Hemingford herald. (Hemingford, Box Butte County, Neb.) 1895-190?, August 09, 1895, SUPPLEMENT, Image 6

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Tha silrerilrs Bay tlmt tho only way
to find out whether f rco coinage would
increase tho commercial valno of b!1
Acr to $1.20 per ounce, ja for tho Uni
ted States to try tho exporiment. Aro
the peoplo willing to run tho risk of
National bnnkrnptoy, moroly to sat
isfy the cheap money agitators that
lavs do not mako values? All sensi
ble men know that already and they
io not going to upsot our financial
-system for tho sako of trying fool ex
periment!. Editors of freo silver papers must
have a very poor opinion of tho intel
ligence of tho public. Instead of giv
ing faots and arguments to Bbow that
froo coinage would bo a good thing
for the country, thoy content thorn
selves with child's fables about tho
"shylooki, gold conspirators," and
"aionoy sharks. " This may ploaso
those whose minds are already mado
npln favor of the flfty-cont dollar,
bnl it does not enlighten the men who
are honestly socking for the truth on
the money question. That tho silvor
standard advocates find no hotter argu
ment than silly abuso of thoir oppo
nents, may be safely taken as evidonco
of tho woakness of their cause.
Thoro aro in this country about
iwenty-fivo million adults. If tho froo
-coinage schomo for "putting tho
monoy in the pookots of the people"
wbb ndoptod, eaoh man and woman
would havo to carry round with thorn
twonty-flvo big silvor dollars in order
that "tho people" might havo In their
possession nil tho monoy of the ooun
try. Of course it would nevor do to
Jet tho wiokod bankers have tho proo
ions whito motal disks on deposit, bo
checks could not bo nsod for largo
purehasos. Tho necessity for ft woman
carrying two or threo pounds of Bilvor
on a shopping expedition would bo ono
pleasing rosult of tho cheap monoy ex
periment. Morchnnta would build
special vaults for holding their re
ceipts, and wo would bo back again to
tho primitive condition of bartering
goods for motal.
Thoro may bo a few poople in this
country who honestly beliovo tho ail
verite charge, that tho okango in our
coinage laws by whioh tho silver dol
lar was omitted from tho list of logal
tondcr coins, was brought about by
British influonco. Of course tho story
about tho bribery of Oongross by tho
English banker, Ernest Soyd, is a stu
pid lie, yet it is repeato'd as a froo
coinogo argument. To all tho at
tempts to mako it appear that
Qreat Britain is anxious to have other
countries adopt tho gold standard,
there is ono conclusive reply. For
over a hundred years India, with more
than two hundred millions 61 peoplo,
ha betn governed by tho British.
Yet the silver standard was established
and is still maintained in India by the
British Qovcrnmont. Does that look
as though the British gold bugs woro
engaged in "striking down tho Bilvor
monoy" of tho world?
Freo Colnago Dissected.
The Sound Currency Oommitteo of
tho Reform Olub has just issuod a
short pamphlet entitled "Freo Coin
age Dissected." It puts tho case
against freo coinage in tho clearest
possible light, and tho language is so
simplo and tho sentences so short that
no ordinary meohanio or farmer need
have any difficulty in understanding
tho discussion. Ex-Congressman John
DeWitt Warner, tho author of tho
pamphlet, dissects, in turn, each of
tho principal claims of tho frso coin
age advocates.
Many excellent answers to "Ooin'a
Financial Sohool" havo been written,
but, heretofore, thero has been no
first-class pamphlet to put into tho
hands of tho millions who havo not
xead "Coin's Financial Sohool," but
who are intorested in the curronoy
discussion. Thoy will bo glad to got
in this condensed form, not only tho
prinoipol objections to "Coin's" book,
but to the whole scheme of froo coin
age at 16 to 1. The pamphlet is, in
fact, a primer of sound curronoy.
Tho pamphlet is well adapted for
general distribution, and merits a wide
circulation by tho friends of honest
money in all sections of the country.
It is No. 10 of Sound Currency, and
can bo obtained by sending fivo cents
to tho Reform Club, 52 William street,
Now York City.
How to Hasten Returning Prosperity.
