Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1900-07-19
THE INEVITABLE RESULT.
Aea OF March Ii, 1900, Right i'm LiRe
with Republican Policy 03
Contraction.


TO me, is the logical and inevitable re-
suit OF the success Of the party which
has adhered 10 the financial policy en-
gineered by John Sherman for so many
years with al eye single to the COM
plete characterization Of the more use
full half Of constitutional. legal tender
coined money. Republican monetary
legislation has ever been shaped with
IN eve single 10 the limitation of the
right c. the people TO have a steady
increase IN the circulation OF the money
of the people which alone IS available
il TIE payment Of all debts under the
laws Of tender. It has always sought
to expand the volume OF money that IS
not full legal tender Il the payment
of debt.
The parity clause Of the Sherman
law was an absurdity. with a nischiey-
Gus design cloaked under it: the '-pari-
ty' clause C the act of 1888 was sim
ply intended to shake the public faith
IN the standard silver dollar as re-
~derption money, or money that was
legal tender IN payment Of debt. She
handspring Of all the movements
against silver has been the purpose to
enhance the purchasing power OF each
money unit by reducing the volume Of
primary money. That was the under
lying ard uRack1owledeeG motive be-
hind the adoption CT the gold standard
in England. as it has been in this and
other countries.
in the ffties. when the mines OF
California and Australia were pouring
their golden streams into Europe and
America. Chevalier and others, in al
vocating the characterization Of gold.
boldly announced as a reason therefor
that the rapid augmentation of the
volume Of primary money meant a re-
duction Of the value of the money unit.
The truth Of the theory that the value
of the dollar (Which is only its pur-
chasing power1 depends primarily
upon the total amount of redemption
money. found no one 10 dispute it until
it became necessary to the success OF
the god standard doctrine TO throw
doubt upon it; and then all the wiles
Of casuistry were brought to bear TO
persuade the public that the volume
of money has nothing to do with its
value OF purchasing power. The in
sincerity of this contention was evil
dent enough to the thoughtful mind:
and the acts of those who made the plea
belied the assertions they were con-
stantly offering 10 an imperfectly in
formed people.
The endless chain was instituted
by Secretary Foster on October Il.
1891 1t annulled in effect the laws of
congress making the silver dollar a
redemption dollar: and it was by the
surrender of the governments option
TO pay the greenbacks and treasury
notes in either god or silver that the
national treasury had its vaults opened
TO the money changers and harpies.
From1s7s to 1891 the $4,000 coo green
backs had occasioned no trouble what
ever During that period they had
drawn from the treasury only S34.-
0o0.GG3 gold. The chain was not end
less so long as the silver dollars stood
in the path Of the gold raiders
The fears excited by the present ex-
~traorGinary powers placed in the hands
OF one man by the new currency law
are doubtless we'll founded. vet. with
al the authority vested in him BY law.
| cannot see wherein he can do more
mischief than was done by Secretary
Foster. not only without warrant of
law, but in plain violation OF its letter
and spirit.
Secretary Fosters work was prac-
tic2ily Endorsed and made permanent
by the policy of Cleveland and Car
Isle. and Secretary Gage has made lit
tie secret of his intentions. from the
first. TO carry out to its bitter end the
policy iEaugurated by his predecessors
and carefully planned by John Sher-
man long prior TO the act of 1890
the ultimate extension of the endless
chain Of redemption in gold to both
silver dollars and certificates.
The Sherman law Of 1890 was drafted
with this end in view. It prepared the
way: "a for the discontinuance Of sill
yer coinage; and ~. for the ruling
which Secretary Foster made by which
greenbacks and treasury notes were
practically made gold obligations. In
law. the silver dollar has been re2c7nE-
ton money since 1878; in fact. il has
been robbed Of its redemption func-
tions since October. 1891. As between
a silver dollar which is not money |
in the full sense of the word. in fact |
and law. but depends upon the gold
dollar for its circulation and value. and |
the paper dollar which derives its pur-
chasing power from the self-same
source I see little to choose from.
The difference which the value OF |
silver as commodity imparts is about
counterbalanced by the greater cheap
ness and convenience of the paper cur
rency- Under the policy of the gov
eminent. since 1891. both have been |
pseudo moneys, the act of March II.
1900, only legalizes an already exist
ing evil The whole scheme is full of
iniquities and deserving of thorough
T~enTlatioD; but that ventilation will
not amount 10 much until the pubic
mind is first made familiar with the
nature and functions of real moner-re-
6emption money-and the difference
between ~full-powered primary money
and the ~enasculated silver dollar which
is no longer anything but mere token
honey
II is inevitable that the struggle to
secure for the people an increase of
legal tender coined money of both
kinds viii be renewed. The policy Of
the party which enacted the new cur
rency law must have a reactionarv re-
suit. That policy has not changed IN
purpose since the day when its false
apostle Of money first demanded the
abandonment of silver as q money
metal Of ultimate redemption. and
urged that silver dollars coined upon
raxR-rmeu4 aeaa85n4 shaa16 he re-