Shylock: as banker
There is but one immediate remedy for the demonetization of silver in this American republic, and that remedy is re-monetization the putting of silver back just where it was when foreigners and traitors dared to interfere with it. But while this is a point of dignity and patriotism as well as of business, it will extend aid and encouragement to all true friends of American institutions in other lands. For instance the great cleric of Dublin, Archbishop Walsh the truest disciple of Christ and the ablest man to-day, perhaps, in either the Protestant or the Catholic Church has shown that while England is offering land and liberty to Ireland with one hand, she is slyly taking it back with the other, as the Irishman pays his dues to her in the rising value of gold. Let us help to end all such British "statesmanship" of Jews in disguise.
American silver must be re-monetized at exactly the old ratio of 1861 and of 1872. Why ? Chiefly because every government bond we have out is legally payable in silver coin at that ratio. We must push the production of silver to the utmost extent and give Shylock the flesh of his bond, without another drop of blood. Will he refuse it ? The bond, Shylock, the bond! In the letter of it there is no gold: it is coin the coin of 1861 and then the coin of 1872 when silver was at a premium over gold. You may have the premium now, dear Shylock, if you can find it. We will not stand about the premium; but the silver shall be put into your tiger-paw. Are you a foreigner, Shylock ? And as such will you resist honest money ? Will you try the game of England in Egypt a Queen's army marching as a Jew's collecting agent ? Then war, Shylock: it is better than peace with your methods of destruction.
Again, the old American dollar must be wholly re-established to condemn and destroy forever the precedents of recent days, by which the Government of the United States through its chief executive officials, has been the most shameless violator of law that has come under its statutes.
Take one recent illustration. On the 14th of July 1890 an act was passed "directing the purchase of silver bullion, and the issue of Treasury notes thereon, and for other purposes." The language of the act was this:
"The Secretary of the Treasury is hereby directed to purchase, from time to time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty-five hundredths grains of pure silver, and to issue, in payment for such purchases of silver bullion, Treasury notes of the United States. * * *
"Such Treasury notes shall be a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract. * * *
"The Secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provisions of this act into standard silver dollars, until the first day of July, eighteen hundred and ninety-one, and after that time he shall coin, of the silver bullion purchased under the provisions of this act, as much as may be necessary to provide for the redemption of the Treasury notes herein provided for. * * *
"Upon demand of the holder of any of the Treasury notes herein provided for, the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law."
Except to some artful-dodger used in aid of kleptomania, how could anything be more definite than the purpose and the provisions of the Silver-Law of 1890? So much silver was to be purchased by the United States at the market price and coined into so many dollars of legal tender money. Treasury notes were to be issued representing these silver dollars, the silver dollars having been expressly created to redeem the notes. But that the silver-notes might be held equal to any other legal-tender money, the Secretary of the Treasury was empowered to pay them on demand in either gold or silver dollars, at his discretion, while the sole purpose of the discretion was to uphold "the established policy of the United States to maintain the two metals on a parity with each other upon the legal ratio." The Secretary of the Treasury was not instructed that one and one must make two in his accounts, nor was he instructed how to maintain the parity between gold and silver. The mode of maintaining such parity and the only mode is as fixed as the first problem of Euclid, and has been longer in vogue. There had never been an exception to it in the history of the world. To maintain the parity between gold and silver, a debtor simply pays his creditors in the coin he can best spare. As there is a certain total of coin in a country and every debtor pays with that which he has, the parity between the gold and the silver is necessarily preserved throughout the country that fixes the ratio. It is a pure certainty of mathematics. But under the money-act of 1890, directing the United States Secretary of the Treasury to uphold the parity between gold and silver by paying out both for his country's debts, how did he execute the law? It was by directly violating the whole principle, the whole method of parity, from the first use of gold and silver as money in the transactions of mankind. It was by turning the option of the debtor over to the creditor. It was by permitting Shylock, as the holder of government obligations, to dictate himself whether he would take gold or silver for them, against a law of the United States. It was by entering into a plain, palpable conspiracy with foreign and domestic enemies of the American people, to defeat exactly what he had been empowered and commanded to achieve. This crime is what was preposterously named the "policy" the financial "policy" of the Harrison Administration and has been the still more open and brazen "policy" of Cleveland, officially sustained in several Messages to Congress. No wonder that General James G. Field, with a million votes of the South and West behind him, declared in July 1893 that the Presidential Lawbreaker then in office "should be impeached."
