Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-17

the average production Of gold was s145, $780,
GOO annually. Twenty years later the average
was only S101 ,54l ,00O-a shrinkage Of
90, sss, ooo annually. We are in the
tween the birth Of Christ and the discovery
Of America and the results will be equally
disastrous. While gold is thus shrinking the
wealth Of the United States has increased from
81, 1876, 900, in 1850, to $50 06S O0O, 900 in
/ 1870. One-fourth of all the gold and silver
produced annually is absorbed in the arts
Moreover, there is steady flow Of silver and
gold to China, japan, India, etc., aud it never
retnrns he gave figures showing that there.
had geen produced since 1892, gold to the
GOO, 900 could be found In Europe and America
to-day. The balance, about four billions, had
gone to the Orient. 'the graveyard of the pre-
cious metals" In 26 years, from 1850 to 1876,
France and England alone sent to the East
1883, $40, 485. He quoted the following from
the late NJ. Wolowski, a distinguished French
savant, who put the whole story in nutshell.
when, at tho French monetary convention held
in 1869. he said:
"The sum total of the precious metals is
one-half silver. IF by stroke of the pen
they suppress one Of these metals in the mon
etary service, they double the demand for the
other metal, to the ruin Of all debtors"
Prof: Lavelaye. OF the Belgian Monetary
Commission, l873) said:
| Debtors, and among them the State, have
| the right to pay in gold or silver. and this
right cannot be taken away without disturbing
| the relations of debtors aud creditors, to the
prejudice OF debtors, to tho extent of perhaps
one-half. certainly OF one-third. To increase
all debts ct blow is measure 80 violent. so
revolutionary that | cannot believe the gov
eminent will propose it,
These prophetic utterances have been ver-
tied. England, Germany, Belgium and the
| United States are in the throes Of tho mcs. ter
t-r-,v Ia
| world.
David Hume said in his Essay on Money:
We ind that in every kingdom into which
money begins to flow in greater abundance
than formerly, everything takes a new face;
labor and industry gain life; the merchant be-
comes more enterprising, the manufacturer
more diligent and skillful; and even tho farm
er follows the pillow with greater alncrity and
attention"
The Report Of the United States Monetar7
Commissian says;
If metallic money becomes insufficient i
the commercial, industrial and numerical pro.
gress OF mankind must be arrested, and if the
decrease Of money shalt be a continuing one,
aud cover long period Of time, it must end in
an absolute check to progress, and possibly
IN ne destruction Of e1istiaS social and political
Institutions. = shrinking volume Of
currency and falling prices always have ten
, dency to concentrate wealth, to enrich the few,
and to impoverish and degrade the many.
throughout the tncyld today"
Mr.. Donnelly then proceeded to give the his
tory OF the decentralization OF silver. There
were no petitions for it,; no discussion; the bill
was entitled an act to regulate the mints" etc.
1t was read by its title alone. No one but the
oonspirators knew what it meant. Even Presi-
dent Grant wrote letter October, 1873, six
months after he had signed the bill, which
showed that he was not aware that silver was
demonetized.
He then considered the ;allacy that our
troubles are due to ''over-production." Over
millions Of our countrymen half fed. Of
clothes? No; there are millions half clothed.
he had always supposed that the more coun-
try produced the richer it was. This was Eng
lands boast. Was England less fortunate
than Spain that produced little, OF Alaska that
produced nothing9 The trouble was not over
production, but under consumption. When
times were good, from 1868 to 1879 we could
not produce enough for our own people, but
imported millions Of dollars of goods from
other countries. Give the people prosperity and
plenty Of money, and the goods which now load
down the merchants shelves would disappear
IN fortnight, and every mill and factory
would be called on to do their utmost to sup
1 ply the unceasing demand. The trouble is, We
are IN tho midst OF falling prices consequent
upon the increased purchasing power of money.
consequent upon contraction Of the volume of
money, and hence there can be no prosperity
and no confidence; and this is intensified by
the demonstration Of silver, which decreaaes
the volume OF money one-half, and thereby
doubles its value and reduces one-haIf the value
OF all forms of human industry.
Mr. u. here replied to some Of Prof. Sum
ner 9 sophistries. Prof. s. says we are all
capitalists and all debtors. He would have us
believe that there is no distinction between
hothschild and tramp; because the tramp has
suit OF clothes on his back he is to that ex-
tent capitalist. These enlightened edu-
Gators should stay in the school room
and not attempt to instruct an intelligent
people. Professor Sumner then says: would
you compel the laboring man to take in pay
ment OF his wages dollar worth less than the
gold dollarT 1t is pleasing to see this lively
interest in the laboring man! But does not
Prof. 8. know that silver coin is legal tender
for $500 and under. And therefore the work.
,ngman IS compelled to take it under the existing
iaip; and Prof. 3. desires to perpetuate this
injustice. He wants a gold currency for the
rich and silver currency for the poor. We say,
put all men on level. Let the money that
pays the plowholder pay the bondholder.
But 1t ia claimed that it would be REPUDA-
TON with pig ~ to compel the bondholder
to take silver in the payment of bonds. Why
is not that precisely what he agreed to take?
Every bond issued since 1870 is payable in coin,
gold and sttter, and across its face is printed
these words: This bond ia = = y, redsemable
United States on said July IA, 1870,
with interest in such eote. Now on
July Il, 1870, the silver dollar contained
4l2179 grains of silver; BANDS bill proposes to
restore that precise coin and compel the bond
holders to take. 1t is that repudiation3 Is it
reputation to pay debt precisely as the par.
silver is worth only 80 cents. That is silver
bullion. Silver coin ia quoted in to-day's New
York market reports in the DAILY GLOBE at il
to e per cent. discount. But suppose it is
only worth 81 cents, who made it SO? The
bondholders and their tools. Are we to reward
them for this villainy by giving them new
coin, not contemplated in the, contract and
worth per cent. more than the coin they
agreed to take? Have not the people some
rights IS well as the bondholders7 Silver was
worth when demonetized $1.03 as compared
with gold. Remonetize 1t and 1t will speedily
resume its old value.
Mr.. d. then referred to the condition of
affairs in our country. Three-fourths of the
10000 lots on Manhatten Island, New York,
were mortgaged. The national debt state
debts, city and county debts, and railroad debts
of the United States aggregated grand total
II OF i've billion seven hundred million dollars.
The debts OF merchants were estimated al
thirteen billions! The mortgages on farms must
be nearly as great. And it is proposed to re-
duce this vast aggregate Of twenty-five or thirty
pay it all with $3.50, GOO Of gold, and TO
render this process easier they have demonetized
silver!
] he prophecied that if this scheme of con
traction was not arrested by law it would pre-
cipitate both here and in Europe world disturb
ing social and political commissions which would
!, probably end in universal reputation Of public
debts. This mighty generation would not go
back to the serfdom Of the Middle Ages 1t
was the duty Of statesmen to prevent such a
direful calamity to civilization.
Having closed, Senator Edwards offered the
following resolution ms a snhsfif11te.