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Newspaper
Mitchell Capital
Location
Mitchell, South Dakota, United States of America
Date
May 07, 1897
Page
11
The piece argues that farmer distress stems from unequal capital distribution and high credit costs, urging expanded credit and better circulation. It compares Scotland’s banking efficiency with the U S South, noting stark regional gaps in banking per capita and proposing reforms to lower rates and improve farm finance.
Edward Atkinson contends that advocates of free coinage of silver or other metals at any ratio cannot be satisfied without broader concessions. He argues free coinage is a cover for hidden goals and challenges supporters to deny that unlimited coining would lead to further demands, asserting most backers have been misled.
A compact note cites David A. Wells on monetary value and wage power. It quotes a passage from Robinson Crusoe's Money about labor and currency, illustrating how division of a dollar into two coins doubled perceived value in wages. The excerpt reflects a 19th century economic argument on value and purchasing power.
A discussion argues against a nation forcing its currency value abroad or compelling foreign citizens to accept its money at bullion value. It emphasizes that no government can fully constrain trade or fix another country’s currency standard, regardless of imperial power or legal reach.
The Emporia Gazette notes Iowa’s dairy output surpasses silver policy with $41.6 million from cows and $41.5 million from milk products while livestock names Bossy Speck and Brindle persist. Kansas cows contribute $41 million in milk as the nation debates coinage and plutocrats.
Austin W. Wright argues that money evolves through natural sociological change, discarding inferior commodities for superior ones. He traces shifts from stagecoach to rail, lamp lighting to electricity, and coinage to gold and silver, claiming government obstruction disturbs this order. He predicts silver’s decline as money and notes banking as a modern disruptor to monetary continuity.
Iron Age reports a nationwide call from merchants manufacturers and bankers for a new financial system not mere repairs. They argue government paper cannot be trusted due to reliance on Congress and the President for volume redeemability and value units. The risk of inconsistent reserves and changing units prompts withdrawal of government notes.
The text notes Japan nearing a currency shift to gold, aiming to curb fears of its industrial rise tied to a silver standard. It claims Japanese sales paid in gold effectively doubled sellers' income when funds converted to silver, an advantage now abandoned.
A monetary standard is a measure of values and its stability underpins growth and prosperity. It must be recognized as best abroad as at home to sustain active commercial intercourse with leading nations.
The American Agriculturist urges co operative banking for farmers praising savings fund and building associations and Saxon Land Credit as Prussia Germany models. It notes Italy and neighboring countries with similar plans and calls for low interest loans to relieve farmers from high local lender rates. It cites a state department report and argues credit access would restore prosperity and reduce unrest.
The Iron Age warns that free silver at 16 to 1 would erode the dollar to about 50 cents internationally, driving gold out of circulation and leaving silver as the base. It argues government currency and bank circulation are flawed, urging a complete, permanent cure for currency issues amid growing businessman demands.
The Philadelphia North American argues against free coinage of silver, declaring the move would not improve conditions and would harm wage earners. It cites that global money supply is rising, prices fall from increased production, and importing wishes for a silver market are futile and humiliating.
The article argues Thomas Jefferson favored both gold and silver but at market ratios, opposing cheap money and debt repudiation. It cites his writings on monetary proportion, the demonetization of silver, and stance against altering the dollar, concluding that free silver Democrats misalign with Jeffersonian views. The piece uses historical letters and notes to frame Jefferson as a defender of natural metal proportions and warns modern Democrats away from cheap money.
A discussion on money as a commodity argues that government defined legal tender cannot fix purchasing value. Market forces determine money’s value, and the best money has maximum purchasing power, exchangeable at par both domestically and globally.
Peru becomes the latest country to consider adopting a solid gold basis. If silver advances as it has, gold may face little room to expand by 1900. Silver legislation will grow in importance and supporters must tackle a massive shift toward silver globally.
In this country since 1865 the wage earner has been paid in dollars whose purchasing power has nearly doubled as general goods rose, while interest on capital has steadily fallen and now averages scarcely half what it was.
Stuart Patterson argues that no government can sustain more than one standard of value. He warns that a dual standard would force prices and weights to align to the lesser measure, producing injustice and contractual uncertainty. He cites the silver question and 1874 silver commission findings to support the claim.
The Chicago Times Herald argues money supply rising over the last year should boost prosperity, citing 1806 to 1897 figures and per capita amounts. It contends confidence and industrial activity, not money quantity, drive good times, citing a proverb on nimble pence.
The text argues that confidence makes gold plentiful and that the gold standard does not bind us to gold alone. It asserts countries with gold standards use silver alongside gold, there is no gold shortage, and production is rising. The piece maintains confidence in ample gold for currency and other uses.
A Butler Missouri lawyer names his twin sons Gold and Silver, framing dollar value changes as wages priced in. He argues appreciation benefits wage earners while depreciation harms them, linking monetary shifts to everyday living costs.
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