Democratic Sentinel, Volume 22, Number 15, Rensselaer, Jasper County, 16 April 1898 — THE PEOPLE'S MONEY [ARTICLE]

THE PEOPLE'S MONEY

Free Bilrer Sentiment. When the election of 1896 made William McKinley President of the United States, the gold clique announced that free silver sentiment had been killed. Acting on this theory the advocates of gold monometallism scrambled eagerly for the honor of proposing a plan to put this country on the gold basis. The selfappointed monetary commission, the Indianapolis convention representing the “best business interests," the House Committee on Banking and Currency, Secretary of the Treasury Gage, and even President McKinley rushed oat plans and specifications designed to please the money power. But there has been a serious bitch la the proceedings. Free silver sentiment arose from the tomb and danced triumphantly through the United States' Senate, while the people applauded. -Now It looks as though the House o! 1 Representatives would be captured by the silver forces In next fall’s elections, and then, instead of a bill “to mote firmly establish the gold standard.” President McKinley may have preserted to him a bill for the remonetization of sliver. Co-operation on the part of Democrats, Populists aud free silver Republicans appears to be in a fair way for accomplishment on a just and broad basis, and with such an alliance the gold clique’s hopes of retaining control of the house will assuredly be disap>pointed. Under the circumstances the chances for “monetary reform” along the lines suggested by the precipitate enthusiasts under the direction of Wall street are exceedingly limited. It would be a good Idea for the advocates of gold whenever they get an Idea that silver sentiment Is dead to remember the motto which is impressed upon the people now: “It is better to know than to think.” j Money and Agriculture. In 1887, when the wheat area of Ar> gentlna began to be Increased moderately, one hundred dollars’ worth of gold was worth one hundred and thir-ty-five of paper; by 1890 the latter number bad Increased to 261, In 1891 It was 377, and In 1894, after a slight reaction, it was still as high as 357. It is abundantly proved by the evidence of \rgentiua witnesses that tbe paper dollar Is worth nearly, if not quite, as much as ever for almost alii the wheat growers’ requirements; and, therefore, it is clear that the gold premium Is, as it has been for years past, equivalent to an enormous bonus upon the production of wheat for export. In reference to the evidence adverse to bimetallism, the curious denial of the appreciation of gold by Lord Farrar is mentioned, while it is noticed that Sir Robert Giffen, tbe other principal monometallist witness, admitted the appreciation. As to Lord Farrar’s declaration that the abandonment of tbe gold standard would be a cruel and a wicked robbery of labor, and that It would be little less than wicked to persuade poor farmers that they ivould be better off with “more counters,” the commissioners remark that if, as Lord Farrar had maintained, prices had not been affected by changes in the standard, It is not clear how the reversal of those changes could - rob labor; while if the changes would tend toward a rise in prices, they fall to perceive the wickedness of persuading farmers that they would benefit thereby. # Moreover, they point out that some of the allegations of Lord Farrar are in conflict with statements in the report of tbe gold and silver commission signed by him.

Gold Standard Effects. The efforts of Great Britain to depress the bullion value of silver were fruitless for nearly seventy years because France kepf her mints open for free coinage, thus demonstrating the ability of a single country to maintain the parity of the two metals against the world. The United States is much stronger financially than was France at that time. It was greatly to the interests of the money lenders to have silver demonetized and gold made the only standard, because there is not gold enough In circulation in the whole world to pay one dollar In a hundred of the debts. It is therefore easily cornered and gives the banks the power at pleasure to squeeze debtors, create panics, reduce values and rake In the wreckage they have caused to the extent of hundreds of millions at a time. The shrinkage of values In tjie United States alone since tbe demonetization of silver in 1873 is estimated by Senator Chandler as not less tban sixteen billions of dollars, or five times tbe cost of the civil war, but this does not include the loss of wealth by curtailment of production, in consequence of under consumption, due to tbe pauperization of the laboring classes and their consequent Inability to purchase, very frequently, even the food required to sustain life. Why was silver demonetized If snch serious consequences were known to be the probable result^? The story of tbe demonetization of sliver discloses one of the most stupendous crimes ever perpetrated in the history of nations. The demonetization in the United States was tbe result of fraud and without the knowledge or approval of Congress or tbe President.