The silver state. [volume] (Unionville, Nev.) 1870-1903, 1888-02-06

They employed Chevalier, of France, and
Maclaren, of England, to write against
the use of gold, in the same way that the
bondholders are employing David A.
Wells and Edward Atkinson to write
against silver to-day. Germany and
Austria, in 1857, demonetizsd gold by ex-
GLIDING that metal from their mints, and
Belgium and Holland adopted the single
silver standard. Chevaeer and others
commended that gold was not legal ten
der in France, as Marble and others con.
tend that silver is not now legal tender
in the United States"
"Why did they not continue the war
on gold p
because early in the 70's it became
certain that the product of silver would
equal, and probably exceed, that of gold,
and silver would be the plentier metal.
At that time the national debts of the
civilized world exceeded twenty-five bill
lions, and the other indebtedness, such
as State, municipal, railroad and other
corporate debts, and mortgage securities,
exceeded seventy-ive billions, aggregat.
ing more than one hundred billion dollars
throughout the civilized world. The per-
sons who contracted these debts at the
time the obligations were incurred, had
the privilege of paying in either gold or
silver. The object in demonetizing silver
was to make them pay in gold alone.
You understand that it would be much
more difficult to pay in gold alone than it
would be to pay in both metals, or to pay
in either, at the option of the debtor. In
other words, the reduction by one-half of
the worlds money, caused by the demon
citation of silver, would more than double
| the days of toll of the laboring masses to
procure this one hundred billions of gold,
which would be required if the debtor
were allowed to pay in either gold or sill.
yer, according to contract. This same
process more than doubled the value of
bonds. For example, bond that cost
| fifty cents in coin during the war, upon
which interest has been paid twenty-five
years, is now worth 100 cents. More
than one.half of the national debt has
been paid, yet to-day it will take more
days of labor, bushels of wheat, or other
products of labor. to pay it than it woald
at the close of the war. This is the result
of contraction"
"How long has this contraction been
going on!''
"It commenced Immediately after the
close of the war: first, by the retirement
of greenbacks to reach specie payment;
and secondly by the demonstration of
silver to reach gold basis to enhance the
value of bonds. The demonstration of
silver was finally accomplished in 1875,
when every mint in Europe and the
United States was closed against silver.
From 1850 to 1875 the product of gold
and silver was nearly two hundred mil.
lions annually. The prosperity of the
world progressed without parallel, not.
withstanding the Franco. Austrian War,
the Crimean War, the Austro- Prussian
War, our own Civil War, and the Franco
German War, wealth and population in.
creased throughout the civilized world
more in twenty-five years than in any
preceding century Notwithstanding the
| destruction of eight billions of property
in the war for the Union, and the con.
traction of more than one billion of the
circulating medium to resume specie pay.
ments, the value of property in the Unit
ed States rose from seven billions, in
1850, to thirty.one billions, in 1870. Dur.
ing this period there was gradual rise
in the price of labor and its products,
which stimulated man to his noblest ex-
ertions and produced these wonderful re-
suits"
"Have prices declined to any serious
extent since 1875, and if so, why?"
ayes, the price of labor and all its
products has declined at least 1874 per
cent, and this has been produced by con.