The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1878-02-02

and credit Of the country, to restore silver as
money, the effort would not be wanting on
his part He argued that the silver dollar,
when Il was demonetized, was worth 1903, and
no one used it except the bullion broker aud
the man who wanted II for smelling purposes.
/ The gold dollar was worth 100 cents. and the
silver dollar worth I03 cents. aud, as a con-
sequence, We lost the under-yalue coin. In
/ the commercial world one ounce of gold was
I worth III ounces Of silver. Could we frame
a coinage law which would be in disregard OF
this fact without losing that metal underval-
ued ? How could we afix false statement
to our coin aud declare that Is ounces of sill
yer IN America was worth 17f ounces any
where else? We do not live in this world by
ourselves We are but one Of the family OF
nations, and must be guided by the experience
/ Of other nations. he argued that this Silver
bill IN substance proposed that two men should
approach the mint, one with silver, and the
other with gold; that the Government should
stamp the silver and raise It 10 per cent in
value, and at the same time stamp the gold,
but raise it nothing in value. He could not
support such a measure.
On Tuesday night, Of last week, Gen.
Ewing, Ct Ohio, delivered an address to
the members Of the Maryland Legislature
in the Hall of the House of Delegates
We find, in the Maryland Republican, the
following brief abstract of Gen. Ewing's
views:
He claimed that four lifths ofthe Democrats
of the country and especially Of the West and
South, were IN favor OF the repeal Of the Re-
sumption scheme. First, because it was i'm
possible, unless with such contraction of the
paper currency of the country as would bring
about ruinous shrinkage of values, an increase
Of the burden of debt, and greater disasters
to our people than even the civil war. Sec
ond, because its purpose and effect is to take
the currency of the country out of the hands
of the government and give il into the con-
troll of accumulated capital owning the ma
tional banks, which could, by controlling the
volume Of currency, make at will hard times
TO depress prices when it wished to buy pro-
perry at a sacrifice, and good times By ex-
banding the volume of currency when 1t Is
wished 10 sell property of any kind to advan-
tage. Mr.. Ewing held that this was what
jackson and jefferson and Madison regarded
in their day as great danger, but which is
Infinitely more so now, since the danger that
jackson confronted was SS5, 200, 900 aecumu-
lated capital in a national bank, while now
there is an accumulation OF $500, 900, 900 in
our national banks. The paper money of the
country amounts TO $3.50, 600, 900, and all the
coin we have in the country is not $500, OO0,-
900. We can not get more before the date
fixed for resumption, and If we got it we could
not keep it. Last year we sent $16,000,O 900
more coin to Europe than the entire product
Of our mines. The only way that there can
be resumption is by the destruction of two
thirds Of our paper money and this is certain
to make the value of all kinds of property
shrink to one-fourth of what it is now. The
ruin, distress and civil commotion certain to
result from such forced decline in values we're
shown in strong and eloquent terms.
The distress that was caused in England
between 1913 and 1923 by similar reduction
OF the volume Of currency to make resump-
ton feasible was so extreme that it required
an army of 30, 600 men to keep down anarchy
and revolution. In this country 100, 900 can't
keep down the desperate victims of aecumu-
lated capital, if there is forced reduction Of
all values to one fourth what they are at pre-
sent, since that involves not only the ruin of
farmers and business men but the starvation
of thousands.
We are more deeply in debt than any other
people. OF the debts of the world to outside
Germany. Engand's possessions produce
60 per cent. of all the gold annually produced
in the world. We produce go per cent. Of all
the silver produced in the world. 1t is the
interest of England to demonetize silver, so
that the gold produced by her may be more
valuable. The address of Gen. Ewing was
listened to with the deepest attention; he was
several times loudly applauded, and after he
closed vote Of thanks to him was unani-
mously passed.
Exports TO EFFECT A COMPROMISE oS THE
SILVER QUESTION: special dispatch to the
New York World dated Washington, Jan. 20
says There is no doubt that every effort is
being made to compromise the silver question
on the basis of the trade dollar of 400 grains.
Some Of the leading silver men have inform
ally agreed to this. Mr.. Cameron, of Wis
consin, presented an amendment to the Sill
yer bill TO this effect in the Senate to-day.
Those Of the silver men who accepted this
say that il will avoid the coinage Of the two
separate dollars aud furnish a silver dollar
equal to the old Mexican dollar, and which
will continue TO be used for export purposes.
Whether this compromise viii succeed or not
remains to be seen. But leading men on both
sides reuard II as very prohahlp