The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1896-09-17
MR.. HOBART

corn-which being of yearly production
can be regulated by the law of demand
and supply-is fixed once for all. The
silver which has not yet been gathered
Is al III the ground. Dearth or other
accident OF the elements canno augment
or dlninlsh It,. Is it not more than prob
able that with the enormou premium
offered for it's mining, the cupidity of man
would make an oversupply continuous.
with the necessary result Of Il steady de-
preclatlon as long as the silver dollar
could be kept in circulation at alll Under
the laws of finance, which are as fixed as
those of any other science, the inevitable
result would finally be a currency all and
absolutely fiat. There is no difference in
principle between a dollar habitat and
one all fiat. The latter as the cheapest,
under the logic of cheap money" would
surely drive the other out.
Any attempt on the part of the Gov
eminent to create by it's fiat, money of a
fictitious value, would dishonor us in the
eyes or other peoples. and bring infinite
reproach upon the national character. The
business and financial consequences of
such an immoral act would be world wide,
because our commercial relations are
world wide. All our settlements with
other lands must be made, not with the
money which may be legally current in
C0h OhiiAi but Ill EOIu, lIC
of all nations with which our relations are
most cordial and extensive, and no legis-
lative enactment can free us from that in
evitable necessity. 1t is a known fact
that more than 80 per cent. of the COM
merce of the world Is settled in gold or on
n gold basis.
Such free coinage legislation. if ever
contaminated, would discriminate against
every producer Of wheat, cotton. corn or
rye-who should in justice be equally en-
titled, with the silver owner. to sell his
products to the United States treasury.
at a profit fixed by the Government-and
against all producers Of iron. steel, zinc
or copper, who might properly claim to
have their metals made into current coin.
1t would, as well. be a fraud upon all
persons forced to accept a currency thus
stimulated and at the same time de-
graded.
Only Helps the Mine Owner.
In every aspect the proposed policy is
partial and one-sided. because 1t Is only
when a profit can be made by Il mine-own-
er or dealer that he takes his silver to the
mint for coinage. The Government is
always at the losing end. Stamp such
fictitious value upon silver ore and a dis
honest and unjust discrimination will he
made against every other form of indus
try. When silver bullion, worth a little
more than 80 cents. is made into a legal
tender dollar, driving out one having a
purchasing and ~deht-paying power of 100
cents. it will clearly be done at the eX-
pense and injury of every class OF the
community.
Those who contend for the free and UNI
limited coinage of silver may believe in
all honesty that while the present ratio
of silver to gold is as 80 to | mot 16 to u
silver will rise above the existing market
value. If it does so rise the effect will be
to make the loss to all the people so much
less, but such an opinion is but a hazard
Gus conjecture at best and is not justified
by experience. Within the last twenty
years this Government has bought about
AGO, 100000 ounces of silver. from when
it has coined approximately
of silver dollars and 100000 of dollars
in silver certificates. ana the price of the
metal has steadily declined from S1.15 an
ounce to IS cents an ounce. What Will
be the decline when the supply is aug
mentcd by the offerings of all the world!
The loss upon these silver purchases TO
the people of this country has now been
nearly $50, 000. 1000.
The dollar of our fathers, about which
so much is said, was IN honest dollar, sill
yer maintaining a full parity of intrinsic
value with bold. The fathers would have
spurned and ridiculed a proposition 10
make a silver dollar worth only % cents
stand of equal value with a gold one
worth 100 cents. The experience of all
nations proves that any depreciation.
however Slight, of another standard from
the parity with gold, has driven the more
valuable one out of circulation, and such
experience in a matter OF TINS KIND IS
worth much more than mere interested
speculative opinion. The fact that few
gold coins are seen in ordinary circulation
for domestic uses is no proof at all that
the metal is not performing a most i'm
portant function in business affairs. The
foundation of the house is not always
in sight, but the house would not stand an
hour if there were no foundation. The
great enginery that moves the ocean
steamship is not always in view of the
passenger, but it is, all the same, the pro-
pelling force of the vessel, without which
If would soon become a worthless dere-
lict.
Some People Who Would Suffer.
IT NAV be instructive to consider a mo-
ment how the free and unlimited coinage
of silver would affect a few great inter
ests, and | mention only enough TO dem
onstrate what a calamity may lie before
us if the platform formulated at chicago
is permitted to be carried out.
here Is INV Oh Wv p'FAN
banks of thirty-two States and Territories
of This Union the vast sum of S2,UOO,OO0.-
900. These are the savings of almost
5000, 600 depositors. In many cases they
represent the labor and economies OF
wears. Any depreciation in the value OF
the dollar would defraud every man.
woman and child to whom these savings
belong. Every dollar of their earnings
when deposited was worth 100 cents in
gold of the present standard OF weight
and fneness. Are they not entitled to re-
ceive in full, with interest. all they have
50 deposited? Any legislation that would
reduce it by the value of Il single dime
would be an intolerable wrong to each
depositor. Every bank or banker who has
accepted the earnings of these millions of
dollars to the credit of our citizens must
be required to pay them back in money
not one whit less valuable than that
which these banks and bankers received
in trust. ooo
~, -, thi. .nnntry nnorIy * (uVl