The Lincoln County leader. [volume] (White Oaks, Lincoln County, N.M.) 1882-189?, 1883-07-21
SILVER.

an evidence Oh lJS absolute ITdllSIST
to the associated capital of the
country, The daily press of the
eastern cities, no longer, in any
sense represents the people who
read its Issues, but the banks rail
w0ys, manufacturer, and bond
holders who own The stock, and
dictate its tone. Now we do not
object to the ownership ola newspa-
per by a railway operator like
Gould, or scalper like Keene.
We don't object to the control of a
couple of New York dailies by the
Clearing House association, if the
association thinks the control worth
the cost. But we do decline to ac-
cept their utterances as public opin-
ion, or as anything but the views,
modified by the interests, of a
class whose intrests are in general
opposed to the interests of the peo-
pie at large,
Silver has been from the earliest
times recognized medium of ex-
change, and has performed tor the
commercial peoples of the world
ancient and modern, more duty
than gold. Among majority of
the people of the world it is now
the only recognized because the on
ly available medium of exchange.
The enormous production of gold
for 20 years following 1S49, depre-
ciated the value Of gold, as compar-
ed with silver until as late as 1873.
Silver stood at a premium over
gold at 34 per cent. During some
of those years the production of
silver had considerably increased.
Since the close Of the period nam
ed. The increase in the product
ion Of siluer has not however ex
ceed, if in fact it has kept pace,
with the increase of popu-
lation, and the increasing
demands of commerce. A
comparison of the prices of the
staple commodities Of commerce,
with the price ofsilver paid in gold
for the last forty years will con
vince the inquirer, that silver has
remained stationary, and has main
tanned its right to be considered the
true measure and criterion of value.
For long term Of years the pro
duction ofgold has steadily declin-
ed. The deficiency Of supply has
become painfully evident during
the past seven years. The produc-
ton of the years 1876, to 1881, in.
elusive was 1854, 600, 600. Its use
in the arts, is estimated at $685.
092,215. The worlds coinage de-
manded, 1919, 9O7, 7S5. The ex-
cess of consumption over produc-
ton is therefore, S775, ,000,0
1t is therefore not surprising that
gold should have appreciated in its
power 10 purchase not only silver
but all other commodities as well.
And in fact it has done so. 1t is
a common statement in the eastern
press that the silver dollar is worth
but 80 cents. A true statement
be that gold was worth, 1928, 4124
grains OF stadanrd silver in theform
Of bars, and entirely irrespective of
the mint marks, will purchase as
much beef, butter, wheat, iron, coal
whisky, cotton OF labor, as it would
when it stood at a premium over
gold, Owing entirely to continued
demand and deficient supply, gold
has acquired the power of puchas-
ing more Of these commodities than
it would purchase ten years ago.
The true remedy for the inequality
is therefore, not to increase the
weight of the silver dollar,
but to decrease the weight
of the gold one. And We
venture to assert that this will be
the remedy finally adopted if the
gold product is not increased by
opering new sources Of supply
The owners of gold, to-wit thC
bankers of London. New York etc