Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-01-23
Loss BY DRMoyETlzA T7oN.


Ex-senator Doolittlc, of Wisconsin,
made a speech in Chicago the other
-aeV before ar h2-cr-tiy oS Sas'oore
aef, i, Nf'c5 q ,ysse-S~SNr-s
ling statements Of the losses that must
result to the country by the dcmonctza.
tion of silver and the adoption Of gold
us the single standard of value. We
quote:
"Thc great evil Of the demonetin,.
tion of silver is not 80 much that il re-
duces tho value of silver, as compared
with gold, but that it increases the
value of gold The great monetary
giant which has performed this work
through all the centurics-thc none.
tary work of all civilized countries--is
u being double.handed. One hand is
gold, the otbersilver. lfyou destroy
one hand, the other must do double
work. Thci must be double demand
for that hand to work. Therefore, OF
necessity, ifyou demonetize silver, gold
must perform oil the work Of gold aud
silver beth. You know that there is
estimated now to be about s., 600, ,OOO,.
QUO Of coin--gold and silvcr--in what
we call the civilized world. Europe
and America. And there is just about
as much silver as there is gold coin.
Now, strike out of existence Tor that
is the scheme on foot, both in Europe
and in this country--strike out OF OK
istence silver as money, and then gold
must perform all the work Of being the
basis Of money, And what is the
effect I You increase the demand for
gold. You increase It's relative value.
And how much do you increase it I
That Is great question. have read
much upon this subject, and among the
greatest writers on this subject is Mr..
Leon Fancher who says that il all the
nations OF Europe, meaning America,
also, should follow the example Of Eng.
land in the adoption Of a singlostandard,
the price OF gold would 20 up
beyond measure MIR. Rulet, Gov
ernor Of the bank oil France, says sub
stantially the same, and so does Mr..
Walewski Prot. Laboullaye says that
if you strike out OF existence silver as
money, gold will be appreciated one
half perhaps, at least One.third, TO the
injury Of the debtors to the ruin OF
the debtor nations us well as individuals.
Now, then, what is the effect ? Let
me answer this question, and that is
all wish to say tonight What is
the effect of striking silver out of exist
ence in the civilized world ? The Com
mittee Of the Chamber OF Commerce
Of New York assumes that there are
100000, 900 ofindsbtedness payable
in coin, including the national debt,
State debts, city debts, corporate debts,
railroad debts, mortgages, and individ.
ual debts, payable in coin. Now, il
you make gold one-third more valuable,
increase its purchasing power 33 per
cent, what is the effect on that indebt-
edness 1t just adds onc.third to it
1t adds to the burden of debt OH the
American people 81, OO,OOO,OOOl That
is what it does
why, here in this great city of
Chicago, in the fire Of October 1871,
s250,O0O,0 ofproperly was destroyed.
My fellow-citizens, you may destroy
ten. cities like Chicago, and the de.
struction Of property will not be equal
TO the loss to the American people by
the demonetization Of silver. Ap-
plausc.
81 say to the bondholders Of the city
OF New York, to Wall street, to the
President of the United States, to his
Secretary OF State, and even to Henry
Ward Bcecher Loud laugbterl, who
has taken position on this subject in
behalf of the single gold standard, that
If an invading army should enter the
United States and burn the city OF Now
York, aye, every city and every dwell.
ing in that great Empire State, the
loss to the American people would not
be equal TO what will surely come il
this destruction of silver money is to
become permanent in the United States.
[Applause.1 1t has not entered into
the hearts or minds Of our people to
conceive the appalling consequences in