The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-03-08

yse.,,t cI,s,t',.4 IN the relative values VI gold
aud SILVER = a tie fleet OF that change upon
trade commerce laance aud the pfoduc I've
iat8lesta Oh iile country the coInntis'ioA /
ooucar u the following opinion OF tis Drlush |
silver commission ol 1877 that The recent IN |
crease III the production OF stver II not one |
1T tbs priuci pal causes Ut the decline Ill lis |
relative value. NolWii hstanding ih7 iats rise |
III the prudu, ton Of silver as compared with
gold. It's propoEtl9n 70 gold ls Ill considerably
below what II Was II 1885, TO say nothing "
tue period " hen the proportion was three to
one, ana the oonc .uzi0n seems JUSTIFIED that
review OF the 1.lations Ut the Metals Iii TINS
past show that the fail IL the price Oh silver Is
not du. 10 any excessive production q COM
pared with gold. 1t Is not now seriously
maintained a,iy wiiele that any recent tact Ia
tbs production oi silver ia among the Causes
OF IT. le,atIvs decline. The causes Of ieoent
change III the relation Of g0lo amt silver are
ssaani, the delno netizati0u Of silver BY TER
many, the United states and other countries,
and the closing III our innts aaeinss siipef
which resulted from these denonelizatinns
The priucipal causes were cited by the con-
t-inlpransulls leinuailiou Of ths Aaiattc de-
! rnand Tor silver, b. the enormous exaggeratlon
u lle actual and prospective yieiAs Of the
Nevada 81 Yer iues aud the eflectot all three
causes. principal ala accessory, reached Us
| cuinunatiiis point III - panic ii July, 1916,
| Ia tiie I,oudou silver market. Many Of th-so
| dsuland Tor silver has arealy Recovered It's
accustomed 70 tx. auo the delusijns il respect
to The Nevada 1Aiies 40 Longer exist.
! RECONCILIATION URGED.
| III the opmiou q TIE commission, II the
| United : tales lpssoie III double sLandarJ The
| progress vi denivAetlzing silver vii De deci-
| sivety checked. The elicit ot deui3uetlza lou
| 80 tar accoiu plshod. and Ui tle Resulting dis
turbance vi lle Ie.alive value vi gold AHA silver
a atgs
duO,ive Interests Iii Iiils couutry, and through
cut tue colIllueicial world, has Deeu algnaiiy
/ 1is.stl GUS, AID ESPECIALLY 10 the cou"trie5
| which nay7 recently oelAoneI.zeG silver, Or III
| winch The gold otai4dard Vas c1earty establish
ed. In IA lIle coinnrrcl1i cJautTl-s The sall4e
LuenUlurlla was simultaneously presented, q
talling prices vi commodities and real estale
diniua.ilng puuilu reyelu =, starving ,pos.riy-
paid aud aneia L0yed l40oiers. ANA lapldIy
lnultlpi ying baukrup tGits. These facts exist
il4 very wieie, must arise from solAs CAUSE
Operating every licie, AID lilo aacii CAUSE - Or
cAn bs painted our, eXoept the progress nade
Ia Contracting the oLaliuasd OI VaIuta from S0lu
aud silver, with the law vi tle Uuiled otates,
ol February 18th, 1875 AMI tie la. oi Ger .
many OF jay, iS!1, giving practical elect 10
prcivo,ls ut cree OF that En pirs OF Deceln -,t,t
An, 1870 Tor the establishment oi sing gold
standard. silver 10 the amount OF S3.UuV,vU0.-
| 200 ii. Cutns the aocuuiuation OF nfty ceAiu-
ries, is SO woven in,o the weoaaud woot ot the
wsriu 8 commerce thai 4 cauns,J bS discard q
without d commercial, political aiu SOCIAL Ca
tastruuhe. The eyil lie enc uUusly aggravated
BY selecting goid ~ h metal To oe retained ana
silver ~ iletai to bo gwen up. Ii Is the pro
{ duction OF silver viii Ia is the nloae!4tions u
{ the fluctuations Of go d, ana which during th'
sudden and ~rioIiAUu, additional supplies 0
gold since lo4o ns~, saved the conaieic iai worit
: | from iuiuous disaster The California AM
i Australian p!aC.rs would have Inflicted practs
y cal cunlsoaiIon upon The Creditor class II oil
4 | yer wu.cti many oil them BECK 10 discard, ua
: | not protected them.
