Telegram-herald., 1890-07-08

sppr,soiz zse6 IA the last seFenSeea yeArs
IL all ia esther form exchange Tor
raore co2Elod1t1es Of al xmas than IL
woala tsen- In countries using silver
this Is ulasnlr ssea BY TIE sligkt fAsl in
prices Go2 has appreciated 10 .
greater degree tbsa silver. not because
of It's especial htness tox monsy, bat bs-
caaSe of It's scarcity. / 90 not mean
that there Is any less gold han former
", bat that tns ss7ae amount cf gold
OF nearly the same amount - required
70 90 nearly double the work that il
formerly did. In other words. the work
formerly performed by silver and gold
Is nou largely done by gold alone. Let
Us illustrate: Suppose wheat and corn
furnished the required amount Of grain
for mans use, and by some means all
the corn should be destroyed Then
wheat alone would not suffice and wheat
would be appreciated because Of tho de-
uana for IT. The principal demand Tor
gold is for use IS money; If that de-
nand is increased. gold will appreciate.
This demand was increased Just 10 the
extent that the use OF silver diminished.
The principal demand for silver is for
use as money, and il that demand is re-
duced il may depreciate or it may sim
ply prevent lis appreciation with gold.
which is its natural tendency. il being
put 70 the same use and capable OF TAX
ing the place OF gold II wheat goes up
in price, corn invariably follows. as do
all cereals or course there are excep-
tions 10 this. but as rule, other things
being equal, things that can be put 10
the same use rise and fall together
Those metals are no exception, and
when one of them is discarded. and the
burden OF doing double duty is thrown
upon the other, the demand for the one
remaining In use Is increased in pro-
portion 20 the amount OF service pre-
viously done by the discarded metal
So much as to the facts. Now, word
In argument What could the produc-
ing classcs gain by tho decentralization
OF silver? What advantage could it be
to the people engaged in trade or agri-
culture, or in production Of any kind, 10
do the business of the world with one
half OF the metallic money that had
been heretofore in use? Silver had not
deprecated. Evon when measured by
gold it had proved itself a stable money
netal for thousands OF years, and had
been the standard by which gold had
/ been measured 1t was the favoritc
/ money OF the people of the world. IL
was the first metallic money used by
/ man, and il was the only money metal
/ that promised to be produced in sufh-
/ cient quantities to keep pace with the
worlds demand for metallic money.
! The production of gold was falling of
I each year, and 1t was quito evident that
TO great reliance could be placed on
gold as money metal, for the best
! informed people on that subject have
declared that its production was not
sufficient, after deducting the amount
required for use in the arts and the loss
by wear and waste, to maintain the
present stock of gold in the world.
Hence VIC must admit that the demone-
tization of silver was either great
blunder or great crime
All who have examined the effects of
the demonetization by Germany and tho
United States in the first instance and
other nations later, must, and / believe
do, admit that great evils have resulted
therefrom. No one has yet been ablo
to show that it has been of any ad-
vantage to any class save the creditor
class.
The demonetization of silver has in
creased the purchasing power of gold so
that the same amount OF gold will now
command much more labor and more
commodities of all kinds than it would
in 1871 or prior thereto. The price of
labor is less and all the products Of
labor bring a lower price. Land is not
worth so much. Machinery and build
ings used for the production of COM
modities are less valuable. 1t requires
more labor, more effort, moro sacrifice
for the debtor to procure the means to
pay his debts than it did before the de-
monetization of silver. It is pretty gen
orally conceded that the fall in prices
is not far from thirty-three per cent.
On many articles it is much greater
than that. This, then, is equivalent to
an addition of thirty-thrce per cent 10
ell the debts. In other words, the cred
itor will get thirty-three per cent. more
Of commodities if he is paid in com
modities; and If paid in money, the
money he receives VIII purchase thirty
three per cent more, while the debtor
must make an effort thirty-three per
cent. greater than be otherwise would
to pay his debts. This, then is equiv,
alcnt to tho addition of thirty-three pei
cent 70 all the debts in the world, for
this decline In prices is not confined tc
this country.
II, as all admit, silver is to be used as
money in the future, why not go reso
lutcly to work to put It back in it's old
condition. as the equal OF gold at Is
proper ratio? Why not at once oper
our mints TO tho free coinage OF silye,
and declare to the world that the coun.
try producing moro than one-third oi
the silver % tho world intends TO use
silver "a nloney-legal tender money;
Such course would give courage TO an
the bimetsllists In tho world. and
mints Of Europe 70 the unlimited coin
age OF silver, with the possible excep-
tons of Germany and England, and
both OF those countries would in few
years be compelled to follow the ex-
ample of other nations or trado with
tho world At great disadvantage.
Il IS said bT the opponents OF FREQ
coinage that all the silver Of the world
will come here 70 = coined and Wa
will be on the single standard Of silver
But is this true2 What country can
sparp silver from its currency where &.
Is now being used? Tho Secretary q
tie Treasury declares thero is no sur
rlus 81 silver in The wo-li The Eoval