The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-08-18
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Ny friend goes on as follows:
Gold is subject to only natural laws Of
production and not subject 10 sudden
fluctuations.
Silver is subject tc only natural
laws of production, and is much
less subject TO sudden fluctuations
than gold. Very elaborate esti-
mates have been made of the an
nual production OF gold and silver
from 1900 TO 1876. During that
time, the lowest production of sill
yer in any one year was $20.000,000
in 1929, and the highest $4,000, 600
in 1873. The average was almost
continually between $10,000,000 and
S60,000,O00, and the tabular state
ments show on the whole gradual
and steady increase of production,
as there ought to be. In 1875 the
yield was $72,O00,0OO. The produc-
ton of gold fietuated from $4,000, 200 in
1901, $5,000,OO0 in 1929, $19S, 0O0. 900 in
1852, S127, COO, 900 in 1854, S107, 000, goo in
1868, S97, GOO, geo in 1875, and at less
rate so far this year.
A truly beautiful metal gold is for reg
ular and even production, and values
dependant upon its supply would be
beautifully free from fiuctuatien without
the much more regular production of
silver, and the immense mass of silver
coin extant as an equal legal tender.
1 ho IL, -
gold and silver inevitably makes the
| production of the former more fiuctuating
and uncertain than that Of the latter. Gold
is mainly found in placer mines, near the
surface, easily worked, and no matter
how rich, soon exhausted of the bulk of
their auriferous deposits. Silver is found
mostly In quartz, hard to get at and slow
| to work, requiring more thorough sys-
/ TEN, and when found the mines last
much longer. protest against my friend
catching at every floating straw that
looks as if it would sustain his theory,
and holding on to it as lite buoy. He
| should remember that a great deal of
stuff is now being put out by interested
| parties to deceive and confuse people in
regard to finance, and all statements on
either side should be carefully examined
before being endorsed. And so far as
unfluctuating production Is concerned,
paper money can IN this country at least,
| be produced with far more certainty and
| regularity, and with a far more reliable
limit, than either gold or silver can. If
my friend will agree to decide In favor
of that kind of currency which can be
produced with unfailing regularity and
eveness and definite and reliable limin-
tation, think we can agree that paper
| money is the best, for it is on these
grounds that 1 favor it in preference to
| any other.
Gold can be easily transported, cost
ing only two or three per cent. including
| insurance, to convey it to the most dis
tant parts Of the world, and it can al
ways can be had by any nation that has
| any thing to exchange for it.
Silver is transported at the same prices
as gold, as 1t is value, not weight or bulk,
that is charged for in transporting these
metals; which are by the way, transpor t.
ed mostly in the shape of bullion, each
country preferring its own coins, as it
does its own paper money. l am afraid
some INSCRIPTIONS cuttlefish has been
muddling Resumption numerically. IS
costs less to guard silver than gold, be-
cause the former is so much heavier, and
cannot be so easily carried Off. Gold,
silver, diamonds, cattle, corn, wool, any
thing and every thing, can always be had
by any nation that has any thing to eX-
change for them. So can paper-in fact,
paper can be had easier than most any
thing else, and on this ground ask my
friend to give paper money the inside
track in his estimation. 1t can certainly
be carried as cheaply, and in fact, is car
ried immensely cheaper, and to a million
times the extent, that either gold or sill
yer is.
am not in favor of silver as a legal
tender, except in small amounts, because
it is being demonetized by other nations
and that together with the opening up of
the Bonanza mines has caused it rapidly
to decline in value, being lower now than
was ever before known
Admit this to be so, and it shows that
the more the people of other countries
and Bonanza mines lower the value of
silver, the more silver our products
sold abroad will bring there, and the
quicker we could pay our bonds in sill
yer and get the balance of trade turned
in our favor. Producers and property
owners at home would also get increased
prices, and could the quicker get out of
debt. But any occurrence that will tend
to assist debtors rather than creditors,
seems peculiarly Objectionable to my
friend: He is quite satisfied to see the
claims of creditors remain undiminIshed,
and the labor, products a nd property of
a 20 f,I
any point; but to see the latter raise in le-
gal tender value SO that they will pay
debts quicker, shocks his Utmost sense of
propriety and justice. But il we can pay
debts in silver, the lower it goes the easier
to pay them, SO the cheaper it gets the
better for nine-tenths OF the taxpayers.
Make silver legal tender and all our
securities would rapidly decline in value;
even the much abused grecn bacFs would
disappear from circulation. Silver would
come from every land. for it would be
worth more here than any where else.
in legal tender Yalue--our other proper
ty of all kinds would come up in legal
tender value proportionately, and would
pay bonds and debts SO much the quicker.
Besides. Congress has no right to legis-
late for or against the value of any kind
| Of property, more than to provide q per-
name Mt currency system and enforce ex-
listing contracts. We must pay our ssse-
cur1ties" of in whatever kind Of money
we contracted to, no matter how much
or how little it costs us. The Supreme
| Court says they must be paid in silver or
| gold, at our option. The doctiine that
real estate and all kinds of property, pro-
ducts and labor, must fall 80 per cent.
more or less. in order that bonds may in
crease to and be held up above par, is
preposterous. 1t is our duty and right to
pay debts in the article agreed, no matter
how the pay meHt affects their value.
Robbing the many to enrich the few is
more injurious to national prosperity than
to have bonds decline in vsiue through
the equitable performance Of the con-
tract between the government and the
bnodholders. Their present values are
unnatural, excessive, and. exorbitant,