People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-07-30

now, but we had silver to fall hack on,
and then again when much of our silver
left US, we had gold. Thus we walked
down the century on two legs, from i
poor colonies to 80 grand states.
During all of that century, the metal IN
the two dollars never varied more than
three per cent, and could not, under the
memorable law Of supply and demand, with
the minis open ard the hands Of our debtors
on the governor that controlled the de.
mand. And the fact that We had two
metals to rely on gave US more money and
safer system than If We had relied on
one of these metals only This was the
elasticity that bimetallism gave TO our
primary money.
The Crime of 1878.
In 1873 the law was changed, and gold
only was made primary money. The mintI
were left open TO the free-coinage Of gold,
but closed as TO the frce-cOinage of silver,
An unlimited demand for gold for use as
money was left in operation. The unlimited
coinage Of silver was stopped. Ore Of the
main arteries feeding blood TO civilization
was cut off, The debtor was to have no op.
ton to pay in money made from either Of
these two metals. He was to be limited to
gold alone.
One of the fundamental principles OF a
popular government was violated in max,
ing this change. The consent Of the people
was not obtained-the consent Of the gov.
erned-that principle pronounced in the
Declaration of independence. 1t was not
discussed in any campaign, and it was not
known TO the people for over two years
afterward. The editors and newspaper re-
porters did not know 1t. 1t was done sur.
reptitlously. i have not time TO dwell upon
this dark page of our history and cover
what else ] want to in this speech. will
dispose Of It in this way: Silver was damone.
tized February42, 1913. I now offer a re.
ward of 800 to any man or woman who
will find word about 1t In any newspaper,
published In the month OF February, 1873
You will find the newspapers Of that yeaI
In your public libraries. All You will find
is simple news telegram of five lines, that
the amended mint bill had passed. The mint
and coinage bill that has been on our statute
books since 1892, and amended frequently,
is more than Is pages long, embracing
everything from the cent pieces to the
naming Of the various officers of the mint,
and fixing of their salaries. Ii has fire.,
quently been amended in many respects,
as to duties and salaries Of officials, alloy
in the metals, or the size and form Of our
copper and nickel token pieces. A tele.
gram announcing the amendment of the
mint bill conveyed no information to the
people that indicated that the minis had
been closed to silver, its legal tender char,
acter taken from it, or any other informa.
ton that would indicate that silver had
been demonetized. Hence, the people were
In ignorance of what had been done by that
congress, famous in history as the salary.
grab congress.
Let no man claim that the act was hon.
estly and openly passed. till he can claim
the reward l offer. Ii the type settlers, re.
porters and editors of the papers did moi
know it. the voters did not know it.
The Decline OF Values.
With all the principles of bimetallism de.
stroyed, with silver thereafter used as
Token or credit money. like our paper
money, all resting on gold. SILVER began te
decline in value as measured in gold, the
only primary money, and In q years II has
declined 30 per cent, or rather, gold, undel
the demand for II, has appreciated. Fol
200 years prior to 1873, under blmetallism,
they had not parted more than three pei
cent; in 2 years, under monometalllsm,
the metal IN the two dollars had separated
80 Per cent.
All property not supported by trust
causes, or increased demand, fell with sill.
yer as expressed in dollars. AS measured
by exchangeable value with each other
or with silver, they had not declined
They have only declined as measured IL
dollars. And these dollars mean gold dol.
lars or their equivalent. What is meant
by equivalent is our other forms of money,
copper, nickel, silver and paper, which ~
the new law, are all redeemable in gold.
When q thing Is redeemable in another
thing, the former is made Gs good as the
latter, so long as II can be had to redeem
with
What Is meant by this is that gold is now
our primary money, and all other forms
OF money are credit money. Credit money
Is representative money. representing prL
mary money. Our credit money is tied to
gold like the tan Of kite is tied to kite.
The tail has gone up following the kite,
gold has gone up and is our only primary
money, whereas before, gold and silver
both were primary money, neither redeem.
able " the other; other forms OF money
were credit money. By the change In the
law, silver was added to the credit money.
and the quantity Of primary money was cut
In two.
The simple law OF bimetallism has been
overthrown and selfish and powerful
moneyed interest has sought since to main.
tain the gold standard. AS was to be "a.
pected. 1t has resulted In a great strain or
gold, the only basis of our monetary sys.
TEN. As the demand for gold increased, its
value rose as compared with other prop.
erty. While nominally fixed by being
called dollar, the gold In q dollar was ris-
Ing In value. This is one OF the things Il
has been the hardest for the people to m.
derstand. As the demand is piled on gold
the gold In the bullion rises In value as con-.
pared with other property. And the gold
dollar rises with II, and likewise all form:
Of money that are redeemable In gold
IL wheat grows scarce. or the demand fol-
IL Increases, II rises IN value. II gold
grows scarce. or the demand for II IN.
creases. II rises In value But II the de-
mand for gold should increase till II, reia.
lively with other property, was ten time;
as valuable as It is now, the quantity Of Il
in dollar would still be worth dollar as
expressed IN itself
It does not rise as compared with itself
but rises as compared with other property
There was time in the history OF tht
world when the wisest Of men believed thai
the earth stood still and the sun went round
II. II appears TO us now TO do so, though
we know better. In like manner, the pee.
pie have been led to believe that the golt
dollar Is standing still and that the silvel
In q silver dollar has declined 20 per cent.
Gold, under the demand for it. has ad
vsnced. and we call II the fall Of prices
What the Result Has Been.
With falling prices the people have beer
Impoverished. Taxes have not been re
duced. The farmer must now give up twic,
as much Of what he produces, to pay hi
taxes. as he gave up in 1873. Official salaries
have not been reduced; some have been In
creased. II now takes 10000 bushels o
| wheat IN nav the nreeidant'e salary ~ fyn