The Florida Citizen (Dem.) belioves
-that all signs point to the speedy tri
umph of sound money, but still it
urges the foraai.on of noro sound
money clubs in the South, saying:
"They will spread right views and
hasten the time when the delusion will
disappear. It is particularly fit that
och efforts should be made in South--era
States. The surest way of hasten
ing tho return of complete prosperity
is to dispose of the free coinage folly."
GAimVlLLi; GA.
He Makes a Strong Argument Against
Freo Colnnsc TCxplalns Why the
Price of Silver Has Fallen and
' Tells or Somo of tho Inevitable
E fleets of Freo Coinage at 10 to 1.
Tho following is a part of Secretary
lloko Smith's speech at Gainesville,
Go., on July 23:
Tho valuo of silvor bullion has fallen
since 1878, on account of tho lossenod
cost of production, on account of tho
enormous inoroaso in production, and
on account of tho docreased demand.
All of these oloments entorod into and
holpod to cause tho redaction of tho
valuo of oilver.
To rostoro tho prlco of silver to ita
valuo in 1873 yon must romovo all tho
onuses whioh havo reduced its valuo.
Concodo for tho sako of argument that
tho action of tho United Statos was
ono of thoso canses, it is illogical to
claim that tho romoval of this ono is
to romovo tho offeot of all tho others.
But it is nrgod that tho United
States should try the exporiment, and,
it it failod, thon abandon it, or change
tho ratio. Tho facts stated show con
clusively in advance that it must fail.
To lift tho value of 412t grains of sil
vor in tho Unitod States from 60 to
.100 oonts it would bo necessary to lift
tho valuo of all tho silvor in tho world
to the samo oxtont, less tho cost of
transporting it to tho United Statos.
That volume to-day, coined, is $4,
051,700,000. If tho burdon woro only
to raiso tho oommerolal valno of
the coined silver, in thoso coun
tries whoro it was dropped, to bullion
valuo, tho undertaking would still be
dearly impossible. Indiakas$9G0,O0O,
000 ; China, $750,000,000 ; Japan, $72,
000,000; Moxico, 50,000,000; South
Amerioan States, $30,000,000. A to
tal of $1,852,000,000 is usod by theso
countries alone. This silvor, though
coinod. circulates only at its bullion
valuo. In addition to this, oan the
silvor mines afford to continue in
creasing their prodnotion, as thoy
have, from 881,000,000 in 1878, to
$214,481,000 in 1890 on a market
whioh has risen 100 por cent? Tho
volumo to bo raised in valuo extends
to tho earth deposits as woll as to that
horetoforo minod.
Wo woro unablo to keop tho valuo
of silver up to gold under tho Freo
Coiuago not of 1792. Wo wero un
ablo to keep gold up to silvor under
tho Froo Ooinago aot of 183 4. Franco
andjior associates in tho Latin Union
found themselves unablo to keep sil
vor up to gold in 1874. Tho failure
of theso praotical tosts, under far
moro favorablo circumstances than
thoso of tho present, demonstrated how
how ridioulous is tho claim of tho sil
ver advocates.
Theso facte, fairly considorod by
any one, will bring tho conclusion that
freo ooinago at 10 to 1 means tho uso
of no coin but silver ; means a now
standard of moasuro equal in value to
tho prcsont commercial valuo of tho
bullion now put into a silvor dollar;
moans a new dollar worth only ap
proximately half as muoh as tho pres
ent dollar, and tho moasuro of all
valuos by this now standard.
Tho immediate effcot of tho olootion
of a President committed to eaoh a
polioy would bo tho soparation of the
gold and silvor dollar, tho gold dollar
going to premium of about two for ono.
Wo would loso at onoo $078,000,000
of gold now in oirouktion and now in
the Treasury, Tho greenbacks and
Treasury notes $375,000,000 whioh
would still remain outstanding, would
bo hoarded, in tho hopo that a froo
silver bill, if passod at all, would bo
soon repealed. This would tako plaoo
immediately after tho olootion of a
President in Novomber, 1890, and
probably ovon aftor the nomination
by oithor of tho grout partios of a free
silver candidate. Tho new Presidont
could not bo inauguratod until March
4, 1897. During tho Bix months or
moro before it would be possible to
pass froo tilvor legislation the con
traction of tho currency just described
would preoipitato tho most serious
consoquonces. Thoso owing gold
obligations would put a strain upon
tho remaining silver curronoy and
bank notes, to buy gold to moot their
gold obligations.
