The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1896-09-04

Nht CONSTITUTION. OF Ill Which Ol TIC III
teen amendments. does the fundamental
law prescribe a gold and silver coinage
or any other coinagei In which does il
mention any coinage further than To au-
thorize the general government to "coin
money" and regulate the value there
OFF, Acting under that authority Con-
gress at first authorized coinage at ID to
1. Was that the "gold and silver coin
age of the CONSTITUTIONS" If so. how
has 10 to l come To he the coinage of
the CONSTITUTIONS Under the first ratio
silver was undervalued and refused to
circulate except in the form of worn and
abraded foreign coins. Our own silver
coins. even the subsidiary pieces. were
melted down for bullion because they
were worth about 3 per cent. more than
gold dollars. In all the period up to the
time of the great silver discoveries Con-
gress sought to make the coinage ratio
the same as the commercial ratio. 1t
never authorized coinage AT any other.
was that the coinage of the Constitu-
tionE If so. will il be return 10 il for
us now To establish free coinage at the
ratlo OF IL 10 1 when the commercial
ratio is about 81 to 1?
4. Will not free coinage Mt 16 TO l re-
duce the value of the dollar unit by about
one-half?
3. Will il not he in fact repudiation
of about One-half of all our debts, public
and priratey
q. Is there not danger that II will
cause the return To us of all the Ameri-
can securities held ahrond-government
railroad aud industrial stocks and bonds
thus Preclptating panic of giant pro-
PORTIONS, with iong years of depression to
followy
q VIII not your election upon the Chi
cagO platform cause the calling in, be-
tween November and March. of all col
lectabie debts. all loans. all mortgages
that have expired? And will not this
prouuce such n distress M this country
has never known, particularly in the
NeSt ana South. where 'caOital and
credit are most needed and depend upon
confidence as their basis?
>. Win not free and unlimited coinage
drive an the five or six hundred millions
OF gold and gold certificates out of use
ms money or as hank reserves? Will il
not cause currency contraction of the
most disastrous proportions. innsmuch
as me utmost capacity of the mints TO
com silver cannot make good this with
drawnl for several years 10 come?
y. VIII not free coinage place us at
once on n financial level with Mexico,
india and China. and can we afford to
20 upon that level?
TO- Is there any country in the world
| today which gives free and unlimited
coinage TO silver? Mexico does not.
india does not. None of the Central or
/
| Of no country that does, of no example
that can he studied
ii. Is there any country in the world
| now 'on the silver basis which is as pros
pprous ms the United States. even in this
time of depression? Is there any in
which wages are so high as they are
here. or in which the dollar received in
wages will buy so much? Is there any
| sllver-basis country that. has a large
| commerce. prosperous manufactures. or
n welto-dO agricultural classi Is IL
not n fact that in every silver-basis coun-
| try in the world abiect and hopeless pow
crty on the part of the masses is the
| rule?
u. Will You explain TO us for our en-
! 'ightenment and guidance how our coun-
! try is to escape like conditions IL we
| 30 to n silver basis. or how we are to
| avoid the lapse 10 that basis If we adopt
| free and unlimited coinage nj 16 10 l
when I've commercial ratio between the
metals is about twice that?
| IL. And if Won tell US. as many free
| coinage advocates do. that free COMA &c
| will raise tho commercial value of silver
to the coinage rate. will You explain to
| us how in that case free coinage is 10
make money cheaper or easier to get.
| how il is TO relieve "the debtor class"
| how IL is 10 increase the price of wheat
or any other commodity
| II. You NOV be aware that there was
| iNSt wear on deposit IN me savings banks
| Of this state alone S643. ST357i This
enormous sum belonged 10 1,615.1TS de-
| positors. giving an average 10 each Of
| S39Si3. IL represents mainly the small
savings Of the thrifty poor. Nearly all
| Of II has been deposited since the pres
ent standard of value was adopted by
| the government. DO Won think il fair
or Just to impair by ~ per cent. or by
even 1 pcr cent the value of the money
| in which these deposits were earned and
in which today they would he paid?
IL. There are in this state SS.719 pen
sioners. They drew from the govern
/ mont last year nearly S14 100000 Con-
sidcring the nature of this debt of honor
| when Justly due-can you look with IA
! vnr uDou any policy that might result in
| pavinC them in deprecated currency ?
1i There are in the country 1893
! building and loan associa ion. of which
! l1S are in New York These associa
lions have 4 .145.125 sharehoders-au Of
! the working and saving clqsscs. Their
/ assets last ycnr were S150.G61 .59t repre-
/ scented chiefly by mortgage loans TO
| humeseckrrs. .of whom 455.000 are mem
| hcrs of the associations. These associa-
tions have nearly all been organized with
| IN the last fifteen years under the exist
| ing money standard. Can You think il
4 fair or beneficial 10 the working people
| TO reduce ly AZ per cent. or any lesser
\ sum- the value of these investments of
The thrifty p"nr:
! II. Is il not % fact worth consideration
| in proposing n descent 10 the silver stan
| dard that the thirty-nne old-style life in
surance companies alone doing business
ia this state last year had i'm force here
nearly 2.O0p.O00 policies. insuring over
| 81. 1000. 900. The assessment comma
mics and various benevolent orders have a
vast Amount more. Would il not be an
injury and a wrong TO the beneficiaries
of these poliees-the widows and
orphans. whom "a provident love had
sought 10 protect-to compel them to re-
ceive in payment deprecated money?
IL The rise in prices" which You
predict as a result Of free silver coinage
would of course. mean an increase in the
cost of living 10 all the people-to wage
earners. salaricd men, and the whole
holy of consumers. DO you know of any
case in which rise i'm wages or Gala.
ries has been parallel with the rise in
prices? Is there any way to render n
certain. or even probable. that the wage
earners will be compensated Tor the in
creased cost of living?
10. You attribute the decline in silver
TO the demonstration of the silver dol
lar in 1873. though that dollar was not
then coined in any considerable numbers.
aud was not in circula ton mt all. owing
to the fact that silver bullion was worth
more in the market than. at the mint.