The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1890-02-28
MEMORIAL ADDRESS
Issued by the National Silver Com
mittee.
Authorized by the National Silver Con-
sention Held at st. Louis in Mo-
vember, 1SS9-To Congress
and the People.

The National Silver convention. held at st
follorinp resolution ard anno,nted a comrit
tee Ia nrenare a meTnorial address tn C,,npres.
ana the conntrv sot,;ny forth tho raason,
thecefor.
RESOLUTION.
iR4soipsd That the Fifty-first Congress be re
cuested by this convention to provide. at its
first session. for opening the minis of thu
United States to the free and unlimited coin
age of standard silver dollars of the present
weight and hneness to be a legal tender for all
debts, public and private, equally with gold
and that until such provision is made the Sec
Rotary OF the Treasury be required to coin the
maximum of 81, 900, 900 worth of silver per month
as now authorized by law"
THE MONEY OF THE CONSTITUTION
The committee resnectf,IIv represents that
In the formation Of our Government both gold
and silver wer, esta nlisbed "a money. Nv con.
stitutjonal provision the mower s.to coin money
regulate the value thereof and of foreign coin. -
was given TO the general Government. and the
States were prohibited from making s.apy thing
but gold and silver coin tender in paymeut of
debts
Webster said,
am certainly of the opinion then. that gold
and silver at rates fixed by Congress consti-
TUE the legal standard of value in this coun-
try and that neither Congress nor any State
has authority TO establish any other standard
TO disDlace this.
The legal tender, therefore. the constitution
al standard of value, is established and can not
be overthrow. To overthrow 1t would shake
the whole system.
II Congress may demonetize silver. it may
gold, and il either. it may both, but the States
can make nothing legal tender but gold and
silver coin. Can Congress demonetiZe that
which States may make money!
Cr y
The act OF 1873. demonetizing silver and
changing the fundamental law respecting
money was passed without public discussion
and without the knowledge Of the people much
lass was il called for by them. In fact, as fully
appears from concurrent testimony the act was
passed without comprehensive knowledge of
its scope or effect by those highest in authority
in the Government, nor has it ever been made
manifest that any one directly responsible for
the act July comprehended its effect and GER
tainly 1t is but charitable to assume that no
one foresaw its farreaching and insidious con-
sequences.
THE EFFECT OF THE ACT OF 1873.
For indefinite ages gold and silver have been
money metals. Their use as money is as old as
commerce. From them money has been fabri-
Gated without limit throughout the civilized
"oriu by ulem nave all otner tnlngs peen
measuTeu, anu III then al oDllgations dis
chareeu-
frlor 10 tne oemonetzatlon OF silver by Ger
many IN lol-S, ioiioWea py the act OF 1913 IN the
United Slates' ana the closing OF the mnts OF
.h. lain nion, 'inoi anu soiu' a. the coinage
.alio u ruIole Nlo,f ~ ~, no"eu evenly
thiousn al Ihe .naiilieis vi 'raue' upnoiuins
prices anu supplying tne worlds increasing
neeu ioi ll0nes. siiat4oHs IN .le prouuc'ioh
y. sue wv" ', .neeis "eie oolIeoteu oy .ne IN
80, ~ .in.~e: va INC loio "ounuan' me
,s,,,oro,ea.So ~ n;Ir,e az sno III pe,ou VI 'ne
80 hoss 49,, t,,s ~, 49, .s
,,,,,,,, 81 So,t pro5,'o,ia,, ,S ".u .ne
irs,aj 20 ,hasa,,o soaIa 'A' "0-' -"
- " .l-o s,.i-ie sNa-e'
men oanio .ne oii'ise. in =, WESTERN woria-
=, ~, ,s ~, f,,., 'oaal,e
20 Ia - ''''1 i''e supply
,r,,, - a. ,.,,- .az $780,,
.ho nm, ona i.ornasas 1901 80 $50.
..,,- nv =. -, ss'3s.; an.. .uo anI.ses
.s go, ~ "i ..,s IN. aoss anu oo.,e
49,. a;,lp $500, 'D ~. s"o saas
s - -, - - - - P,sae
s,. :, su.u o.ef mosus. .no solu s.anu,
e,o,ssea $50 - ~ uesnS :, an enia.seu
,.sa.s - -, ,,S ". wy ~ Va
~ Hu 70 onis luiS u'ousnt out "nen
," - 80 &c ,, 49, NOS o'oN 'no
'e'''''''''e nient " 'ne 'aiuo VI gnu
TIE kNhANcENLNT OF COLD.
Inc extent oi tne ennancement Oh go I Is pest
SHOWN os comparison Oh prices before ana
since 'he uehone tlzatlon Oh SILVER. For TINS
purpose three perlous Whlch marx as many as
tinctNe epocns In the use Oh goio ana SILVER are
takeh. Pop.
First. 1851, the year when the gold discov-
erers OF California began to act on prices and
stimulate trade. -rl.e 1a
Second The year 1873, when the act demone-
tizing silver In the United States was passed,
and before the fall Of silver or rise of gold be
gan.
Third The year 1878 when the Bland Allison
act was passed, recurring the coinage of at
least = 10000 worth of silver a month And
finally, the course of prices and the tendency
of gold since 1878, under a shrinking volume Of
money.
But IN orcer 10 set lortn IN the clcarest hight
the effect on gold and on prices of recent legis
latio1 against silver, IL Is necessary to show it's
effect on money supply during the three periods
named. For the real measure of values at any
given time is the effective volume of money at
such time existing. No country has a purely
gold measure The real measure in the limited
States at this time is gold. colored. so to sneak
by s.Oo oOo OOo of silver and further oilutad nv
the effective volume of creenbacks and National
bank notes. For nobody would contend that
the value of gold would be the same or that
gold would constitute the same standard, II the
silver and paper that circulate with it were de-
stroyed
MONEY VOLUME IN 1851.
What the volume Of money in the United
States in 1851 was we have no certain data for
determining but whatever it was il consisted
largely OF issues of State and private banks
The supply of gold and silver had been on the
wane for nearly half century. but IN 1850 Cali
fornia and later, Australia began to send out
their newly discovered treasures
Let us now place side by side the period from
1851 to 1873 and the period from 1873 to 1873 and
thence 10 1889.
4tH 1851 TO 1873
The worlds production Of gold and silver
from 1871 10 1872 given hv the Tables NJ mr.