Tho curronoy, consisting of checks
und bills of oxohango, amounting to
915 por cent, of our ontiro ourrenoy,
would go out of uso in oonsenuenoo of
loss of oonfidonoo and orodit, and tho
result would bo tho withdrawal of 97
por cent, of our ontiro curronoy and
the paralysis of business would imme
diately follow. Banks would bo
raidod by their depositors.
Creditors would seek to enforce
their debts before the reduction of
tho standard to tho silvor basis. No
extension of dobts would be given to
anybody, exoopt whoro payable in
gold at increasing rates of interect.
Long timo debts are iu gold. The
amount to bo paid on them would not
bo reduced. Indebtedness not pay
able iu gold would bo collected at
onco or tho property owned by tho
debtors taken from them. Merchauts
would fail, workmen be idle, farm
products without a market, and pov
erty and distress found on all sides.
I do not bolievo that a President
would over approve suoh legislation,
elected upon u platform with a Con
gress pledged to pass it. Tho calam
itous effects following such an election
would bring to them the prayers of
the very men who elected them, ap
pealing for the defeat of suoh legisla
tion. But if suoh a law should pass it
would not be until the later part of
1897. Then a general adjustment to
the new standard would be ueoesHary.
Prices beiug temporarily reduced on
aooount of tho panic, it would bo
some months before the actual effect
could be told and the real value of
412 grains of silvor detorminod.
During this time business would stag
nato on account of tho uncertainty as
to what waa the real sizo of tho now
measure tho now standard of value.
This tronblo would moro or loss affeot
businoia permanently, because tho
commercial valno of silvor bullion has
booomo uncortain ; ha? ooasod to bo
stationarr. on noaounfc of Mm fnm
conntries now tiling it an standard
money, on aooount of tho unoortainty
as to tho volumo of its probablo pro
duction. NornAoxiOAr, benefits.
No praatloal benefits can bo pointed
out as a consoquenoo of tho legisla
tion. It would intorfero with our ox
changes in foreign trade, and provo a
burdon upon tho produoors of our
groat staples cotton, corn and other
grain. By hindering international
commoroo it would burden the agri
cultural products of this country liko
a high protootivo tariff. 'Not only
would tho mon who work for salaries
be doprivod, at least for a while, of
employment, but whon onablod to re
turn to work thoy would find tho dol
lar paid to them ns wagos dopreoiatod
In valuo as a oonsequonoo of a change
of standard. Tho only possiblo ben
efit would bo from a limited inoreaso
in tho valuo of Bilvor bullion, whioh
would go into the pookots of tho groat
silvor mine ownors tho mon who aro
really baoking all tho agitation and
furnishing to it its sinows of war.
Tho pioturo is not ovordrawn. When
I contomplate it, thoro is but one
Bonroe of oomfort it is in an abiding
confidonoo that within twelvo months
of full, freo disoussion tho Amerioan
peoplo can bo roliod upon to over
whelmingly defeat any party whioh
proposos to bring suoh disaster upon
Instead of froo silvor at 16 to 1,
whioh means silver monometallism, a
contraction of tho ourrenoy, and n
temporary and pormanont injury to
businoss, whioh had been doBoribod,
tho Seorotary urgod tho necessity for
a sound-money ourrenoy, consisting
of gold, Bilvor, and paper, but ovory
dollar kept as good as any othor dol
lar. This would allow tho ooinago of
all Bilvor, whioh could bo hold at an
equal oxohangeablo valuo with gold.
Presidont Max Robinson, of tho
Goorgia branoh of tho T. P. A., is
showing his friends a 52o. silver dol
lar and tolling thorn how a fow days in
Moxico is pretty apt to convert the
strongest freo silvorito into tho most
ardent sound monoy man.
