We do not fear the result of our experiment. If we fail, the same old
squeeze will continue; if we succeed, there is a prospect of relief.
Without variation, there is not even a prospect of bettering our
condition. If we should succeed in creating that financial paradox, a
fifty-three-cent dollar, we are such political heretics as to prefer
that kind of a dollar to none, or to "confidence." We have unbounded
confidence in the dollars which jingle in our pockets, but very little
in those which exist only in the imagination, and are represented by
stocks, bonds, checks, drafts, clearing-house certificates, and other
devices, which always fail to perform the function of money in the last
extremity, when money is most needed.
Do not allow yourselves to be terrified at the ghost of a silver dollar,
for the ghost of it is all that will ever trouble you. In the event of
free coinage, the trains going East will not be loaded with silver
dollars to pay off old mortgages. I have seen a statement in Eastern
papers to the effect that we wanted cheap money with which to pay our
debts. It is a base slander; every intelligent Western man knows that,
whatever happens short of the miraculous, only a small share of our
mortgage debts will be paid.
All the holdings you now have in the West, new and old taken together,
are not worth fifty-three cents on the dollar; and you cannot now in any
way realize that much from them; and if your present policy is
indefinitely continued you have no prospect of ever realizing
fifty-three per cent on your investments. If, then, you should be paid
in silver dollars, or if a larger share of the loans should be paid
under the new conditions, you would be a gainer and not a loser by the
change. It seems to me that an increase in the volume of money and
rising prices are the opportunity for you to realize from your holdings,
for without some favorable change you will hardly realize twenty-five
per cent.
You can test the truth of these statements. Take twenty holdings, not
selected, and try to convert them into cash. Or offer them to some
capitalist who has travelled extensively in the West during the last
five years. Time will convince you, if nothing else will; but the
knowledge may come a little too late for practical purposes. You ought
to be with us in this free-silver movement, and you would be if you knew
what we know. We are not fools, although we may appear so to you; we
know what we want, and we are trying to get it.
Public-domain text, read in full here on John Shaqi.
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