Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909Various
History
Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909
Various
United States -- Politics and government -- Periodicals
The discovery of the rich silver mines in Nevada, Colorado and other
Western States. The financiers saw that there would soon be more silver
than gold, and they went to work to have the scarcer metal made the
standard of value, and the money of final payment.
* * * * *
=QUESTION:= What nation led the others in the demonetization of silver?
=Answer=: Great Britain. She is the nation to whom the people of all
other countries owe most. In other words, the whole world is in debt to
Great Britain.
To make this debt harder to pay, Great Britain led the other nations in
the world-wide war against Bi-metallism, which means the use of both
gold and silver on equal terms.
* * * * *
=QUESTION:= What is meant by “making the debt harder to pay?”
A debt, contracted when the volume of currency is expanded by the use
of both gold and silver as monetary metals on equal terms, becomes
harder to pay when the currency is contracted to the use of but one
of these metals. A bond, for instance, issued by the Government when
the currency is expanded by the use of gold, silver and Greenbacks, is
enormously more valuable after the Government has destroyed a thousand
million dollars of the Greenbacks and has demonetized silver. Having
to be paid =THEN= in gold, the bondholder gets money very much more
valuable than the money he invested in the bond.
Now Great Britain wanted the nations of the earth to pay the debts they
owed her in money that was more valuable than the money she loaned.
Hence, her war upon Bi-metallism.
* * * * *
=QUESTION:= But why did other nations help Great Britain demonetize
silver and establish the single gold standard?
=Answer=: Because these other nations were controlled by their High
Finance rascals, who wanted to enhance the value of the claims which
they held against their own Governments and peoples.
In each of these other nations, were bondholders and money changers who
wanted to make money scarce, so that they could control it, and so that
the money paid them to satisfy their claims against the Government and
the people would be more valuable than that which they had loaned.
* * * * *
=QUESTION:= Is there any reason why the amount of metal in a dollar
should be worth a dollar?
None. Money is a man-made product, like a cartwheel. Nature does not
produce dollars nor cartwheels. Nature supplies the raw materials, but
man is the manufacturer who turns these raw materials into dollars and
cartwheels.
Dollars are made for the purpose of effecting the exchange of one
product for another. It is a tool of exchange.
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