Tho 52o. silver dollar is a Mexican
dollar with moro intrinsio valuo than
our silver dollar; that is, there is
moro silver in itthan thoro is in ono of
Undo Sam's silvor dollars. Noverthe
Iosb it is worth just the bullion value,
or 52c, and that is all it brings in
the country that coins it and at its
own mints whon it is hot from tho
Mr. Robinson got his silver dollar
at tho Moxioan mint. It waa ono of a
number coined while the traveling
mon visited tho mint and each of them
paid 52a. iu United States ourrenoy
for tho Mexican dollar. If tho United
States adopts free coinage Mr. Robin
son has mado arrangements to havo
shipped to him a carload of Mexican
dollars at Now Orloans, thero to be
minted into Unitod States coins at a
handsome profit, provided, like the
Mexican dollar, thoro is not too rapid
a doprooiation in their purohasing
Thoro wore 350 traveling mon in
tho party that invaded Mexico. Among
mem wero uomo iroe siivorite, rabid
white metal bugs, who wero delighted
that tho motos in the eyes of their
gold-washed brethern were to be dug
out by some praotical illustrations of
the advantages of freo Bilvor. Tho
practical illustrations met them on all
sides, all the way from the Rio Grande
to the door of ho palace of President
Diaz. Instead of tho motes boing in
the eyes of tho sound money men the
free silverites disoovered that there
wero large planks of errors in their
optics. They studied the situation
bravely, confronted their lesions like
men, took thoir own medioiuo with
out a grimace aud when tho return
trip was made reuderod thanks thut
they woro returning to a sound money
country. Fifty-two cent dollars, 13o.
calico, $12 Hour, 20o. day labor,,
beauties of tho rogiruo of freo silver,
changed the color of their views until
the wero liberally tinged withyollow.
It is doubtful if a whito mououiot
allist came back from Mexico. avan
nah (Ga.) Press.
Don't Wmit Mexican Dollars.
Speaking of tho proposed organiza
tion of a new secre. ordr in tho in
terests of free silvor, the Chicago Trib
une (Rep,) Baya; "dtrango and para
doxical as it may seem, initiation fees
and duos will have to be paid in sound
money. Mexican dollars, if tondereJ,
will not be taken on the basis of the
1G to 1 ratio."
Tiro Sides to tho question.
Tho prosont ndvooates of froo coin
nge forgot that at this gamo of paying
dobts by legislation thoro ia room in
the gamo for two sidos. The Harrods
burg (Ky.) Domoorat offers this
"Three-fourths of tho pooplo who
favor froo coinage without personal
investigation havo a snoaking idoa
that thoy can pay thoir dobt easier
with a debased curronoy than under
mo present totiBotno, Blow-going pro
cess. But this is all a dream born
of tho lurid imagination of your typi
cal froo silver advocate. Tho credi
tor who holds a mortgage on the
farmer's land is not oxaotly an idiot
himsolf, and the moment it becomes
clear that froo cninao-n at tlm Id tn 1
ratio will bo legalized in this country
inuusauuB 01 mortgages will be fore
closed by mon who propose to havo
thoir loans naid in crnnil mnn. Thn
froo silvor dupo may argue, with toara
in his oyo, that tho prioo of silver
will bo immediately jerked up to tho
dosired point in tho markets of the
world as soon as onr mints are opened
to the motal. But tho h ard-hearted
oroditor doesn't balono- tn that nln.K
of reasoners, and ho will turn the
lormer out, bag and baggage, unloss ho
moots his overdue morto-aco thon and
thoro with tho monoy in whioh thd
orouuor nas oonuaonoe. tiunt Deioro
tho dawn of that happy silver day
when the silvor lining of tho olouds
will bo coinod into good Government
dollars Shoriffs will be perohod
nronnd on tho worm fenced in thn
country waiting for mortgages to ma
two, liko blaokbirds watching a corn
Prosperity of Arkansas Farmers.
It surprised many pooplo to find that
tho Arkansas dologates to tho Olevo
laud convention woro against froo coin
age. Ono reason for their attitudo is
undoubtedly found in tho foot that
Arkansas is now an unusually pros
perous State. Crops of all kinds wero
novor more promising, and tho farmers
aro more independent than over be
foro. Tho Littlo Rook Gazette de
clares that any farmor who has "lived
at homo" for several years past that
is, has raised onough of othor crops
than cotton to avoid tho necessity of
purchasing supplies must acknowl
edge that ho is better off this year than
ho over was in the past. Tho farmers
in the northern and western parts of
tho State nro roported to bo, as a rule,
out of debt and with money in the
bank, whilo many of them belong to
tho "creditor olass" and hold mortgages
on city and town property. Tho ro
sult of nil this is that tho Arkansas far
mer is coming to be a safe and sound
political economist ; in tho words of
tho Gazette, "ho is no longer a theorist
or a calamity howler." A similar
chango in material conditions and
economio attitudo is in progress
throughout the South, moro or loss
rapidly, and it explains tho steady
dying out of tho silver orazo in that
section. New York Evening P,ost.
this little ria aox roast use?.
