The herald., 1897-09-21
Bimetallism

To the Editor of the Los Angeles Her
aid: 1t is source of satisfaction to the
bimetallists to see the administration
trying to induce foreign governments tc
allow us TO have free coinage of silver
in this great country. Well, there are
some indications that England, France
and Russia may at no distant day
adopt bimetallism, not because Presi-
dent Mckinley wants them to do ii, but
because the masses Of Europe are be-
ginning to clamor loudly for it. The
money lenders and bond SPECTATORS and
usurers Of Europe and America never
VIII consent to bimatalism till they are
forced to, but the statesmen who are less
controlled by money muy hearken to the
demand of the great industrial classes
and, to avert revolution, which grows
out of great industrial depressions, con-
sent 10 join this country in an interna-
tional agreement to remonetize silver.
We have all heard the hurrahs of our
gold standard friends over the dropping
OF silver down to 3S or 40 cents in Mex
leo measured by the gold standard, of
course). Since President Diaz and the
Leading manufacturers and business
men Of that country have been heard
from the hurrahirg has ceased, for the
word comes from those prominent Mex
leans that the country is very prosperous
and they want no gold standard there.
Nearly everybody now, except the
blind goldite,, knows that the enforc-
ing of the single gold standard in asy
country increases the purchasing pow
er OF gold and puts millions of unearne0
dollars into the pockets of the rich cred
itor classes, which costs them not a
penny, while it robs labor of like sum.
1t has doubled the mortgages the money
lender holds against the debtor; it is
an easy but very dishonest way for the
crafty rich to get possession of the
earnings of labor, giving nothing in re-
turn The campaign talk Of last year,
that gold only is honest money" was
sopl1istry-was more than that; was a
falsehood told by the attorneys of the
money power SO persistently that
thousands OF honest people believed
them Now, since the smoke Of the bat
tie has cleared away, 1t will be good
time perhaps to read an extract from
a decision of the supreme court OF the
United States as to what honest mon
ey" is. The supreme court says:
Whatever power there is over the cur
rency is vested in congress. If the pow-
er to declare what is money Is not in
congress 1t Is annihilated. We
repeat, money is not a substance, but
an impression of legal authority q
printed legal decree. (Second WAL
lace, 519. U. s. supreme court.)
Judge Tiffany, high authority, in his
work on Constitutional law written be-
fore the civil war, says:
There is legally no such thing as gold
or silver money. Money Is the sover-
eign authority impressed on that which
is capable of taking and retaining the
impression. That upon which the stamp
Is placed is called coin; the coin may
be metal, parchment or paper. The
value is in the stamp. and not In the
metal or material.
I freely admit that the rank and file
of those who believe gold coin only is
honest money" are sincere in their be-
lief, but the leaders know better. They
deliberately deceive and mislead the
masses because they own and control
the gold metal, ard by making the
great industrial world believe that hon.
est money can be made Of no material
but gold, they can reap rich harvests
where they have not sown and fitch un-
told millions from honest industry, CIV
ing no value In return
r. A. DAGUE.