The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-01-31
THE SILVER QUESTION.
An Open Letter to Senatur Mcmillan on
the Subject of Demonstration and
demonstration.
A Good MANY Facts Of interest Which it is
Assumed the Minnesota Senator
Understands

From the Minneapolis Tribune.
To the Hon. S. J. R. Mcmillan, Z. S. Senator
from Minnesota
DEAR SIR:--I assume that your
recent record in the senate of the
United States indicates your purpose
to support the measure introduced in
that body, providing for the remOn-
etization Of the silver dollar. and
that your action is the result OF a
conviction that the demonetizatio on
of silver by European nations and the
United States was the deliberately
planned works Of the moneyed inter-
ests of those countries, holding IN
their hands those bonds which rep
resent the immensely augmented IN
debtedness of the nations, corporations
and individuals; that the purpose and
result of this conspiracy is to Increase
the demand for gold and consequently
and inevitably to augment the pur
chasing power of the gold unit. and
that the result has been to so increase
the burden laid upon the industries of
those countries that labor is para
lived. commodities steadily and
hOpelessly shrinking in price, and the
whole mercantile manufacturing and
laboring world becoming bankrupt. |
assume that you have, by careful
study, based your opinion and action
upon ascertained facts of gold and
silver production and use, in view
of which facts the claim of the
advocates Of the single standard, that
x-.ll sill
variable, is shown to be a shameless
lie, only put forth and relied upon
because Of the confidence its advo-
Gates feel in the power OF clamOr and
assertion. and their supreme contempt
for the popular knowledge of financial
affairs.
You are, of course, aware that the
annual production of gold is cX-
tremely variable; that from thirteen
millions per annum, which was the
product of the earlier years of the
present century, it steadily rose be-
tween 1910 and 1913 to an annual yield
of forty-three millions, from which
point. owing 10 the great gold discoy-
cries of 1912 to 1852, the production
rose to one hundred and ninety-three
l93) millions in 1853, falling steadily
to eighty-Seyen (S0 millions, the pro-
duction or 1873. Meanwhile the pro-
dnction Of silver evenly from forty
(40) millions in 1860, in an unbroken
plane to eighty (SO) millions in 1873;
and it is II further fact that the pro-
duction Of silver is never sharply
variable. as it is the result of the
expensive processes Of deep mining
as contrasted with the placer deposits
of gold.
You have also carefully observed
and considered that while gold has
been 50 variable in its production,
and rs II consequence of It's vastly
increased coinage, the price Of COM
modities steadily rose from 1850 to
1860; that this tendency to sudden
and disastrous changes in the pur-
chasing power ofgold has been held
in check by the alliance with silver.
which, being made equally with gold
Il measure of values, has. during two
hundred years previous to 1873. main
tanned steadily its relative position
with gold, the ratio being nearly
that adopted by the Latin Union
Is IL to Ia relation between these
two metals which would have been
undisturbed to-day. except for the
tampering with the worlds coin by
the gold conspirators.a work to which
the United States became ignorantiy
accessory in 1878, and from which
wounds our life blood is flowing.
This conspiracy was So general and
wlde-reaching that 1t made silver
very largely commodity. and. there
fore. affected like all other commod-
ities-hv the increased purchasing
power of gold. II has not escaped
your observation that the mechanical
uses of gold. and the losses aad
abrasion OF coins, have absorbed an
increasing amount of the world s
stock OF gold. until in 1873 the loss
from the above causes exceeded the
yearly production by upwards of
twenty (2ol millions per annum. And
this critical period when the demand
for coin was vastly increased hv the
enlarged traffic of the nations, born
of the intensified activities Of n ran
idly widening civilization. and the
use Of payment of the accruing in
tereSt Of the bonded debt-and with
the gold coin steadily diminishing
this period, which might have been
bridyed over by free coinage of
Sjlver,although n hest the purchasing
power ri the gold unit must have
steadily increased with the increasing
demand and diminishing volume. and
the terrible burden would have borne
heavily on every induStrv-vet with q
free coinage of silver the Evast re-
sources Of our modern civilization
might have carried the added strain:
but this period WAS seized upon by
the inSatiate. oyerreachinr greed of
capital 10 demOnetixe silver. and thus
10 So increase the purchasing power
of the gold unit that the hewers of
wood and drawers of water. who must
ultimately pay this doubled debt.
Stagger and fall.
| assume that you and all the repre-
sentatlveS of Minnesota in our nation
nj congress are SO well assured that
the effect of restoring the old silver
dollar would be to cause the gold
dollar of 25.o grains. and the silver