But the worst count against the money-anarchs the one united band of currency-contractionists, whether as demonetizers of silver or government-paper and the best reason of all for thwarting their aims and correcting their misdeeds, is this: there is simply no doubt that they have contemplated, if not actually arranged the overthrow of free institutions in America if they can continue to rob us in no other way. As long ago as 1868, when as bondholders they had determined against the law to convert our whole national debt into immediate gold-value, these "extortioners," as John Sherman then called them, started a paper called The Imperialist to advocate, as its name implied, imperial government as a sword for capital.
"The paper was published at No. 37 Mercer street New York. Its figure-head was an imperial crown, its motto, 'The Empire is Peace Let us have Peace.' It was published by the Imperial Publishing Company but was an anonymous sheet, no name of editor, proprietor or correspondent appearing on its pages. Among its advertisements was one of the banking firm of Morton, Bliss & Co. If rumor makes no mistake, Levi P. Morton was the senior member of the firm that gave its patronage to this traitorous sheet."
The Imperialist introduced itself thus:
"Though unannounced, this journal is not unexpected. The platform of The Imperialist is revolutionary: its object is to prepare the American people for a revolution that is as desirable as it is inevitable. * * *
" We believe Democracy to be a failure."
"We believe, in short, that Democracy means lawlessness, corruption, insecurity to person and property, robbery of the public creditors, and civil war; that the empire means law, order, security, public faith and peace.
"We believe that the national faith, if left in the keeping of the populace, will be sullied by the sure repudiation of the national debt, and that an imperial government can alone secure and protect the rights of national creditors.
"We believe that but a small percentage of the American people can be considered fit, by character or education, for the unrestricted exercise of self-government."
"The Imperialist" first appeared in the early part of 1868. Grant became President in 1869. That great and true soldier, but a tyro in affairs of money, had pledged himself to the interests of Morton, Bliss & Co., with the other bondholders, who demanded in return for their securities, money twice as costly to the people as the law and the contract called for. The sole purpose of "The Imperialist" was to double the bondholders' investments and the people's taxes, or to destroy the Nation. The swindle accomplished, "The Imperialist" put out its candle for the reason, as it stated, that "owing to the prejudice of the people and their love for THEIR FALSE IDOL, THE CONSTITUTION," the Imperialists could accomplish their designs better "through the Republican party."
We could afford to laugh, as we thought, at The Imperialist. But one fine day, ten years later, The New York Tribune the leading organ of that Republican Party in which imperialism had merged came out with the boastful revelation that
"Yesterday's meeting of the bankers of this and other cities in opposition to the Bland bill was a large and representative gathering, it may safely be said that every great financial institution of this city was represented, and many others in Boston and Philadelphia were present by their friends if not by their officers. The report of the committee, of which Mr. George S. Coe was chairman, was a moderate and straightforward statement of the reasons why the Bland bill should not pass, except over the vote of every honest man in Congress, and must strike even the average silver lunatic as being as little like Shylock as possible. No man of good intelligence and honest intentions ought to be able to conclude its perusal, and still be an advocate of a dollar worth less than 90 cents. Under the report of the committee a resolution was adopted which provides for an efficient organization of the banks and insurance and trust companies, whereby a committee representing the great financial corporations of all the large cities will be able to call upon them at any time for such action as may be deemed advisable. First, however, there is to be a united protest to Congress against the passage of the Bland bill; after that, such measures as may be necessary, especially 'with view of attaining resumption as early as events shall prove to be practicable.' The capital of the country is organized at last, and we shall see whether Congress will dare to fly in its face."
This vaunt was made on the 10th of January, 1878 and the next day the Tribune repeated it thus:
"The bankers and businessmen of New York have taken an important step, and are sustained therein by bankers of Boston, Philadelphia and New-Orleans. Much that they might have done at once has been postponed, and perhaps wisely, if it was not possible to secure at this time the desired assurance of accord from bankers of this city and other cities. The time is near when they will feel themselves compelled to act strongly. Meanwhile, a very good thing has been done. The organization of a committee, representing the banks, saving banks, trust and life insurance companies, and the merchants of the different cities, with provision that the matters recommended for action by this committee shall be considered at simultaneous meetings in the different cities represented, is a great improvement. The machinery is now furnished by which in any emergency the financial corporations of the East can act together at a single day's notice, and with such power that no act of Congress can overcome or resist their decision.
