The Russellville Democrat., 1890-02-27


 coined silver of Europe being at the ratio of 15z to 1. will stay where it is at par with gold at that ratio, rather than come here where i6 to 1 would be the par of gold. We may therefore limit our inquiry to the annual production from the mines.
 The production of 1888 is stated. by the Di- rector of the Mint, as ,o00 coining value | Whether this Is excessive or not, we will not l stop to consider. Now, where did this produs tion of 1888 goi How was it consumedi The following table shows it's distribution:
 The United States for coinage pur
 poses. .....-...s..,..l.... S2uO,OO0 | Japan '. ...s........................ 100000 l Mexico. at least. 100000 Asia and Africa. ........ ....,.... iS000,0O0 | Europe and America, for susidary coinage. .......*........-t.-.-ts, laO0ioD
 Total ........................ slsoooo,ooo Lea wing for the arts rts................. 220o0OOo
 Total sis20oo,0oo
 And se2, ,ooo,ooo for the arts is small allow | ance.
 | Now. with free coinage ip the United States I what change would take place In the distribu, tion of the production of 1S90s In the first place I it should be remembered that silver constitutes l the sole money of the vast majority tf mankind l All silver not used in the arts is sow coined | somewhere. India absorbs average of about | S35, ,0O00o0 year, and the capacity of the vast population of India to absorb silver is not like | ly to be abated. The consumption in the arts would scarcely Dc lessened. The needs for sub sidiary coinage will not diminish. Some less might go to Asia, although 1t is | diffcult to see how the restoration of the ratio of 10 to of gold will materially effect the trade of Asia.
 l Possibly some less would stay in Mexico, | and some less be coined by other American States. But suppose the coinage here should | be doubled and s8s, 900 should come here, or l even s75,O00,0DO. Do we not need its Do we not I <ad fA lap Ina nf fsl,f and maintain pricesy How else is money supply l to comef Lower prices will, of course, bring | gold to us. The eternal scramble for gold'' | can go on.
 l It Is miscalculation, however, to suppose l the restoration Of silver would lead to rise of l prices of se per cent. 9 per cent, or even | fall Of gold relatively to commodities of % per | cent. Prices will be determined primarily by l the money volume more or less modified, Of course by thfl operations of credit. If free coin l age results only in keeping up the volume of money to it's present relation to population and 1 business then the effect will be only to arrest l the fall of prices and maintain the present | level. Some products, as wheat and cotton, for reasons above given, will doubtless respond i'm. mediateiy by an advance in the markets of the world. The danger therefore, to come from | free coinage like that from continued coinage, | Is more imaginary than real SCARCITY OF GOLD. But we ask again, without the use Of silver. where is money supply to come from: There is a consensus Of opinion among those best able to judge that the production of gold is destined to diminish as time goes on It is doubtful whether there is left from the annual produe- tion any gold at ali for money. Soetbeer estf- mates that probably sl50o0,o00 are left for money after the demand for the arts and den tistry is supplied. Fifteen millions for the worlds money Is this the feast 10 which the industrial world is invited by gold monometal. listsf Whence, then, we repeat, Is money sup ply to comef Is it to be credit moneyi Uncertain bank issuesf The world has hap oily passed the Of that source of supply and that kind Of money, and will never go back to it. The true answer is, restore silver to its old place money metal by the side of gold without limit as to use, and the sooner if is done the better for this country and the world. It Is not necessary of course, that all the sl | yer offered should be actually and at once coined. The same end will be reached If cer | tifieates are issued on silver bullion, the same as now on gold bullion.
 BINETALLIsM on COLD MoNoMETALLIsM
 It must be apparent to statesmen as well as | to economists that the present attitude of the l country toward silver coinage can not long be | maintained The forced coinage of sss 0C000o | month is an arbitrary and unscientinc mode of | regulating money Either we must accept bi- | metallism, with natural regulation through the | mines, adopt gold monometallism and rest l values on the present stock of gold and the pos siblc excess of gold production over require | ments for the arts and making good the loss by | abrasion and otherwise This is the situation | and this the problem before
 Win we heed the warnings of history and es- | cape the disasters that have invariably attend. | ed a shrinking volume of moneyf Allisonis no | doubt right in attributng the fall of the Roman | empire and the stagnation of the middle ages | more to the want of supply of money than to | any other cause.
 With the discovery Of America and the open. ing of the mines of Potosi began a new era, The money of Europe and America increased | six-fold in century. Commerce revived, and | on silver wings spread over the world In the | early part of the present century the revoluti on | in South America cut o1 the supply Of siivsr, and depression of trade immediately followed.
 Jacobs, in his history Of the precious metal, shows that the stock Of money of Europe and the United States, from 1909 to 1890, fell from si i,qOo0 000Ooo to s 565, ,0000o0 or loss of s3Si- 0o0oO0, in less than quarter of . century The ssrinkage continued to the end of the first half of the century. Prices, according to Newmarch and Jeyons, fell 5s per cent. As many well re member, this was a period Of chronic hard times, relieved only by tho spasmodic imitation through wild cat bank notes. which left train Of wrecked industries behind them.
 But at the close of the first half Of the cent ury the vail began to lift With the beginning Of the last half Of the century dawned the new golden era California and then Australia l
 
 the world, reviving commerce and quickening industries everywhere But in 1873 as if the hand of man was turned against himself half the worlds supply of money was topped on.
 A writer in British review, not long after the close Of this period, wrote
 The present generation has seen come and go the most remarkable outburst of material prosperity which has ever visited tho nations Of mankind The epoch has been short-iigcd as a northern summeN and the world has fai:en into winter again.
 With this year we begin the last decade of this memorable century. The issue Is with Congress and the people. That it is an issue that outwcighs all others, free trade and pro teetion included, is too apparent to require ar Fument. I.- We insist that as silver was only broken down by legislation and by no natural law, that legislation should be reversed.
 We believe that such . step would advance every industry in the country, and that other nations would follow our example and further, that it would give us prestige in the Spanish American countries where our best future l trado is to be, that could never be reached or disturbed by any other nation or any combins- tion of nations.
 win q free people, then, controlling their own government longer submit 10 the wrongs of sii yer demonetizationf
 Win a wlse Congress continue to subject an people to the incaleulable evils Of a. ever-shrsnxing volume Of money and the rob bery Of an ever-increasing standard of yaluef
 
 NATIONAL EXECUTIVE SILVER COMMITTEE. EDWARDS PIER1EPoEr. New York
 FRANCIS C. NEwLANDs, Nevada
 l.. M RuMsEY Missouri
 FRANK NJ PIxLEY, California.
 JOIN r.. COCHRAN. Virginia.
 ] M & EGAN Colorado.
 THOMAS H AaIsoS Indiana
 OFFICERS
 4. J. WARNER. Chairman.
 THOMAS FgTcH Yiee. Chairman 3nukGs hi WILlI1Az TtsasafeY lsNk NASsaAfIA SersSsasgi