The Labor enquirer., 1884-02-16
CORRESPONDENCE.
Gold ana silver,

Gold and silver,
Editor LABOR ENQUIRER:
LEADyILLE, Feb. 12.-Sir In present
ing the following upon the two precious
metals, gold and silver, have no doubt
but I will upset the preconceiyed notions
of ninety-nine men out Of hundred.
because, from the persistent efforts made
by the partisan journals Of the day, in
trying to make their readers believe
that our resources of the precious metals
are inexhaustible, and some of them even
go SO far as to say there is great danger
of their becoming useless and worthless
for monetary purposes.
For some time past an organized and
persistent plan has been arranged 70 de-
stroy the usefulness of silver as q factor
in our currency. See Hayes, Garfeld's
and Arthur's messages to congress. In
fact, for the last eight years this plan has
been in operation, and the reason given
for their action is that the production is
such, and they are accumulating to such
degree, especially silver, that that some
of the European nations, notably Ger
many and England, have demonetized
it and made gold the sole standard of
commercial value, and those nations are
endeavoring through their agents in this
country to place us in the same category.
But how do their assertions stand the
test of truth. af. 7-fse3f
Let us see. A most careful examina.
ton of reliable statistics shows beyond
anv dispute that the consumption of sill
yer within the last thirty years has ex-
ceeded the production to the extent of
81 ,342, 100000, and that the consumption
of gold in the same period exceeded the
production to the extent of 81, ,74O, 600, 900,
so that in this period the consumption of
the two metals has exceeded the produe-
ton by as much as 81, ,082, 1000. r.I III.
The North American Review, reliable
authority, states that "the consumption
of gold for other than monetary purposes
in Europe, America and Australia has
more than quadrupled during the past
thirty years, has tripled in twenty years
and is more than five times what it was
but century ago. The great mass OF
gold which has flowed from the mines
has been absorbed in the opulence of the
times" The estimate of consumption in
the United States by the treasury de-
partment shows that the consumption OF
the two metals for use in the arts and
manufactures probably exceeds $l2,OOO,-
600 of gold and 100000 of silver.
These facts in connection with the reg
ular decrease in the production of gold,
Mr.. Burchard, the director of the mint
in this country, in his report for 1888,
says that the United States have fallen
off, in the production of gold, from 1882,
upwards of $2,0O0,00O.
Now let us take look at one of the
leading mono-metallic nations. Great
Britain in 1882 coined no gold, while its
silver coinage amounted to about 81 ,049, ;
400, and the actual amount OF silver coin
held by Great Britain in 1888, amounts
to about $96,50O,0OO. In this as in great
many other things she is a huge fraud
She pretends to be on the single gold
standard, while in reality she is on the
double standard.
Now, if this is so, and there can be no
contradiction according to facts, what
purpose have those in view who cry SO
Justify for the gold standard Why,
simply this: That as gold becomes more
scarce, if kept as standard of value, its
purchasing power becomes greater, and
with people of fixed incomes it gives
them a tremendous power over labor and
over the commodities which labor re-
quires.
From the foregoing facts, may I ask
your readers if they think they are safe
in trusting to the present financial con-
ditions under which we as a union are
sailing along, with over 1900 failures in
1888, while in. 1858 we had only 495?
But we were out on single gold stand
ard in those days. We were doing our
business on Uncle Sans credit, i. e.,
greenbacks. The single gold standard
could not be seen in those times, even
though a person would search for it,
aided by the electric light in addition to
the light of Gods sun.
This may be but dull reading for your
readers, but let me assure them that it
pays to give this subject more than a
passing glance, or yet put it down to
mouth reformers in finance" Had some
of your readers beeen here in Leadyille
within the past month, they would have
seen the power of money over the well
fare of the people, when placed in the
hands of those who, in these days, they
are made to believe are their best friends.
Yours for the right,
HERMIT O. THE HILLS.
Getting Threadbare.
Editor Labor Enquirer.
DENVER, Feb. 14.-In the issue of the