Rensselaer Democrat, Volume 1, Number 3, Rensselaer, Jasper County, 29 April 1898 — THE PEOPLE'S MONEY [ARTICLE+ILLUSTRATION]

THE PEOPLE'S MONEY

Parity. . We know that for a period of seventy years, to wit. from 1803 to 1873, during which there were greater changes in the relative production of the metals than during any like period in their history, the two metals, gold and sliver, were practically on a parity with each other. During the whole of that time 15% ounces of silver would exchange for one ounce of gold in all the markets of the world; and this because the mints of France were open to the unrestricted coinage of both metals upon that ratio. The coins struck from them were unlimited legal tender—that is. they were equally endowed with the money function. For many centuries prior to 1873 both metals were in the world's money stock, and their separation from each other was so gradual as not to practically interfere with their joint use as money metals. The way the bimetallic principle brings tlie metals together and maintains their parity with each other can easily be understood. It is made plain by the following familiar illustration of Jevons: -When two receptacles for fluids are separated from each other, the height to which the fluid will rise in each depends upon the quantity poured into it. But when there Is a connecting pipe between them the fluid will rise to the same level in both, whichever receives the supply.” And this, says Jevons, exactly illustrates the movement of the metals In western Europe, under the bimetallic law of France of 1803. which provided for the unrestricted coinage of both metals, and gave to the coins struck from each the office of unlimited legal tender. Their legal tender function, allowing the coins struck from one of the metals to freely take the place of the coins strm k from the other metal, for monetary purposes, was the connecting pipe; and as the fluid discharged from the common outflow was a single fluid, though in the inflow the color of one of them may have been white and that of the other yellow, so where the standard is bimetallic the resulting money is a single bimetallic money, and in Its relation to commodities as expressive of value a§ Is a single standard, though it is called a bimetallic or double standard because two metals are selected for full monetary use.

Hones Dollars. As soon as the President was elected lie asked authority to send a commission to Europe. What for? To keep the. gold standard lieeause it was a blessing? No. to get rid of it because it was a curse. Why shquld we send a commission to Europe to ask other nations to help us get rid of the gold standard if the gold standard has been a blessing? Who can say t’aat the gold standard is good and ought to be kept without condemning the sending of a commission abroad to get rid of it? Not only did the President ask authority to appoint the Commission, but Congress gave him the authority, and by an almost unanimous vote. Republicans. Democrats, Populists, everybody. with scarcely an exception, voted to give the authority and then appropriated for the purposes of the commission SIOO,OOO of the people’s money—yes, SIOO,OOO of-the people's money, notwithstanding there was a deficit at the time; but we needed to get rid of the gold standard so badly that we would go into debt further and pay SIOO,OOO to get rid of it. Now, I am simply calling attention to what has been done in this country. The man who advocates the gold standard has to do it in spite of all history of the United States. The man who advocates the gold standard as a blessing to this country has to do it against the protest of 99 per cent, of the people as they voted on election day, and against the protest of all the political parties that have any strength in this country. It seems to me it ought to be a rather easy thing to defend bimetallism with so much on your side and nothing but a look of surprise as defense for the gold standard.—W. J. Bryan.

Cause of Distress. What is the cause of the present longcontinued distress among the producing classes? The cause can be readily explained. By contracting the currency, tooney is made scarce and its purchasing power Is inflated. The market prices of all commodities which are the products of industry are reduced; consequently a given amount of money will purchase a larger amount of products. This is a great advantage to the creditor class and to all who have fixed incomes, as bondholders, who are not required to labor for support, but it is a far greater injury to the producing classes and also to owners of real and personal property other than bonds, the value of which becomes depreciated. Great Britain, as the creditor nation of the world, understands perfectly the effect of currency contraction, and has sought since 181 G to fix a gold standard on the world in order, as her most eminent statesmen have acknowledged, to enable her to buy her breadstuffs and raw material at half price and to compel her debtors in the repayment of loans to give, in addition to interest, twice as much as they received when the debts were contracted. Piscatorial authorities say that, were It not for the natural enemies of fish, the codfish would fill all the available space Ln the seas, rivers and oceans.