Complete Life of William McKinley and Story of His Assassination: An Authentic and Official Memorial Edition, Containing Every Incident in the Career of the Immortal Statesman, Soldier, Orator and PatriotEverett, Marshall
History
Complete Life of William McKinley and Story of His Assassination: An Authentic and Official Memorial Edition, Containing Every Incident in the Career of the Immortal Statesman, Soldier, Orator and Patriot
“You fail to understand how that can be possible. You know that you
threshed out and measured into that bin 1,500 bushels of wheat. You go
to the granary and find that it is true. No wheat is there, but there
appears to be an enormous lot of wheat upon those wagons for 500
bushels, and you ask the note-holder, ‘Who measured this wheat? and let
me see how you measured it.’ You see something in the form of a measure
about as large as a washtub, and you ask him what that is. He tells you
that is the half-bushel measure which he measured your wheat; but you
reply, ‘My dear sir, that holds more than half a bushel; that measure
will hold 6 pecks.’ He answers, ‘Correct, it does hold six pecks, but it
now takes 12 pecks to make a bushel, instead of four pecks. Together
with other friends who had wheat coming to us we went before the
Committee on Coinage, Weights, and Measures and secured the passage of a
legislative enactment, that it should require 12 pecks instead of 4
pecks to make a bushel. We have secured this legislation for the proper
protection of the holders of wheat obligations, for our own security,
and for fear that we should become timid and lose confidence in your
ability to pay unless we changed the standard of measure.’ But you
reply, ‘Sir, we who have obligations maturing, contracts long standing,
have never asked or consented to the enactment of such legislation. Our
representatives in Congress never permitted us to understand that any
such legislation was pending,’ He replies, ‘Sir, you might have known it
had you desired to do so, or had you kept yourself as well posted in
legislative affairs as do the holders of obligations calling for
products of the soil for payment. We have our representatives in
Congress. We reward them for their fidelity to our interests; we punish
them for fidelity to yours.’
“This, in my judgment, is not a far-fetched illustration, but depicts
the exact condition against which production to-day protests. The
debtor’s obligation, true, does not call for wheat in specific terms. It
calls for dollars, but by legislation we have made the dollar three
times as large in purchasing power or in measuring values as it was
before. We talk about gold being the only money of intrinsic value, and
attempt to befog and mystify the masses by telling them that it has
intrinsic value, when its value is merely the artificial product of
legislation.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account