Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1888-03-03
SILVER DECENTRALIZATION.
Some Interesting Facts Upon the Matter
and the Results.

Since 1915 the average price of COM
modities has, as is conceded by all writers
on political economy, declined over 80 per
cent, and is now lower than in 1850. The
impetus given to progress during twenty
FIVE years of an abundant circulating
medium is no longer felt. The civilized
world is trembling on the verge of bank
ruptcy Labor strikes, financial distress
guage not to be misunderstood the evils to
come if no remedy can be devised.
Prosperity has been checked, and the
world filled with misery and alarm by the
contraction resulting from the disrse of
one of the precious metals as money
Wien the supply of gold was most abund-
ant from California and Australia, Cheva-
lier, of France, and other political econo-
mists of Europe, contended that the use of
gold as money was unjust to the creditor
class, and particularly the bondholder
class; that it would drive silver, then
styled the better metal, out of the country,
and that it was the duty of all Govern
ments to demonetize gold. Holland and
Belgium yielded, and adopted the silver
standard. Austria and Germany, in 1857,
excluded gold from their minis, and
thereby demonetized that metal to the ex-
tent of their power.
The increased production of silver dur
ing lS71-73, indicated that it would be-
come plentier than gold. The arguments
used in advocating the demonstration of
gold when it was the plentier metal were
in turn urged against silver Between
| 1871 and 1875, the bondholders prevailed
| TTa,tal ~
| ment in Europe to exclude silver from
their minis, and thereby secure its de-
| monetization. The motive for this action
was avarice. There were not less than
one hundred billions of debts, public and
private, in the civilized world, which by
the terms of the contracts were payable in
either gold or silver at the option of the
debtor. The demonstration of silver
compelled payment in gold alone, and
| about double the value of bonds and other
securities, and increased to the same ex-
tent the days of labor and amount OF
property required to liquidate these vast
obligations.
Since 1875, the annual supply of the
precious metals has been fully $780,
100000, but one-half of it has been
| discarded as a money metal by every mint
in the United States and Europe. Silver
has been driven to Asia for market.
There has been no demand for it else
where for Use as money except the S24,
100000 annually required for coin
age, under the Act of 1878. The total
product of silver since 1878, when it was
practically demonetized, although not ex-
cluded from all the minis and reduced to a
commodity until 1875 has been about
81 100000, 1000. The product of gold during
the same period has been equal to that of
silver, making grand total of about
So, 200,000,000. About $2S0,000,000 of sill
yer has been coined by the United States.
The remaining $l,3O0,0O0,OOO have been
discarded by Governmental action, for
which no other reason has been given than
that furnished by Chevalier and others for
the demonstration of gold.
What other reason can be assigned for
the present decline of prices, stagnation,
and hard times, than this enormous con-
traction of the worlds money? Favora-
bic seasons and universal peace cannot
have created it.-North american Rerier.