Jasper County Democrat, Volume 2, Number 24, Rensselaer, Jasper County, 23 September 1899 — THE PEOPLE'S MONEY [ARTICLE]

THE PEOPLE'S MONEY

thyloc li Blind The money lender says to himself that if he can make money scarce there will be a scramble for It, and interest rates will be high. This was one of the impelling causes of the gold standard. But we see exactly the opposite result taking place. The rate of interest has fallen along with the prices of commodities. There has been no exception to the rule; and Shyloek Is now glad to get 4 and 5 per cent, for only a fractional part of his money, when In former times he could readily lend It all at 8,10 and 12. In the frenzy of his greed he killed the goose that laid the golden , egg, and now he seeß bis yellow hoards j stacked up and Idle In his vaults because the contraction of the currency has so impoverished imfustry that men can no longer afford to pay interest on money to do business with. There is no profit in a declining market, and consequently men stand idle and Shyloek grinds his teeth with rage because he cannot lend his money, says the Mississippi Valley Democrat and Journal of Agriculture. But another, and the principal, reason for the establishment of the gold standard, was tho certain knowledge that a contracted currency would create poverty In the prices of property, and Shyloek hoped to carry this principle to the extent of possessing himself of all the property of his neighbors. Here again his greed has, in a measure, defeated bis purpose, for in many instances property has depreciated to such an extent that Shylock cannot afford to pay the taxes and keep up the necessary improvements, and consequently we see fields rank with weeds, ramshackle and unpainted barns and houses, and fences that no longer possess any terrors for wandering stock. Abundant money not only increases prices of property and produce, but it stimulates enterprise, creates an active demand for cash, brings the whole stock of money into use and raises the rates of interest. It Is strange that money lenders cannot and will not see this natural order of things, especially when the facts are spread out under their very nose 3. Silver Tb ftl 1 a World Money. Some very prejudiced and unfair newspapers would have their readers believe that with the closing of the mints of Europe, the United States and India to the free coinage of silver, the white metal ceased to be money. The fact remains that there is the same amount of silver in use to-day as money as of gold, approximately $4,000,000,000 of each. Only a tenth part of the immense amount of silver money in the world is not full legal tender. The chief commercial nations of the world are to day holding of the precious metals as follows: Full legalGold. tender silver. United States ... $6-’5 000,000 $549,700,000 France 8J5.000.000 434,300,000 United Kingdom. 550.tK;0,000 Germany ffi!5,000,009 105,000,000 Belgium 55,000,000 48,000,000 Norway, Sweden 13,800,(00 Denmark 14,200,01,0 Austria 130,000,000 81,000,000 Totals $2,838,000,000 $1,218,000,000 Thus it will be seen that silver is an Important part of the stock of mohey in the Western World, while In the Orient It is the regnant money metal! It has been predicted by careful observers and students of the currency that. If gold goes on being extracted at the present rate, the tendency of silver and gold will be to readjust their relations on quite the old basis without aid from legislation. We must never forgot that, in the mid-half of the present century, gold itiself began to be discredited on account of over-production and th.at Us demonetization was loudly called for by eminent French economists! The gold men have very short memories.—The Mexican Financier. K.icts About the Silver Dollar. The silver dollar, or “unit,” was authorized by act of April 2, 1892. • In the first dollars there were 1,485 parts of fine silver to 179 parts of alloy. 11 was to contain 371 grains and foursixteenths parts of a grain of pure silver. During 1794 and 1795 only $204,791 were coined under the act of April 2, 1792. Each was to be of the value of a Spanish milled dollar, “as the same Is now current.” In the second series the dollars contained 44"*i grains of copper, making the dollar 892.4 fine. The ratio of 15 to 1 for United States coins was made legal by section 11 of the coinage act of 1537. The act of 1837 changed, the alloy In the dollar to 41% grains of copper, making the standard nine-tenths fine. The Liberty bea<l on the first United States dollars, those of 1794, faced to the right, and had loose, flowing hair. According to that section “a dollar of gold must contain 24.75 grains of pure metal, and silver dollar 371.25 gralna.” Besides the head, they contained the date and the word “Liberty” on the same side, and fifteen stars, seven at the face and eight at the back of the head. - The obverse of the coin was also slightly different. Liberty having unkempt bangs, and her hair tied behind with a ribbon. The stars on the same side bad also been reduced to thirteen. There were two series of dollars coined in 1799. In the first. Liberty only had five of the thirteen stars at her face, and In the second six. In instances the remaining stars were at the back.