The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-08-10
sHAFROTH SAYS YES.
Declares United states Can Esta blish
Disnetailism nj ~ to fills
sound Reasoning.

| The republicans by legislation pro-
TESS to believe that they have set
tied the silver question. 1t is true.
| they have done their utmost 10 de-
base one of the precious metals OF
| the world, and one that is the prod
uct of our own country. But they
have not destroyed it, says Hon. John
| i. Shafroth, Nj. C., of Colorado. in
Money, and nothing but its total an
inhalation as money can prevent the
recurring agitation of this question.
As long as there are creditors and
debtors in the world; as long as ii is
recognized principle of political
economy. that the quantity OF basic
money affects prices of all commodi-
ties and property. just SO long will
the financial question remain vital
issue in American politics.
There is still in the world nearly
$4,000, 00o, 900 of silver acting as basic
money, and reli. ling the strain on
gold The gold standard of value
cannot be attained until all that
money is annihilated. The existence
of that silver money as surely affects
the value of gold, as the existence of
corn affects the value of wheat, and
the existence of beef affects the
value Of pork.
l recognize that in order to attain
the gold standard of value, IL will not
only be essential to redeem silver
money in gold, but it will be neces-
sary to destroy silver as n money
metal. The next financial legislation.
therefore, that will be attempted by
the capitalistic class will be the total
humiliation of silver as money. 1t
again will cause conflict beween
the creditor. who desires to remove
the cheapening effect upon gold by
the existence of silver money, and
the debtor, whose interest it is to
retain that effect on gold.
When once the policy Of redeem
ing silver coins in gold is thoroughly
established the creditor will then be-
gin the agitation for the destruction
| of the full legal tender silver coins
| throughout the world. Then a bat
tie will ensue, which will likely last
as long and be as fierce as the one
which followed the closing Of the
minis to silver by our legislation in
1873. 1t will be contended, that since
| the silver is redeemable in gold, ii
has become simply promise to pay
| gold; that as promise to pay can
be printed upon paper by the govern
ment for almost nothing. ii is foolish
for the government to have S5O0,Oo0.-
900 invested in a currency rcdeemable
in gold. II will be further contended
that as silver coins can be made at
less than one-half the par value of
the same. 1t is dangerous to have a
circulating medium which can be 20
perfectly and chcaply counterfeited.
With these arguments they will seek
to retire every silver dollar. and then
jump them upon the markets of the
world for sale as bullion.
This movement to annihilatc silver
as money when consummated will
yuDduce fearful results and frightful
sters. BY destroying silver as
ICY. you make gold bear all the
lens of commerce and credit.
have been borne by gold and
together. That. Of necessity.
c. things being equal will great
ly Grease the burden upon gold
| 10 my judgment the only safe none
tary system is that which has stood
the experience of centuries-namely,
bimetallism. 1t can only he estab-
lished by open minis. which cause the
coinage to automatically respond to
the demands of commerce. The BIZ
metallic value of commodities and
propert1is that which is attained by
the use as redemption money. of
both the gold and silver OF the world.
instead of thc gold alone. 1t is easier
to-day for the United States to es-
tablish the parity in value of the
metals. at the ratio Of 16 to 1. than
IL has been at any time since the
closing Of the India minis in 1898.
In order to show what great in
fluence powerful nation can exert.
in establishing the equal value Of the
metals at the ratio Of 16 to !, an i'm
portant fact 70 be borne in mind is
that there is now. and always has
been, shortage in the precious met
ais. This is demonstrated by the
fact that governments. either through
their treasury departments or their
banking institutions. have been COM
PEELED. by reason of the lack Of gold
and silver currency, and consequently
of fully covered paper money, to is
sue a substitute therefor, in the form
OF uncovered paper currency, Gales
credit money. No nation would un-
dertake the issuing Of money based
upon the general credit Of tho govern
ment. or permit banking institutions
to issue such money, il there we're
not an imperative necessity for
greater circulating medium. The
necessity for that greater circulat-
ing medium Is admitted in tn. bill
| Of March IA. as il authorizes a large
increase i'm bank currency