"The Eastern cities are expected to concur heartily. Boston, Philadelphia and Baltimore sent delegates and expressed full approval of the plan proposed. But there is good reason to believe that other cities, not Eastern, will be found ready to act with New-York in behalf of sound finance. The strong resolution of the New-Orleans Chamber of Commerce, the expression of already received from the commercial bodies of other cities, show that there is substantial unanimity of opinion among financial institutions. In truth, sound finance knows no section. It is the same, and demands the same, at the West or South as at the East. A Western community cannot afford, better that an Eastern, to repudiate an honest debt; commercial honesty means the same thing everywhere; and the exchanges which make modern commerce possible are necessarily conducted upon a medium a common understanding in all parts of the country as to the basis of values.
"The fault we find with the action of the New-York bankers is that they did not at once take steps to fix a common basis of values in commercial transactions. But they reason, with some force, that a certain understanding and preparation by the financial institutions of the different cities are necessary before such an arrangement can be made effective. They say --and the suggestion has weight-- "Let there be first the necessary understanding and organization for common defence; afterwards, the measures needful can be adopted and put into operation at a day's notice." It is also true that the effectiveness of measures contemplated will be largely dependent upon the unanimity of action by the banks, and their action is likely to be much more hearty and united after some consideration that it could be now."
Precisely how "the capital of the country" was "organized at last," so that "Congress" was powerless "to fly in its face," is not yet clear in detail, though sufficiently evident in general. Since the Hazard and Buell manifestoes got out, with the Tribune's premature explosion of would-be treason, the center of the unholy circle has become as select and secretive as its band of exemplars in "Caesar's Column." But as surely as a George Washington, Thomas Jefferson, and Abraham Lincoln framed in the United States "a government of the people, by the people, and for the people," just so surely there is now a national and international attempt on foot to convert their work into an absolute despotism of plutocrats, by plutocrats, and for plutocrats. The worst recent step in this direction is the monstrous device of issuing government bonds over the dead body of assassinated silver money, that an increase of the national debt may be added to the burdens of industry, and that conspirators may grasp more sinews of power and oppression, while the poor shall have less means to resist them.
Though they have gone far with safety, let these conspirators beware. Their plot means ANARCHY; and the people are now asking this question:
"What difference is there in morals between the anarchists of poverty and the anarchists of wealth? The anarchists of poverty seek to divide among themselves and their followers the accumulations of others; and the anarchists of wealth seek to absorb the earnings of the masses by cunning and fraud." [W.M. Stewart in the Arena of August, 1893.]
The anarchist of poverty has been hanged at Chicago and the anarchist of wealth may be hanged in New York and Boston. But the great Charter of this Republic will not be destroyed. It is our "IDOL"!
And now one further word on
It is distinctly claimed in these pages that such panics are wholly unnecessary. They are nothing but the natural consequence of the English banking-system wickedness robbing ignorance. How often we hear that "very little actual money is needed in business" because "the banks furnish ninety-five per cent of the facilities of commercial exchange." But here is just the trouble, just the danger and the ruin. Checks, drafts, clearing-house certificates all such appliances are indispensable to civilization. But however we may settle accounts, if there is only one basic, redemptive gold-dollar to pay ten dollars in I-O-U's of banks whether discounts on their books or bills they issue then the moment the gold dollar is actually needed to redeem more than one-tenth of its load of promises, that moment the dollar will not go around. The banks contract and must contract both the I-O-U's of their ledgers and their circulation: so the people can get no renewal of discounts, no money to pay their debts, and ten-dollars in property must be sold for anything it will bring to get the one gold dollar Shylock's dollar the dollar of panics, with their "abomination of desolation."
