The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1890-12-18
ADDRESSED TO CONGRESS.

WASHINGTON, D. c., Dec. 1.-THE
National Executive Silver Commits
sion today issued the following address to
congress: The National Executive Silver
Commission, believing that the present
money stringency and the breaking down
of credit on both sides of the Atlantic are
due mainly, if not EN- rely, to the attempt
to ce duct growing business and effect
the discharge of vast debts on narrowing
basis of gold as single money standard,
again appeals to congress to delay no
| further the restoration of silver to unllm-
| tied use as money.
With all the rights of coinage and legal
tender possessed by gold-a attempts to
relieve the present strained condition by in
creasing the volume of credit currency and
| uultiply ing credit expedients, can at best
afford but temporary relief. With the sup
ply of gold constantly diminishing while
the population is constantly increasing
and the business of the world RAPIDLY ex-
panding the recurrence OF such condlons as
we are now experiencing must come, fore
ing periodical adjustment of prices and
business to every contracting scale OF sin
gle gold standard.
| What is needed Is broader basis of pri.
mary money constant and adequate in
supply. To secure tEis bimetnlism must
be re established and the attempt 10 stretch
a single gold standard over the world will
cause untold disaster. There has never
been in the past, is not now, and will not
likely ever be, too much gold and silver to
supply the worlds needs of money.
This is evidenced by the existence of the
fact that these metals are to large extent
supplemented by paper money. To suppl
the population of the. United States alone
for The next century with the same per
capita of money we now have will require
a production of metals as great as the en-
tire product of the entire American CONT
nent SINCE its discovery by Columbus.
BY free coinage of silver the difference
between silver bullion and silver coin must
at once disappear. If every body can have
silver metal converted into coin free of cost
at the ratio of 377l1 grains to the dollar then
OF course there can be no difference between
the value of a given weight of silver in the
form of bullion
Again The fear that with free coinage the
parity OF silver and gold on our ratio O.
sixteen 10 ore will be broken. it is believed
not we'll founded. Certainly this can no
take place and continue permanently til
silver enough has been coined to provide
us with our full distributive share
OF the worlds money independently
of gold. Our share at present il
| bl,UU,UUU'HU OF WHICH Nv ~ ASH 70 u,UUU,uu'
is gold. Silver enough must be coined theI
to give us fully $l,5c0,000,000 besides gold
and besides enough to take the place OF re
tired bank notes and supply the require
ments of our creasing population ant
growing industries
Besides, the proposed issue Of new pape
money will tend in some degree
to displace gold. Silver, thu
best metallic money constant OIL
supply, self reguIatinga d thatneed no re
0empiion or additional credit is preferable
to money to be some time redeemed in gold
that becomes constantly dearer as the de-
mands upon it increases.
The welfare of civilization is involved il
this issue. The people Of the whole coun
try demand that their constitution
al right to have recourse TO botl
gold and silver for money to carry on bust
less, and the discharge of all money obi
cations shall be restored to them, and thu
agitation of this great question will no
cease till this demand is granted.
The address is signed by Geo A. Warne
and Francis G. Newlands for the commit
tee.