Blackfoot news. (Blackfoot, Idaho) 1891-1902, 1897-02-13

created by any agency on earth in de-
fiance of laws which nature has de-
creed, and any effort TO do it will bring
ruin to those who undertake it, and
suffering TO all who come under the
dominion OF such attempts"
It is fact than in 1874 the British
parliament passed an act which pro
vides that the Bank OF England must
pay to any person presenting for sale
to the bank an ounce of gold bullion
e3 It's. Cd, and that the coin value Of
the English sovereign should be cur
rent on the basis OF 60 It's. load. for
an ounce OF gold. 1t occurs TO my mind
that such legislation had the effect OF
making fixed market price below
which it cannot advance
which gold bullion cannot go, as we'll
as fixed price beyond which it cannot
advance so far as the debt paying
power of sovereign can be utilized as
money.
II the debtor owed one hundred
pounds sterling he could discharge that
debt on the payment OF one hundred
sovereigns. II, under any circum-
stances he should be compelled 20 pay
an advance over the bank rate for his
soyereigns he could not discharge with
them greater debt than one hundred
pounds. Let us suppose that our minis
were opened to shS unlimited coinage
of silver dollars at the ratio of l6 TO
l, and that the dollars so coined We're,
by statute law, made legal tenders IN
the payment of all debts public and
private. and 1t is certain that the price
of silver bullion in this country would
advance at once to Sf.29 per ounce.
No owner of silver bullion would part
with it at less price than its coin
value. l cannot, therefore, conceive Of
/ 53-cent dollar under such conditions
| that life insurance companies could use
| in payment of death claims, or that
savings banks could pay their deposit
ors with as all our silver dollars are
/ now and would be then 100-cent dol
lars. In order that 4121s grains Of
standard silver shall possess the money
| function to the extent of one dollar.
\ there must 5ea statute law to that effect
| passed by congress. as congress is the
only authority in this country that can
| give it that function, and Is the only
| power than can coin money and regu-
late the value thereof" Let us at once
disassociate in our minds, money from
commodity, as well as the idea OF
there being intrinsic value in money
and it will greatly assist US in the dis
cussion Of this question.
All money coined in this country
loses its money function the moment
1t passes out OF the jurisdiction OF this
government, for at that moment 1t be-
comes commodity; we all know that
our gold coins are not counted in Eng
land, but are weighed on the scales
, the same as wheat, cotton and pork
, and that We must part with them at
the market price, or at the rate Of
f3 lis. Cd. for each ounce Of gold bull.
lion. which market price is made In
England By compulsory statute law
Let US suppose further that oil!
minis were open to the unlimited coin
, age Of silver; Is II not Logical 90
, clusion that silver bulnon .olld o54n
!. mand the same price ii London. Paris
or Berlin, that it would in New York
less the freight and shipping charges?
) We have exported 30 far this yeal
above s29 900 900 OF silver bullion. Car
, you doubt that we should continue t
! export our surplus silver bullion undei
! the new conditions? -Four hcn fred an.
!, eighty-seyen million nine hundred thou
!, sand dollars coined silver Is nov cir
culating in France at par with $3.50,
: 100000 gold and s32 100000 uncovered
paper, and is worth 3 per cent NOR
! there than it Is in the United State
! to-day. Their ratio being 15B to
while ours is 1s 10 /: their per capiti
:, circulation being s35.77, almost entirel,
coin. Now If France. with a popula
ton OF 37.000.0 600. can float sllge
!, coinage OF nearly $500, 100000 at pa
! with gold and do so independently, VIII
:. should not the United States with he
!, 20 100000 population not only feat tn
! same amount or even its pro rata pc
! capita which would be above 5000, 900
j 000 In India coined silver is wort
n st.37h per ounce and the government
! has purchased over ten million ounce
Of silver bullion this year, the pa
q value of the rupee being S0.4737.
. Why should foreign holders shi
q their bullion to us when 1t Is wort
= more at home when coined than 1t
+ here? They need all they have an
. must continue to import bullion fl
4 their own consumption In the arts q
! we'll as for coin. There Is no avoidin
"a the conclusion that under the free coli
>. age Of silver by the United Stat,
! prices OF all kinds Of property an
= commodities will advance, labor wi
n find opportunity for full employment
increased wages, real estate would /
in demand, new buildings would
~ constructed, the manufacturers OF II
a, country would find a quick market I,
a their productions. our expectation
m would increase immensely, and il
n clear to my mind that the manufactu
10 ers, the farmers and the wage earne
"a OF our entire country will derive vel
= much greater benefits under the ne
~ order than the owners Of silver mine