Los Angeles herald., 1890-08-01
SILVER-A RETROSPECT.

the meeting of the silver convention
held in st. Louis great change has
taken place in the status of silver. 1t
needed but one real effort of the people
to defeat the conspiracies of Wall street,
in New York, and Change, in London.
The great west spoke etrumpet-tongued
through that convention, and its voice
was heard, although not to the extent
desired. The same mighty agency
which forced the first concession from
the goldbugs can exact additional guar
antees for the popular veal.
Since the meeting of the silver con-
vention, and the recent silver legisla-
ton of congress, the price of silver bars
has advanced from S3 cents an ounce to
$1.111s per ounce. Not only that, but
the indications are that a movement has
been inaugurated that will not stop
until silver has touched $1.29 an ounce,
which will place it on a parity with gold.
We were told that the effect of free
coinage, or even of the modified bill
which has passed congress, would be to
deluge the United States with foreign
silver-that any appreciation in the
price of silver in this country would
cause the European nations to dump
their supplies of that metal in our midst.
AS matter OF fact, England is now
eagerly bidding for our silver at $1.111s,
while she was languid and Indifferent in
her demands when it was selling for S5
Clo
she hoped that she might be able to
knock 1t down to 65 cents an ounce
through the slavish compliance of the
legislative representatives of Wall street,
in New York, and of Change, in Lon
don. The hope of the London finan-
cier who needed cheap silver for his
dealings with India, in the purchase
of wheat and cotton, with that India,
where silver coined into rupees is the
only money known commercially, was
that the old sophistry and specious be-
trayal of the rights of the masses and of
the debtor classes would still be made
to control congress by a species of ora
torical hocus-pocus OF which John Sher-
man is the most representative leader
known to American history.
AS it is, the London fnancier sees that
the reign OF fraud and delusion is ended.
He is eagerly buying silver now at
$1.111s announce because he knows that
he will shortly be obliged to pay more
for it, and he wishes to get it as cheaply
as he can, and he knows that it is on the
certain up grade to par with gold.
When gold and silver are once more
on parity what will be the result?
1t has been carefully estimated that
the metallic circulation of the world
consists of about 81, ,250, 100000 gold and
an equal amount of silver. Hitherto
this silver has been degraded from the
office of money and has been a commod-
ity, it's value really being measured by
gold, as we'll as all other commodities.
Even pieces of paper stamped with the
seal of the United States have been per-
mitted to take priority over it.
The restoration of this immense sum
to an equality with gold means prodi-
gious addition to the circulation
of the world, and it will nec-
essarily enhance the value of all
things measured by money, lands
bonds, stocks and personal property Of
all kinds. In other words, it will make
money easy and stimulate enterprise
and speculation.
1t was in 1873 that the Republican
conspiracy to demonetize silver was sue
cessfully carried out. The action of the
German government in degrading silver
and throwing the old silver coins on the
market as bullion gave the desired op-
portunity. 1t was sought to rush the
measure demonetizing silver through
congress. 1t was passed in the house
but really never passed the senate
Nevertheless, it appeared in the revised
statutes of the United States and re-
] mained in force with full authority anG
acceptance until modified by the Blanc
bill in 1878.
So great was the scandal occasioned q
by this piece of sharp practice that the
senate of the United States appointed a
committee, OF which Hon. John p
Jones, of Nevada, was chairman, to in
vestigate the matter, and it was also
empowered to inquire into and report
upon the questions of mono-metalism
and bi-metalism. In its report the COM
mittee solemnly averred that the meas
ure demonetizing silver had never
passed the senate, md had been surrep-
titiously introduced into the revised
statutes. A powerful picture was also
drawn of the evils which had been
wrought by this infamous act of Repub-
lican officials, which had been accepted
as law by a Republican secretary OF the
treasury.
Nothing ever fabricated by legisla-
ture was pregnant of more instant dis
aster. If the California wheat-growel
will look back over his books he will
find that he was getting about twice as
much for his wheat then as he receives
now. The same truth holds good as to
most other staples grown by the farmer.
The country, and the world, for that
matter, were handed over to the control
of the capitalist and bondholder. On
this coast, after the brief miraculous