The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-20

adopted together y our measure ii values be
cause 9tn le nations mad done the same. The.
sess @ bs Asr lie aW ogsy ~ IL K
eonsiitution Of the United States thsy were III
expanded Unior. on terms OF absolute equality
we n H. ov article section 10 of that instru
mo State shall coin money: emf
blils Of credit; make anything but gold and sill
YsT coin tender OF payment In debts"
Amer .has aay 70 this Challenge every pag
In which the silver dollar has not been as brave
az firm, and as reliable as the gold dollar
CHALLENGE a1 the sad records of every .an6ncia
show where for single day or hour silver wa;
not as intrepid and fearless In the money mar
Sir, / touch now upon an issue as old MS bu
man society and AZ universal as
THE LoANrNG or MONEY
| 81 interest," and the Investment Of capital fol-
| income. 1--WE classes have existed In every age
OF history on the question OF money. All such
| as pillow. SOW and reap; who spin, weave and
make merchandise for sale: VINO manage and
Tork inc oayerns Ct coal and iron; and The
roads, build ships. and found cities; and such
as are In any way pushing on the cause Of pro-
sire to keep, their capital. whatever it may be-
and especially that greatest Of all capital, the
bone and MUSCLE of the aborsr, actively en-
stepped aside from the a;tive moving column
q, affairs and withdrawn themselves and
a aas shey t 9wn ,rd from the trade and bust;
to fasten their idle wealth on the
productions Of labor as a consumer, and net as
an assistance, constitute the other. OF these
| Two olasses those who compose the first desire
Tor money to be plentiful and cheap. for they
are working to obtain IT. while those who com
pose Inc h latter desire money to be scarce and
| to loan and to invest at high rates OF Interest
and proat "A. Ana II was In the real and actual
was demonetized In February 1873 not because
u was less valuable as money than gold nor
because such change was demanded by the
retired capital desired to diminish tue amount
OF money, OF every kind circulating in the
hands OF the people.
The history Of
THE PRODUCTION or THE PRECIOUS METALS
is one, Of great and prevailing interest. AL
az 'h bs nave been arbtrar
eees possible e. iST The highest human nte
sufficient 70, meet the Legitimate demands Of
trade can DO estimated. but who has ever
declare how far their veins Of II ore extend Tor or
now now soon soon they win cease to yied' Who has
Be- opened q n Po ss o Saa he dss n s
earth to take the place of those tina are worn
gut gut, sterile. and barren' The result has been
e e I ibs a tae precious metals haye beep de-
selves always been an unknown quantity and
ne ~ irregularity; uncertainty and 1nsuflciency
crushing disasters in all countries and in every
period OF history, and have often compelled the
strongest goverpments of ancient and modern
times to entirely abandon them.
ut T. not my purpose, however. to dwell on
thls point further than to meet the argument
based upon
AN ALLEGED ovER-PBoDUcTIoN OF SILVER
in recent years. From a report made mot long
since by committee In the British Parliament
" appears, as nearly as can be estimated that |
the entire production of silver throughout the
world during the last twenty five years has |
pr ductton during that period arose from about
10000 0oe In 1852 to $4,000 900 In 1875 and the
annual amount produced ut this time may be |
america, Mexico and the United States pro
luced all except about $4,000 900 year arising
rom the silver resources Of other countries In |
agency 81 national prosperity has ali taken
place 10 the last eighteen years. substantially In
Estimating the production of 1876 and 1877 the
same as 1875. and we find that the entire amount
n silver yielded BY the mines Of the United
hens .abey pagan e pay f1r working
lively small sum of s25o,ooo 600. This ia less
q nan one nall the amount of our present volume
y making and keeping scarcity Of monev IN
,ar noticed "a increase Of only s2 ooo
~ ,rom !s7n to 1870 they took the alarm which
awlng 1t from the companionship of gold az
n nc ato Il VII not do to that the demand
,Wn people needed at home, the demand from
loroad was so great that in the very act demon
e ea a IL mere provision was made for the coin
o OF trade. II was dollar of the weight of
~ grains troy. and the Secretary of the Treas
ry, Ia his recent report, says:
In1S provision was made at n time wban |
uCn u uUlltT WIS worth in tho mArket q in |
oid ana was designed for the use of the trade
Ea,n nasa where silver was the only standard"
ur trade with China. is shown by ''reports
laqe e sgo TIE tive leading foreign banks Of
Bank and the Hong
t the United States Consulate at Hong Kong
me Secretary Of the Treasury"
Ii tnere are some. however who still think !
lat these ''i 'i'i"h |
ASSAULTS ON SILVER
ere inspired by any other motive than the fear Q
,n of9 n ueh money allow me to recall an incl
pint; When the revelation of gold took Mace G
t1allfornla. and on the other side Of the world a
as eyen 70 a ab the same time impulse
an mas been produced by any other one event e
nee Columbus discovered America. It quick. i
,eat every energy OF labor aroused all the
artlng activity. revived the drooping sails OF k
IA mere IN every sea. and sent the loaded u
raw OF railroad TRANSPORTATION flying in
e e9s wor aa reoicsd with one The
oked on ia sullen distrust and dread. And in tt
y; when the production of gold had reached f.
would continue to increase. this class broke d.
run IA the different countries of Europe in tr
sor Of demonetizing gold. BECAUSE the snppiv II
Is making money too plentiful. De Quincy. 81
9Syaiief. ana other writer's, made earnest and st
t ils How Ct gold was 80 great that soon it bs
y 4ia De within the easy reach Of all classes CT
tns1 Its power to purchase labor and IRON It
=, n large quantities for very small sums 81
9i ~, pe forever gone. Germany and Austria, de
some other European governments. Needed tic
'se arguments and in 1857 ra
ACTUALLY DEMoNETIzEp GOLD off
order ra to maintain the scarcity OF money. trt
reason why this question did not seriomsiv wi
tate the financial circles Of the United States an
= n 10 aound IN the fact that at that time we do
40 great creditor class in this country; we Nc
no stupendous national debt held as an i me
tment for fixed incomes; no such State
niclpai. and corporation debts as have sinca +
% all the stock markets with interest BEAR mi