Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1885-12-24


coinage is continued We must expect
that gold will abandon the field Of
circulation to silver" Unfortunately,
the President does not give us the
data to verify this statement. There
must be some defect in the Presidents
historical demonstration a. applied to
the present age, 70, the experience
of the United States is contrary to the
Presidents history. Greeabacks, ma
tional bank notes and silver have been
in circulation for several years. Have
they contracted the cur.-nry? They
certainly have not thus far driven gold
out OF the country. On the contrary,
the amount Of gold in circulation has
constantly increased since the passage
Of the Act Of 1873 providing for the
coinage OF the silver dollar-each in.
crease amounting to an average OF
$3,448, 900 per month. The present
argument against silver on it, present
deprecated value, is unfair. 1t is an
attempt on the part of the enemies Of
silver to take advantage of their own
wong.
When the war on silver commenced
the amount of silver necessary to
make silver dollar was worth 3 cents
more than the amount Of gold re-
quired to make a gold dollar. The
combined effect of vast amounts
Of bonds aud 27OO national banks has
depressed the market value of silver
as compared with gold more than rs
per cent.
The President and his advisers by
active cooperation With National
Banks has depressed the value Of sill.
ser since the 4th of March last a.
much as s per cent. The President
points to the fact as reason for the
entire demonstration Of silver, and
the final contamination of q crime
against civilization which will entail
burdens upon the people too grie> Gus
to bear. Ii is true that the black
tnouthed ohimneys are no longer red
with the fires of industry; that the
whirling sp,ndles are still; and that
millions Of money are unemployed. II
is not imitation, because now is time
Of contraction. Tho amount in cir
culation amongst the people i.
very much less than it was three
years ago, while the demand for cir
oulation has increased with the H.
crease Of population. The vast army
OF the unemployed ''car witness to thu
evil effects OF this contraction. Tn,
paralysis Of business. tho sufferings o
unemployed m-" aud their families
is aggravated by the declared purpos
OF the Administration to demonetiz,
silver aud contract the worlds none,
to the gold standard. Well may II"
vestors shrink from investment whel
powerful! administration promise
that silver shall be demonetized, prop
erty and labor made cheaper,and gol'
made dearer.
Why should not capitalists hoar'
gold and refuse to invest in propert
when the administration proposes t
enhance. the value of money and de
press the value Of property:
The Secretary Of tho Treasury ia
sists that the interest of the bond
must be paid in gold. The Secretar
is mistaken When the bondholder
first pressed their impudent claim
Congress, OH tbs 25th day Of January
1873, PASSED q concurrent resolu
ton reciting that 'sll the bonds of tn
United States, interest and principa
.no,ld he payable at the option Of III
United Ststes in silver dollars Of III
coinage Of the United States con
tanning 4l2{ grains each Of standar
silver"
Is the President scheming to 4.
snonetize silver for the purpose Of i,
cressing the power Of the nation'
banks?
There are three great industries
ths United States that would be- e.
pccialiy damaged by the demoneti;
alton Of silver-gold and silver mir
ing, cultivation OF wheat. all tn
planting Of cotton. The cotton plan
ers OF the South. aud the wheat grow
ers Of tho Northwest and Pacific Goa