High Prices nnd Low Wnos.
The most stupid Bwindlo for whioh
it was ever attempted to gain the
votes of tho workingmen is tho high
prices, dear-goods Bohemo of tho 10 to
1 silverites. It passes boliof that any
sot of political agitators should havo
the impndenoo to ask tho wago earn
ers of this country to help adopt the
cheap silver standard of China, Mex
ico and tho small South Amerioan
countries. On tho admission of its ad
vocates the first effect of free coinage
would bo to reduce wages fifty per
cent, by making food, clothes, rent,
and everything tho workingman must
buy for himself aud family, twice as
dear as they aro now. The result
would bo that all the luxuries and
many of the .necessities, which the
wago earner is now able to buy, would
bo raised entirely out of his reach.
The silverites say that wages would bo
doubled under free ooinago. But
would thoy? The workingmen know
that it is only by bar i struggles, ex
tending over long period?, that small
wago advances aro secured. Aro they
willing to risk tho certain doubling of
prices for a possible increase in
Teachers and Tree Coinage.
Lawrnncevilla News: No class of
people aro more deeply intorested in
the curreucy question than those en
gaged in teaching in the public schools.
Their pur diem is fixed by law and will
doubtless remain whero it now is in
definitely, regardless of any change
that may be made in the ourrenoy sys
tem. At present thoy ure being paid
in sound money, consisting of gold,
silver und treasury notes, eaoh having
equal purchasing und debt-paring
qualities. The free and unlimited
coinage of Bilver would 'destroy one
half of the purchasing power of the
meagre coiajieusation they are now
The advocates of freo Bilvor aoek to
create a class fooling in favor of thoir
BOhemO bv ranrnnAntinw flm nnnnfrv
as divided into two classes, a largo
numoor 01 poor dobtors and a small
number of rioh creditors. Thnv ten.
peal to tho onvy of those who havo
ooen unsuccessiui in 1110 by pretend
ing that tho cause of their failuro is
tho oppression of tho borrower by tho
lendor, and nino-tonths of tho froo
coinage literature is dovotod to in
vootives anainst tho robber canitnlinfc
who has enslaved tho poor farmor and
Like all othor nilrnritn nrommnntn
this of tho dobtor ngainst oroditor has
no lonuaation in faot. In the first
place it has been raneatmllv nhn-nm
that aa a rule the number of creditors.
mat is, mon and women who havo
money owing them by individuals,
banks, insuranoo comnanipn. ntn.. ia
muoh larger than that of thoso in
aoDt. uj iar tfco greater part of tho
debts of this countrv in nwml w
comparatively small number of per
sons or corporations, who havo bor
rowed in largo amounts tho united
savings of millions. It is only among
tho farmers that too number of dobt
ors appears to ba laroror than rf
creditors, but this is moro aoeming
man reai. &. majority ot tho farmers
Of the COUntrv arA nnt, in (Inhf nnl
many of thoso who aro have borrowod
monoy irom otner farmers. These
facts nrOVO that n law intnmlnrl tn
.benoflt dobtors at tho oxpenso of
Creditors WOUld iniliro fur mnrn -non.
pplo than it would help.
Anotner reason for condemning tho
silverito attempt to sot class against
olass is the falsity of the claim that
tho creditors aro responsible for tho
poverty of tho debtors. This idea
would not bo worthy of notice,
were it not made the basis of tho de
mand for laws whioli would wipo out
one-half of tho debts of tho country.
To say that tho strong, thrifty, capa
ble and industrious havo caused tho
poverty of thoso who woro less oapablo
or fortunate, is absurd. On the con
trary, if tho assistance given by tho
creditor's capital was not of greater
benefit to the debtor than tho interost
which he pays, borrowing would cease.
