The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1899-03-31

AcJ Oh 1913.
CHICAGO, Ills. March 27.-Edi-
tor Columbia Herdtd:-Ex-Judge
s. p. Mcconnell, recently addressed
the Monticello Club, of this city, on
the subject of the proper ratio for
practical bimetallism, and | heard
him say that he feared the cOnse-
quences of opening the mints to sill
yer, at the present legal ratio, as the
bullion value of silver Is only 80 to
l.; as to taking the choice between
robbing the rich or still further pau
perizing the poor, he preferred to
rob the rich, but he thought it
would be more equitable to COM
promise on medium point be-
tween the present bullion and
coinage rotio of the two metals.
In my opinion there is a conclu-
sive answer, based on existing facts,
to this view. To re. establish bimet-
allism, as it existed previous to 1873,
is not robbing the rich. 1t is mere
ly arresting the confiscation and ex
plOitation that have been going o."
in this country for nearly thirty
years. We do not propose to take
from the bondholding classes and
the money power any of the billions
of dollars that have been heaped
into their Golfers since they began
to manipulate legislation to their
benefit and to the detriment of the
producers of wealth. Between 1862
and 1868 the United States issued in
round numbers so 800 900, 900 in bonds
which were sold for 81 cents on the
dollar. These bonds were bought
and paid for in lawful money of the
United States, which was paper.
The principal of the bonds was pay
able in lawful money of the United
States and the interest was payable
in coin" In 1859, Shylock hung
three brass balls at the city of
Washington and began operations.
At time when all absorbing ques-
tions that grew out of the civil war
were occupying the minds of the
people and the financial policy was
giving them little concern, Shylock
became apprehensive of the credit
of the country, although it was then
better than 1t had been since the
civil war. While he did not max E
as much fuss about it then as he
does now he suffered great agony
and in 1871 persuaded Congress tc
pass the Credit Strengthening Act
a law that was not agitated or dis
cussed among the people and never
came before them as an issue.
By the credit strengthening act the
principal of this enormous bondeC
oh h n ri
billions of dollars, became payable
in "coin" instead of lawful money
, of the United States; in less thar
thirty days after the passage of This
act the price of the bonds advanced
from SO cents to $l.05; an enormou.
: tribute levied upon the people with
out any compensation, except {
small reduction of interest which
would furnish their apologists witt
a thread from which to weave eulo
gies on our magnanimous nationa
t creditors. 1t would seem that ordi
nary greed would have allowed it
victims reasonable time in which
to recuperate, but not so in this case
This "coin" was silver and gold a
the ratio of Is to |, in which tht
bonds were now payable. AS sool
a. the credit strengthening act wa
passed and the Secretary of tn
, Treasury had told the people what
t fine bargain be had made with tn
national creditors, Shylock agait
set up his contribution box, in
quiet way, in the halls of Congress
: and requested two for one, in thi
wise. There were two medals tina
| . nH a IN in
coin bonds were payable. Th
bondholders conspired to preven
: one of these metals from being man
= ufactured into money and thus hav
the coin money supply depend solel
upon the other metal so that in tim
! the coin money of the same denomi
4 nation would buy twice as much. L
1 1873, by ways that are dark, the
actually succeeded in engraftin
upon our statutes a law that shu
off one of our supplies of money i
n which we agreed to pay them, an
= their expectations have been full
realized. We have had to pay tn
number of dollars, just the same a
we promised, but these dollars wOul
e purchase twice as much as the do
: lars we received. Now, when W
i, suggest reinstating the demand 70
: silver, by opening the mints to /
= we are told that we would be rot
e biug someone of his just dues. Whe
q they are shown the very opposite I
! be the case they then say that :
: much time has elapsed since Shy
I lock doubled his money in 1878 thg
: we could not now maintain any sue
= ratio. The real fact is that we nee
more money of ultimate redemptio
than both silver and gold wOul
y furnish at the ratio of Is to l.
( The demand for silver aud gold q
moneys of ultimate redemption
: much greater than the supply hl
: ever been or probably ever will b,
e The money supply OF the world {,
r day Of both gold and silver is,
round numbers, $S,0OO,0OO,O0O. divi,
ed about equally between the Is
= metals. at the ratio Of Is To /. Tt
= demand for both metals in the ar
is very large aud i increasing wi.