This was our trouble in the summer of 1893. Let us see. According to the report of the Comptroller of the Currency for 1890 there were then 3546 National Banks in the United States, having on deposit, subject to-check, $1,596,000,000; other banks and trust-companies holding $1,014,000,000; and savings-banks, $1,524,000,000. The National banks then had on hand in gold or Treasury-note equivalents $290,500,000, and the other banks all told, $185,254,000. The actual money out in the hands of the people was set down at $1,025,000,000. Thus the people had a working per-capita allowance of about fifteen dollars which they were necessarily crowding to the wall and the banks had more than four billions of credits balanced on four hundred and seventy-five millions of actual, redemptive currency. This structure was dangerous enough at best. It required only a touch more of demand for gold at the base a hair's breadth of contraction to bring down the whole toppling mass. But the gold-conspirators wanted a panic and their bawling press freely threatened it. The Syndicate of Mammon called in gold chiefly for export and forthwith came the "crash." But then they turned round with the voices of fog-horns and screamed: "It is not we: it is silver it is the Sherman bill!" The idleness and poverty that have followed the hunger and nakedness, the social disorganization, despair and death all this is their work. Behold the worst existing enemies of the human race !
The restoration to silver of its stolen property the demand for it as full legal-tender money will of course supplant just so much bank-Inflation, just so many credit-bubbles with the actual cash-dollars which the bubbles make the false and impossible promise to "pay." To the extent of the limited production of American silver and the retention of it in our own country, such dollars will stop panics even under our present money-system, while they will re-instate our great agricultural staples in foreign markets and give back to us our natural and proper balance of trade. Best of all, such dollars will check the ravage of falling prices which are now driving all production and trade into bankruptcy throughout the world. But as already explained, all the gold and all the silver in existence all "specie" whatsoever can never furnish enough currency to do the work of money. It is "a drop in the bucket." Treasury-notes the glorious old "greenbacks" of "the War" are the only money that can afford the deceived, defrauded and abused American people sufficient and permanent relief. It has long been demonstrated beyond question that these notes, made legal-tender for all public and private dues and limited in volume to the needs of exchanges and equities, are "as good as gold"; for since 1879 they have been used as gold by banks to "redeem" their "money," and are so used to-day.
There is absolutely nothing new or strange in this proposition to constitute gold, silver, and United States treasury-notes, the equal and self-redeemable currency of the American people. It is "the American idea" as John Sherman might call it, if he should ever again indulge in the truth.
In regard to treasury-notes, Thomas Jefferson, in a letter to John W. Eppes, under date of June 24th 1813 said:
"And so the nation may continue to issue its bills as far as its wants require and the limits of its circulation will admit. * * * But this, the only resource which the Government could command with certainty, the States have unfortunately fooled away; nay, corruptly alienated to swindlers and shavers under the cover of private banks. Say, too, as an additional evil, that the disposal funds of individuals * * * have thus been withdrawn from improvement and useful enterprise and employed in the useless, usurious, and demoralizing practices of bank-directors and their accomplices."
Concerning loans for our second war with England, this same Thomas Jefferson wrote:
"The question will be asked, and ought to be looked at, what is to be the recourse if loans cannot be obtained. There is but one 'Carthago delenda est.' Bank paper must be suppressed and the circulating medium must be restored to the nation to whom it belongs. It is the only fund on which they can rely for loans; it is the only recourse which can never fail them, and it is an abundant one for every necessary-purpose. Treasury bills bottomed on taxes, bearing or not bearing interest, as may be found necessary, thrown into circulation, will take the place of so much gold and silver, which last, when crowded, will find an efflux into other countries and thus keep the quantum of medium at its salutary level. Let banks continue if they please, but let them discount for cash alone or for Treasury-notes." [Letter to Eppes, September 11th, 1813.]
Thus, eighty years ago, Thomas Jefferson the most elemental American yet given to his country laid down, in substance, the most pressing requirement of our own day. Clearly enough, if our industry and commerce are to have any safety, "bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs." But this is not all. We have just seen that bank-credits to borrowers and depositors all such discounts and trust-entries on bank-books are just as much "inflations" and are just as dangerous as bank-notes themselves, unless there is actual cash behind them for all emergencies. We have seen that for this reason, confidence-banks of the British system must always "suspend specie payments" as often as really called upon to meet their full obligations. When our American banks of that system carry more than four billions of credits to the public on their books and less than one seventh of the cash to pay them, how utterly ignorant, when not totally depraved, is the cry of "money enough no more silver! "Since the panic, there has doubtless been money enough for the moment. For after a man is dead, he can fly around as busily with one dollar in his pocket as with ten. But if the business of the country is not to be the dead-man every five or ten years, money must displace and supersede both bank-ledger and bank-note inflations. Business must rest on cash, whoever may lend and whoever may borrow it. In the light of this palpable need, this easily-comprehended fact, is there any danger that the American people can ever have too much silver ? All the gold and silver both on the face of the earth will soon be too little to make "honest money" for our country alone. The thimble-rig of the bankers and bullionists once out of the way, we shall always be obliged to enlarge our metallic money with government paper if we are to be allowed to keep at work and earn our bread. As long, however, as gold and silver are "the basic money of the world," and as long as we are the chief producers of those metals, our duty to ourselves and to all other peoples imperatively dictates that we should employ gold and silver to the best possible advantage, at home and abroad, as far as it will go.
