Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1900-01-10

PioNo auarrier 10 Tue proposed Surren-
der OF sovereign power, to chartered
banks.
Senators are not tied by rules which
cut off debate, and if the true represen-
tatives of popular rights and wishes in
that body exert their powers, they may
avert the threatened evil. Let us hope
that they may do 80.
Our whole trouble comes from prop.
er want of knowledge of money itself,
its function, its origin and constitution
All this talk of intrinsic value, stan
dard of value and of the difference in
the commercial value and the coined
value of money is m anifestation of
this Ignorance which has been the cause
of much wrongful legislation in the
past, and of great human suffering, and
if broader views are not cultivated, it
promises in the near future to bring up.
on us greater evils still, for the world
has been piling up mountain of debt
in the last fifty years which represents
so large proportion of the total wealth
of the world, that conditions are not
what they were, and fooling with the
volume of money, the debt payer, is
dangerous both to debtor and creditor.
The value Of money cannot be fixed
by law though it is the creature of law.
Never existed there piece Of money
which was not made such by law,
These are simple but fundamental prin-
ciples susceptible of the clearest proof,
Without going into any extended dis
QUESTION upon this obtruse subject we
will refer to the errors so commonly in
dulged in by those who discuss this i'm.
portant subject.
AS to intrinsic value, there is not q
scholar in the world of any repute who
will risk his reputation by affirming
that 1t can be applied to value. One
cannot conceive of any value in money
without connecting it with something
outside of, exterior to itself.
Its function is use, its value lies in
what it will do for US, and it might be
much more properly said that the value
is extrinsic than intrinsic Its value
is measured as all things vendible are
measured, by what it will bring in ex.
change, and that its value is subject to
the same law of supply and demand, as
are the commodities for which it is ex-
changed, it is q simple and plain PROPOSE
ton.
Law establishes the unit of money
and fixes it's value as to,weight and fine
ness. The value of that unit depends
upon the number of units and the de-
mand existing for them.
Value being subject to thous-
and and one changes it cannot be
fixed, and therefore there cannot be any
standard of value, for standard must
be tixity. So much for the absurd.
ity of our present legislators attempting
to establish any existing or any other
standard of value. They all admit the
change of money brought about by the
addition of about two and quarter
per cent to the worlds stock of precious
metals. Is it not an admission that the
quantity of money-all else being equal
determines its value?
just what we claimed in the ca M.
paign of 1896. All admit that it is q
public blessing and boast of prosperity
resulting.
Now word as to commercial and
coin value.
There can not be, never has been
and never can be any variation in the
two under the free coinage laws of both
metals into money.
This ought to be SO plain and appsr-
ent as to require no illustration.
With the minis of the world open
to the free coinage of gold and silver
into the money of the realm how can
either be worth more or less. Not less
for the mint will give that. Not NOR 6
for through the melting pot coin can b G
converted into bullion.
Labored arguments extending
through the whole pages of the Times
(London) were made to show that there
were variations of perhaps part of
one per cent In relation of bullion value
But it only represented the small COM
mission which at times compelled mer-
chants to, through brokers, exchange
one for the other to meet
trade obligations with nations using
silver alone.
The much talked of premium on our
silver dollars over gold in the period
prior to 1873 was simply that our coin.
ed dollars represented a half ounce
more of silver to the ounce of gold than
the European mints, and an ounce more
than the Indian minis which really
coined no gold after 1885. American
and Mexican dollars were taken to the
melting pot. Well authenticated cases
of dollars being sold to jewellers in 1873
for 81. 10 in gold are given.
All this does not alter the fact so
clearly stated by Cernuchi, the eminent
banker and publicist, at the Paris con
ference in 1881. That between 1903
and 1873, France by law, public and
universal; coined any quantity of either
metalsr TO ali corners, at the ratio of 15%
to L, fixed the value of both metals at
that ratio. Silver was not freely taken
to mints which required 16 ounces to
equal one of gold after that.
But Mr.. Editor, something far more
i'm portant than continuing the payment
of go Id for coin obligations BY our
treasury in open violation of law is in.
volved in this bill. 1t gives the Secre-
tary of our treasury power to increase
the public debt at libitum, and to lock
up the money of the people until such
stringency is felt in the centers of our
greatest industry-stock gambling :
that the strange spectacle of buying
back bonds at big percentage over
what he recently sold them for, is pre-.
sented. And to relieve his pets, then
corner the depositing of public rev.
enunes where they can do the most good
Is 1t any wonder that even Mexfcsns
ridicule 1t as charlatanryp
Gold and glory is, according to Mr..
Senator Depew, to be the battle cry in
1900. Are we ready for ttp
]. W. PoRrRR.