The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-10-06
THE DISQUALIFICATION OF
SILVER.
The Opinions of Eminent
EEmanciers.

One of the absorbing topics of the
present time is tine repeal of the act
which demonetized silver. With a
view to give our readers information
upon a question which so directly
bears upon their immediate prosperity,
we give the following quotations from
various sources all of which go to show
that the act demonetizing silver was
an outrage in the interest OF bond
holders and moneyed monopolists of
the country:
(Thos. Jeferson's letter to Hamilton 1921
return You the report Oh the mint.
concur with you that the unit must
stand on both metals.
alexander lamilton's Treasury Report.
1872.
To annul the use OF either of the met
ais as money is to abridge the quanti-
ty of circulating medium, and is liable
TO all the objections which arise from
com parisoH of the benefits of full
with the evils OF a scanty circulation.
(Baron Alphonse de Rothschiid to French
Monetary Commission, in 1861
The actual state Of things, that is to
say, the simultaneous employment of
the two precious metals, is satisfactory
and gives rise TO no complaint. What
is most needed in commerce is facility
in its operations, and to-day il EMPLOYS.
accoTing to its needs, sometimes gold
and sometimes silver, and the partial
replacement OF silver by gold, which
has taken place In these latter times.
has been effected without inconveni-
ence.
Thav now diamond 4I,oe o;i,,o,, ,l.,.1a
be demonetiZed, as fifteen years ago
they demanded that gold should be.
The French government wisely refus-
ed to demonetiZed gold then, and it
will be equally wise tH refuse to dem
onetiZed silver now. In fact, whether
gold or silver denominates for the time
being, it is always the TWO metals con-
cur together in forming the monetary
circulation of the world, and iJ is the
general mass of the two metals combin-
Ell which serves as the measure of the
value of things. In countries with
the double standard the principal cir
culation will always be established of
that metal which is the most abundant.
lt Is scarcely twenty years ago that
silver was the principal element in our
transactions. Since the discoveries of
| the California and Australian mines.
it is gold which has taken its place.
No person can predict that the proper
ton in which the two metals are pro-
duced may not be changed in favor of
silver.
1t appears to me that there are real
advantages in maintaining silver in
circulation and none in its suppression,
since it is now actually q part of the
circulation. l should regret the de-
monetization of silver in its relations
TO our internal circulation, our COM
merciaI intercourse with other coun-
t=eis, and the always uncertain even
Qualities OF the future. But l should
| regret it even more if our example
should be followed by other nations,
for that suppression of silver would
amount to verItable destruction OF
values without any compensation.
Without doubt the metals are not
always in the same measure at our
control; there is always one more
abundant than the other. But neither
OF them has ever completely disappear
ed, and We have always been able to
find the one OF which we had need.
IN. wolowski to the same.)
To adopt one metal, gold, to the ex-
clnsion OF the other, it is not merely
as if they closed ali existing mines OF
regard the labor of ali past ages. The
sum total of the precious metals is
reekoned at fifty milliards, one-haif
gold and one-half silver. If by stroke
of the pen they suppress one Of these
metals in the monetary service, they
double the demand fol the other metal
TO the ruin of all debtors.
IN Wolowski. Memoir read before French
Institute 1851
The suppression of silver would
bring on 2 veritsble revolution. Gold
would augment in value with a rapid
and constant progress, which would
break the faith of contracts, and agpra-
vate the sitG ibn ai ali debtors, fnclud-
ing the nation. L laaid add az one
stroke of the pen at least three mil
lizards to the twe.se miiiiards OF the
public debt.
t"Recherches sur For ct sur l'argent.'' 1898
II all the nations OF Europe adopted
the system OF Great Britain the price
OF gold would be raised beyond meas
ure. and We should see produced in
Europe result lsmentable enough.
The government cannot decree thar
legal-tender shall be only gold in
place OF silver, for that would be 70
decree revolution, and the most
dangerous OF all, because it would be
q revolution leading to unknown re-
suits (qHi 1sorcherait GERS riRcoann).
N. d'EichtaI, Director OF the Bank or
France, to French Monetary CommiSSior
1888.
In cotton, every fall in the price
brings an increase IN consumption.
But in silver, if you take away its title
OF legal money, which makes an nm
limited outlet for il, it must fall ex-
ceedingly low before it would find an
employment equal TO the one you take
away.
M Roulard. the GoverRor or the Bank Of
France. TO the same
We have not to do with ideal theo-
ries. The two moaeys have actually
co-existed since the origin of human
society, without any disadvantages,
and with actual advantages in ali
countries which have avaiIed them
selves OF them. They co-exist because
the two together are necessary. BY