The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1890-02-26

L oS04o1y COIu1&0 VIII not 1ln01ulS0.
4. some less might 60 to Asia, although 1t Is
0mcult to sec how the restoration Of the ratio
OF 10 to I Of gold win materially eject tho
trade Of Asia. -. =
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 So& 600 should como here, or
even e7a0000OO. Do We not need II: Do we not
| need it to keep up the volume Of money and
| maintain prices? How else IS money supply
| to come! Lower prices viii, Of course. bring
gold to Us. The eternal scramble for gold"
can go on.
It Is . miscalculatiou, however, to suppose
the restoration OF silver would lead to rise Of
prices 81 8 Per cent or 20 per cent, or even .
| fall Of gold relatively to commodities of % per
cent. Prices will b determined primarily by
the money volume, more or less modified, Of
course, by the operations Of credit. II free coin
age results only In keeping up the volume Of
money to its present relation to population and
business then the eject viii be only to arrest
the fall Of prices and maintain the present
level Some products IS wheat and cotton, for
reasons above given, will doubtless respond i'm
mediately by "A advance in the markets OF tho
world. The danger, therefore. to come from
free coinage, like that from continued coinage,
Is more imaginary than real.
SCARCITY or GOLD.
where Is money supply to come from! There is
q consensus Of opinion among those best able to
judge that the production Of gold Is destined to
diminish IS time goes ON. 1t II doubtful
whether there is left from the annual produc-
tion any gold at all for money. Soetbeer esti-
mates that probably tla,0oO,0oO are left for
money, after the demand for the arts and dem
tistry Is supplied. Fifteen millions for the
worlds money! Is this the feast to which the
Industrial world is invited by gold monometal
listsf Whence, then, We repeat, Is money sup
ply to GOMEZ Is 1t to be credit money:
Uncertain bank issues! The world has hap
PLY passed the era of that source Of supply and
that kind of money, and will never 60 back to It,
The true answer IS, restore silver to It's old
place as . money metal by the side Of gold,
without limit as to use, and the sooner it is
done the better for this country and the world.
1t is not necessary, OF course, that all tho sill
yer offered should be actually and at once
coined. The same end will be reached II GER
tificates are issued on silver bullion, the same
rs now on gold bullion.
BIMETALLIsN OR GOLD MoNoNETAILIsM.
It must be apparent to statesmen as well rs
to economists that the present attitude Of the
country toward silver coinage can not long be
maintained. The forced coinage of & 100000
month is an arbitrary and unscientifc mode of
regulating money. Either We must accept BIZ
metallism, with natural regulation through the
Mines or adopt gold monometallism and rest
values on the present stock Of gold and the pos
sible 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 US.
Will we heed the warnings of history and es-
cape the disasters that have invariably attend
ed q shrinking volume Of money! Allison is no
doubt right in attributing the fall Of the Roman
empire and the stagnation Of the middle ages
moro to the want Of q supply Of money than to
any other cause.
With the discovery Of America and the open
ing of the mines Of Potosi began q new era.
The money Of Europe and America increased
skiold in q century. Commerce revived, and
on silver wings spread over the world. In the
early part Of the present century the revolution
in South America cut OF the supply of silver.
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 1900 to 1890. fell from
81, 900 to 81. b65 900, loss Of $685.
100000, In less than . quarter CT . century. The
shrinlage continued to the end Of the first half
of the century. Prices, according to Newmarch
and Jevons, fell 50 per cent. As many well re-
member, this was . period of chronic 'hard
times" relieved only by the 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,
began to pour their treasures into the lap Of
the world, revivinR commerce and Quickening
industries everywhere. But in 1873, as II the
hand OF man was turned against himself, half
the worlds supply Of money was Topped on.
A writer in q British review, not long after
the close Of this period. wrote:
The present generation has seen come and 60
the most remarkable outburst Of material
prosperity which has ever visited the nations Of
mankind. The epoch has been short-lived as o
northern summer, and the world has fallen 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 II An issue
that outweighs all others, free trade and pro-
lection included, Is too apparent to require az
gument.
We insist that a. 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
trade is to be, that could never be reached or
disturbed by any other nation or any combina-
ton of nations.
Will free people. then, controlling their own
government longer submit to the wrongs Of sill
yer characterization
Will q wise Congress continue to subject IN
enlightened people to the incalculable evils of
An ever-shrinking volume Of money and the rob-
berry of an ever-increasing standard Of value!