Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1886-11-13

I1nleS quotes DR.. James L. klmball,
director of the mint, as saying that
the bullion value of the standard silver
dollar had fallen in price from 81 cents
Feb. 2S, 1878, to II cents July 81,
1886.
On the other hand here comes NJ. de
Laveleye, the eminen Br'gian writer
on subjects connected with the domain
of political economy so-called.ln a brief
note recently to the Pail Mall Gazette,
states as an undeniable fact that IN
Belgium and France gold and silver
have been maintained concurrently
as full tender money for seventy odd
years or more at the legal ratio of 15i
of silver to one of gold to the salts
faction and benefit of credit and
debtor. The entire suficiency of this
statement may be illustrated by the
additional fact that the four great
continental banks, namely : Bank of
France, Imperial Bank of Germany,
Austro- Hungarian Bank and the
Netherlands Bank, at the present
writing, in addition to 1920, 700, 900 in
gold, have on hand $409, ,0S3, 900 in full
tender silver held on this identical
ratio of 15A silver to one of gold, and
this great sum of silver constituting
4S5 per cent. of their reserves against
an outstanding isshe of $1,045, ,020,0 900
of circulating notes.
Commenting on M. de Laveleye's
statement the New York Mining
Record last week says:
In the face of such facts and figures to
deny the power to maintain the concurrent
legal tender money use of coined silver with
gold in the countries whose monetary laws
so direct at the ratio of 15l to l, is not whit
more justitiable than would be the assertion
that there is no silver money in the Bank of
France at this time!
We have, it will be noted, placed
one foreign authority against another
the latter the so-called "London
price of the silver dollar''-not that we
consider enc authority particle better
than the other, but rather to show that
the natural enemies of our system of
government do not agree upon a plan
of interfering with one Of our in
ternal affairs.
Hence, the power of the government
to maintain the existing legal ratio
between gold and silver, regardless of
foreign dictatiop, should be affirmed
without question by every patriotic
citizen. 1t is not consistent in papers
nor loyalty in individuals to gulp down
without gagging a 'London price" for
an American product Yet it seems
there are red-hot antagonists of
English products in competition with
American who are ever so quick to cite
English sentiment against silver
And, strange to say, there are yet
others, and they the majority of the
workers in this country, who pay
~ AiiSiiNhi piOtCStiHO ptlStS lOE dll
they consume, and accept English
free trade prices for all they produce.
One consequence is plenty of cheap
money in the cities; none in the
country bondholders and banks sweat
under the carriage OF massive ac-
and yell for more pay for
holding their own gains. Under this
system. ''sooner or later" the farming
interest must decline ard with il will
go all the glory of our great agrlcult-
ural estate as the foundation of an
progress in all directions.
Part of the scheme to effect this luin
Is to destroy the peoples money.
The JOURNAL may not hope to win
much distinction by ''herculean eff
forts for free grace and unlimited
but its attitude has never
compelled it to implore protection to
American industry in one breath and
howl damnation to American money
in the next.