week, about an average OF
that. They are now gettiDgon an average
about $6 a week.
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