Perfect money "scientific money" while quite possible to the future, is so far beyond the conception of to-day that even to indicate it is unnecessary. But the United States can at least adopt some approximation to the financial system of France, which insures industry and protects freedom, instead of following the English system to general impoverishment and "a new form of slavery" for the masses of mankind. The French system has nothing of what Napoleon called "ideology" in it, but rests solely on experience and "the rule of thumb." The French, however, are so alert in their ways that they often reach a point better, by merely looking at it with the naked eye, than we heavy Saxons do with a Lick telescope or a Greenwich observatory.
The money of France is very largely metallic gold and silver, both full legal tender to the extent of their issue, excepting a small amount of subsidiary silver. As a general thing the two metals are about equally divided in value, at the ratio of one grain of gold to fifteen and-a-half grains of silver. At present, the value of silver coin in circulation is said to be six hundred and fifty millions of dollars, the value of gold coin being somewhat more. As the territory of France is small and compact, and the population nearly stationary, her volume of money has become a pretty well known and pretty well fixed quantity. As she looks to it that her exports shall equal if not exceed her imports, and as she prefers trade with countries using gold and silver to gold alone, she keeps the money metals that have come to her from the store of ages the largest proportion that any European country has accumulated. But, in case of war or other derangement of her affairs, her gold and silver flow out of her own domains. Then, as a Nation, as a Government, she turns to the Bank of France, and makes its paper-issues legal-tender money to supply any deficiency of metallic currency that may take place. Thus the volume of money "the circulation of the life blood of the community," as the London Times once called it [February 16th, 1849.] is kept flowing and domestic industry is not strangulated. Financial panics are British and American institutions, and the French have no use for them.
But France is as careful not to overdo her money-volume, by paper or anything else, as she is not to underdo it. In time of need, the paper issues of the Bank of France are irredeemable as much so as were the issues of the Bank of Venice. They make no atheistic promise to pay "on demand" a quantity of metal that cannot be got, either from the stock of the nations or the bowels of the earth. But when the gold and silver, that some emergency has drained out of France, begins to return in settlement of her exports, then the Bank of France retires as many of her notes as the inflow of metal and the commands of the Government will permit. Thus "an elastic currency" of stable volume is achieved by legal-tender paper, while France, especially as a military nation that must always be ready for war, aims to have her full share of "the money of the world" which she lends on occasion to the Bank of England.
A currency of gold and silver, with free-coinage and with treasury-notes to supplement the inevitable deficiency of the "precious metals," would be our natural American modification of French currency. Treasury-notes, like the similar issues of France through her Bank, would be absolute legal-tender for all private purposes, and redeemable in government-dues revenues and taxes. It is now settled in economics that such money would all stand equal absolutely equal in any country emitting it in properly limited volume. This point, indeed, is the only one in connection with which capital as money needs protection the protection of simple justice. Just money, whatever may be its mere fabric, must be extended to and limited by the need of its units to convey exchanges of property while maintaining industries and equities. More than this, no people will ever ask; for man is both an upright and strangely patient being ninety-five per cent of him, as shown by statistics. Shylock doubts it. Shylock fears to trust mankind. Why? Because Shylock himself is an ingrain cheat.
