'r J i
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if
2
BUBponciion o frco coinage has fallen below tho
colnago value. Our own fractional currency was
made proportionately lighter than our standard
dollar when silver was at a premium, and tho rea
son then given was that tho reduction of weight
was necessary in order to keep tho fractional cur
rency in tho country.
10. Did not several of tho great commercial
nations, prior to '73, givo a premium of $30,000 on
tho million in their colnago of silver abovo our 1G
to 1 coinage?
Answer. Prior to 1873 when France was main
taining (ho parity at 15 to 1, our silver bullion
sold at a premium of 3 per cent over gold coin, and
all of tho silver which we exported went abroad at
that price.
11. lias tho output of tho world's gold and
silver kept paco with population and commerce?
Answer. It is difficult to answer this question
with exactness. During tho last ten years there
has been a very largo increase in tho production of
gold an inerei3o greater, probably, than tho in
crease In population, although wo have no way of
knowing the exact amount required by tho arts.
As commcrco is stimulated by an increased quan
tity of money, it is impossible to toll whether this
stimulation has kept tho commercial activity
abreast of tho increasing money supply.
12. if standard silver dollars are redeemed in
gold as President Roosevelt recommends to con
gress, would not it impose a tax on tho people for
an amount of gold equal to the amount of silver to
bo redeemed?
Answer. If tho silver dollars, when redeemed,
wero kopt in tho treasury and not used, the gov
ornmont would have to replenish its gold reservo
by taxation or by an issue of bonds. If gold con
tinues to como into tho treasury from tho revenue
rocolpts and import duties, and silver or silver
certificates aro issued in payment of the running
oxpensos of tho government, silver dollars can bo
redeemed without resort to either taxation or a
bond issue. But tho difficulty Is that the finan
ciers can largely regulato tho kind of money paid
Into tho treasury, and if they desire more bonds
issued they can cause a draining of the gold re
sorvo and thus force more bonds. They can then
raise a cry against tho re-issuo of redeemed silver
dollars, and demand tho retirement of silver dol
lars in order to break tho "endless chain," as they
call it.
Thoro is no reason why tho silver dollar should
bo redeemed in gold. Tho fact that it is a legal
tondor Is sufficient to maintain it at a parity with
gold. To mako it redeemable in gold simply puts
tho treasury department In the hands of the Wall
street financiers.
13. Would it not bo better to restore free and
unllniltcd coinage, and thereby create tho former
demand for silver dollars equal to our gold dol
lars, and also Increase our ability to redeem all
credit money?
Answer. That is tho proposition taken up by
the platforms of 189G and 1900 and tho position
maintained in tho past and at present maintained
by Iho Commoner, although tho editor recognizes
that the increased production of gold has relieved
the strain upon gold, and thus turned the attention
tions P ' h Um0 beins' t0 other ue
14. Since the demand Cor silver maintained by
frco coinage was destroyed in 1873, has not tho
value of our silver bullion decreased $500,000 in the
million compared with its value when free coin
ago prevailed? com
Answer. The demonetization of silver has not
effected the value of tho sliver already coined and
circulated at full legal tender, but it has reduced
the bullion value of silver, and our silver dollar
(if molted) would show a loss equal to abou : hSf
of their nominal value. As long as they circulate
s wr power-ihy
it. Into money representing double its cost?
Answer. Yes; foreign countries have not onlv
profited by buying silver at a low price aSdco7
ing it at a higher price but England n, n I Si n"
nation has especially profited beS ? i r
taation of silver iL?iaMnim
t "- -S-8
10. "Wfculd not the coimtrv h i
danger oC. Hurtful panics ith tt J",r more
Stamlard tliari Wlth tho Toubie rtSdjirt?" gW
be a sound contention LOmmoner beleves it to
not
wswaaa
The Commoner.
masses than gold, paper redeemable in silver to bo
used in large transactions?
Answer. It i3 not necessary to choose between
the gold standard and tho sliver standard. Tho
double standard is better than either, and would
mako tho United States tho clearing house for both
the eastern and the western world by maintaining
tho double standard, thus enabling us to deal with
Asia upon a silver basis, and with Europe upon a
gold basis. Tho dislocation of the power of ex
change is a serious intcrferenco with business, and
it is better that the double standard be maintained
either by all tho nations or by some strong na
tionthan that one-half of the world should uso
silver and the other gold. Tho use of silver certifi
cates for large transactions removes the objection
that has been made to silver because of its weight.
In largo transactions people prefer paper money
to either gold or silver, as shown by the fact that
we have now outstanding about the same amount
of gold certificates that wo have of silver certifi
cates. JJJ
Let the Battle Begin
The Standard Oil trust seems to have thrown
down the gauntlet to the people of Kansas, and
the people of Kansas show a disposition to meet
the issue.
The Kansas house of representatives, on Feb
ruary 15, by a vote of 91 to 30, adopted a bill pro
viding for the establishment of a state oil refinery.
Ii is announced that Governor Hoch has signed
the bill. Under the provisions of this measure, an
oil refinery will beerected at Peru, Kan., and a
determined effort will be made on the part of tho
representatives of Kansas people to bring tho
oil tru3t to terms.
