The Louisiana populist., 1898-01-14
FROM SOL0N CHASE.
The HOMELY OLD PHlLOSO-
PIER ON SILVER,
"e writes the -Plutocratic Monetary
commission in Regard to Their
Schemes for Robbine the Masse. n,
tho United States,

| 70
tho United States.
Solon Chase, of Maine, has write,
the following letter to Mr.. Jules Guth
rldge, general secretary of the money
changers national monetary commits
sion, Washington, D. c.:
Lear S1r:--I am in receipt of Won
letter of October 20, which 1 shoul(
nave answered before if had not beer
away from home.
your questions ignore the grea
cause of all our currency confusion.
"hlch IS the appreciation of gold. Tht
rise IN gold, since gold alone became
primary money in this country, shows
.nat a currency kept at par with GOLD
IS very unstable. The effect of the
single gold standard has been to dis.
'ufo the equity of deferred payments
ana time contracts. The dollar that
IS now paid for interest on fifteen.
sear-old bond has doubled in purchas-
.ns power since the bond was issued.
me producer has paid his debts in ris-
ing money and sold his goods in a
.aillns market until the savings of a
iiletlme have been wiped out from no
lauit OF his own. Since gold alone
was mace 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
al 'alue one-half. This is illustrated
ny the instance Of the farmer who
oousnt a farm ten years ago and paid
nail down, and paid the balance in
equal annual payments. AS the years
Toll by 1t takes more and more hogs
anu nay to pay S100 of mortgage, un-
III II takes twice as much hogs and
nay 10 pay the last mortgage note as
1t ala to pay the first mortgage note
Inc man who holds the mortgage gets
more hogs and hay than is his due
Out the man who holds the plow don't
get SO much hogs and hay as is his due.
II a1ter ten years of hard work and
strlct economy the farmer is able to
take up the last mortgage note. the
larm is worth only half as much as
when he bought it. What can be more
UNJUST than financial system that
doubles the burden Of the poor mans
debts whose farm is mortgaged?
Ii silver dollars are redeemed in gold
II Will intensity the strain on gold
ana still further increase the unearn-
eo Increment that now goes to the
money lender. would swing wide
open the doors Of United States mints
10 ooth silver and gold at 16 to l, re-
gardless of what other nations NAV
90. | am too much Of an American to
play second fiddle to old England or
any other European nation. II after
10 to l gold should go to a premium.
lt becomes a commodity the same as
paper. hogs and wheat, and would not
llsturb prices. A premium on gold
"hen gold is.a commodity is as harm
ess as "Mary's little lamb" but the
appreciation OF gold when gold alone
S the standard of value is a wolf in
heep's clothing.
Your plan Of redemption is not to
edeem. and can only be a success
When not enforced. Why promise
Vhat cannot be performed? The only
onest specie basis is 16 to l.
The greenback, that was our saliva
ION in times OF peril and blessing in
lme OF peace until disturbed by hos
lie law, is good enough for me. The
reenback is as secure to the holder
the government bond Both res,
n the power and pleasure of the gov
!
GOLD has appreciated so much that
n elastic currency kept at par with
OLD is an impossibility. A currency
annot be elastic that is worth more
Keep than to part with. The money
nder demands two or three times as
uch property security for money that
now the equivalent Of gold as he I
d in 1880 for money that was then i
e equivalent of gold. More credit or 1
ken money that appreciates along I
lth gold would only add to the idle c
illions that are now seeking invest i
ent in bonds because the men who
Vn the productive property of the
untry are not regarded as solvent II
rrowers. There is not single gold n
andard country on the face Of the n
rth that has an elastic currency. If Il
ID payments were suspended in this c.
untry all our currency would be- O
me elastic in the twinkling of an "
e. Very respectfully, 81
SOLON CHASE. "
N ~ A.