Show Silver And Greenbacks s. By L. L A. A Hollenbeck HoUe President Ex-President Coolidge spoke in New York recently and said said said- The defeat of the democratic greenback craze and the free silver silver sil sil- ver issue were both followed by of prosperity under republican republican republican lican administrations In 1896 many people led by Bryan were ere crusading for unlimited coinage of silver at the ratio of 16 ounces I of silver sliver to one ounce of gold The i gold bugs won the battle But i improved methods of treating gold ores and the great gold discoveries discover discover- ies in Cripple Creek the Klondike I and the Transvaal expanded gold output even more that the mon- mon of silver would have expanded expanded ex ex- x- x the money supply So we WC had bad a money expansion in an extraordinary ex ex- extraordinary way That expansion gave us good times Mr Coolidge gives the credit to the republican party But it was an expansion of money in spite of the republican party During the American civil war Abe Lincoln procured the issue of in what was called black caps which was a full le legal legal legal le- le gal tender a paper currency issued on the credit of the government the same as the Patman bill re recently recently recently re- re proposed to pay the soldiers' soldiers bonus by money to be Issued out of the treasury But Wall Street didn't like Abe Lincoln's money because the money grabbers could not get any rake-off rake by it and so they changed the law and issued about in greenbacks greenbacks greenbacks green backs which which vas was not a full legal tender That is it couldn't be used to pay interest on the public debt nor to pay trade tariffs Therefore Therefore Therefore There There- fore when a man wanted to pay tariffs and government interest he had to have gold and Wall Street charged him in greenbacks greenbacks green green- backs for one dollar in gold green I but at at that time black caps were par with gold I Mr Hoover in his Des Moines speech admitted that the objection to Mr Patman's soldiers' soldiers bonus bill was that when you started to print paper money you couldn't stop That is we need the inflation inflation I i tion but if we printed the paper money we couldn't stop the printing printing printIng print- print J Ing press Abe Lincoln and congress con con- congress con I I gress stopped it We never did inflate too much yet Curious that I I Mr Hoover couldn't stop any I printing press by a veto or an executive executive ex ex- exI executive I I order And yet in his Detroit Detroit Detroit De De- troit speech Mr Hoover likened an issue of paper money to the German mark and called it a rubber rub rub- rubber rub rub-I ber dollar It couldn't be thus likened except by the permission of both the congress and by President President President dent Hoover Hooyer Senator Geo W. W Norris of Nebraska an independent independent independent dent republican tr truly ly says that over expansion or under contraction contraction contraction tion of the currency will cause a panic That is too much money or too little money will cause a disaster Hoover knows that statement is true and yet he denounces denounces de de- de- de the e Patman bonus bill as asa asa a rubber dollar bill and admits that a healthy expansion is allright allright all allright right and has never said that the bonus bill was too much expansion But the bonus bill would pay the debt and instead of having to borrow we would get the necessary necessary necessary sary expansion of the currency of the tariff tariff tariff tar tar- so that with a lowering iff American business would soon assume its normal condition after adjusting tade tariffs with foreign countries But of course big business business business busi busi- ness doesn't want v nt it that way because because because be be- cause like Lincoln's black cap dollar there would be no rake off for big business |