Press enter after choosing selection

Crime Of '73 Outdone

Crime Of '73 Outdone image
Parent Issue
Day
16
Month
October
Year
1896
Copyright
Public Domain
OCR Text

The following clever satire on "the ' crime of '73" and the whole silverite argument was written some time ago by Alex P. Huil of Atlanta, Ga. It is considered bo good that some papers ! have printed it several times, and millions of copies of it are being distri buted in pamphlefc form: Having been deeply impressed by tho nrguinents of JudgeCrisp, Bryan, ' art, Jones and other silver leaders, aud espeoially grieved, shooked and horrified by the "awfnl crime of 1873" as so : luridly depicted daiiy in the columns of the Atlanta Constitution and other ' ver organs, I have changed my views on the money question and ara ready to j maintain the propositions foilowing in joint debate or newspaper controversy. I accept the arguiuents of the advocates of silver and agrea with their remedy as far as it goes. However, it does not go far enough. Let us have plenty of remedy - in fact, enough to make debt and poverty things of the past - relies of the dark ages. I am in favor of the free and unlimited coinageof pig iron at a ratio of 16 to 1 w ith gold by the United States alone, independently of all nations, and can prove by the best authority obtainable that such a policy on the part of the United States will "raise prices, " "put plenty of money in circulation" and give the "honest decora chance to pay his debts, " ' thereby making the whole country prosperous. Now, in the first place, it may be urged by some "who do not understand the subject of standards of value" that free coinage for iron would not raise its price to a ratio of 16 to 1 with gold. To them I reply that "the stamp of this government" and the "legal tender qualities" of the iron dollar would instautly make the bullion value of pig iron the same as the mint valne, "for who would part with an ounce of this precious metal for anything less than the mint value?" (Stewart, Jonps and Bryan. ) Again, it may be urged that onr mints wculd be overcrowded with pig iron. I reply that, "the price of pig iron having been raised from $7. 50 a ton to a ratio of ] 6 to 1 with gold the world over, no one would especially care to carry it to the mints, since the mint price could be obtained anywhere in the open market" (Atlanta Constitution. ) Nest, it may be urged that gold and silver would go out of circulation. I reply, first, "This is a mere assumption of the tools of the money power which they cannot verify" (Atlanta Oonstitution); second, "Suppose gold and silver do go out of circulation, is there not plenty of pig iron to take their place and give the people plenty of money?" (Bryan), and, third, "Such an tioii mixes the idea of circulating medium and standard of value, that gold and silver would still be potential money metáis, though not in circula tion, aud would lentl tbeir help toward raising prices and causing general prosperity:' (Crisp). Then, again, it may be urged against the pig irou standard of value that wages would not rise in proportion to prices. The reply is, "Wages would be compelled to rise, since no man would be fooi enough to work for $1 a day I who could make $1,000 per day pickiug up rusty nails and old horseshoes and carrying them to the mint for coinage" (Huil). In addition it may be urged by the money power, by the "Wall Street sharks" aud the"Bond street Shylocks, " that we could not alone go on a pig iron basis without an international agreeruent. "To such dastards as dare to lay a limit to the power of the American people to do what they please, independently of all nations, I hurl their cowardice and lack of patriotism back ! in their faces" (Bryan). The "crime" of demonetizing pig irou took place about 2,200 years ago, when certain "goldolators" and "silverites, " in order to increase the purchasing power of their illgottenwealth, secretly and "like thieves inthenight" got the demonetization act passed repealing the good old free coinage act of Lycurgus, "the friend of our ancestors' daddies. " "Today China is the only country on earth honest enough to coin iron, and there the happy laborer can carry home the wages of his honest toil in a wheelbarrow" (Atlanta Constitution). A ruinous fall in prices followed the demonetization of iron and has continued for upward of 2,000 years. I have calculated the losses entailed upon the honest people of this woild by thatruthless act, but the figures are so enormous I fear a revolution will ensue if the people learn how greatly they have been robbed. But facts are facts, and the best way to right a wrong is to meet it squarely. "That loss is $21,000,000,000,000,000,000,000,000,000,000" (Coin's Financial School). In conclusión, I insist that the free coinage of pig iron will do everything that is claimed for silver and infinitely more. The people will be rich and prosperous. The once poor man can pay his debts with his old stove. Railroads oan declare dividends on old rails and wornout rolling stock. The small boy eau piek up old nails and borseshoes enough to support his farnily. In fine, poverty and debt can no longer exist.

Article

Subjects
Old News
Ann Arbor Democrat