The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1886-01-12

hou W tuO "o"So' VI '"ST> tNt'' -
say that they did no, believe their re-
dictions when. they uttered them.
The silver Question Discussed by
Gen. Warner lSef0rca Meet
ing Of Bankers.
The si.vsr question ~ssseshaus!iyrly
discussed o, meeting of the Anti.Mo
nopoly League in Na~ York last month.
The meeting was atiended4bv number
Of Bankers snd other business men,
which indicates that the silver question
in the East has hegun to he properly ap
precia,td. The speech delivered BY Gen.
WARNER on that occasion has ELECTED
cor rsiderable comment from the press,
aud We give the following synopsis OF
bis argument.
For indefinite ages until twelve years
ago, SAID he, the right existed in oil
leading nations for every body to have
gold and silver metal converted into
morey by being coined. il was upon
ibis basis OF the two metals combined as
a standard OF value and means OF pay
ment that the worlds vast Indebtedness
was created This Indebtedness in re.
cent times has grown to magnitude
Of which very few have any conception
The national debts of Europe and the
Uaited States amount 10 over % thou.
sand million dollars; State and munich
pal Indebtedness to probably IL thou
sand millions more. Mortgage indeb''
edness on lzndea properties, which in
the United Kingdom, is given o. 8 hillion
dollars, or Al per cent OF the value Of
all the real estate; in Germany billions
500 millions, or 40 per cen, OF all real
estate; In the United States 1t is proba'
hly greater than in either OF these coun.
tries; and taking Europe and the United
States together, the mortgage indebted
ness would amount to more than the
public Indebtedness. So that the suu
total OF public indeb bedd,es and real es
tate mortgages cannot be less than 2;
billion dollars, without including railroad
mortgages.
The wealth OF these same c,untrie'
amounts to les. than $50 billion dollars
+ This wealth and these debts, it mus
The remembered, we're all based, upon an
created according to the bi.metallic scale
consisting OF probably !, 500 millions o
1.-The two metals as n oney. Now.a chang
from gold and silver to gold alone as
Emeans OF payment would. IN effect, vel
nigh double these debts as compared
With wealth q mesns OF payment. II
other words, while debts remain tn
same, by a simple change in the stand
ard or scale OF valuation the wealth an
property which must 60 to pay these vas
deb,s would be reduced 10 value one-hal
|, So that, In the end, It would take for In
terest and principle twice as much OF q
products aud twice as much labor :" di
charge the same debs, for no matter ho
. much the dollars may be increased
: value the same number is req Tired In tt
I discharge Of debt.
He then showed tha. the transitio
that has so far gone on from gold ar
silver to gold alone In these countrie
4 has reduced prices at least 3s1 per Ger
which is the same thing as increasing d
q value OF money so per cent, and Il
same thing as adding 30 per cent to eve
n mans debts. Now, 80 per cent OF 4
i debt Of Is billions is 37A billions. T.
!. annual interest on this alone at 4 p
cent is | 500 million.
Is He referred to the claim which han
ers were trying to spread abroad that,
tHe coincge Of silver was not stoppe
gold would 60 TO premium, and mon
te fall to the level Of the bullion value
re silver coins, and sho~ed that contracti
m OF the volume OF money and the depl
,e ciatioo OF what was left at the same tin
10 was impossible--,hsy. eoaha not 60
ct gether. 1t was equivalent to saving Il
En- IL We made the measure smaller 1t woI
I'd hold more.
Ell He then showed that the coinage
as two millions OF dollars OF silver mol
as was not as much addition to the volu
OF money as increased population
'm qrired. That II there was stream
% millions year OF silver cois be
50. added to our currencv, there Was anot
- stream wider and deeper flowing bv
-, side OF It that absorbed it all and m
'al too, and that was The stream OF incre
AL ing population. which amounted nov
'sI nearly two millions Of people year.
I"s I"s keep up the proportion between mo
and population this increase would
34s auire annually so millious Of new m
ore ey. The production Of gold has IA
of until what Is produced is consul
h., in the arts and there IL no new gel !
ied money, and II silver is shut of.
,es where, be asked, is the money suppl
M, come fromp Was the country to
oM without money for the increased pop
Etiona The result to follow would bs
ala. same ss won'd be experienced at
,cb present time, with the population
~ known point. n the vnDame OF mr