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

int4,res,ts O. the. country. The commission
concur in the following opinion OF tns britlsh
silver commission OF 1877 that the recent III
crease in tile production OF sltver IL not one
of the uriuc, l,al CAUSES If the decline i'll its
relative value. Notwii hstand,ng tia iats rise
In the produ ton Of silver as CONF pared Witfl
gold, it's proportion to gold Is sill considerably
below What II WAS in 1916, to say nothing Vi /
the period " hen the proportion was three TO |
one and the eonc. usIon seems Justified that |
review OF The T.lations of the metals in tiins |
past show that the fail III the price OF silver Is |
Tot due to any excessive production 2s COM |
pared with gold 1t is not now seriously |
maintained ATTY wli-fe that amy recent tact III |
the production of silver is among the causes |
of its ieatlvs decline. The causes Of recent |
change III the relation OF gold and silver are |
ssaini, the demonstration OF silver by Ger
many the United STATES and other countries, |
and Tue closing of cur miilts against SILVER
wiich resulted from these CONGRATULATIONS
The principal causes were eted by the con-
t.inporansous uemunsion Of the Asatic de-
rnand for silver, b, the enormous exagSeratl0n
Of TIE actual aud prospective yields OF the
Nevada 81 Yer llues, and the eftcctot all three
causes. principal aui accessory, reached It's
cuiinlnatiis point Ia ~ panlc vi July, 1910,
ia the Loudon Silver market. Many OF these
cases are essentially tenn urary. The Asiatic
dsulaud for silver has alrsaly Recovered Its
accustomed to, cs. and the deIus,ons Ill respect
TO the Nevada 1n.iies no longer exist.
RECONSIDERATION URGED.
In the opinion Of the commission il the
United StAies restore lii double standard the
urugress vi deluonetizlug silver viii DO deci-
syeiy checked. Tie elicit vi ueuloietlZa lou
80 tar accoiu pllSed and of the Resulting dis
Iuybanct vi the relative VALUE Ut gold ala silver
q pom Il ade cuinluerce, hnanco aud the pro
duC.ve iutes ests Iii i!iis cuuuLry, and through
+. out the coluiuerciai world, has beeu slgnaily
| disastrous, a.id especially To the cou.tries
| which have recently oelAoheize1 silver, or III
winch the gold elandard Was clearly establish
| ed La IL The cUIniilercial COUNTRIES The saline
| phenomenal was simultaneously presented, u
| falling prices VI coIiliudties anh real estate,
| diminishing puUilv reyenuts, starving, poorly
paid aud unemployed IaOosers. iapldiy
| multiplying bankruptcies. These facts exist
| Ing yerywA must arise ffum solAe cause
| operating every where, AID no such cause ID Or
| c4n bs pointed out, except the progress mado
III contracting he staudaid of yaiu,s from gold
| aud silver, with the law vi tue Uniled otateS,
oi February 18th, 1878 and the law OF Ger
many OF July, 1873, giving practical effect to
| 4 previous us cree OF that Empire OF Drceln Jer
AIN, 1870, Tor the establishment vi sing gold
standard. Silver To the amount OF % ,UuU u0O.-
700 ia coins, the accumulation Of fifty cenlu-
ries, is SO woven into The ebsand woot vi the
| wvrln'e Cunl,neice that l. cannot be discard d
without a commercial, political aAd social Ca
tastsupile The evil Is -noi uUusly aggravated
by selecting gold ~ u metal To oe retaiIcd and
silver ~ iuetai to bo gwen up. Ii IL the pro-
duction of silver viii Ii Is the nlodeiatlons Of
the tiuctu"tious OF god, and which during the
sudden aud ~Iioriliuus additional supplies oi
| gold since lo46 has saved the CON lclat world
| from ruiuous disaster The California and
Australian p!acsrs would have inflicted practs-
| cal cunhsuation upon the credto, class Ii bill
. yer witch many vi them seek TO discard, mac
. not protected thom.
i tle s~uuad question sewers the two point
Of the restoration of the double standard IL
tuis country, AID Of the best legal relation be
tween guild aud silver. The commission re-
I commend the restorati0a and unrrHtrictsd coin
age vi both metals uf The double standard, bu
ars unable to agrees upon tbs best legal relation
of tha two ni.tais.
r The third question relates to the policy 9
!, | continuing lega tender nofos currently wit
nletaliu sta ndaras, aud the effect thereof upo
labor, Industries AMI thu wealth OF the couli
. try. The commission do Lot suppose that 1t
. possible to obtain paper In actual concurreI
" circulation with coin, unless the paper Is ina
e equal In market value to the colu by actu:
v conyertibility nto it.
!. The luurtu question covers the b-st mean
for providing Tor facilitating the resumption
specie payments. Tue British resun ption
l. 1927, ~ 1t was actually accomplished, was 70
I, lowed by an unexampled commercial aud IL
he dustrial depression covering period Of
J.. that historical example much to cniighten
" To she proper policy 10 ee now pu sued 10y Il
, United States. Tia. commission have bes
70 able III arr,ve at only sinsls conclusion
al that resumption Ia Lliis country
/ isEor PRACTICABLE
IL under any circumstances until the exIstsi
s. AVS making god the sol. u.etailc | gal teDu
- is repeated. Resumption white tneoe laws /
. nlaii, III force Is the establishment uf all 81
a I .~l IfxkSk.. Aeat.
ST just English Resumption in lS2 gave eff
rs To the English gold law OF 1916. That the II
Il precious metals are adequate To maintain ext
a. ing prices Is made al iea-t doubtful by the (;
thai many countries have abandoned ca
payments ithln recent years and have resort
eu 10 pap money. The total inad.quacy NJ ge
he alone Is apparent. uerusauy commenced
IN uuarch, mol y.t completed, &c a slngle Y,
r. standard. ssiIrustaraSsrd by national or forei
= debt OF any kind, and with tribute exact
no srom Francs OF i,tov,00U,0 vo Ii Tue term
as movement Under these favoring c,reunstan,
~ has resulted III such great commercial distu
on alice and such keeinsss OF pravats distress,
RI may be anticipated what The financial ruin v
be III this country ii it shall. p-,sist III the al
"a" movement under til weight OF enorsns
vi debt<, public AMI private. In thu opinion
ass the Commission the semoneslzatiun vi silver
~ IA measure
lily ESSENTIAL TO sPEcfE PAyNeSTs,
er. and may make such pa smenis practical
de- Silver Is the salne thing, whether obtased
commerce with kuro.e or from ths Z. INST
iodr, and these who opposed our receiving
trum abroad must desire ~ see our mines Gu
at holue
Finally the commission believe that the
That the German ami Scandinavian States h
bv adopted the gold standard, and tuat some Of
European isaGions may possibly adopt it,
stead oil being reasons fsr perseverance, IN
attempt to establish il in tue United tates
precisely the facts which MAKE such Ill
tempt entirely impractigable, ald which wo
MAKE the success VI such All att-inlt IL
ton overw helaningiy ruiMoas. Ii the nations
tI- Continent uf Europe hsd double sta
ard, gold standard woulu be possible Ii
teeause in that condition they would IN
80 exchange gold Tor silver. Ii was thai co.
s'S ton that .naeled England to resume sp
payments in 1921. To propose IN this coul
a contest toea Id standard wirh Euroi
iaatiuls is 70 propose to it disastrous Tac.
MS duelnS prices OF commodities and sxgTasa
the burden OF debts, in which all contrs,
will sui imweasuraLly, and the victor
more than the vanquislied.
Senator Boutwell,, representative g.
and Prot. owen, os Cambridge, report In !