The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-17

act of 1873 was surreptitously done This
charge is shown to be false by the debates
in congress and especially by the declara-
tions of men who now make the charge
Quoted From Senator Jones,
Sixteen months after the passage of
that act, Senator Jones of Nevada, in
debate in the senate June II, 1874 said:
Il am opposed 70 any proposition, come
In whatever form it may, that attempts to
over ride what God himself has made for
money. l believe the sooner we come
down to a purely gold standard the better
1t will be for the country
On April l, 1874, he said: Does this
congress mean now to leave entirely out
of view and discard forever a standard of
value? And what but gold can be that
standard? What other thing on earth
possesses the requisite qualities? Gold is
ihe articulation of commerce 1t Is the
most potent factor of civilization 1t is
gold that has lifted the nations from bar
barism. 1t is the common denominator
of Values. 1t makes possible the classifi-
cation of labor and the interchange OF
commodities. Gold has interviewed In
bargains made between men since the
dawn of civilization, and 1t has never
failed to faithfully fulfill its part as the
universal agent and servant of mankind
The value of gold Is not affected by the
stamp of government"
Senator Stewart of Nevada. in the same
debate. on June IL, 1874, said: sir, the
labOring man and the producer Is entitled
to have his product and his labor meas
ured by the same standard that measures
your national debt. Give him such a
standard, give him such money as you
require from him. You require it from
the producer. You require from the labor
ing man goldto pay the interest on your
national debt. which Is right, which can
not be avoided if you mean to save ma
tional honor-but then give him the same
money with which to pay that debt" The
question will never be settled until you
determine the simple question whether
the laboring man is entitled to have gold
dollar if he earns it, or whether you are
going to cheat him with something else.
Passing from the resumption act the
speaker dwelt at considerable length on
the various acts for the purchase of sill
yer bullion by the United States. They
were passed. he said, for the purpose of
helping maintain the parity between
gold and silver, but they failed to ac-
complish their purpose and were re-
| pealed.
The effect of free coinage was next
discussed. The first effect would be to
contract the circulation by driving gold
out of the market, sending it to pre-.
MUM of nearly dollar, and the next
would be the hardship caused by the
rapid collection of debts. owing to dis.
trust engendered.
| 1t is sometimes said of creditors, contin
ued Senator Sherman, that they are blood
thirsty Shylocks aristocrats, bloodsuckers
extortioners. 1t may be that there are
among money lenders some men who
merit these epithets, but the great body OF
the creditors of our country are among
thrifty, industrious and intelligent men
and women of every community.
| In justice to Pensioners.
One great body of creditors here is 970,
| coo Union soldiers, their widows and or
| phans who are creditors Of the United
| States to the amount of over $l4O, 900 ,OOC
| a year for services and sacrifices in the
| Union army. 1t would be an act of per
f1dy and meanness beyond expression fol
this great country to pay them with
money of less purchasing power than
gold coin, merely because the Over-pro
| duction of silver in the United States has
reduced the market value of silver bullion
contained in a silver dollar. To take ad
vantage of this decline in order to reduce
the value of the pittance to these pen
sioners is worse than to rob the graves OF
the dead.
Deposits and Life Insurance.
There Is another class of creditors thai
the free coinage Of silver will greatly in
jure. 1t Is the depositOrs in savings insti
tutions and kindred organizations who
according to official tatistics, number
nearly 5000, 900 people, and whose deposit,
foot up more than 81 500, ,OOO, 600. Will yol
cheat them by reducing the value and pur
chasing power of the dollars they hav,
deposited? Free coinage will nearly wip,
out one-half the value of life insuranc,
which providents people of the Unitet
States have paid to secure in case of thei
death some support and protection to wifi,
and children. 1t will affect injuriousl,
the multitude of clerks and employees VIII,
depend upon monthly pay and will reduc,
the purchasing power of all salaries ant
employees in the public service of th,
city or township in this broad land.
How 1t Would Affect Labor.
But by far the greatest injury resultin,
from the free coinage of silver will fal
upon workingmen. Their wages are nov
based upon money of the highest value
upon gold coin of standard value. Unde
free coinage of silver every workingmal
can and ought to demand enough silve
for his daily wages to be equal to the pun
chasing power of his pressnt wages in gold
The struggle between workingman an,
employer will then commence and no on
knows better than the workingman hoy
difficult Is Is to get an advance of pay. w
have strikes and strife enough now, whe
the workingman gets his pay in gold coli
or it's equivalent, but what will be the con
dition when he is paid in cheaper none
! of the same nominal amount but of les
purchasing power. Every sentiment O
J justice will be on the side of the working
man in his struggle for good money or in
creased wages in cheap money. Of all tn
evils which government can inflict non
, can be greater than cheap money, whethe
of coin or paper. That dollar Is the bes