Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-05-28
A HORRIBLE CRIME.
RECONCILIATION OF IRON 1900
YEARS AGO.

tncaIculable Loss to NEUTRALITY-SUSPICIOUS.
Fall of Prices-Free Coinage of Iron at
1G to L With Gold the Only Remedy-It
Is Entirely P~racticabIe-Our Govern
ment Can Do Anything-No Fear of q
Pig Iron Basis-would Give Us High
Prices and Wages and Plenty of Money.
Alexander p. Hull of Atlanta is a
strong 16 to l man. He does not believe
In halfway measures. The free coinage
Of silver idea is too tame for him. He is
willing to see the silverites and to go
them 100 points better. Here are his dec
laration, proposition and argument:
Having been deeply impressed by the
arguments Of Judge Crisp, Bryan, Stew
art, Jones and other silver leaders, and
especially grieved, shocked and Mortified
by the awful crime Of 1878" as 80 lurid-
ly depicted daily in the columns Of the
Atlanta Constitution and other silver
organs, l have changed my views ON the
money question and am ready to main
tain the propositions following in joint
debate or newspaper controversy.
/ accept the arguments Of the advo-
Gates Of silver and agree with their rem
edy as far as it goes. However, it does
not go far enough. Let u have plenty
of remedy-in fact, enough to make
debt and poverty things of the past
relics of the dark ages. / am in favor
Of the free and unlimited coinage Of
pig iron at q ratio of 10 to l with
gold by the United States alone, in
dependently Of all nations, and can
prove by the best authority obtainable
that such a policy on the part Of the
United States will raise prices, I" put
plenty Of money in circulation" and
give the ''honest debtor a chance to pay
his debts, thereby making the whole
country prosperous.
Now, in the first place, it may be
urged by some "who do not understand
the subject Of standards Of value" that
q free coinage act for iron would not
raise its price to q ratio Of Is to l with
gold. To them l reply that "the stamp
of this government" and the legal ten
der qualities of the iron dollar would
Instantly make the bulliCn value of pig
iron the same as the mint value. "For
who would part with an ounce of this
precious metal for anything less than
the mint value?" (Stewart, Jones and
Bryan
Again, it may be urged that our
minis would be overcrowded with pig
iron. i reply that the price Of pig
iron having been raised from 81. 80 n ton
to a ratio of Is to / with gold the world
over no one would especially care to
carry it to the minis, since the mint
price could be obtained anywhere in the
open market" ATLANTA Constitution).
Next, it may be urged that gold and
silver would go out Of circulation. |
reply, first, This is a mere assump-
ton Of the tools Of the money power
which they cannot verify" ATLANTA
Constitution); second, Suppose gold
and silver do go out of circulation, is
there not plenty of pig iron to take their
place and give the people plenty OF
money!" Bryan, and, third, such
an assumption mikes the idea OF cir
culating medium and standard of val
ne, that gold and silver would still
be potential money metals, though not
in circulation, and would lend their
help toward raising prices and causing
general prosperity" Crisp.
Then, again, it may be urged against
the pig iron standard of value that
wages would not rise in proportion TO
prices. The reply is, Wages would
be compelled to rise, since no man
would be fool enough TO work for 81 %
day who could make 81, 600 per day
picking uprusty nails and old horseshoes
and carrying them 10 the mint for coin
age" (Hull).
In addition it may be urged by the
money power, by the wall street
sharks and the Bond street Shylocks'
that we could not alone 90 on n pig iron
basis without AN international agree
meni. To such dastards ss dare TO lay
a limit to the power nf the American