Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-06

meets tue desires Of 1Oiif nlth5 Of the
! human race, but that those who use
!. II us a standard occupy more than
: three quarters Of the inhabited parts
!, Of the globe. Germany is perhaps pro-
q malurcly placed in .hc list Of nations
! using gold alone. 1t is true she has
; attempted TO adopt the gnld standard,
tut there are stlll two hundred mil.
lions Of silver currency in the hands Of
her people, and they are reluctant to
give 1t up and scc il driven away from
iatherland. Whether tho empire will
be entirely successful in depriving its
subjects oi this iavorite money yet re-
mulns 10 be proven. In view Of all
The foregoing facts, however--in view
of the history and condition Of the
world on this question-the enemies
of the silver dollar in the United
States who, having first destroyed it,
seek now TO justify themselves by
~land"rinH the reputation of its metal
~ distant lants, must stand before
their injured counlrymen covered with
shame nhd confusion. They are ut
lerly overwhelmed and beaten from
their position by the general testimony
OF the civilized races of men, and VIC
are left at this point TO follow them
next To their final and in fact real rca-
son for their assault upon silver
money.
Sir, touch now upon an issue as old as
human society aud as universal as the
loaning gOfmoney at interest aud the in
vestnent OF capital for income. Two
classes have existed IN every ago of
history on the question Of money. All
snch us plow, SOW, and reap; who
spin, weave, and make merchandise
tor sale who manage aud work the
raverns OF coal and iron, and the blast.
furnaces and iorges; who construct
railroads, build ships, and iound cities;
all such as are in any way pushing on
the cause Of progress aud material de.
v,lopment aud who desire TO keep
their capital, whatever il may be, aud
ESPECIALLY chat greatest of all capital,
the bone and muscle of labor, active.
" employed, constitute one class.
Those who have stepped aside from
the active moving column Of affairs
and Withdrawn themselves and all they
own from the trade and business of
the world, intending thenceiorward TO
iasten their idle wealth on the produc-
tons OF labor as consumer, and not
as an assistance, constitute the other.
OF these two classes those who COM
pose the first desire money to be plen.
tiful and cheap for they are working
10 obtain it, while those who compose
the latter desire money to be scarce
and dear, because they already have
IL in abundance TO loan and TO invest
at high rates OF interest and profit
And II was in the real and actual in.
tcrest OF this latter powerful class that
SILVER was demonctized in February,
lS73,not because ii was less valuable as
money than gold, nor because such
change was demanded by the policies
OF iIreign nations, but simply because
ruch q change was demanded by
the policies OF foreign nations, bat
simply because retired capital desired
TO diminish the amount of money of
every kipd circulating in the hands of
the people.
Silver was selected as the victim for
sacrifice on that occasion because 1t
was thought, on account of certain
circumstances yet TO be noticed, that
il could be more successfully assalled
than the other kinds of money then in
existence. The managers Of the great
money centres IN this country and in
Europe saw with avarcious alarm the
bright streams of silver beginning TO
increase in volume and in value as they
flowed from the mouths of our mines,
and now we hear IRON their angry
throats, and from an apparently still
angrier newspaper press which they
control, a cry without ceasing against
silver imitation arising from an over
production OF the metal. They have
heretofore filled the world with their
hostile clamor mainl y against paper
currency not Immediately convertible
into coin OF intrinsic value, but il now
appears that there can be, in their own
amiable language, an insane imitation
of currency which has this very in
trinsic value itself. We have heard
much talk to prove that gold and sill
vor are the only real money, that they
have an absolute value rs such every
where and at all times; but we now
discover that even these precious
metals may become more abundant
than is agreeable to those who want
the purchasing power of money in
creased by lessening the quantity in
circulation until fifty dollars will buy
in farm worth thousand under the
foreclosure of mortgage. Is it true,
however, that for the genuine interests
of the Amercfn people, for their ad.
vancement in trade and development,
and for the prosperity Of our com
merce throughout the world, too much
SILVER has been produced in the United
States or anywhere else? Has silver,
as now claimed, ever threatened to
pour into the channels Of business sach
floods and torrents as would unsettle
and sweep away all the landmarks of
safety? We will examine this ques.
tiun.
The history OF the production of the
metals is one great and pre-.
vailing interest Although they have
been arbitrarily determined upon as
the money ormankind, yet IT has never
been possible for the highest human in.
telligcncc TO ioretell their supply or to
say with certainty that their produc-