The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-14
10 ,ao W
NATIONS UNDER SILVER ALONE.
NATIONS UNDER GOLD AND SILVER.

I
lNls'''-''-''--- - -
SOL o.
ureece. 20
ltalV. p $50
! spa n-.....----- ........ l. 10 %
SWitAe land ..--.-........ 2,IH,
United States. A. OOu %
TOtaI...................... ...is2 500,
1t will be seen from this statemen
that silver coin, as money, not onl,
meets the desires of fOur-tifths of tn
human race, but that those who use i
as standard occupy more than three
quarters of the inhabited parts of thu
globe. Germany is perhaps prema
turely placed i'm the list of nations usin!
gold alone. 1t is true she has attempt
ed to adopt the gold standard but ther,
are still two hundred millions of silvel
currency i'm the hands of her people
and they are reluctant TO giveit up anC
see il driven away from fatherland
Whether the empire will be entirely
successful in depriving its subjects OF
this tavorite money yet remains TO b,
proven. In view of all the foregoing
facts, however; in view of the history
and condition of the world on this ques-
ton, the enemies of the silver dollar in
the United States who, having first de
stroyed il, seek now to justify themselves
4
metal I'm distant lands, must stand be-
fore their injured countrymen covere d
with shame and confusion. They are
utterly overwhelmed and beaten from
their position by the general testimO ny
OF the civilized races of men, and we
are left at this point TO follow them
next to their final and in fact real rea-
son for their assaults upon silver
money.
Sir, l touch now upon an issue as
old as human society and as universal
as the lOaning of money at interest
and the investment of capital for in
| come. Two classes have existed in
every age of history on the question of
money. All such rs pillow, sow, and
reap; who spin, weave, and make mer-
chandise for sale; WHO manage and
work the caverns of coal and iron, and
the blast furnaces and FORCES; who con-
struct railroads, build ships, and found
cities; all such as are i'm any way push
ing on the cause of progress and ma
teriil development and who desire to
keep their capital, whatever it may be,
and especially that greatest of all capt.
tai, the bone and muscle of the labOrer,
actively 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and withdrawn themselves and all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 thence forward
to fasten their idle wealth on the pro-
ductions of labor as consumer, and
not rs an assistance, constitute the
other. OF these two classes. those
who compose the first desire money to
be plentiful and cheap, for they are
working to obtain il, while those who
compose the latter, desire money to be
scarce and dear, because they already
have it in abundance TO loan and TO
invest at high rates of interest and
profit. And it was in the real and
actual interest of this latter powerful
class that silver was demonetiZed in
February, 1873, not because it was less
valuable as money than gold, nor be
cause such change was demanded by
the policies of foreign nations, but
simply because retired capital desired
to diminish the amount of money of
every kind circulating in the hands of
the people.
lkSilver was selected as the victim for
sacrifice on that occasion, because ii |
was thought. on account of certain |
yet to be noticed, that |
it could be more successfully assailed |
than the other kinds of money then in
existence. The managers of the great
money centres in this country and I'm
Europe saw with avaricious alarm the
bright streams of silver beginning to
increase in volumes and value as they
lowed from the mouths of our mines,
and now we hear from their angry
-hrOats, and from an apparently still
lngrier newspaper press which they
control, cry without ceasing
against silver imitation arising from an
of the metal. They
nave heretofore filled the world with "A
hostile clamor mainly against "A paper
not Immediately cOnvertiD le
nto coin of intrinsic value, but ii now /
appears that there can be, in their !
,wn amiable language, an insane In s
lation of currency which has this very
Intrinsic value itself. We have heard /
much talk to prove that gold ind silver {
ire only the real money, and they have 4
N absolute value rs such everywhere 4
md ut all times; but we now discover 4
hat even these precious metals may q
,ecOme more abundant than Is agTeea- 4
lie to those who want the purchasing c
'ower of money increased by lessen q
ny the quantity in circulation until {
ilty dollars will buy in iarm worth q
thousand under the foreclosure of a I
Mortgage. Is it true, however, that
Or the genuine interests Of the Amer {
can people. for their advancement Y
n trade and development, and {
Or the prosperity of our commerce &
throughout the world, too much silver Il
as been produced in the United States {
T any where elseI Has silver, as now {
laimed, ever threatened to pour into y
he channels of business such floods {
nd torrents as would sweep away all g
he landmarks of safety We will b
xamine this question. 5
The history of the production of the j
recious metals Is one of great and pre- "A
a ling interest. Although they have v
cen arbitrarily determined upon as r
he money of mankind, vet IL has never II
cen possible for the highest human in a
diligence to fOretell their supply or II
D say with certainty that their pro- q
uctiOn will not fail altogether. The O
uantity OF a circulating medium sufh- G
lent to meet the Legitimate demands u
{ trade can be estimated, but who has i
yer been able to look into the mines r.
nd declare how far their veins OF ore v
xtend or how soon they will cease TO q
ieldY Who has ever been able 10 Il
ONT out where new mines may be Il
pened into the hidden riches OF the Il
lrth to take the place of those that are =
lorn out, sterile and barrens The re- a
alt has been that while the precious e
letals have been declared the standard il
{ values, they have themselves always u
cen an unknown quantity, aud the ir- n
sgularity. uncertainty and insuHici- q
ncy of their production have caused q
and crushing disasters In all q
Ountries and In every period Of his n
Dry, and have often compelled the u
governments OF ancient and j
lOdern times TO entirely abandon q
hem.