The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-05-12

Is Gold Preferable to siIver2

ton is raised. The law at present makes
an inequality in the relative values of
these two metals as money standards. The
discussion in congress shows that the sill
yer men, those working in the interest of
owners of bullion, desire such change in
the coinage laws as shall. place the two
metals upon lawful equality, while the
gold men claim that to do so they will
have the effect 10 drive gold out of the
cou ntry and enable foreign countries TO
unload their silver upon this country to
its disadvantage. In support Of this theory
they quote the action of the people of
France, showing that the people of that
country prefer gold to silver In 1878 the
Bank of France held $1l9, 100000 Of gold
and $3O,OO0,O00 of silver; in 1876 it held
1927, 100000 Of gold and 1924, 900, 900 of
silver; in 1878 il held only $l9l 100000 Of
gold and $205, 000, 900 of silver. In the
two years, 1876 to 1878. it lost $l06,OOO,-
900 of gold and gained $79,000,000 of.
silver; 10 1878 it lost $35O00,00O of gold
and gained $4O,OOO,00O of silver, and this
at a time when France was not coming
at all. With this amount of silver on
hand France could soon draw in exchange,
gold being the recognized medium Of ex-
change between nations, the whole $l40,-
100000 of gold now in our treasury.
In the discussion on the Warner bill Mr..
Claain showed that there is no such scare
ity of gold as is pretended; that aside
from the sum gathered in our treasury
and that in the Bank OF France and else
where in the civilized world. the bank of
England had 10 1878 nearly twice as much
gold as in 1870. and that while in the
period from 800 to l848, according to of
fetal tables, the product of the world was
$l5S,OOO, OOG of gold and $450,000,000 OF
silver, in the subsequent period, from
1918 to 1874, the product was 5000, 0O0.-
900 of gold and only 100000, 900 of silver
Probably the strongest speech against
the Warner bill was made by Mr.. Chit
tenden, who is bi-metalist. He stated
that he was in favor OF silver as we'll as
gold, but wanted III either and both cases
an honest dollar, dollar worth of metal
in the coin called dollar, 80 that working
men should not be swindled by being paid
off 10 deprecated silver dollar worth less
than the gold dollar Of the merchants and
capitalists. He showed that the free coin
age clause, which is the gist of the War
ner bill, is nothing less than an audacious
scheme for the benefit of bullionists and
capitalists, here and abroad, by which
they would be enabled to rob the taxpay-
ers, farmers and laborers Of this country
He said
We have already coined and locked up
for the most part $31 900, 900 of the silver
dollar of 4l23 grains. For what end2 Fol
whose benefit? Is there one farmer
employed at the mints, who has made 6
cent out Of this coinage? Not one. Who
then? The first $7,000,00G OF bullion
coined into these dishonest dollars was
purchased in London because the bullion
lists OF the Pacific coast rudely proposed tC
corner" the market So tar and to the
extent OF $7,000,00O the coinage was fol
the sole benefit Of foreign bulliouists. Sub
sequenty the supplies have been pur'
chased at home for the exclusive benefit o
the owners of silver mines. Again, thit
law Ia, on its face, the most gigantic job il
the interest OF great capitalists ever pro
posed 10 congress since the foundation Of
the government. Ii is a plain, direct
stimulant to speculation 10 the boards oil
deprecated silver in Europe, and if oul
surplus gold income were $2,000,000 pei
Gay instead OF 81 900, 900, as the accounts
show il To have been last year. it would all bt
invested in silver, so long as any margin
OF profit remained, however small
At the price of silver in London to-day
the profit in importing it would, under thii
bill, be about seventeen per cent. which
would 20 into the pockets of capitals
spectators 1t is especially noteworthy
that the bill, as il stands, bids nearly TIVE
per cent premium on 36,0100O0 or our
so-caled trade dollars, nearly all of wi ic:
are hidden at the present moment il
China, Japan or elsewhere, Whose WOO
is that? Bullion value, eighty-6ve cents
political value, l02 cents; differ, nee, Sc,
10000 Who will pocket that? n TIT
wOrkingmcu aud taxpayers.
lie further claimed that the bill would
rob the farmers and planters of the Yves
and South for the benefit of the mer
chants.
1t is easy to show this bill will oppres
and rot the people of our own country, il
whose name it is ostentatiOusly brOugh
forward. The value of our cotton, wheat
petroleum and all other products of abo
at home depends upon their gold valu,
abroad. We cannot if we try sell GU
surplus by any other than a gold standard
Is there any reason why bard handed mel
in Ohio and Georgia shall be forced Il
receive for their labor debased pelitica
currency? Why should the cotton aDc
grain grow in these great States be pail
for in dollars worth but eighty-fve cents
while the merchant TO whom these pro
ducts are sold is paid in dollars wortl
100 cents as soon as his ship touches
foreign port The men who OVID ant
drive carts in Brooklyn and New York
in sight of ships engaged in foreign trade
understand my argument, can summon
hundreds of them here who will tell yol
with feeling how your coinage act of las
year will Cypress them if persisted in ant
that this bill for free coinage is in th,
interest of gold bugs and political deat
beats only and no better than highwa!