The Arena, Volume 18, No. 93, August, 1897 — John Shaqi
The Arena, Volume 18, No. 93, August, 1897Various
Philosophy
The Arena, Volume 18, No. 93, August, 1897
Various
American literature -- Periodicals
The politicians who worked out the St. Louis platform knew what they
were about. They knew that they were creating a hypocritical document
with which to deceive and ensnare the American people. They fixed their
net and made their haul. They succeeded to this extent--that they
elected their ticket and gained possession of the government. Lo, the
day of judgment has already come! Now, in the endeavor to postpone the
judgment, they prepare arguments under captions that have a friendly
sound but are at bottom bitterer than cassia and more mockful than the
laughter of Mephistopheles.
The next stage in the policy of these gentlemen is to invent something
that shall _seem_ to be bimetallism, but is not. This something they
seek to palm off on the world and to distract mankind with it until the
money sharks who are chuckling behind the gold-vaults of two continents
shall be enabled, in the confusion and _mêlée_, to shuffle off to covert
with their incalculable loads of booty.
Mr. Lepper's paper is a document of the kind described. The general
purport of it is this: "People of the United States, I am a physician. I
belong to the silver school. I am a graduate of the Bimetallic
Institute. This pill which I give you is out of the silver
pharmacopoeia. It will heal all your diseases perfectly." But when you
examine the pill which he exhibits, you will find it to be a solid bolus
of gold, filmed over with tin foil.
Mr. Lepper enters upon the discussion of the subject with the following
statement: "The vast stores of silver purchased by the United States
under the laws of 1878 and 1890 are a dead asset of the Treasury, and
cannot be utilized for purposes of redemption until sixteen ounces of
silver shall again be equivalent to one of gold." Observe what becomes
of these propositions under a truthful analysis. In the first place, our
"vast stores of silver" are _not_ vast stores. They are not nearly as
vast as they ought to be. There are no bursting vaults of silver in the
Treasury of the United States and never were. In the next place the
stores of silver are _not_ a dead asset of the Treasury. They are just
as much a living asset of the Treasury as is the accumulation of gold
therein--and in the same sense. These stores cannot be used for purposes
of redemption because _they do not exist for that purpose_. A
bimetallist who is not a bimetallist is always strong on redemption; and
he knows only one redeemer--gold. The redeeming business in our
financial plan of salvation has been altogether overdone. In the name of
wonder, what is it we want to redeem? Is it the greenbacks? Is it _any_
of our legal tender? The greenback is already constitutional money. Does
Mr. Lepper know that the greenback has been declared constitutional
money by the Supreme Court of the United States--this with only a single
dissenting vote? Does he know that every national bank bill in the
United States is finally redeemable in greenbacks? Does he know that in
Public-domain text, read in full here on John Shaqi.
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