, 1898-10-08
consideration. The Boomerang
barking up the wrong tree.
OSBORNE'S LOGIC.

I'VE know that we can legislate value
into money. We know that money has
no value except by legislation; that the
reconciliation of silver will cause it to
advance t $1.29 per ounce; that as
o as it is remonetized one n OF
silver will be worth on%e-sixteenth OF an
ounce OF gold. We judge the future by
what the history OF the past has clearly
not because it will benefit the mine
owners, but because it will benefit 80
per cent of the American people. To
be sure, the mine owners. in common
with others. will be benefited. but this
is a matter OF minor Importance. Fifty |
per cent added to the value of our sill
yer output will increase the mine own
ers' income but about $35 900 900 a
year. while so per cent added to the
value Of our wheat cotton crops
will increase the farmers income on
these two products alone not less than
5000, O0O. 900 a year."-John E. Osborne,
in a speech in congress March a, 1895.
At the time Mr.. Osborne made the
speech from which the above is a quo
"tation, the financial question was not
under consideration, but the speech
was made for political purposes, pure
and simple. During the past sixty days
he has been very industriously circulat-
ing the document at the expense Of the
United States. The statements he
makes that money has no raiue ex-
citation of silver will cause it to ad-
vance to s1.29 per ounce" that as o.
as it is remoJ.etized one ounce Ut silver
will be worth one-siXteenth of an ounce
of gold" open up the entire financial
1 discussion and demand attention at
this time. when the democrats are con-
tending that finance is the paramount
issue in this campaign.
AS to the first proposition. If money
has no value except by legislation, why
should silver or gold be used at all?
why . d Initial 'hluiblC " obiIV
things. when paper would answer the
purpose? Carried to its logical conclu-
sion this is just exactly what it means
and Mr.. Osborne cannot get away from
it. If he can legislate so cents on the
dollar into silver, he can legislate rs
cents, a hundred cents. II the value is
in the law and not in the metal then
let's have the law entlrely and save the
metal for other uses. 1t is easy to
prove, however, the value is not in the
law or the notes created by law, but in
to redeem its notes In gold. This was
evidenced by the decline in the value of
United States notes during the civil
war; at one time they fell to less than
so cents on the dollar. gold value. Now
IL the value was created by the law.
why did they not retain the value OF
100 cents in gold?
Another illustrations: When the
confederate notes were first issued so
great was the confidence Of the people
of the south that they would ultimate
ly be redeemed that they were for a
short time actually at a slight premium
over the currency Of the federal gov
eminent. In June, 1861. they fell to 80
cents; in December. 1861, to 80; in
1868, to 20; in June, 1868, to 8; in Jan
uary, 1864, to 2. and on April l, 1865 to
~. Government stamp on those notes
didn't amount to much, did 1t? Why?
Because the government lacked the
power to redeem them. 1t is confidence
in the ability of the government to pay
its notes in gold that gives them value
and holds them at a parity with gold.
Mr.. Osborne. however, is not only
going to le%gislate value into silver, but
also into wheat and cotton. Fifty per
cent" he says, added to the value OF
our wheat and cotton crops will in
crease the farmers income on these two
products alone not less than 5000. 0OO,-
900 a year" Now the same rule OF logic
which we have applied to silver applies
to wheat and cotton as we'll. II we can
by law increase the value Of our wheat
and cotton by $500, 900 900 why not null
tiply by four, by eight, or even by
one hundred? Again, if Mr.. Osborne
can by law legislate the price Of cotton
and wheat up, he can do the same thing
| with all other commodities and ~ ha