St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-30
VOICE OF THE PEOPLE.
The Effort to DemOnetize Silver the
Cause of Hard Times.

WIN w uot tuOlouSuly uuucioIdHu Ilo OIL
yer question. So many persons, even
among our prominent business men, con-
fess themselves ignorant of the causes of
the great depression of the times, and
really believe, as they have ever been
taught, that the science Of finance is deep
hidden mystery, enshrouded in impene-
tratable fogs, and far beyond the compre-
hension of ordinary minds; and therefore
they imagine that this matter must be en-
tirely trusted to class of men whose in
tellectual capacities have placed them far
above the average man, and who have
their lives. They seem to think
they must resign themselves
to their inevitable fate. Many really feel
that if they could see what to do they
would make haste to do it. But they see
no escape-no light ahead Money always
has ruled the world, and therefore they
suppose it always must. A kindred argu
ment, that because kings always ruled,
therefore they always must, was bravely
met by the patriotic fathers of our glorious
republic.
In order to appreciate the designs of the
bOndh0lders and to understand their mo-
tives in this war upon silver it is but neceS-
sary to consider the bonded debt which they
control. The national debts of the world
aggregate over $26, 900. 900. 600, all of which
is substantially controlled by small Euro
pean syndicate. All countries, however,
are not equally involved. The United
States, with greater resources than any
other country, owes comparatively small
debt. The effort to contract the coin
of the world for the benefit of
the bondholders commenced more
than thirty years ago. Exagger-
ated reports from the gold fields of CalifOr
mia and Australia brought forth appeals
from Chevalier and other representatives of
European bondholders for the demonetiza-
ton of gold with the avOwed purpose of in
creasing the value of bonds. The discussions
in monetary commissions and financial cir
Giles as to the propriety of demOnetizing one
of the precious metals in the interest of the
bondholders continued from time to time I'M
til 1871. About that time exaggerated rumors
in regard to the fabulous amount of silver
which would be produced from the Com
stock obtained circulation. Then began the
bondholders' war on silver. Germany, not
having succeeded in obtaining an interna-
tional agreement to demonetize gold seized
etized silver. The United States, by the
acts of 1873 and 1874, did the same. Swe-
den and Norway in 1774 followed the bad
example of Germany and the United
States. France, Belgium, Switzerland
and Italy in the same year so limited the
coinage of silver as to practically demone-
tie it. In 1875 Holland closed her minis
against the coinage OF silver on private &C
count. In the same year Switzerland re-
fused to coin silver. In 1876 the president
of the French republic, under law author
izing him to do so, suspended the coinage
OF silver. In the same year Spain closed
her minis against depOSitors of silver. Since
that time no European nation has shown the
least disposition to remonetize silver. On the
2Sth of February, 1878, an act was passed
ito authorize the coinage of the standard
silver dollar, and to restore it's legal tender
character" This was partial remonetiZa-
ton or silver. The war on silver has been
renewed under the present administration.
In this great war on silver the United
States must be the battlefield. In no
other country is free discussion allowed.
No other people have the power to resist.
There is too much poverty and ignorance
in Europe. Poverty and ignorance always
submit to oppression until the point of des-
peration is reached. Then comes revolu-
ton. The bondholders are making this
fight through their allies, the national
banks and the metropolitan press.
The value of money depends upon the
number of units of said money as compared
with the wealth and population Of the
country in which it crculates. A
monetary system regulated as to
the number of units in circulation
will approximate, as near as practicable. a
perfect system. 1t is true that enterprise is
at standstil, and that industry is paral-
lied and millions unemployed. What has
caused this deplorable state Of affairs? 1t
is not imitation, because now is a time of
contraction. There was an increase of the
amount of money in actual circulation
1879. and Nov. 1, 1882, of about
$118, 900, 900. This increase correspondent
with the ratio of increase of population.
and was period of great prosperity. From
Nov. 1, 1882, to Nov. 1, 1884,
there was decrease in the currency in
circulation among the people of about
$45, 600, 600. The decrease the circulation
Nov. 1, 1884, to Nov. 1, 1885,
is known to be much greater than any pre-
ceding year, though the exact amount is
not known. This contraction is the cause
Of the present hard times.
The objection to the demonstration of
silver is that it involves violent and con-
tinuous contraction. National banks wish
to supplant the silver dollar with the bank
note, which draws interest, and the circula-
ton of which they have the power to ex-
pand or contract. Their war on silver is
a scheme akin to the one which induced the
government to take out Of circulation
S4OO, 600, 900 in greenbacks, bearing no in
terest, thus creating an excuse for issuing
bank notes, bearing interest, to supply the
deficiency. The silver dollar is beyond the
control of the banks;' hence the war on
silver by the allies of the bondholders. the
national banks and their hirelings, the met
ropolitan press. Every community, bust
ness man and others, should be aroused and
appeals made to congressman to prevent
disaster which threatens the nation, which
is not the coinage but the demonstration Of
silver. Respectfully. E. E. CowELL,
St. Paul, Mimi, Dec. %.