The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1880-02-10
ISSUESOF THE PRESIDENTIAL CANVAS
The Financial Question in Congress
The Scheme to DemOnetize Greenbacks
and to Stop the Coinage Of Silver.
Extract from the Speech Of Senator
Coke, OF Texas, January 22, 1850.

THE next step, already fOreshadOWed IN the
message Of the President, the reports of his
Secretary of the Treasury and Comptroller of
Currency, for they have all strongly recon-
mended it, as well as the characterization of
greenbacks, will be to stop the coinage of sill
yer. To do this will as surely be followed by
renewed decentralization Of that metal as the
destruction of the greenback notes will from
striking down their legal tender quality. The
very recommendation, coming from the source
it does, is we'll calculated to depreciate silver.
All those engaged in the advocacy of the
scheme for demonetizing legal-tender notes
and for stopping the coinage of silver were
opposed to the reno netization of silver, even
TO the limited extent it is now coined, and
sought to make gold the only standard of
value and the only lawful money. Gold and
national bank notes will be our only currency
if they succeed In the measures proposed.
This is the "honest money the hard
money" of which we hear so much. The sill
yer dollar of the United States-made in the
ratio of l6 of silver to l Of gold while the
ratio of France, Belgium, Switzerland, Italy,
SPAIN and Germany is 15H of silver to of
gold, and the ratio of Holland, Great Britain,
Ireland and Portugal is Is Clio Of silver to l
of gold, and Of Austria 10 8. 20 of silver to of
gold, and of Russia is ID $40 silver 10 of
gold-a silver coin which contains higher
proportion of silver than the coin of any other
country in the world, which has been the
standard of value from 1892 until this time,
except for the short period it was demonetized,
and United States legal-tender notes, redeem
able on demand in coin, at par with coin and
preferred by the people to coin are denounced
as "soft," dishonest" money, and why? Be.
cause the bondholders and national bankers
from the destruction Of silver as money, and
of legal-tender notes as money, will lower oil
values Of property and labor, and at the same
time increase in the Same proportion the pur-
chasing power of the gold interest received
on their bonds, snd Of national bank notes
with double circulation, while consolidating
and centralizing the vast money power Of the
country into a supreme and irresistible force
in the affairs of this Government and people
Why stop the coinage of silver2 The pro-
duction of silver is declining rs reported by
the Director of the Mint. The worlds produc-
ton is estimated at $sl, $4,000 per annum, and
the United States produced of that in 1875
$40, S12, 1872, having declined from s45 %, 1885,
the preceding year. The great mines of Ne
vada, which in 1878 were officially reported tC
| u:oIIoJ SAT n7e QeQ &c 18th ooIJ oDI ell
yer, fell in 1879 to product of only $19,S
AIS 81 of both metals. During the last twenty.
five years the Director of the Mint reports
that India and China have annually absorbed
an average of S47, 000, 900 of silver, with nc
prospect of an abatement of the demand. He
saws further that Europe and America con.
sumo in the arts and ornsmentation from
twenty-five to thirty-fve millions Of silver
Add these demands together, and to the result
add fair per cent. of the whole stock Of sill
YER in the world for loss and for abrasion
from use of silver coin, and it will be found
that the amount will exceed the worlds an
nual production.
To repeatthe question in another form, why
should the United States adopt the single
gold Standard There is no dispute about the
4 fact that the worlds annual yield of gold hs:
been declining since 1856, when the highest
point of its production was reached, the
amount being placed by the Director Of thu
Mint at 1874, 100000 for that year. He gives
table showing the annual product for number
of years, commencing with 1858 and conclud
ing with 1879, for which year the product i:
given at $50, 399.85S The United States pro.
duced of that total $38 500 $50, against SOL, 3O6
800 produced in 1878, showing a decline o.
nearly thirteen millions in one year in thii
country alone. Scientific men, who have
made the question the subject of profound
study, estimate that the annual production o.
gold is only per cent. of the stock of gold II
existence, while the annual loss from abrasion
accident and use in the arts is estimated al
from 4 to 6 per cent? so that the actual supply
of gold is supposed to be diminishing, not.
withstanding the annual product, which itself
is rapidly declining. The yield Of gold de-
clining, and Of silver inadequate or not more
than adequate to existing demands, vet human
numbers are increasing and commercial and
industrial developments are advancing and
extending with rapidity unparalleled hereto
fore. The world must have money to grow
on, and trade and commerce cannot be extend.
ed nor industries increased without money,
and money the world viii have, for civiliza-
ton cannot exist without it. If deprived Of
silver margin is left for more bank paper
Leaving out the silver in Asia and Africa,
which is NOT supposed to affect commerce, the
estimate Of Mr.. Fawcett, in his work on Gold
| and Debt is that there is of metallic money
in the world 81 l50, 600 600 of gold and s. $50
000, 0c0of silver, almost equally divided, but
with slight prepOnderance Of silver. To de