The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-12-31
FROM SOLON CHASE.
THE HOMELY OLD PHILOSO-
PIER ON SILVER.
He Writes the Plutocratlc Monetary
Commission In Regard to Their
Schemes for Robbins tho Masses OF
the United States. . .D>, ....


Scion Chase, Of Maine, has written
the following letter to Mr.. Jules Guth-
ridge, general secretary of the money
changers national monetary commits
sion, Washington, D. c.:
Dear Sir:-I am in receipt OF your
letter of October %, which l should
have answered before if l had not been
away from home.
Your questions ignore the great
cause of all our currency confusions
which is the appreciation of gold. The
rise in gold, since gold alone became
primary money in this country, shows
mat currency kept at par with gold
IS very unstable. The effect Of the
single gold standard has been to dis
turb the equity of deferred payments
ana time contracts. The dollar that
is now paid for interest on a fifteen
year-old bond has doubled in purchas
ing power since the bond was issued.
Inc producer has paid his debts in ris-
ing money and sold his goods in
railing market until the savings of a
n1etlme have been wiped out from no
fault of his own. Since gold alone
was made primary money in this coun-
Try the dollar invested in the mortgage
mas doubled in value and the dollar
invested in the farm has diminished
IN value one-half. This is illustrated
by the instance Of the farmer who
+. bought farm ten years ago and paid
halt down, and paid the balance in
equal annual payments. AS the years
roll by 1t takes more and more hogs
ana nay to pay $500 of mortgage, I'M
I'll 1t takes twice as much hogs and
nay TO pay the last mortgage note as
IL ala to pay the first mortgage note
The man who holds the mortgage gets
more hogs and hay than is his due,
but the man who holds the pillow don't
get SO much hogs and hay as is his due.
II after ten years of hard work and
strict economy the farmer is able to
take up the last mortgage note, the
farm is worth only half as much as
when he bought it. What can be more
unjust than financial system that
debts, whose farm is mortgaged?
II silver dollars are redeemed in gold
1t will intensity the strain on gold
and still further increase the unearn-
ed increment that now goes to the
money lender. I would swing wide
open the doors of United States minis
to both silver and gold at 16 to 1, re-
gardless Of what other nations may
DO. am too much Of an American to
play second fiddle to old England or
any other European nation. If after
16 to l gold should go to premium.
1T becomes commodity the same as
paper, hogs and wheat, and would not
disturb prices A premium on gold
when gold is a commodity is as harm
less as "Mary's little lamb but the
appreciation of gold when gold alone
is the standard of value is a wolf in
sleeps clothing.
Your plan Of redemption is not to
redeem, and can only be success
when not enforced. Why promise
what cannot be performed? The only
honest specie basis is 16 to l.
The greenback, that was our saliva
ton in times Of peril and blessing in
time Of peace until disturbed by hos
tile law, is good enough for me. The
greenback Is as secure to the holder
as the government bond. Both rest
on the power and pleasure of the gov
eminent.
Gold has appreciated so much that
an elastic currency kept at par with
gold is an impossibility. A currency
cannot be elastic that is worth more
to keep than to part with. The money
lender demands two or three times as
much property security for money that
Is now the equivalent of gold as he
did in 1880 for money that was then
the equivalent of gold. More credit or
token money that appreciates along
with gold would only add to the idle
millions that are now seeking invest
ment in bonds because the men who
own the productive property OF the
country are not regarded as solvent
borrowers. There is not single gold
standard country on the face OF the
earth that has an elastic currency. If
gold payments were suspended in. this
country all our currency would be-
come elastic in the twinkling Of an
eye. Very respectfully,
soLoN CHASE.
Something Statement Must Consider.
LScva gTyr.