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Free Coinage Of Falsehood

Free Coinage Of Falsehood image
Parent Issue
Day
29
Month
May
Year
1896
Copyright
Public Domain
OCR Text

The Denver Repiiblican echoes a common assertion of all the free silver advocates when it says : "The reopening cf our rnints to the free coinage cf both metáis at the ratio of 16 to 1 would do a great deal to right the ■wrong of deraonetization. It vvould put au end to the existing money f arnine whieh is forcing lowr r prices every dr.y. ' ' Now, iirst, there is no "esisting money faniine. " We have in use the enormous sumof L2, 197, 000, 000 of gold, silver and paper mcncy. Our actual per capita circulation is $24.34, against Great Britaiu's $18.42, Gerrnany's $18.54 and Austria-Hungary's 9.75. To talk of an "existing money faniine" iu this country is siniply to talk nonsense and ïalsehood. Secoudly, neither a money faniine nor anything else "is forcing lower prices every day. ' ' On the contrary, prices are rising. About a ycar ago cotton was at 5 ceats. It is i:ov worth 8 1-8. Wheat, whioh was at 50 cents a bushei, is now at 70; silver trallion, whichsank awhiTe ago to 55 cents, is now worth 68 and more. These are samples. It is simply not true that anytbing"isforcing lower prices every day. ' ' Finally, free coinage, so far from curing an alleged "money famine, " would créate onc. Itwould drive instantly out of circulation all the gold and all the gold bearing paper extant, and these, according to official statistics, amount to $1,077,000,000, or about oue-half the total currency of the country. There can be. no question about the facts in this case. ïhey ai-e supported by the official records aud by universal human expcrieuce. Free coinage, urged on the pïea of more money, would in fact and with certainty reduce the value of money by oue-half ' and produce a contraction greater and more disastrous thaii has ever been known in any

Article

Subjects
Ann Arbor Argus
Old News