There i3 no law to compel mon to bor
row, so tho presumption is that the
debtor must bo satisfied that it will
pay him to go in dobt. Neither di
rectly nor indirectly is tho man who
has savod a little money to blame bo
cause his neighbor findB it profitablo
to borrow. Tho complaint against
creditors is founded on ignorance of
tho service performed by tho men who
save and lond capital,
. 4
C9 esEsi
Lost Lloqucnce.
There is a very widespread belief
that ovon in the South free silver is
losing ground at this very moment;
that tho tide has reached its highest
and the flood is now recoding. Nu
merous newspapers that until recontly
have been non-committal or lukewarm
in their support of silvor havo come
put for a sound enrreno and an or
ganized and RuccessCul ofibrt is boing
made to resist tho efforts of the 10 to
1 forces to turn over the solid South
to 'the bullionairev This looks as if
.Mr. Bryan's undoubted eloquence bad
been spent m vain Tribune, Fre
mon", Neb.
"T&mLJFry w
Tho readors of this do not need to
have it explained that business activ
ity depends in large measure upon
low rato of interest, whioh is tho most
conclusive proof of plonty of money
to bo loanod. If I can get capital at
4 por cent, a year, I may build a fac
tory and employ hands and carry on
an industry suooessfully and with
profit to mysolf, whore if I had to pay
6 or 7 per cent, for the monoy, or
could not borrow it at all, I might ba
unablo to do bo, and tho faotory would
remain unbuilt and tho labor unem
ployed. How are wo to have interest
cheap and monoy abundant ? Capital
ists aro no worso than other men. But
they aro no better. They are just like
yourselves. What would you do?
Supposo thero wero a lot of men who
advocated tho passage of a law that,
after you had loanod out monoy oa
gold valuo, would force you to acoopt
silver values in return would you bo
in a hurry to lend monoy? Would
you not rather keep it looked up in a
trust company or olso loan it only at
high interest and for short terms?
And then, if this agitation stopped
and cvory ono became satisfied that
thoro would bo no interfoionce with
tho standard of values, and that oapi
tal whon loaned out would bo safo and
would bo repaid in money as good aa
loanod, would not you would not
every capitalist bo prompt to offer to
loan his funds at intorest, howovor
low, rather than lot them remain idle?
This country to-day affords an ob
jeot lesson of this. In thoso parts of
the country whoro tho peoplo beliovs
that our currency is safo and that no
chango in its standard is likoly to
take place, plonty of money can ba
had at 4 and 5 percont., whilo in thosa
parts of the country in whioh tho poo
plo aro confident that freo coinage
legislation will be had, and that a loan,
made for any long time ahead may ba
repaid in depreciated silver, thoro ia
scarcely a place whero you oan borrow
monoy on very long timo at all, ex
cept on gold contraots, or oyen on
short time, at loss rates than 0 or 8
per cent Freo silver would not add
a dollar to the real wealth of tho West
or South. But tho apprehension of it
has kept from those sections of tha
country the millions upon millions of
capital that, had thoy been invested
there, might Iibvo made suoh prosper
ity as the world has not seen since tho
sun ehono upon Eden. Hon. John
DeWitt Warner, in Free Coinage Dis
sected. Bouhllng the Wheat Crop.
A proposition to doublo tho wheat
crop by measuring it in "bushels" one
half of tho present size would ba
laughed at by every intelligent far
mer. No one would bo deceived InTo
thinking that the quantity of wheat
grown would bo any larger though it
was called twice as many bushels.
But when it comes to measuring val
ues, instead of quantities, a groat
many people are viotims of tho ourioua
delusion that by adopting a standard
of valcj worth only half of that now
used, this country would at onca
doublo the valuo of all the produots of
labor. They are entirely mistaken.
Changing tho measure would not in
the slightest dogreo increase the real
valuo mrtiso or exchange of the goods
measured, and the pretense of tho sil
verites that free coinage would double
the value of all property is merely a
fraud by whioh they hope to fool tho
people into voting for fifty-cent dol
lars. Sights lor a Statesman.
If Billy Bryan, of Nobraski. thinki
the people of tho South aro iu daugor
of sutforiug or starvation because tha
coinage of silver is not free, he ought
to go out aud look nt the crops in aav
Southern State ho may happen to ba
in. Tha great fields of smiling and
nodding grain would mako' tho boy
orator ashamod of himself. Savannah ,
Tins little ria crikd 'Vkb, vb "
ran way noitK. '
m x m