ne s-css.d question sewers the two point
, Of the restoration of the double standard /
) tuis county, AID OF Tire best legal relation be
q tween Noia sud silver. Tue commission It
It commend tue restoration and Unrestricted coin
age OF both inetAls uf the dUub . standard, bu
: unable To agree u pom the best legal rci@Lio
" Vt the two nieGas.
Il Tue THIRD question relates to the policy
= continuing IL "a. tender noFos currently wit
: metallic standards, aud the effect tler.o. upa
lAoor, Industries ana th- wealth oil the coat
- Try, The commission do hot suppose that 1t
:. possible 10 obtain paper IA actual eoncurrel
Al circulation with coin. unless the paper Is ma
le equai Ia market value to the coiu by actu
'v convsrtbility into It.
! The l0urfu Question covers the best meal
cor providing Tor facilitating the resug ption
specie payments. The British Resumption
~ 49, ~ IL ygaa actually ccomplisAed, Was f
u, lowed by All unexanipled commercial aud /
be duotfiai depression covering period OF
y generation IL II not posssUi- 10 ursw fro
i. that hlsto lca eXatni de much 10 cniighten
- 70 the proper policy ~ be now pu sued 10y |
; United STATES tn Commission have TIE
10 able 10 arr.ve Al only enc single conclusion
oil that reaum ptiou III tais country
4 isEor PRAcTlcABlR
ne under any circumstances unit the exist.
~ avs making god lie soie useEatc gal tent
-. Is epea..ee4 Resumption white these laws
- nlaili IN force Is tie rs AbIlsnmrut Of All Il
." elusive gold standard III the United Sta
1st lust ~ English RESUMPTION Ia is@ gave Ell
rs h tile English gold law oil 1876. That the t
Il u precious metals ars adequh to Matnlain tx
,e> ing prices i made at ieA-t doubtful 10y tile
smat 50 many countries have abauduued q
payments within recent years and have resot
ed % pap money. The total Inadtquaoy ci &
The atone Is apparent. uertAauy conallrneed
An march, net y.t completed, e stngle 4
,ir STANDARD alirtshxarassed by national or fore
80, debt OF any kind, and with u tfiuuts vAae
us rom Francs or : .ttJ 900 ITO Il .ne tern
as movement under these favurlng osrvumstAn
icy has resulted III SUCH great COMMERCIAL distu
son aiace ANA such keenntss OF privaEs distress
.,b ! may be anticipated hat lie nIAacsat ruin
be ia this country II il shall D -islat II th~ "a
movement andsr III weight G. encrui
oA dettS, puosle AMI private la ths opinlol
ssp- d neasute
ally ESSENTIAL TO SpECtE PATNksTs.
rer. and may make Sucn ia stnen;s practice
de- Silver Is the same thug. " neither oD6aine1
commerce with lure - or from tie t, ms
lode, slid these TITO opposed our leceivlnA
tgom abroad must desire 10 see our nlues ol'
as home
Finally, the commission ltssieve that the
that the German AMI Sca4dinagl Ian States /
bv adopted tie gold standard, aud saat some 0
European liaaiuns may possibly adopt Il,
stead IT being Teasons Tar perseverance IN
attempt 10 establish il III th- United : Eates
precisely the facts which make such All
tempt entirely Enpractioable, and winch "
max tie SuNcrss 0i sucA AL alt-inst
elton overw helnsngiy ruiAoas Ii the nations
Liz eautil-nt If Europa hsd dauoie I'll
ART, = geld standard wuula he possible
lseause ia that condition they would Il
& - exchange gold Tor silver. Il was tiaat &C
= N''e lion that tnabled higIan 10 resume sI
payments iii 1871. t. propose In this cou