Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1896-09-19
WHO STRUCK BILLY PATTERSON ?


called upon to answer it by his vote to
the best of his ability.
The business OF the country is the
Billy Patterson Of to-day. Who has
struck it? One says, the authors OF
the so-called "crime OF '73." Another,
''the Sherman act;n another "the gold
bugs" another, "the banks and bust-
ness men in conspiracy with London to
make hard times;" another, under
consumption" None of these answers
seem to cover the whole ground so as
to make u satisfactory reply TO the
question, for commercial prosperity
depends on demand. II there is no
demand for wheat the farmer cannot
sell; the railroad cannot carry it; the
elevator is of little use, and so there
will be q general stoppage all along the
line.
This law operates the same when the
condition of any product is such that it
will not sell. The want OF a market in
which to sell produces business dis
asters.
But the presence of money is an
essential element to prosperity.
The cry is for more money and for
cheap money. What this last means l
do not understand. But the first is a
proper cry. A scarcity of money is u
calamity, and an over supply may also
be a calamity. What is really meant,
if properly meant, is, thai there should
be MORE MONEY IN CIRCULATION. We
probably have more money now than
ever before, but it is NOT IN CIRCU-
LATIoN.
This fact suggests n third necessity for
prosperity that is CONFIDENCE IN the
STABILITY o. the MONEY in existence.
For money fees from sight when con-
fidence is destroyed. Legislation must
hence be very cautiously done when
money is the subject. The hint that
any legislation is in contemplation
which is likely to change the value of
the money of the country, will cause a
withdrawal OF money Of value from the
business of the world.
Keeping these things in view, it will
not be very difficult to answer the
question. 1t only comes in another
form, and that is, who made legislation
about silver dollars necessary? I'm
doubtedly the PRODUCERS OF SILVER
by producing too much. They made
silver cheap, and by making silver
cheap they reduced the value Of the
silver dollar. Too much of anything
makes 1t cheap.
In the history of Solomon's times we
read that ''all King Solomon's drinking
vessels were of gold and all the vessels
of the house of the forest oil Lebanon
were of pure gold" None were of sill
yer; it was nothing accounted of in the
days of Solomon. Kings 1921.
This made legislation necessary in
order to provide market. The first
measure gave US our silver certificates,
but did not provide a market for ALL
THE SILVER. Then came the attem IT
to compel the Treasurer to coin all the
silver produced INTO legal derdullars
This drove capital to cover. It's not to
be supposed that the advocates of free
coinage of all their silver into legal
tender dollars, intended anything more
than to make market for their silver,
in the first place; and in the second
place TO provide currency which
should be based on silver. Mr.. Stew
art of Nevada, outlined the policy by pro-
for every dollar that had been coined and
returned TO the Treasury. And as these
notes we're receivable for customs,
there would be an abundant addition
each year, to the circulation OF the
country. The announcement of this
policy, and its advocacy in the Senate
were equivalent to serving notice on
all creditors and all holders OF bonds
ETC., that all debts could be paid in the
future in silver dollars, whose value
necessarily depended on the value o.
the silver of which the dollar wa:
made.
For the silver dollar, though lega
. tender, is not like the old legal tender
green backs, or the national currency
or Treasury note-a promise of the
government to ray dollar-but is sup
posed to be dollar in itself, the coin
+ age being simply the government guar
l. antee that the piece contained th'
n legal number of grains of standard sill
@ YER. The intrinsic worth, however
n was only what that number of grains O
n silver would bring in the market. AL
IS commercial men, whose business re
), quires them 10 know the actual valu
= of all money, or representatives G
). money, saw in Mr.. Stewards proposi
n tion TO coin all the silver that wa
= brought to the mint into legal tende
=, 5n1io,s noccib1o # oil Il obt