The midland journal., 1888-01-27
Decentralization of Silver.

presentation OF Bill for the issue OF
! Coin Certificates Persons who would
like to read the speech entire with the
Bill, will be furnished with copy by
writing to Hon. Mr.. Stewart, member
of U. S. Senate, Washington, D. c..
The speech contains fund of valuable
information on the financial policy Of
the government, which has obtained
since the rebellion.
WHO is BENEFITED BY TIE WAR ON
SILVER?
The question naturally arises, Who
is benefited by this war on silver? The
question is easily answered-the origi-
nal promoters of the scheme openly
avowed the purpose--it was to enhance
the value of bonds. In round numbers
the national indebtedness of all the
nations Of the world is twenty six
thousand millions; the national debts Of
Europe and America are twenty five
thousand millions. 1t is estimated that
other obligations which are regarded as
securities, including corporate debts
both public and private, and mortgage
securities, are about three times as great
as the national debts-saY seventy-fve
thousand millions. These added to the
national debts give grand total of one
hundred thousand. IF, when these
debts were contracted there were four
thousand millions of metal currency in
circulation in Europe and merica, and
that after such contracts were made the
amount of money in circulation was re-
duced te two thousand millions, it is
manifest that such Indebtedness would
be doubled. In other words, it would
take twice as many days of toll. twice
as many bushels of wheat, and twice as
many bales of cotton to pay these debts
as it would before the reduction. The
absolute demonetizatien of silver would
certainly work that reduction. and that
is why silver has been excluded from
the mints of Europe and the United
States.
THE BoNDHoLDERs OF TEE UNITED
STATES.
The bondholders of the United States
have always operated in conjunction
with the bondholders of Europe. The
injustice of their present demand that
silver shall be demonetized is aggra-
vated by the fact that they have been
most literally treated by the United
States They bought bonds when the
country was in peril at great discount
say. so per cent. less than their par
value in gold. The bonds originally
issued were payable in lawful money
called greenbacks. interest payable in
coin. With these same sreenbacks the
United States paid its soldiers and those
who furnished supplies and munitions
of war After peace was restored,
Congress, in March, 1869, passed an
act declaring that these bonds were
payable 10 coin. Men with any sense
Of Justice would have been satisfied to
be paid in coin when the contract could
have been discharged with greenbacks.
without asking for the destruction of
one-half of the worlds money, On
July II, 1870, the act under which the
entire debt of the United States was
funded was passed. That act provided
that the bonds issued Hereunder shall
be payable in coin of the then standard
value-that is, of the standard value of
July IA. 1870. The standard value of
the coins then in existence was regu.
lated by law, 258 grains of standard
gold, 4l24 grains of standard silver
constituted dolIor, The silver nee.
essary to make a silver dollar was at a
premium of per cent. at that time,
the American ratio being l6 10 /, and
the ratio of the balance of the wor ID
was regulated by the French mint,
which fixed it at l53 to /. Tbs pre-.
MUM prevailed until long after the
passage of the act of 1873 demonetzing
silver.
After the passage of the act of omit
ting the silver dollar from the list of