People's Pilot, Volume 4, Number 45, Rensselaer, Jasper County, 4 May 1895 — SILVER FREE AS GOLD. [ARTICLE]

SILVER FREE AS GOLD.

The Author of Coin’* Financial School on the Single Gold Standard. No newspaper article can treat conclusively the question of silver. So much doubt exists as to the basic facts and so many misrepresentations have been made, resulting in a cloud of dust thrown over the whole subject, that one to convince must write in extended form, protecting himself with facts and statistics at each step, with the common sense of the Airterican people as his shield of safety from deluded writers and false logicians. There never was so much misunderstanding and ignorance among the- American people—the better classes—on any public question as there is and has been on this subject. For instance: Six months ago the general impression among the people was that silver was demonetized because it was so plentiful. Last summer the statement was made in more than one metropolitan papier in this city that silver “has become so plentiful it has ceased to be a precious metal.” The facts were that the world’s production of gold in 1873 (the year silver was demonetized) was $96,200,000, and the world’s production of silver was $81,800,000 (less silver than gold); 1874, gold *90.700,000. silver $71,500 - 000 (again less silver than gold), with the same result so , ‘ many years following, viz., an under production of silver as compared with gold. In the last few years by “statistics produced at Washington” the world’s production of silver has been greater than that of gold, and yet there has only been all told f%r the last twenty-one years 8 per cent overproduction of silver over gold in coinage prices. Those believing in the restoration of silver (the people’s money) recently assumed the aggressive and have since then been driving the gold-standard men from one false position to another.

In the meantime, however, much prejudice has been aroused among otherwise patriotic men against the advocates of a sound bimetallic currency. This prejudice is to be accounted for by reason of such men having been led astray by misinformation and supposed facts that they ac cepted as truths. It would be amusing were it not fraught with peril to the country to see how the other side straddles, prevaricates and jumps from one side to another. All this is made possible by reason of the question having been regarded by the people as obscure. But the United States is now a big school-room; the people are studying this subject and they are going to get at the facts and they are going to hold responsible the men who they find have deceived them. They are going to find out another thing; It is, that we are financially independent of Europe. Our forefathers sought to erect a government here that would be free from the class legislation of governments that we justly term plutocracies. Over there the many are slaves of the few who rob them by legislation. We had expected to be free of that here. It is now claimed that we are preforce compelled to adopt and maintain the financial legislation of Europe, the worst form of class legislation that was ever intended to enslave a free people. There is no such a thing as an international money. The biggest business we ever did with Europe was at a time when they had one thing for money and we had another —1862 to 1870. Balances with foreign countries are settled in the metals by weight at their commercial value. Bars of the metal are principally used. Four per cent of the business of the United States is foreign and 96 per cent domestic. What we want is a money adapted to the 96 per cent. What the people need now is education. Partisanism must be thrown aside. Let it be country first, with a desire for intelligent and patriotic solution. What we want is a sufficient quantity of primary or redemption money on which to transact the business of this country, and we want to free it as nearly as possible from all influences that tend to its being hoarded and embarrassed as a measure of values and a medium of exchange. The campaign is now on and we are driving these men who have wrecked this country to the position they have intended to occupy—the English goldstandard policy. They have for

twenty-one years cheated and deceived the people by stating things to be facts which were not facts; by controlling and wording the platforms of political parties that promised the restoration of silver, and by asking the people to wait for an international agreement. Now comes Mr. William C. Cornwell, president of the New York State Bankers'association, who, speaking for his side of this question, in an address to the bankers of Chicago Saturday night, says: “It is time to tear off disguise. International bimetallism is a traitor in the camp. It is a false fraud. It can never be accomp lished. It is a ‘will o’ the wisp’ dancing above the deadly marsh. It is as illusive as a dream of magic, as idle as the pursuit of perpetual motion, as dangerous as the delirium of fiat money,” He admits, what the Wise have all along knowm, that they were masquerading in disguise. That they have leading the people for the last twenty-one years by fraudulent practices. That they have been won by disguise. He now thinks it is time to throw that “disguise” off and stand out in the open and fight for a single gold standard, what they have intended to do through all these years of shambling and miserable deception. His speech was loudly applauded. And again he says: “If, in 1875,1876,' 1877 and 1878, the bankers and sound-money men had been organized as they are organized bow, and had spoken out as they are speaking out now. had started on a campaign of education as they are starting out now, the greenback would long ago have been wiped out. the silver lunacy, before it had wrought incalculable damage, would have been confined to the asylums, where it belongs.” And they are organized are they? We knew it, but thanks for this blast upon his horn that will assist in awakening the people. The question now is; Shall it pe English policy or an American policy? These men are seeking to rivet upon us the gold policy of England, with nothing but gold to be the primary monev of this country. They have by their gold policy got us in debt to England to an amount that requires over $200,000,000 in interest to be paid annually in gold, to pay which all our balance of tradeis consumed; all our annual gold production (about $40.000,000) and our surplus stock of gold is being drawn on for the deficiency. Their policy has driven the administration to go to the pawn-brokers of England to get gold to sustain this great government, and this is the system these men have organized to fasten perpetually on this country. Why do they take such an active interest? If Andrew Jackson were alive and president this policy would be suddenly reversed and every American heart would beat with responsive pride.

