The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1869-04-29

erringly the hand of Providence had
straightened out the tangled web of
destiny. ...,--.. Sec. IN -..-
Out of the darkness had come light.
The Amount of Gold and Silver in the
-.fIag gH World. 5E-H 81 H-s-tl
In 1892. when the Continent of
America was discovered, the supply
of gold and silver from the Old World
had become nearly exhausted. Since
that time the sums exported, from this
Western Continent, amount to about
! So, zoo, ,OO0, 900 in gold and $4,000, ,000,-
900 in silver. This is, a total of S., 900
100000 from 1892 to 1868. Consider
ing these figures, we must remember
this fact, that two-thirds of them were
produced before the Spanish were ex-
pelled from the Americas.
From 1892 to 1868 the products of
gold and silyerin other countries than
those upon the Western Continent
amounted to about S2,65O, 100000, one
third that in America. ~ ,,,..
The United States are now the
great gold and silyer-produciRg re-
| gions of the Western World. In 1868
it is estimated, from the best sources,
that they produced $6O,OOO,O0O of the
$4,000, 900 of gold, and S2O,O00,0O0' OF
the s6O,O00,O00 of silver that were dis
covered in the mining regions Of this
centinent.
This makes a good showing for us
of the United States-a showing that
is important in all monetary calcula-
ttions. We, it seems, produce S80,000,.
600 in gold and silver a year, Within
our boundaries At the present time
there are not less than 81, ,000, ,0oOO0(
of our bonds in Europe, upon which
we have to pay six per cent. interest
that amounts to S600O0,O0O.I Nearly
all, therefore, of the products of tht
minesis shipped from this country tc
pay the interest upon the Nationa
debt. How long can this continue
without great injury to all our com
mercial and domestic interests? els
But there are other points worthy
of mention. The total amount of golt
|, discovered in the Western Continent
embracing both the Americas and tn
adjacent islands, amounts to abou
J. So, 600, 0,000, all taken out since 1892
The debt of the United States, adjust
ed and asccrtained, is full So, 500, 900,
600. i In other words, we are invited
and expected to hand over all the god,
: which has been found in both thu
Americas for fonr hundred years!
h. Two-thirds of this gotd has. beel
y made into ornamental and useful arti
cles. How are we, therefore, to pa
the debt in brief period with the gol'
, now in existence? tbs said, as agains
the greenback theory of payment, tina
there are 500, 900, 900 of greenbacks j
u circulation and that they cannot pa
$500, ,0ge,0 ,0ge Of debt. But We ca
, increase the. greenbacks. to "a figur
that will not seriously affect price
: while they materially add to the re
sources of the Government. But eve
, with the $4OO,OOO,0O0, by a jndiciou
handling, we ran pay all the debt in
limited time, without drawing to
!, largely upon our resources. -.
! All the arguments ahainst paymel
7 in greenbacks, viewed from th
! amount in circulation, will equally al
: ply against payment in gold, or i
> specie OF any description. If we hav
! only drawn So, ,OOO, ,Oo0, 900 of the pree
), ious metals from the mines siuce 149.
we may be sure that only the smalle.
: proportion of them now romain in tt
United States. The precious meta
q are like any other article of commerc
they follow the law of supply an
e demand. Until the last thirty yea
s they have been anywhere but in Il
q United States. London and Madri
4 have been the places of their impo1
e from which as money or as materia
y for valuable ornament, they have bee
h exported to all parts of the world.
There are not to-day, in the Unite
:; States, to meet a debt of 50, 100000
which many declare to be payable
$ that cummoditv, to exceed $500, ,O0O,0 ,0(
IS in specie.-EnQuirer.
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