Los Angeles daily herald. [microfilm reel] (Los Angeles [Calif.]) 1884-1890, 1889-06-02
An international Necessity-Silver
Hem OnethZed.

been done to the masses all over the |
world by the demonstration OF silver.
The United States, owing to the great in
fuence exerted in Wall and New Streets, |
New York, by the London bankers, has
been made to cooperate with England
and Germany in the discreditipg of one
of the precious metals, The significance
of this outrage can only be realized when
we consider that when, in 1873, the
weight OF the United States was thrown
into the scale in favor of the demonetiza
ton of silver, the coinage Of the two
metals was about equal in amount in the
circulation of the world, The result was
not merely the discrediting of silver as
coinage, but the revolution converted it
into commodity, to be measured, like
houses, lands and merchandise, by the
single gold standard. In other words,
not only were lands, chattels, stocks and
all other mediums of barter thereaft er
to be measured by gold, but one
of the leading circulating mediums
was also to be added to the
sum total of commodities, and to be thus
an addition to the grand total of values
which was to be appraised by the stock
of gold in the exchanges OF the world 8
commerce. When this capital crime
against the rights of the poor man and
the debtor class was consummated, the
wheat and other products of the Califor-
MIA farmer sold for twice the figures that
they bring to-day. Within a month
after this outrage against civilization and
progress was committed, every intelli-
gent man who owed a dollar knew that
he was practically obliged to pay two.
On the farming class the infamous i'm
position bore with an especially crushing
weight; because, while he was obliged to
sell his products for half the price he
could have realized before, he found it
quite twice as hard to get money where
with to discharge his obligations.
Senator Stewart, both in his place in
Congress, and in his speech before the
San Francisco Chamber of Commerce,
dwelt eloquently upon the facts we have
enum Grated. At the same time he was
very careful not to allude to the historical
circumstance that it was the infamous
Republican Congress of 1S73-that Re-
publican Congress that made the Demo-
cratic "Tidal Wave" Congress of 1874
possible-that demonetized silver. His
colleague, Senator John p. Jones, who
was then, as now, a member OF the United
States Senate from Nevada-in lumin-
GUS report to the Senate of the United
Statez-placed it upon record that the
provision which appeared in the Revised
Statues OF the United States denIonetiz-
ing silver had never passed either
House of Congress, 1t was "snaked"
through by Republican manipulators.
All the same, it was this Republican
measure-made on its face to receive the
sanction of Republican President,
Senate and House of Representatives
which has produced that construction Of
the money market, that constipation of
the circulating medium, which has made
the rich richer, the poor poorer, and the
debtor more than ever the modern fac
simile of that Gurth the Thrall who fig
ures in Walter Scott's immortal picture
of Saxon servitude in Ivanhoe.
1t is very convenient thing that these
Republican statesmen have short men,
cries; and, for our part, We welcome
them to repentance, even though it
should be of the eleventh hour order. 1t
is great thing to assist the people in
their struggle for emancipation, even
though ones own party should have been
the principal instrument in the enslave-
ment of the masses, not only in the
United States but in the metes and
bounds of the world. We re-echo the
old Hebrew mandate, proclaim liberty
throughout the land, and to all the
inhabitants thereof" In the work of
redeeming the people, we welcome the
aid even of those who originally riveted
their shackles.
The difficulties in the way OF this much
needed return to sound financial priuci-
pies are of course great, but they are not
insuperable. Even in Great Brit ain
there is strong sentiment in favor of BIZ
metalism. France has always been
strongly favorable to the double standard,
and the same may be said of all the Latin
races. 1t only needs the earnest and
sincere cooperation OF the people and
government of the United States to give
the world again abundant money,
through resumption of the double
standard of gold aud silver, which means
vitalized enterprise and splendid business
activity. This country made a partial
start in 1873 towards correct principles of
finance by the passage of the Bland Silver
| Bill, which directed the Secretary of the
Treasury to buy monthly, and coin, not
less than two million dollars worth of
silver bullion, nor more than four mil.
lions worth. But this is only the enter
ing wedge, and the butt end must be
driven home. With silver remonetized
mining would take on new life, and the
Pacific Coast States would share to a
marked extent in an international and
universal business revival, the only
DIRECTORS to which would be the possess
ors of fixed incomes in America and
Europe, who desire to see money dear,
property cheap and labor practically