The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-07-10
Echoes OF Sound Money.


its results as they happen. Under
the sptciOuS name Of "sOund
money" more injury has been
wrought to the productive indus
tries and energies Of this country
than resulted from the war. There
is no aspect Of the question in
which the decentralization Of silver
can be excused or palliated No
speaker or writer has ever attempt
ed Il defense Of the act Of February
~, 1878. No speaker or writer will
ever make the attempt. But
many speakers and writers nova
days are making feeble efforts,
miScalled arguments to continue
the operation of the law by assert
ing that its repeal and the rcmonet-
ization of silver us standard money
would operate as u swindIe upon
all the people, but chiefly upon the
working people of the country.
1t is noticeable with what zeal
the gold bug orators and writers
defend the interests of the laboring
man. These enthusiastic and sym
pathetic supporters Of Wall street
money and tactics assert that
bankers, money lenders and
wealthy people of the country gen
orally might and probably wonld
be benefited by the restoration of
silver money to equal coinage
privileges with gold, but that the
poorer people Of the country would
he ruined beyond redemption.
The bankers and rich people say
the same thing. 1t is solely as
guardians of the poor that they in
SiSt upon the maintenance of the
gold standard. These BENEVOLENT
advocates of he gold standard also
insist that the producers Of tho
country who live by the sale Of the
products of the soil Will be reduced
to beggary if the gold standard is
changed. Upon this branch of
their sO-called "argument," let
citation or two be made. In the
wheat trade Of the world the beau
ties of the gold standard are con-
spicuous. Wheat is worth, let us
say, a dollar a bushel in Liverpool,
dealer buys his wheat in the low
est market. ltso happens that the
chief whe producing countries of
the world outside ou1 own are
India, Russia and Argentina, silver
using countries. Why would the
Liverpool merchant purchase
wheat in this country at 90 cents
purchase enough silver bullion to
coin into Indian silver pieces
which will purchase two bushels? =? !
That is precisely what he is doing
now. We are selling our silver
bullion below cost, which England
is coming into money for use in
silver using countries, thereby de-
priving us of an opportunity of sell
ling our wheat except at the same
rates the people Of India and Russia
sell theirs. II is manifest by this
process that the American farmer
will lose the oppoi tunity Of selling
his wheat in the English market
at even the cost of production. If
the English wheat buyer can for
55 cents purchase enough Ameri-
can silver to make two rupees Of
India, each equal to 80 cents in
silver, he car purchase two bushels
of wheat in India for the two ru-
pees which cost him but 50 cents
the price OF bushel o. our wheat.
How can the American farmer eX.
pect TO sell wheat to the English
trade so long as it can be purchased
in Indiana or Russia for q cents
bushel by the process indicated?
The United States now furnishes
more than one half of all the raw
silver in the world. Is it not a
swindle on the American farmer
that he is made to compete with
the farmers of India and Russia
under circumstances so unequal?
Is it not "A gross injustice that
silver has been demOnctiznd in our
country and that silver bullion nj
0ne-half its coin value is taken
from this country to ruin the price
Of our farm products? This Is one
Of the many aspects Of the silver
question. If silver were ever re-
stored to full coinage again as
standard money, enough bullion to
make two rupees of India would
cost the English merchant dollar,
and he would buy wheat OF
American growth at so cents
bushel as willingly as the wheat of
India for arupee.-COl. Press.