February 15, the lower house of congress
unanimously adopted the following resolution:
Resolved, That the secretary of commerce
and labor bo and is hereby requested to investi
gate the cause or causes of low prices of pe
troleum in the United States, especially in tho
Kansas oil field and unusually large margins
between the price of crude oil or petroleum and
the selling price of refined oil and its by-products;
and whether the said conditions have re
sulted in whole or in part from any contract,
combination in the form of a trust or other- '
wise, or conspiracy in restraint of trade and
commerce among the several stations and ter- '
ritorles or with foreign countries; also whether
the said prices have been controlled, in whol
or in part, by any corporation, joint stock
company, or corporate combination engaged
in commerce among the several states and
territories or with foreign nations, also wheth
er such corporation, joint stock company or '
corporate combination, in purchasing crude
oil or petroleum by an order or practice of
discrimination, boycotts, blacklists, or in any
manner discriminates against any particular oil
field; also to investigate the organization, prof
its, conduct and management of the business
of such corporation or corporations, company
or companies and corporate combinations if
any, and to make early report of its finding' ac
cording to law, to the end that such informa
tion may be used by congress as r basis for
legislation or by the department of justice as
a basis for legal proceedings."
Under date February 16, the Associated
Press announced that President Roosevelt had di
rected James A. Garfield, commissioner of corno
rations of the department of commerce and labor
to begin immediately tho oil investtenHm!
SK?,1? tbG hTe 0f reLlaUve S It
sociated Press said: "The investigation w
direction of the president win7 b frig d ancom
prehensive. The inquiry will be pressed w raSSK
as possible The scope Of the invest gatioS and
For many years the Standard Cil trw i
nterfered with American government TlmMv
has made largo contributions to republan
paign funds and has assumed to aV, l VS cam"
didates for public office Xtm toST
nates could not depend. The oil IvLl m.ag"
quently grappled with competitors and in ?'
stance those competitors haTe been cru S V In"
effort made by this great traq? i l d Every
advancing its monopoly b en successuL Z
is not at all surprising that Z? ul and lt
great trust have become so M?TE f that
defy the people of a atatochauiJ? dT
serious combat. cnauenge them to
. It is gratifying to learn that rh i
Kansas aro not disposed to suS SttT Zl
VOLUME 5, NUMBER
tlons which the Standard Oil trust would put upon
them; it is gratifying to learn that tho lower houso
of congress ha3, by unanimous vote) declared itself
to be in favor of the 'Kansas people; and more than
all, it is gratifying that tho presideri t of the United
States has acted promptly, showing that his sym
pathy is clearly with tho people of Kansas in tho
great contest they aro about to wage with tho
most powerful of commercial organizations.
Every little helps in a contest of thi3 kind.
But more important than all is the fact that tho
president of the United S'tates has acted promptly
and acted in a way that gives reason for the hopo
that he will employ all the great pbwer and influ.
ence at his command to protect the people of a
great western state from the impudent encroach
ments of a merciless monopoly.
President Roosevelt has tho power to givo
victory to the Kansas people in thi3 great struggle.
He will readily discover that for his patriotic ef
forts he has the cordial endorsement of men of all
political parties. It is safe to speak for the great
mass of the American people, for the rank and flleN
of all political organizations, and to say that in
the support given to the president of jthe United
S'tates in the effort he makes against the encroach
ments of a monopoly: "We are all republicans, wo
are all democrats, we are all populists, and wo
are all independents!"
If Kansas is to be the fighting field, let tho
battle begin.
JJJ
Unsafe Banking
The investigation of the affairs of the German
bank of Buffalo has brought to light the fact that
Appleyard, the Boston financier, who looted tho
bank, bought a controlling interest in the bank for
$133,500 and thus obtained control of $6,000,000 of
deposits. It ought to be evident to any reasonable
man that banking will be unsafe just as long as
a bank is allowed to accept deposits so far in
excess of its capital stock. The margin between
the bank's assets and its deposits is often too
small to furnish adequate security and the temp
tation, as in the Appleyard case, is too great to
unscrupulous promoters to get control of the stock
in order to use the deposits. A- fixed proportion
should be established between the 'capital-and tho
deposits.
JJJ
9
Parties a Necessity
A reader of The Commoner writes that ho
heartily believes in most of the principles advo
cated by The Commoner, bu,t asks if the editor of
The Commoner is not "too much of Ja party man?"
He refers to the last campaign and intimates that
the editor of The Commoner should have, opposed
the democratic ticket.
The party ha3 a place and a necessary place in
American politics. People must act together in
order to secure the enactment of a law or the ac
complishment of any reform. Without party or
ganization there would be more bossism than there
is today, because a few prominent, men would have
to assume the responsibility of directing public
movements. With pcrty organizations in good
working order and properly governed it is possi
ble for the voters of the party to initiate policies
and select candidates. Every voter ought to be
long to some party, and -in choosing a party ho
ought to select that party which, c things con
sidered, offers tho best oportunity of securing tho
application to government of the political princi
ples m which he believes and the adoption of the
policies he believes to be best for the country.
Unless a man belongs to a party ho is left
merely to choose between the candidates and plat
forms presented by the various parties, while tho
member of the party helps to frame the platform
and to name the candidate. Having connected
himself with a party the voter ought not? to leave
his party except for a substantial reason, for by
connecting himself with the party he takes upon
himself tho implied obligation to act with the party
SSJSSf aS Party Is trilG t0 its Principles and
avowed purpose, it is not to be expected that each
platform will in all respects please every membor
or the party. The members of a party, whilo agree
nnL ?f? general purpose and subscribing to a
? ? ?, amGntal Principles, may differ widely
a iS2mnPI?lcaH0? ,of those PrinPles. And after
ihK iias trc t0 makG a Platform exactly
If on th es.I have t resent, he accepts it
SSLrtn! "comes nearer to representing his
views than any other platform.
exJrt I wm-?.nner thG mDer of t party must
dSSSolL?8 J?omInaon may ebmetimes bo
aw to hSvp f ? him. If th0 bers a Par
are to have a clear voice in the selection of a can-
j
-h