Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-17
Ardent Silver Advocates Are More
Extravagant in Their Hopes
Than Ever Since
THE LATE POLITICAL UPHEAYAL.
They Also Claim That the Working of the
Present Statute Will be Greatly
to Their Advantage.
EUROPE is NOT TO BE CALLED UPON
To Take Any Part IN This Movement in Behalf Of the
White Metal
IrRoM A STAFF CORRESPONDENT

IFRoM A STAFF CORRESPONDENT
NEW YORK, November 16.-"What are
tine silver men going to move for next?"
This question was asked OF Colonel Lee
Crsndall at the Astor House. Colonel
Crandall is the editor of the silver organ Of
the country. He is an energetic man and a
monetary enthusiast.
"We're going to move for free coinage, I"
he replied, with wide sweep of the hand to
illustrate the extent of this freedom. 1.-THE
work of the past is accomplished. We have
reached now the ultimate great issue
tree and unlimited coinage-nothing less,
nothing more. This is the one leading issue
for future action, and upon this all eyes
must now be fixed"
"Do you consider the chances for free
coinage improved by the late political up
heaval?''
THE INDEPENDENT SUPPORT.
''NIost decidedly. The very same people
who do the independent thinking on the
other live issues of the day are with us on
the silver question. They can no longer be
scared by the cries OF the monometalists.
The old bugbear of gold being driven out
by silver has been exploded. AS you know
gold has not been driven out of the country
by the coinage of over $40, 200, 900 of silver
dollars and their addition to the currency
The quantity of gold has increased; the
bankruptcy of 1S73-'7S has, in large meas
ure, been arrested, and production and con-
sumption have augmented by reason of
these dollars and their certificates, giving
utility to billions of millions of minutes.
which would otherwise be wasted.
Thus has the judgment of the people
been prepared for the law providing for the
purchase of 4, 10000 ounces of silver bull
lion per month. The mere passage of this
law and commencing to put it in operation
have served to advance the price of silver
from "a cents per ounce to 81 90 or within
cents of par with gold at our present
standard OF / to 10.
MASTERS OF THE SITUATION.
1--WE are now masters of the situation, as
We might and should have been IA wears
ago, had we not permitted ourselves to be
controlled by the false and pernicious
theories of orthodox political economy. We,
the largest producers Of silver in the world,
have for IL years allowed London to domi-
nate the silver markets of the world, and to
unduly depress the price, for at no time
during the last decade was there supply OF
silver in London sufficient to Justify the
extremely low price to which it fell.
"Our next and immediate and proper
move is for free and unlimited coinage, and
that without inviting the cooperation of
single government. We need for our own
uses, now that we are ridding ourselves of
the false designs of the economists, far more
than the supplies which our mines can
yield and we should, by no action of our
own, create foreign demand or add to the
power of association of any foreign people,"
''Do the silTerites expect any more from
the present Congress than it has already
done?'
POPULAR EDUCATION.
"No; perhaps not. But we shall not
pause in the good work of popular educa-
tion. The present Congress made great
mistake by not passing free coinage bill
1t is one of the mistakes which it is too late
to rectity to its own advantage. Recent dis
turbances in the money market show that
the idea advanced last winter that the silver
men were bent on dangerous initiation of
the currency is all rot There is not money
enough in circulation to do the business of
the country. These spectators want every-
thing tied up SO they can control the mar
6ets. Even honest financial wiseacres for
get that tbs rapid growth of our population
and enormous business interests demand a
like increase in the volume OF the circula-
ting medium. Otherwise, stringency will
prevail and business will be clogged in all
departments of trade. In this respect we
have already passed many ruinous expert
ence, arising from money scarcity, which
has been inadequate to the demands grow
ing out OF our vast productions and the
necessary exchanges required to move the
same. To relieve this more money is an essen
tial condition, and one to which our national
hnanciers, who have in control of the Gov
ernment, have been strangely inefficient and
neglectful; arising out of imperfect views of
finance, and the authority and expediency
OF the Government to enact such laws as
would provide the means of supply for all
the money we have needed.
NOT NEARLY ENOUGH MONEY.
"But we are getting over this delusion.
The legislation of this Congress shows as
much, for by the new silver law the volume
of money will be largely increased. 1t is
assumed now that we have 81 200, 900, 900 of
gold, silver and legal tender paper money.
This gives about SIS per capita in popula-
tion of %, 900, 000-about one-third the aver
age amount OF circulating medium OF the
other civilized nations. Anyone will see at
glance the insuficiency of this amount to
do the business OF our own country.
Free and unlimited silver coinage in
1868 would, as If by magic, have lifted
this whole people from the slough of bank
ruptcy, beggary, trampism, misery and de-
spair, into which they were plunged by the
effort to bring about gold payments by con-
traction. Such coinage would have brought
resumption on the old bi-metSllic basis with
out further shock; would have restored
silver to its old place, in spite of Bismarck
and his stupid and blind economic guides,
and would have saved our agriculture from
the last decade of depression ana ruin"