The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-05-27
Restoration Of Silver.

The best informed on the question OF
silver were mistaken on the results follow
ing the passage of the Bland silver bill.
There are many who are in favor of the re-
storation of the silver dollar to its former
place in the monetary system of the count
ry-the position it occupied for eighty
years of commercial prosperity until it was
degraded and cast out of gold society BY
the dishonest legislation of lS7S-but who
are honestly opposed to the Warner bill
which passed the house on Saturday last.
Possibly these men may be mistaken on
the effects which will follow the adoption
of this bill as they were, and as everybody
was,on the practical workings of the Bland
bill. The wide range Of opinion in congress
shows that our wise men know but little
about the operations Of the two metals
when placed side by side in the commerce
of the people, however we'll they may
understand the operations between
countries. The opinions of our ablest
fnanciers are changing for cause, as the
values between the two metals have
changed; and herein congress finds its
greatest difficulty-thst Of so adjusting the
law as to recognize the actual value of sill
yer compared to gold and that it shall con-
form to its altered position as the money
Of the country. There are some things
that should be recognized in all this leEis-
lation and will not be ignored.
FTrst-That the standard silver dollar
of 4l21 grains is worth only eighty-fYe
cents to-day, and it is absolute and per-
nicious folly to try to keep in circulation as
lone dollar" bit of silver worth fifteen
cents less than dollar For the silver
dollar does not represent dollar, like the
greenback of that denomination. 1t ii
not a promise to pay dollar. 1t claims
to be aud is put forth by the Government
as one dollar. The continued effort t
keep up this fiction is not only dishonest
but will be disastrous.
Second-Whi the production Of silve
in this country, owing to the discovery an(
skillful working of new mines, has slowl!
and steadily increased from $35, 700, Al;
in 1875 to SAC, 1926, 314 in 1878, and tn
total silver production of the world ba
risen from gl0,3l5,000 in 1870 to Gl6,
1928 in 1873, there has been a marked
falling off 10 the yield Of gold. The Gol,
product 10 1857 was computed at 826
$4,000; in 1875 it was only G2l 100000
Other estimates represent the falling Of
as much greater than the statistics re
ported by select committee of the Hous
of Commons. No new gold-6eIds of an
account have been discovered for years
aud, if the gold yield continues to decline
in few years there will not be enough c
that metal to meet the monetary purpose
Of the commercial world, 10 which it
made the basis of value
Third There has been decided chang
in the minds of European and America
financiers and economists in favor of th
monetization of silver within two year.
and there is an active and growing part
OF bI-metalists even in England, which lie
the way in the path of demonetizatiol
under Lord Liverpool. in 1916. 1t is no
thought that were an international confel
ence, similar to that of last year held {
Paris, thisyear, it would lead to importaI
practical results. In remonetizing silvt
and endeavoring to restore it to It's plaC
as Doney,the United States is not engage
10 surreptitious or questionable proceed
ing, but is acting on the line and accordin
10 the best judgment of some of the able'
financial statesmen in the world, and
the direction in which modern tendencie
are obviously moving.