Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1886-06-26
SILVER AND DEPRESSED BUsI.
NESS

NESS.
The editor Of the Salt Lake Tribune
has been shown a copy OF a letter written
by Malcolm Mckenzie, from Germany,
to a gentleman in Rhode Island, in which
some points are made which are worth
reproducing. He declares that there can
be no doubt that the enforced deprecia-
ton Of silver bullion is the cause Of the
trade depression in all the countries
which have adopted a single gold stand
ard, and every day discloses its increas-
ing intensity in Great Britain by the
number Of people who are being thrown
out Of employment. 1t will be seen that
he uses the words enforced deprecia-
ion" That covers the case exactly. 1t
is not a natural depreciation, but an en-
forced one. The dishonesty Of the war.
fare on silver is made absolutely clear by
the fact that the men who first. by q
trick, denied silver its place in the Mint
and the Treasury, denied it its use as
money, have now the gall to say: "See
as compared with gold how silver has de-
preciated." That Congress will not see
this, and to settle the dispute, place the
two metals side by side SO far as the
Government is concerned-that is, give
them the same facilities before the coun.
try-justiies the charge that Congress is
either a most ignorant or a most dis
honest body. The writer proceeds to
say that the depression extends to the
South Sea countries and is caused be-
cause India and South America obtain
An advantage of % per cent over Austria
liza on the sale Of meat and wool, through
this same enforced depreciation of silver.
He next shows how the experience OF the
world, judging by the relative abundance
of gold and silver, establishes their real
value, reckoned by the labor necessary
to secure them, as in the ratio OF l OF
gold to Is of silver. The writer insists
that there must, in order to settle the
matter, be a pressure brought upon Ger
many and Great Britain to make them
agree to a bimetallic basis. We think
the best way to bring that pressure
would be for the United States to absorb
its own product of silver. That arrange
ment would cause the equalization Of the
two metals within two years. That the
pressure cannot long be maintained is
made clear by another statement of the
writer's, as follows: "The loan of six
millions sterling recently raised in Lon
don flor India) will no more than cover
the loss by exchange on home remit
tances." That will mean revolution and
civil war if continued in for a little
while longer. As it is, the writer says:
TRADE has become a gambling specula-
ton. and laboring men blame employers
who are as ignorant of the cause Of the
distress as themselves" By and by peo-
pie in the East will wake up to the fact
hat they are suffering as much more
than the silver miners from this enforced
depreciation of silver as their interests
are more extensive thar those of the sill.
yer miners, and then there will be such
q demand for justice that a cowardly
Congress will be glad enough to do its
duty, and it will not be strange if the
law restores the silver dollar as the only
unit OF value in the United States and
converts gold into merchandise. Silver
money is a great deal better than no
money at all, and that is what soon will
be unless justice shall be done the white
metal.