Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-09
Points on the Great Question
Of the Day---A Silver
Catechisn.


ture of the financial debate now In progress
has been received by The Star from one of
its readers. 1t represents conversation
between a young mechanic, about to cast
his first vote and an old farmer, VINO mas
been through many political campaigns
The questions are asked by the young
man. The answers are non-partisan anu
especially directed in the interest OF all
classes of working people. This cate
chism'' follows:
O. What does the Chicago platform mean
by free and unlimited coinage of silver at
the ratio of 16 to ~ A. 1t means to allow
any person to take any quantity OF SILVER
to the mint and have 1t coined into legal
tender dollars, and that the valuation OF
sixteen ounces of silver shall be the same
as one ounce of gold. or, in other words.
that the pure silver in a silver dollar shall
weigh sixteen times as much as the pure
gold in gold dollar.
O. How much pure silver is there In
silver dollar? A 31125 grains.
q. How much pure gold Is IN a goid DOL
lar? A. BIZ grains
O. At the present time what is the act
uaI commercial value of the silver In Sill
yer dollar? A. About 53 cents.
O. Why is it claimed that the free coin
age of silver is desirable? A. In order to
make more oney in the country 1t IS
claimed that the money supply of the coun-
try has been decreasing since the demonetl-
cation of silver in 1875.
Q. Is that true2 A. 1t is not true. The
amount of money has been steadily increas-
ing for many years.
c. How can this be proved? A. By the
published reports of the Treasury Depart
ment Any person can obtain a copy of the
treasury reports by writing 10 tne Seete-
tary of the Treasury for circular No. 12o
O. What is meant by per capita circula-
ton? A. The average amount for each per
son of all kinds of money in circulation
otNt aiv7 ..1h tr al it-iH inO 10
total amount of money in circulation by the
total population.
O. Has the amount of money increased as
fast the population? A. 1t has increased
at a much faster rate.
Q. Can You give some of the figures? \.
Yes. In 1850 the per capita circulation was
sl3.so: in 1865, s20.3I; in 1870 sli!O: in 1919
$lSu4; in 1874, S1S.15: in 1880 $19.41; in 1881,
81, is; in 1880, So. s., and in 1879, S22.93.
There have been slight fluctuations, but the
general tendency has been upward until the
circulation Is now TO per cent greater tnan
In 1850.
O. What do you conclude from these
figures? A. That the present low prices are
not due TO lack of money.
O. What can be said as to interest rates
A The interest rates are now lower thar
ever before, which shows that there is a
large amount Of money seeking safe invest
ment.
O. II the gold standard, limited bimet
allism should be maintained, would the
amount of money keep pace with popula
A.
faster than population. The report OF thu
director of the mint shows that IN 1874 the
world produced nearly twice as much go.t
as in 1878. while the population of the worlt
has in that time increased only ABOUT II
o. How does the amount of money in the
United States compare with that Of othel
countries? A. The per capita circulation
il, the United States far exceeds the aver.
age for the world. 1t is greater than ir
EFT gland. Germany. Italy. Russia, Mex
leo South America, China or Japan Rus
STA. Mexico. South America and China arr
on a silver basis, but their circulation /:
insignificant compared with ours
Q. What do you conclude from th hes
statistics? A. That the present low prices
are not due to lack of money.
Q. What have you to say as to the Low
price of wheat? A 1t Is not caused b!
the alleged "crime of 1873" Wheat wa
higher during the ten years from 1873 t
1882 than it was in 1860 and 1864. At tina
time QSt2) the war began to raise prices
principally on account of the imitation o
our paper currency. which at that tim
was not redeemable in coin. Since tn
war wheat and cotton have both fallel
on account Of the enormous 1o increase s -, y
chinery. From 1870 to 1894 the popula
ton of the world increased II per cent
while the production of wheat increase
30 per cent and cotton 112 per cent.
O. What would be the effect of free coin
age of silver? A. The first effect woul
be to drive out of circulation all the gol
and reduce us to silver monometalllsH
such as exists in China.
O. Why would gold go out of circulation
A. Because 1t would be worth more as bu
lion than as money, as all debts could o
paid In silver.
@. Would not free coinage raise the pric
of silver to make silver dolla
worth just as much as gold dollar! :
1t would not. That effect has never bee
produced in any country that has trie
free coinage
O. What would be the next effect of FRI
r. Il alna oy,6 irf,o
the currency
@. Would prices go up? A. They woul
q. Would not higher prices benefit farr
ers and other producers? A. No Becau
every producer is also a consumer, and co
sun,ers would have to pay more for all the
buy. On the other hand business would
paralyzed and the markets thereby a
fected.
O. What would be the effect on wa.
earners? A. They would be injured mo
than any other class.
q. Why? A. Because wages would be L
last item to go up.
O. How is that proved? A. By the hi
tory of imitation periods in this and 9th
countries. During the late civil war
1861 the prices of everything to eat al
went up III per cent, while wag
advanced only AZ per cent This due
the imitation of the circulating mediu
with fiat paper money, which could not
redeemed at that time. Specie paymen
were suspended from 1862 to 1879.
y. What is your authority for your stat
ment as TO the percentage OF increase
prices and wages? A. L. S. Senate Repc
No. 1894, of 1893, commonly known t
"Aldrich Report" which can be obtain
from the Department of Labor.
O. What persons would be most injur
by an imitation with cheap money? A. !
persons who work for salary or wages,
persons who have savings in bank, all W
hold insurance policies, all who have mon
In a building or other association, all De
sioners. all railroad and government e
ployes. and, in fact, all who buy food, clo
ing and other necessaries of life.
Q. II the silver in silver dollar Is wor
only IS cents why does a silver doll
now pass for 100 cents? A. Because Il
government receives 1t for all public dr.
and has made it a legal tender for all .
waite debts. "a r. >
O. What is meant by legal tende.
A. 1t Is the kind Of money which a CT,
itor Is obliged to receive.
O. Why would not the silver dollar II
main worth 100 cents lie, equal to go
under free coinage? A. Because
amount coined would be too great q
government Is able to maintain the par
at present becaI Sc the coinage Is limi
and en- government account only. We