Alma record. (Alma, Mich.) 1878-1928, 1896-01-24
Banner. That is substantially what
the Banner meant, what IL said, and
what N now repeats.

nent than the qu.bbling manner in
which 1t attempts TO squirm out OF an
untenable position. For the purpose
OF this discussion IL is wholly imma-
terial whether IL meant that we would
only have five hundred millions of sill
yer, or a little more. The point was
that our money supply would be di-
minishcd and at the same time cheaper
an utter imrossibllity.
The Banner also accuses us OF mis-
representing Secretary Herbert. We did
nothing Of the kind. The Secretary
stated in the plainest possible manner
that under free coinage silver would
depreciate because il would be so album
dant. He used confederate money mere
ly as an Illustration. Upon this point he
said:
In the Confederacy, confederate
money soon drove both gold and silver
out of circulation because the confed-
crate money was cheaper. For little
while this money passed at par, but
very soon-just as soon as it became
abundant-it began TO cheaper"
What does the Banner think Secre-
tary Herbert meant by that? If he did
not mean that silver would depreciate
as soon as it became abundant and
in consequence of it's abundance, his
illustration was wholly pointless.
But the Banner virtually admits that
money cannot be scarcer and cheaper
at the same time by its puerile effort to
evade the logic of its own statement,
although unconsciously, it seems, it
repeats the same absurdity in the ar
ticle given above. But let us pursue
this point step further. Suppose we
were to adopt free coinage. The Ban
neI says we would have nothing but
silver" Where would our paper cur
rency be? Would We not still have the
greenbacks, the treasury notes and ma
tional bank notes? If not, where would
they go?
The cold truth is that the Banner
deliberately tried TO deceive its readers.
1t intended to make them believe that
under free coinage $500, 900 900 in silver
would constitute our entire stock OF
money. Else why was that sum so spe-
officially named? II it meant simply
that gold would retire from circulation
and that our only metallic money would
be deprecated silver, why did it not
say so?
The trouble with that great public
instructor CD is that it completely over
reached itself by trying to prove too
much. Being detected and exposed, it
ri m &c
preposterous statement by calling the
National Bimetallist names.
The declaration that there is no coun-
try where silver coinage is free that
has a per capita circulation of $40 Is
another illustration of its fairness and
Intelligence in argument. 1t seeks to
convey the impression that the small
per capita of money in India and China
is owing to the fact that they use
silver, and that we would drop to the
same level under free coinage.
1t omitted to explain how those coun-
tries could have increased their money
supply by abandoning silver and adopt
ing the gold standard.
Is the Banner aware of the fact that
thrown bodily into China, it would only
make about $40 per capita? Does 1t
know that if divided among the people
of China, Japan and India, it would
make less than Sc per capita? Does 1t
know that the entire stock of gold In
the world is less than So per capita of
the worlds population? Does it think
,~ LAtr
Chinaman and an American except
that the former has the silver stand
ard while ours is gold? Such a con-
clusion might apply we'll to the staff Of
the Banner, but it certainly does not
fit the American people generally.
If the editor of the Banner in good
conscience thinks that the backward
ness and scarcity Of money in silver
using countries is owing to the poison
Gus influence of that metal, We can only
urge him to the interest Of the patrons
of his paper to read a Child's History
OF the World. The same advice may
be very profitably acted upon by all who
attempt to uphold the gold standard
by pointing to the limited supply Of
money III silver uSlHS countries. Inc
very circumstance that gold standard
countries have been compelled to exc
out their gold with large amounts OF
silver and uncovered paper, ought to
demonstrate the insutliciency of the gold
supply and its instability as a standard
OF value, even to the confused intelli-
gence of the Nashville Banner How
ever, as our mission is to enlighten IL
that paper will keep up its present
style of discussion, we shall be very
glad to occasionally comment upon Its
philosophical utterances. We can ina
CINE no other way in which our 100,-
600 readers can be given so clear a con-
ception of the most ridiculous of all
the ridiculous claims put forth on be-
half of the gold standard.
The American King.
BEFORE his cunning instrument