Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1896-05-21

lTtSS, lulS WAS iOllONtu dlleT lOOO
A. d. by large silver production
and rising prices and better times
for two centuries.
8. In 1892 the following table
represents the circulation per cap
ita in United States and France
Gold. Silver. Paper.
L. s. siO57. SS1 $3.50
France $500 I7.a5. 200
Total L. 5. S25.62; France s4311.
Per cent. of gold i'm L. S.....H plus per cent
Per cent. Of silver in L. s. .33 plus per cent
Per cent. of paper i'm L. :. 20 minus per cent
Per cent. of gold III France. IS plus per cent
Per cent. ofsilver in France Al plus per cent
Per cent. of paper in France 6minus per cent
This much money is out; some
has been used in the arts, great
deal more exported, much lost,
still more carried abroad by tour
lists, and a fair estimate would be
81 so gold per capita. Is this suf-
ficient to do the business of the
world on?
10. We have too much credit
money. We need more money
that Will ring. 26 per cent. of our
money is credit money (papeD,
while only 6 per cent. of Frances
is paper. Whenever our money
becomes top-heavy there is sure to
be a crash. Credit money is found
ed on primary money-let's add to
our foundation.
II. There is difference between
honest money and sound money.
The money of the constitution and
the money upon which government
contracts were based is coin, both
gold and silver, which point was
emphasized by Mr.. Manning. Mr..
Cleveland's first secretary of the
treasury. Either gold or silver
may or may not be sound money,
but it takes both to make honest
money.
u. Gold men say, "You have
plenty of silver now, why more?"
True, but while all money is a me-
dunn of exchange primary money
only is a measure of values, and
when silver ceased to be primary
money it was at once emasculated.
Is. At the christian era Rome
had 1900 millions. At 1900 she
had only 200 millions. Wheat ran
down to only 2 pence per bushel,
and the condition of the people
was desperate-due to a contracted
currency. The discovery of Amer
lea, the opening of the silver mines
of Mexico and Peru brought life
and wealth to all. Compare in
this connection the history of our
own country before 1873 when
money was plenty, and since when
it has been growing scarcer and
scarcer.
IA. In 1892 the silver dollar of
81 IA grains of pure silver was
made the unit, and the relation be-
tween gold and silver was fixed at
10 to /, afterwards at 16 to (which
was kept till 1878, at which time
silver was still at premium. All
changes in size and weight were
made in the gold coin, not in the
unit, silver.
15. Silver was made the unit,
ought still to be primary money,
because: it is not so easily boarded
as gold, because it is not so much
subject TO abrasion, and because it
is easily circulated, it is and has
always been the peoples money.
I6. 1t is possible to establish
fixed standard, for during the nine
teen years pryor to 1873 it did not
vary more than 2 per cent. either
way, and the premium was on sill
yer instead of gold, due to the fact
that our ratio was 16 to l while
that of France wa. 10 IL to l.
Il. Nor is the present output of
silver greater tn an in fermer years.
ls4S silver 81 tons to................ Il Of gold
1850 silver Is tons OF gold
1870 silver Is tons ......-.--.-.1 OF gold
The great relative supply Of gold
in 1S49-1S54 led some to favor the
demonetization of geld, but, to
their surprise, there was no change
in the relative value of gold and
silver, owing to the free and un-
limited coinage of both.
IS. The decreased value of sill
yer is due to demonetization alone
as is proved by the United States
statutory abstract of 1892. From
1857 to 1873 the ratio did not vary
more than 2.11 points at any time.
Since 1873 the ratio has varied 8 5S
points and still greater at the pres
ent time.
IS. We have hard times because
there is not as much money to pay
debts with. The use of gold only
as redemption money has reduced
our assets from 7,547, $50, ,215 to
3. 3.729,01S, ,S69. Money is high, and
We have to sell more of our stuff to
pay debt. Meanwhile taxes and
interest remain the same as when
money was plenty and cheap. The
is made that while wages
are lower than in 1873, a less
amount will buy as much now as
was bought with a days wages
then. This is false. Taxes are ne
lower; interest is the same; railroad
and carfare no lower; salaries OF
public officers in most cases higher
still (we bad a s25, 600 president in
1873, but now he costs US $50, 1000,
and no better article either); hotel
rates the same, kilograms, shay.s,
tea, coffee, sugar, and many other
staples no lower, but he has TO sell
twice as much to buy these things
now. Formerly he paid his presi-
dent with 1900 bushels of wheat,
but it takes 100,000 bushels now.
20. Financial panics are brought
on by a lack of confidence, and this
in turn is due to too much credit
given. When our primary money
IS large compared with our credit
money, faith will be full, but when