Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1890-06-19
A Clear and Concise Statement
Of the Argument in Behalf
of RemOne netiZatiOn,
Made by Senator PettigreW Be
fore the South Dakota
Bakers Association.
The Votes OF the New States
Guarantee the Success OF
the Proposition.
FettigreW on silver.


Sioux Falls Press: The attention of the
country is being SO generally directed
towards the silver question, that any
thing like Il concise statement of the
ar gument in behalf of the remonetiza-
ton of silver will be Of general interest;
and the opinion in regard to it, expressed
by Senator Pettigrew at his recent
speech at the banquet given in Sioux
Falls to the South Dakota Bankers as
sociation, will be Of especial interest to
the people of this state. The Press,
therefore, presents the following synopsis
Of Mr.. Pettigrew's remarks:
In 1873, the United States and the
Latin nations of Europe demonetized
silver, the plea beng that the indus
tiial interests OF the world would be
Materially promoted by having single
money standard tor them all. 1t is chang
ed and there is a very strong evidence
in support Of the accusation, that in this
country the characterization Of silver was
secured by a trick-that the clause which
accomplished this Was inserted by an
enrolling clerk after the bill had passed
both houses OF congress.
Since the adoption OF the single stand
ard, the Latin industrial nations Of Eu-
rope have sought to establish silver, but
England has always objected and her
large interest in the commercial affairs
OF the world has been sufficient to pre-
vent favorable action. There is now a
strenuous effort being made in congress
to give America again the double stand
ard, and it is believed that it will be sue
cessful-the general tendency OF sentl-
ment being in that direction, although
there is variance OF views us to some OF
the incidents and details.
In behalf OF the remonetlzatlon of
silver, it may be sad that the value of
this has not been degraded at all, not.
withstandlng it seems to be about -
per cent below par, taking gold as the
standard. The fact is that gold by the
fictitious value given to it by reason OF
its being taken as tho sole standard, has
materially advanced. BY reason OF this
advancement, not only silver has been
deprecated. but every commodity which
money is expected to buy. The relation
between silver and these commodities has
been maintained through all the years.
mltted as a financial standard-4121a
grains will now buy as much of any OF
the principal products as it ever would.
One of the principal features of the
characterization CT silver has been the
fact that, whatever may be the bullion
price of the metal, its principal money
use has been the coming of rupees,
which is the unit of money IN India.
Now owing to the sluggish conservatism
of the tremendous population Of India,
no variation in the bullion price of silver
has made any change whatever in the
purchasing price of the rupee, and would
not make any in century, SO that deal
ers in India wheat can buy their silver
in the deprecated markets OF the world,
have 1t coined into rupees, and buy just
as much wheat with it in India, not
withstanding the discount of % per cent
which it has suffered on account of de-
monetization, as they could have bought
had silver remained with itssold relation
to gold. By the fact of these dealers
being thus able to buy India wheat, and
pay for it in deprecated money, they
were enabled to take it to the great
markets of the world and undersell these
countries in which the value of the silver
had been injured by demonstration.
Therefore, the wheat growers of America
are much more interested than any other
class IN such legislation as will restore
silver to the value which it would have
in relation to gold as a money standard !;
because thereby traders III India wheat
would not be able to flood the markets
of the world with grain procured at
prices SO much below those for which it
can be produced in America and else
where. In other words, if the price OF
the unit of money in India be raised %
per cent. as it would be by the remonetlza-
tion of silver, the price OF India wheat
in Liverpool must be raised accordingly,
and the price of wheat in Liverpool is
that which regulates the price of the
American surplus.
Against the proposition for remone :
tization Of silver it has been urged that
this must drive gold out of the country.
It could do SO only if the balance of trade
should be against America-and If
the balance of trade were against Ameri-
ca, gold would he driven out anyway. So
this objection has no valid ground. And
further, the republic of France, which
has double standard, last year added
$56,O0O0OO to the amount of gold in the
country, which shows that gold is not
driven out by silver. France is the most
prosperous nation in Europe, and has a
per capita currency circulation of S37 in
gold and silver, and $50 in paper, max
ing total of $57 for each lnhabltant,
while in this country, we have but about
800 per capita.
Another fallacy in regard to this mat
ter is the statement that the remone-
tization of silver would food the country
with this petal, and that other nations
would compel us to absorb their surplus
So Ion. as it is a fact that, In this coun-
try the relation Of silver to gold is as 16
to l, while in other countries it is only
l5h to l, it is quite evident that thu