Mexico weekly ledger., 1878-11-21
reducing its value as has been stated

reducing its value as has been stated
to SO IL pence per ounce.
These facts are used by those that
favor a gold standard in this country
to demonstrate the impossibility OF
keeping our gold and silver do lars
equally current while retaining their
present fineness and weight.
Admitting that this cannot be
done, it needs no argument to prove
that if the gold in the treasury were
converted into silver at II per cent.
premium, it would cancel that much
more of the public debt. Why ldr:
Sherman has not done SO, and why
he has not sold bonds for silver re-
mains to be explained.
These matters will doubtless be
ventilated after Congress assemblies.
In the meantime farmers are most
concerned in finding out whether a
gold or silver basis in this country
will be most beneficial.
1t is quite unnecessary to tell
farmers that are in debt, whose estates
are mortgaged, and who are subject
to heavy interest that the adoption
of the least expensive dollar will be
as beneficial to them as to the public
debtor.
BY far the most important question
however, is the relation that unlimit-
ed silver mintage will sustain to cot
ton, gram, tobacco, beef and pork. 1t
has been asserted in the interest of
the most expensive dollar that the
prices of all our products are now
necessarily fixed in gold-basis coun-
tries, and that therefore u agricul-
turalists ought to enjoy the benefit of
supplying their wants with similar
money. That is if farmers sell for
gold or its equivalent, they ought to
buy with gold or its equivalent.
Those that make such statements
omit of purpose to mention that If
farmers receive gold they can ex-
change it for silver at current rates
before they purchase. They equally
forget to add thai if farmers are paid
in silver on account of preferring to
to sell at home the difference between
the value of that and gold will be in
Guided in the prices paid them. That
is an undertaking law of trade which
competition neye: fails to inforce.
Now what are the facts upon which
to base q thorough estimate of the
matter under discussion. As has
been said the value of the pound ster-
ling in England has been enhanced
and the price of American produce
there is correspoldingly depressed.
That fact is felt il all our markets g..
The pound sterling IS al present con
vertible into $4.7S gold, and if silver
were the prevailing standard, it would
be worth S5.1-2, and it Is OF the ut
most Importance to farmers that
their produce whether it be of cotton,
grain, or anything else should sell
for the highest number Of pounds con-
vertible into the greatest number of
dollars.
How is such a happy combination
to be brought about? Evidently it
can be reached only by adopting the
silver standard in this country and
permitting the gold artificially and
unjuriously accumulated in our
treasury to return to the countries
from which it has beeen s%natched,
thereby increasing the volume OF gold
in the hands of our customers, less
en;ng its value IN their midst and af-
fecting a corresponding rise in the
prices of what we have to sell.
All that has been said would be as
true in regard to paper money as
against silver, if our customers would
use that as well as gold. We have
solicited them to do so and they have
refused. This puts it into our power
to coin and use an unlimited amount
Of silver, not only to increase, but
give elasticity to greenbacks or what
ever form of paper currency may be
resorted to. When the amount of
paper circulation is too small it can
be enlarged by coming the yield of
our silver mines. When its volume
shall be in excess OF existing want the
surplussage can be sent abroad and
sold.