Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-01-29
RECOMMENDATION of silver and Re
sumption of Specie Payment.

a revival OF the struggle for the con-
tinuance Of the autocratic reign Of gold
over PROSTATE peoples is again impend.
ing. The first grand strategic step was
taken in England about a half century
ago by practically demonetizing silver;
the next in France a quarter of a cen.
fury after, by discriminating @ little III
favor Of gold coinage; followed in 1871
by Germany declaring aod making prep
arston for similar action. Then other
nations, deceived by the temporary good
results of the policy to these creditor
nations, and believing that a like good
effect would attend all nations that
adopted the policy, followed the exam.
pie Ia 1873 the lin effect fall demone.
d~zstion Of silver in the United States
was foisted upon the nation by q FIVE line
paragraph in a coinage bill. Later on
in the anne year Germany was induced
to similar unwise legislation.
Behold, now, the direiul results TO all
these great commercial nations, except
ing France, which, through stress of cir.
cumstances, forced on her by war--the
payment of FIVE billions of francs, equal
to one Thousand millions Of dollars, sub
sidy in gold to Germany and the denu
dalton of herself thereby of that vast
amount Of coin-was compelled. against
I'll Influences the gold party could and
did bring to bear on her, to retrace the
steps she had taken tending eventually
TO remonetize silver and TO depend quite
on it alone as her coin basis for com
mercisl recuperation. France is TO day
the most prosperous OF those nations,
not because abe used silver alone. hut
because the metal that was scorned and
rejected by her neighbors was made not
only the chief corner stone for q sound
circulating medium among her people
and for all ram~iications Of trade. but,
being in unusual supply and ready al
hand, and Of substantial nature, intrinsi.
cally valuable and so adapted to use for
all purposes Of superstructure, was lib.
orally applied to the strengthening Of the
old and to construction Of a vastly larger
edi6ce Of trade than she ever had before.
Look at the contrast. Germany De.
uudes France Of q vast portion OF her
gold and enters on a single STANDARD
coinage, aud adopts a coin that r~etires
from general circulation because not
adapted to common use; a few years
pass and she is in the thioes Of as great
business depression as that which
through like causes, even now pervadel
our own distressed land. She has thrown
from her the people, money, and OF con
sequence the people suder. France, de
nuGed of her gold, turns back TO silver
and by the Wise action forced on heI
against the views Of great financial theo
rists, has by legislation ia favor Of th,
' laborers' money, aud thus Of labor itsel
3 that foundation rock of prosperity
setting at work and keeping employed
e the whole great army Of the only wealth
producers-actually called back to th,
: Golfers of her national bank much Of the
gold she paid over az a war indemnity [,
/ Germany, and is this day holding NOR
gold than the banks Of England, Austrii
: and Holland combined. This result
9 under all the circumstances, may we'll b
y considered as demonstrating the wisdom
q Of q bimetalic standard Of coin instesI
h OF a single one.
The contest is intended, by those VIII
10 have provoked it, TO be, as they wish an.
think it, a decisive one In favor Of gold
They have in a few years past 80 game.
in money strength by increasing by In
n use OF this unnaturally short gold mea,
s. ure, the relative value Of the securitie
,e which predominautly constitute thei
wealth that they deem themselves il
u" yincible-not, it is true, in the exercis
TO OF legitimate power depending on SCUM
and true economic considerations: n,
4 resting on hat broadcast Of %incontr,
&c vertible political maxime, that the goo
= Of the greatest number is the create
OIL and is, in TACT, the good Of all; but in Il
%pecuniary ability Of influencing an
to inducing many whose interests as par
- OF the majority are undoubtedly adverl
= to the success Of the gold theory, TO II
the effects in a false light; to see in Il
ho reflection Of the false mirage Of sophistl
I'd thrown around the reality, the reality
i self. PHILo JUsTITII
TeuncBsee nc the Paris RxpositIOl