The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-24
Why Not Pig Iron?
Lette of A. y. Hull Of Atlanta Ga,

Gates of silver and agree with their
remedy as far as 1t goes. However. it
does not 60 far enough. Let us have
plenty OF remedy-in fact, enough to
make debt and poverty things OF
the past--rslics of the dark ages. am
in favor OF the frce and unlimited coin
age of pig iron at the ratio of l6 to
with gold by the United States alone, in
dependently Of all nations, and can prove
by the best authority obtainable that
such policy on the part of the United
States will raise prices, put plenty OF
money in circulation and give the 'hon-
thereby max ing the whole country pros
porous.
"Now, in the first place 1t may be
urged by some who don't understand the
subject OF standards OF value that free
coinage act for iron would not raise its
price to a ratio Of 16 to with gold. TO
them reply that 'the stamp of this gov
eminent and the 'legal tender qualities
of the iron dollar would instantly make
the bullion 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 vaiue?'
Stewart, Jones and Bryant.
"Again, it may be urged that our miuts
would be overcrowded with pig iron. L
reply that 'the price OF pig iron having
been raised from $3.50 a ton 20 ratio OF
l6 to / with gold the world over, no one
would especially care to carry 1t to the
mints, since the mint price could be OBJ
tanned anywhere in the open market
(Atlanta Constitution.)
"Next, it may be urged that gold and
silver would go out OF circulation. re-
ply: First, This is mere assumption
OF the tools OF the money power which
they cannot verify ATLANTA Constitu-
tion); second, Suppose gold and silver
do 20 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
mixes tho idea of circulating medium
tnd standard OF value, that gold and sill
yer would still be potential money metals,
tho not In circulation, and would lend
their help toward raising the prices and
causing general prosperity Crisp.
"Ihen, 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 $1,000 per day picking up rusty nails
and old horseshoes and carrying them to
the mint for coinage (Hull).
'sThe 'crime' of demonetiziug pig iron
took place about 200 years ago, when
certain 'goldolat ors' and 'silverites,' In
order to increase the purchasing power. of
their illgotten wealth, secretly and
like thieves in the night got the dem
onetization act passed repeating the good
old free coinage act of Lycurgus. To-day
China is the only country on earth honest
enough to coin iron, and there the happy
laborer can carry home the wages OF his
honest toll in a wheelbarrow'.-Atlan
Constitution.
"a ruinous fall in prices followed the
demonetization OF iron, and has con-
tinued for upward OF 1000 years. 1 have
calculated The losses entailed upon the
honest people OF this world by that ruth
less act, but the figures are 30 enormous
/ fear revolution will ensue IL the
people learn how greatly they have
been robbed. But facts are facts,
and the best way to right wrong !. Is
to meet 1t squarcly THAT loss IN
2i, ,ooo o0o 600, 900, 600, Ooo oco Oco 600, COO
Coip,a kinauciaI School
"In conclusion, ! insist that the free
coinage OF pig iron will do everything
that is claimed for silver ano infinitely
more. The people will De rich and pros
porous. The once poor man can pay his
debts with bis old stove. Railroads can
declare dividends on old rails and worn
out rolling STOCK. Tho small boy can
pick up old nails ana horseshoe, enough
to support his family. In fine, poverty
and debt can no longer existW