The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-10-23


price is not governed by its intrinsic
| value, but by un act of parliament; and
this makes it in that sense fiat money,
Money is the creature of law. The
material of which it is made is not
money until made so by law, whether
1t be gold or silver or paper. The gov
ernment or the banks issue their notes
to circulate as money. These notes
have no intrinsic value. Their being
money arises from the fact that their
issue Is authorized by law, the promise
10 redeem them in coin, and, i'll some
cases, the making OF them legal ten
der. So that it is the operation of the
law which makes money, and not the
material of which 1t is composed;
though gold and silver are recognized
as more suitable material out of which
to make money than anything else.
# gold and silver bullion werc money.
why the laws of this md other ccun-
tries defining the degree of fnencss Of
the metal, the amount of alloy in tho
coins. their weight and the value Of
each coin, and making them lcgnl
tender?
The falsehood resorted to by the gold
standard advocates has for its object
to deceive the American people into
voting for a policy by which one-half
of the standard money of this country
was stricken down, thus reducing The
volume of the mone:' which fixed the
values of all the other property, from
ST500,000,000 to S3,250,O00,000 tnd
making n corresponding reduction In
property values; paralyzing industry,
arresting enterprise, rendering agri-
culture, the controlling industry of thls
country, unprofitable; producing nn
amount of financial distress ncyer
before known in this country,
and causing tens of thousands
of men TO lie denied employment.
and their families to suffer for the want
Of the ncccssarics of life, and causing
those who still have work TO work on
short time, and filling the country with
tramps. All this wrong and suffering
In order 10 increase the value of bonds
and other credits and money In The
hands of the rich while sinking the
great mass of the people, the working
people, the common people, the real
creators of wealth. deeper and deeper
into poverty and wretchedness.
viii The people allow themselves to
lie deceived by such n device into help
ing TO perpetuate the gold standard
policy, and to put themselves into
condition of financial slavery to the
money changers and arstocrats of
America and Europe?
The man who talks about 5o-cent dol
lurs shows his ignorance on the subject,
Or, II he is not ignorant. that he is at
tempting by falsehood and fraud to de-
ceive others to their great injury.
You may inquire what influence
think the free and unlimited coinuge
Of silver at the ratio of 16 to will have
on the purchasing power of gold and
silver money. If such coinage shall in
crease the volume of circulating money
the effect will be, to the extent of that
increase, to raise the prices of commod-
tiles, and in the same proportion to re-
duce the purchasing power of money.
Stated In another way, it will make
property dearer and money cheaper In
proportion to the amount of the In
crease Of the volume of money. And
this Is the reason why the rlutoc,nts
so earnestly oppose free coinage. II s
their policy and to their interest to
have dear money and cheap property
and labor. While II is to the interest
and should be the policy Of the indus
trial classes who make tho wealth OF
the country, who have sufficient sup
ply of money to stimulate enterprise
and industry, and make the country
prosperous and the people contented
and happy. And by restoring silve: Us
a part of the standard money the de-
mand fcrgold will be somewhat reduced.
and II will, to that extent, be less valua-
BILE as compared with the property OF the
country. But the free coinage of silver
will cause no serious disturbance to the
business of the country.
JOHN II. REAGAN.