Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-10-17

ceeded. This sum, with the total issues
OF the National banks, and the fraction
al currency, constituting the entire cir
culatlon OF the country, has never
reached 500 millions. There was con-
traction between 1866 and 1876 of A
millions of greenbacks; they were not
destroyed, however, but have since been
reissued, and it is noteworthy that the
very period when this contraction took
place, IS66-6S. is now represented as one
OF the most prosperous in our history.
The panic which come six years after
words cannot be attributed to contrac
ton occurring previous to 1868. The
panic and the hard times resulted from
other causes, which could be easily
pointed out five had space, and some
Of which produced business prostration
and equally hard times in England,
Germany, Austria, Switzerland and
other countries. In fact we have more
currency now than in the flush times Of
1868. Nor has there been any such
thing as forced contraction. Eighty
greenback dollars may be retired
distroyed-for every 500 ofnew nation
al bank bills issued but this increases
the volume Of currency. Nor does the
resumption contract the currency 1t
simply puts gold or silver dollar in the
place of a paper dollar. There is, how
ever, no compulsion used Every man
preferring paper to gold may keep the
paper. The governments readiness to
redeem It's promises to pay however,
will make the paper par with coin. But
while our currency has not been mater
| 1oI Iyv o,to 6 n tr ho
steadily increased SO that its real power
in money has more than doubled since
it touched the lowest point of deprecia-
ton; and is 40 per cent greater than at
the close of the war. The cutlery, there
fore, that it is contraction which has
produced the hard times is false, and is
raised by those who are either misled,
or those who are seeking to mislead.
THE Decentralization OF SILVER
Again 1t is charged that silver was, by
corrupt means, been surreptitiOusly de-
monetized in 1873. No proof ofthe en-
| ployment of corruption in securing the
passage of the law which it is claimed
demonetized silver has ever been pro-
duced. The whole subject of the rela
tons of silver to gold as, legal tender,
|
ard or measure of values, had been for
years discussed by political econ
Omlsts and scientists IN this
country and abroad. To mention
one, out of many instances, DR.. Bascom.
the President of the University of Wis
consin, in a work on Political Economy
written before anything was heard of the
recent Recommendation Of silver, discuss
es the whole subject of the single and
the double standard, and concludes in
favor of the single gold standard. Does
anybody suppose DR.. Bascom was
| bought up, or that in advocating that
view he was influenced by any consider
alton except to inculcate what he be-
lieved to be sound principles of political
economy? And had he been member
of Congress, and voted for the law in
question, as he doubtless woodland ne
would have known, too, what he was
voting for-Would it be lair to accuse
him of being bribed? Such charges
should not be made without proof The
question is one on which men may and
do honestly differ. But what are the
facts? Silver was practically demone-
TIED in 1868 and not in 1878 The vast
and sudden addition made to the gold
stock of the world by the California
mines between 1S49 add 1853, had caus-
ed gold to depreciate in comparison with
silver Silver being worth more as
! bullion than as coin, could not be kept
in circulation. To remedy this state of
things and to provide small change,
Congress in 1868 provided for the coin
age of half dollars and smaller silver
pieces, containing less pure silver than
coins of the same denomination before
issued. This was done to make it I'M
profitable to export such coins as bullion
This subsidiary silver token money was
made a legal tender for only IS. Moth
ing was said about the silver dollar, the
experience Of sixty years having shown
| that it was a coin not greatly favored by
the people. In fact, from the organiza-
ton of the Government up to 1858, there
had been only about four millions of
silver dollars coined. 'sThe silver dollar
Of our fathers" about which we hear of
SO mucn of late, never existed in suffi-
cient numbers to give each Of the
g fathers single specimen; and silver
has been practically demonetized in this
country since 1853.
We are not opposing the remonetiza-
ton of silver; we are only showing that
the act of 1878, SO loudly denounced,
has thus far had no effect whatever
either in diminishing or promoting the
prosperity Of the country. When it was
enacted, silver dollar was worth more
than gold dollar. Since then-not in
consequence Of the act, since we have
been using an irredeemable paper cur
rency and that act therefore has had no
influence whatever upon the demand
for silver in this country nor has it
thrown an ounce Of silver upon the
market-but because of the recent enor-
moas production of silver mines, the
falling off in the demand for silver in
Asiatic countries, and its characterization
in. Germany, which did throw large
amount Of it on the market it has at
times within the past three years fallen
20 per cent, as compared with gold and
is now about per cent below gold
Now the "Greenback party and I" the
o'c Pofo NJ, !