Precisely what volume of money should float in the United States, on the plan of Thomas Jefferson here sketched, need not be dogmatically set down. If France territorially a small, compact country needs fifty dollars to a person in effective money in order to avoid panics and crashes, it would certainly appear that this broad and sparsely-settled land should have no less. But this matter can only be settled, under our institutions, by the whole people through their servants, the law-makers of Congress. But these men must be held responsible for it as they have never been held responsible for anything before. As we have found that a bad currency is death to the people and threatens death to the Republic, the politicians of our country may well take heed how such consequences shall affect them. By legislation and by legislation alone the legislation of aristocrats in Europe and corruptionists in America the old "automatic" system of money has been broken up. What was once the value of the precious metals in proportion to the yield of nature and the custom of millenniums, has been completely changed, that one class of men the class of Shylock might plunder, denude and starve the rest of the human race. By legislation, the class of Shylock must be put into their proper place and mankind be allowed to live. A department of the United States Treasury might be instituted to fix honest money under such safeguards and penalties, "even unto death," as would leave nothing to chance, venality, or serious mistake.
There are various methods by which the amount of money in a civilized country all kinds of money can be ascertained well enough. The amount in this country known for a start, there would be no difficulty in keeping track of it and thus holding its volume in equilibrium. Exports of metallic money in any considerable quantity are known now and all exports of it could be closely known without much trouble. On the outflow of coin, reserved "greenbacks" would simply be disbursed at the Treasury for salaries, pensions, and public necessities, in quantity corresponding to the drain on gold and silver exactly as the Bank of France in like circumstances, acting as the fiscal agent of the French Government, pays out its blue-faced legal-tender. Thus the volume of domestic money would be kept up to the required use for it. But the United States, again like France, our exports naturally outvaluing our imports, could absolutely dictate and regulate the amount of coin, both gold and silver, best to be retained in our circulation. To reiterate, in conclusion, what has been fully explained and demonstrated, silver, or say the possessors of it prior to 1873, owned through the laws and customs of the whole history of man, a certain estate, a certain property the legal-tender demand for it as money which was then stolen away. If by returning to silver its stolen goods, we the people of this great Republic can make that metal stand upright again, proudly equal to gold as we can do beyond all question then gold will be of no special account to us, even for importers and for corporations with creditors in England who have been promised gold-dividends on American securities.
There is no need of these evil days in which we live. They have been brought upon us by the avarice and chicanery of pure scoundrels. We have, at this moment, at least a hundred public men, any one of whom could dispel "hard times," set the industrious at work, and render the recurrence of a financial panic impossible forever, if only given the power to do it. There is no difficulty in the case: 'tis merely a matter of honesty.
1. "Bimetallism and Monometallism; what they are and how they bear upon the Irish Land Question" by the Most Rev. Dr. Walsh, Archbishop of Dublin.
2. The paper is well remembered by many people including the writer and various copies of it are still in existence; but this extract is taken from a little book, Imperialism in America by Mrs. Sarah E.V. Emery of Lansing, Michigan the authoress also of the celebrated brochure entitled Seven Financial Conspiracies. A woman writing two such tracts as these takes laurels enough away from men. Perhaps "the mothers of the Republic" can yet awaken our intelligence and shame us into courage. G.C.
3. The terrible and possibly prophetic novel by Ignatius Donnelly.
PUBLICATIONS FOR SALE BY THE AMERICAN BIMETALLIC LEAGUE.
Proceedings of the First National Silver Convention, November, 1889
Bimetallism and Monometallism, by Archbishop Walsh
Speech of Hon. John P. Jones, United States Senate, 1893
The Future of Silver, by Edward Suess
The Gold Standard, by Brooks Adams
Silver and the Science of Money, by Hon. Wm.M. Stewart
Jones' Chart and Tables, No. 5
Money and Prices, by Perry Prentiss
True History of the Demonetization of Silver, Speech of Hon. Wm.M. Stewart, United States Senate, September, 1893
Money, Speech of Hon. John P. Jones, United States Senate, May, 1890
Facts about Silver (revised edition, 1894). Issued by American Bimetallic League
Cause of Fall of Prices: The Change in the Measure and Not in the Goods, by Gen'l A.J. Warner
The Silver Question: How the Measure of Value is Changed, by Gen'l A.J. Warner
Prices on a Gold Basis, by Gen'l A.J. Warner
Important Financial Problems
The True Volume of Money at the Close of the War. Issued by the American Bimetallic League.
The True Volume of Money, January 1st, 1894. Issued by the American Bimetallic League.
Monetary Principles. Issued by the American Bimetallic League.
Protection under the Gold Standard and under Bimetallism, by A.J. Warner
Both Sides of the Silver Question by Jos. H. Monroe