“Why,” you ask them, “was silver demonetized in 1873?” “Because,” they now answer, “it was at a premium over gold of 2 per cent and it had gone out of circulation.” “Where did it go?” you ask. “To Europe,” they reply, “where the bullion in a silver dollar was worth $1.02 as measured in gold.” When you answer this that “the United States produced about $35,000,000 of silver in 1873 at coinage prices,” and ask; “What objection is there to settling our foreign balance with silver at 2 ber cent premium instead of 50 per cent discount as now?” they say it is not bimetallism unless the two metals stay at the exact parity of 16 to 1. These men do not know what bimetallism is. It may be desirable to let one metal, go as it would be now, With both as. primary money we have bimetallism and bimetallic prices, whether one metal has a tendency to leave us more than the other or not. Ar.d if desirable to stop its leaving a change in the ratio .will do it, and if necessary can do it so as to set the other metal going. So that we can feed Europe either metal we choose. Here is a sample of astute arguments running through the minds of metropolitan editors: “Silver never was a unit, as was claimed for it, and one of the best evidences of it is that so little importance was attached to it that only 8,000,000 of these silver dollars were coined prior to 1873.” Show him the act of 1873 making gold the unit and ask him “How many gold dollars have been coined since then, if the

number coined is evidence of the law fixing <he unit?” and if he is an intelligent editor and speaks his mind he will tell you that he is hired to write editorials on a a subject he knows nothing about or does not believe in, or that cold calculating capital sets the policy of the paper, The fact that less than half a million dollars in one dollar gold coins have been coined since 1873 and those have been found impracticable and have gone out of circulation, and by an act of Sept, 26, 1890. their further coinage is prohibited. They will tell you that Mr. Jefferson stopped the coinage of silver dollars for thirty-four years, but at the same time they will conceal from you the facts that between 1792 and 1840 there was twice as many dollars’ worth of silver coined, and that the mints were open to the free and unlimited coinage of both metals, and both were full legal tender in the payment of all debts. They will tell you that the “free silver” men are all in favor of silver monometallism. And this by a great many people is believed.

This misconception arises from the reason that we are trying to restore silver —to give it free and unlimited coinage—the position it once occupied. It seems that many people do not understand that gold now has, as it always had, free and unlimited coinage So, that in trying to restore silver we use the term “free silver,” but we are no less in favor of “free gold.” We are bimetallists, believing in the free coinage of both metals. The fifty-cent silver dollar delusion has deceived more people than any one fallacy connected with this subject. But it will not deceive them much longer* We have literature among the people that makes this so plain that even the schoolboys can understand it. It will soon be a delusion no longer. If gold had been demonetized and the mints closed to its free and unlimited coinage and the work of redemption money thrown entirely on silver by the same nations we would have had fiftycent gold dollars as measured in silver just as we now have, fifty - cent silver dollars as measured in gold. They say that the silver-bull-ion owners are making this fight for silver. What about the goldbullion owners whose metal is favored? But it is not true. No man stands in a position to know this better than I do. The sil-ver-bullion owners are doing nothing to assist in this fight, and are giving no financial assistance. This is a question of adopting suitable property for use as money irrespective of who owns the property or who may dig it out of the ground. I would a thousand times rather, however, benefit one section of my country and its people than cater to the interest of England, whose gold is so dear and to get which we are giving up our property at a great sacrifice, and adopting a method that will bring national bankruptcy. I advise the people to take no one’s word for the facts in this national controversy and to send to Washington for the following books and documents:

1. A copy of the currency laws. If they send you a copy that leaves out part of the sections in the act of 1873 write back for a full copy of that act. 2. The statistical abstract. 3. The report of the currency laws and other, information revised to Aug. 1, 1874. 4. A copy of the report of the monetary commission of 1876. 5. A copy of the report of the monetary conference of 1878. The welfare and happiness of the people—the masses—the common people—are now at stake in the most momentous political struggle that has ever arisen in America, and it will be fought on the side of gold power with all the fierceness and viciousness that has ever characterized greed and selfishness. The people must be firm. ' That bravery inspired by manhood and patriotism must nerve them to stand as a stone wall against these pirates of commerce who have no remedy to offer except the terrible experience of the past. W. H. Harvey.

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