The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1896-10-23

lie Currency Catechism," which will
be treated In sandwich style:
@ What is the whole body OF cur.
rency in the United states today?
A. Paper. s475 900 09O; silver. s6lO.
BOO coo: gold, s6le 600, 900
Q What is the existing money stan
ard OF the country?
a. Gold, by means OF which all the
silver and all the paper is worth 100
cents on the dollar
The answer is wrong Silver money,
when legal tender is always worth
100 cents on the dollar in silver coun-
tries. gold countries and bimetallic
Paper money is always
100 cents on the dollar in all
countries where the credit Of the pow
er that issues the money is good. Pa
per money in gold standard Spain is
now at discount In silver standard
Mexico paper money is now worth 100
cents on the dollar In the United
states paper money was at a discount
between 1873 aud ls7s. although we
were upon gold standard at that
time
Q. What would be the effect II we
should abandon the existing gold stan
dard?
A. All the gold would leave the
country, in accordance with the never
questioned law that superior money
will not stay in country where an
inferior money is the standard. Sill
verites admit that gold issixteen times
more valuable than silver That Is
what the ratio Of lG 10 /" means. In
truth, today gold is thirty-two times
more valuable than silver.
Gold would not leave the country.
Even Mexico has IS 5000, 600 in gold
money. Japan has $50 0OO, 600 in gold
money and other purely silver eoun-
tries have gold money SILVER bullion
under free coinage in America would
rise in the markets OF the world so
that gold would only be sixteen times
as valuable as silver Three years
ago gold vas quoted in the markets
as being worth twenty four times as
much rs silver. Then India demone-
tized silver on Tuesday and by Friday
gold was quoted all over the world as
being worth thirty times as much as
silver. This shows the effect OF de-
monetizatiou by weak country.
RECOMMENDATION would have the oppo-
site effect In great country like
the United States reconciliation
would make gold worth only sixteen
times as much as silver.
Q what amount of money would be
thus Withdrawn from the country II
the silver standard should be substi-
tuted for the gold standard?
a. Six hundred and twelve million
dollars, contracting the currency 10
thai amount ana cnppling the coun-
try accordingly
II that we're true the value Of dol
lar would rise by reason of the scarcity
OF dollars and Of course the moneyed
classes would be overjoyed. The fact
that they oppose free coinage, how
ever, proves that they do not antici-
pate this result
q II the silver standard were sub
stituted for the existing gold standard,
what would be effect on the S6lO, 600.
900 OF silver now worth 100 ceHts to
the dollar?
A rne entire quantity OF silver dol
lars vonid be worth their weight in
silver per ounce. which varies from
week 10 week ike the price Of wheat
and the immediate effect would be To
reduce the $50, 600, 900 10 S3O5, 900 600
the present value OF silver uer ounce
in the coins thus contracting the cur
rency of the country TO this additiona'
amount, making a total contraction oi
s9l7 600 O6O,
That is to say the scarcer dollars oe
come, the cheaper they will be. Thil
is beautiful piece of logic.
. What would be the effect on Tia,
paper in our currency IL we SHOULD
su bstitute the silver standard for thu
existing gold standard?
A. The SAYS 900, 600 OF paper, today
worth Zoe cents TO the dollar on thu
existing gold standard, would at ouc'
decline TO so cents In the dollar on thu
dollar on the silver standard, based oI
the price OF silver today, the immedi
ate effect being TO reduce the value o
the paper now in the currency TO S237,
500. 900.
We do not propose TO substitute
the silver" standard nor can the pres
ent price OF silver be considered tn
price that would prevail under fre
coinage
q. by abandoning the existing gol'
standard for the silver standard, wha
then would be the first net result?
A. The loss 10 the country Of 81, i54,
500 600. every dollar worth 100 cent
by reason OF the existing gold stand
ard.
II is now proposed to go to the silve
standard. We are now asked to be
lieve the absurdity .hat Legislation
could mysteriously wipe out ST.
600, 600 worth OF value Yet we ar
told that legislation cannot affect tn
value OF silver, even by creating
great demand for IL
Q What do you deduee from this
A. That we need all the money "
have and that we want every dollar 1
be worth 100 cents.
Yes, the gold bugs are very solicit
GUS TO keep the supply OF dollars a
great as possible.
We deduee from this that the gold
] buu thinks ha can hnmfon2la m