The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-01-03
THE SILVER QUESTION
What the Country Loses by De.
mOnetfZatf0n.

monetizatkon.
Among the speakers at the great
meeting held at Chicago in favor of
the reconciliation of silver was Ex-
Senator Doolittle, of Wisconsin, who
now practices law in Chicago. He
presented some startling figures as to
the losses the country would suffer by
the single standard, among other
things, saying: itH"4 a.
fhe great evil of the demonetizs-
tion Of silver is not so much that it
reduces the value of silver, as COM
pared with gold, but that it increases
the value of gold. The great mone-
tary giant which has performed this
work through all the csnturies--the
monetary work of all civilized coun-
tries-is being double handed. One
hand is gold, the other is silver. Ii
you destroy one hand. the other must
do double work. There must be a
double demand for that hand to work.
Therefore, of NECESSITY, il you demon
etize silver, gold must perform all the
work OF gold aud silver both. You
know that there is estimated now to
be about S2,6O0,OOO, ,O0O of coin, gold
aud sjlver-in what We call the civil
ized world-EnrOpe and America.
Aud there lie just about as much lver
as there is gold coin. Now, strike out
OF existence-for that is the scheme OIL
foot, both in Europe and this country
strike out OF existence silver as q
money, aud then gold must perform
all the work of being the basis of mOn-
ey. And what is the effect? You in
crease its relative value. And how
much do you increase II? That is a
great question. l have read on this
subject. and among the greatest writ
ers on this subject is Mr.. Leon Fanch-
cr, who says that if all the nations OF
Europe. meaning America also, ,should
follow the example of England in the
adoption Of single standard, the
price of gold would go up beyond
measure. Mr.. Rullet, Governor OF
the Bank of France, says substantially
the same. and SO does Mr.. Walewski.
Prof. Laboullays says that if you
strike out of existence silver as money,
gold will be appreciated ene-half per-
haps, at least One-third, To the injury
of the debtors; to the ruin of the
debtor nations as 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 eX-
istence in the civilized world? The
Committee OF the Chamber of Com
merce of New York assumes that there
are $l2,OOO,OOOO 600 Of indebtedness
payable in coin. including the nation
al debt, Stale debts, city debts, corpo-
rate debts, railroad debts, mortgages
and individual debts, payable in coin.
Now, if you make gold One-third
more valuable, increase Its purchasing
power 33 per cent. what is the effec;
on that Indebtedness? 1t just adds
one-third to it it adds to the burden
of debt on the American people S4,-
OOO,OOO,00O! That is what it does.
Why, here in this great city of Chi
cago, in the fire of October, 1871, $3.50, :
0O0, 600 of property was destroyed.
My fellow citizens, you may destroy
ten cities like Chicago. and the des-
truction of property will not be equal
to the loss TO the American people by
the demonstration OF silver. Gap
plause.) ---,f -iHi5 ii.s..t,s .,i,..5.,
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 Beecher Cloud laughter), 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 New York, aye, every city and
every dwelling in that great Empire
State, the loss to the American people
would not be equal to what will sure.
ly come if this destruction Of silver
money is to become permanent in the
United States. (Applause.) 1t has
not entered into the hearts or minds
of our people to conceive the appall-
ing consequences in store for US from
this species of legislation" uo, -.-