Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-03-09

minded citizen, regardless OF party
beliefs, would admit that the country
is in distress, in consequence of the
systematic squeezing of the gold
hoarders. From 1892 to 1873" con-
tinued Mr.. Harvey. 1--WE had BIZ
metallism, which gave us the
right to use either of the two
metals as money-as primary
money. Nothing to represent it,
but each metal representing itself
Neither redeemable in the other. but
each redeemable only in itself-if
one metal was scarce the other was
used. II one metal rose little in
commercial value above the other.
the other metal was used as current
money.
"Bimetallism was the right to use
either metal as money and the OPP
ton as to which would be used was
in the hands of the debtor. Ii you
owed note you had the option
as to which metal you would pay
your debt in, gold or silver. De-
mand and supply fixes commercial
values, and that no man will deny"
Controlled by Demand.
"A great demand for thing and
a shortage in supply will give it a
rise in value. With the option OF
the debtor to pay in either metal the
debt contracted, the demand as be-
tween the two metals, gold or silver
If gold got it's head up the debtor
shifted the demand to silver. There
fore, silver staid up if gold became
plentiful. as it did between 1850 and
1860. The debtor exercising the op-
ton shifted the demand to gold.
That kept gold from declining in
value as compared in value with sill
yer. If silver should become plenti
full under bimetallism the debtor
would shift the demand to silver.
The demand controls the commercial
parity between the two metals.
"If gold left us we had silver; if
silver left US we had gold. How is
it now? We sell our silver at so cents
on the dollar, instead Of 8 per cent
premium. In 1872 bimetallism was
the right to use either metal. and SO
long as that was the case we had two
metals from which to draw our stock
of money. Now let me illustrate it
another way: We use for meat beef
and pork. Beef cannot rise excess
sively in value as long as pork is in
competition with it as meat; the fact
that pork is in competition with beef
for meat holds the price of beef
down. II pork and mutton were
done away with and there were MOTH
ing but beef to eat. then beef would
rise in value. That is plain, is it
not? Money is made by law. There
is no such thing as money without
law making it money. When law
struck down silver as primary
money, then gold alone was left as
money. Beef could not threaten the
health of this nation by rising unduly
in value so long as pork and mutton
we're in competition with it. Neither
could gold rise in value and threaten
the credit of this great nation if sill
yer were in competition with it al
money.
People are Not Posted
The trouble with our people il
understanding this question ha:
been in arriving at an inteliigen,
conclusion as to what figure silver
cuts in money. At the present time
they see it in circulation. You have
it in your pocket. you call it money
and you are led to believe that NJ
harm has been done to silver. You
have copper money in your pocket
but If you are going to pay GOLD
note which has been sanctioned b,
the act of 1873 you could not u.s.
Jour copper money. It represents
gold. Silver hes been placed in tbs
same class with copper money. i
has been struck down from that ex
allied position Of being money 10 it
own right. but Is redeemable il