River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1896-10-01
FOR HONEST MONEY.
Mr.. McKinley's Able Discussion of
the Money Question.
No Debasement of Money No Reputation
OF Debts-Tree Coinage Imperiis the
Nation's safety -workingmen and
Farmers Have Most at stake
Good Money Never Male
Hard Times"

Good Money Never Maize
Hard Times"
Maj. McKiniey's letter of acceptance
is as sound as gold dollar. Tie fol-
lowing are some OF his best points:
What Free Coinage Means.
The character OF the money which
shall measure our values and exchanges
and settle our balances with one another
and with the nations of the world is of
such primary importance and so far
reaching in its consequences as TO call
for the most painstaking investigation,
and in the end a sober and unprejudiced
judgment at the polls. We must not be
misled by phrases nor deluded by false
theories. Free silver would not mean
that silver dollars were to be freely had
without cost OF labor. Ii would mean
the free use of the minis of the United
States for the few who are owners of
silver bullion, but would make silver
coin no freer to the many who are en-
gagged in other enterprises.
1t would not make labor easier, the
hours of labor shorter or the pay better.
1t would not make farming less labori-
Gus or more profitable. 1t would not
start a factory or make demand for an
additional days labor. 1t would create
no new occupations. 1t would add
nothing to the comfort of the masses,
the capital of the people or the wealth
Of the nation. 1t seeks TO introduce a
new measure of value, but would add
no value to the thing measured. Ii
would not conserve values. On the con.
trary, il would derange all existing val
ues. 1t would not restore business con
fidence, but its direct effect would be 10
destroy the little which yet remains.
The meaning of the coinage plan
adopted at Chicago is that anyone may
take a quantity of silver bullion, now
worth SO cents, to the mints of the
United States, have it coined at the eX-
pense of the government and receive for
ii a silver dollar which shall be legal
tender for the payment of all debts,
public and private. The owner of the
silver bullion would get the silver dollar.
II would belong to him and nobody else.
Other people would get it only by their
labor, the products of their land or
er. on the basis of present values, would
receive the silver dollar for 50 cents
worth of silver, and other people would
be required to receive il as a full dollar
in the payment of debts. The govern
ment would get nothing from the trans.
action. 1t would bear the expense of
coming the silver, and the community
would Suffer loss nv ifs use
Silver Dollars Now "a Gold Basis.
We have coined since 1873 more
than 100000 of silver dollars,
which are maintained by the govern
ment at parity with gold and are full
legal tender for the payment of all
debt, public and private. How are the
silver dollars now in use different from
those which would be in use under free
coinage? They are to be of the same
weight and fineness. They are to bear
I the same stamp of the government.
Why should they not be of the same
value? / answer: The silver dollars
now in use were coined on account of
i the government, and not for private ac-
count or gain, and the government has
solemnly agreed to keep them as good
as the best dollars we have. The gov
eminent bought the silver bullion at its
market value and coined ii into silver
I dollars. Having exclusive control of
the mintage, it only coins what il can
hold at a parity with gold. The profit,
representing the difference between the
commercial value of the silver bullion
and the face value of the silver dollar,
goes to the government for the benefit
, of the people.
| Farmers and Iaborers Would Suffer Most.
If there is any one thing which should
be free from speculation and fluctuation,
I il is the money of a country. 1t ought
never tc be the subject of mere partisan
contention. When we part with our la
Dor, our products or our property, we
should receive in return money which
! is as stable and unchanging in value as
the ingenuity of honest men can make
! il. Debasement of the currency means
destruction of values. No one suffers SO
much from cheap money as the farmers
aud laborers. They are the first TO feel
its bad effects and the last to recover
/ from them. This has been the uniform
/ experience of all countries, and here as
elsewhere. The poor, and not the rich,
are always the greatest sufferers from
every attempt to debase our money. II
would fall with alarming severity upon
/ investments already made, upon insur-
/ auce companies and their policy holders,
upon savings banks and their deposit
ors, upon building and loan association
members, upon the savings of thrift,
upon pensioners aud their families, and
upon wage-earners and the purchasing
/ power of their wages.
..Good Money Never Made Hard Iimes.''
/ 1t is mere preteEse to attribute the
hard times TO the fact that all our cur
rency is on a gold basis. Good money
never made hard times. Those who as
sert that our present industrial and
financial depression is the result of the
gold standard have not read American
history Alright or been careful students
Of the events of recent years. We never
had greater prosperity in this country.
in every field of employment and indus
try, than in the busy years from 1850
to 1892, during all of which time this
country was on a gold basis and en-
ployed more gold money in its fiscal and
business operations than ever before.
"The Free Coinage Problem
1.-The Free Coinage Problem" is the
title of penny magazine or pamphlet,
by Lewis y. Lembitz, of Louisville.
XIV. 1t contains one of the fairest and
best discussions of the money question
TO be had at any price. II contains in
very brief space and in simple language
as much of the early history of money,
,.,...o.;.fr H. =, 4bfe country ne ia pppaS