The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-02-20
The Silver Question Again.


is the prime cause of the decline in prices, which
no man can fail to is the real difficulty under
which we farmers struggle.
Now, there may be difference of opinion as
to low prices being an evil. Buyers and con-
sumers apparently have great advantage, and
we producing farmers, being large buyers, have
| admittedly some mpensation.
1t would work injustice if everything were
scaled to meet the changed conditions OF affairs
But such is not the case by any means now.
Fixed charges, taxes, rents and fixed salaries
are rather in the ascending scale and tending to
increase, and wages for labor are as high now
in most portions of Virginia they were when
we had $500 per bushe for wheat, and Sl.0O for
corn, and five cents per pound for beef cattle.
1t cannot be denied that where wages are high
and labor well paid, that prosperity is more
general and that is shared by all, for there is
more incentives to activity, and hope spurs men
| to an energetic of opportunity which want
never does.
The great burden OF debt resting upon the
| American people (and people in the world
have to the same extent made use of the credit
| system as ours, he's been increased by the ac-
ton complained of-the decentralization of sill
YER Not only deferred payments on land, but
our national state, corporate and municapal
| debts are appreciated, and the whole burden OF
them must be paid by the product of labor if they
he paid at all.
That farmers are the great sufferers is
apparent, for the open competition with Asiatic
and Egyptian labor. which cheap silver subsi
dies against us, is most unequal and unjust.
All our wheat, corn, cotton and meat is meas
ured by what our expOrtable surplus will bring
| in markets where gold alone measures values.
That this may be made clear to the reader who
has not studied the subject is the purpose of this
letter. Such may be readily excused for not at
once grasping the subject.
First, let me premise, that every of your
farmer readers hncc that something is wrong.
The writer's own mind was led to make the en-
quiry, by asking why there should be hard times
when the whole earth is at peace, and when we
are 50 bountifully blest by the Great Giver all
good.
This should be an era of unexampled prospect
ty-the golden era of all the ages. Why is it
not
But to the subject. People say we have silver
in abundance; all use it. A silver do lar will
buy just as much and go just as far to pay our
debts as a gold dollar. Then why is it we are
wrc nged and how? 1t is not to be expected that
the whole subject can be Illustrated i'll one letter,
/ for volumes have been written upon it. But let
us try to make it clear to the minds of our read
ers as far as go:
lst BY common consent gold and silver have
| from the remotest ages been used as money con-
currently, the one fifty supp lementing the other;
one to represent concentrated values, the other
being devisable into coins, Which meet the re
quirements of man in the smaller transactions
of commerce
They have never, by the greatest efforts of
man. been discovered in excessive quantities,
and they therefore justly deemed precious
metals.
80. Their chief monetary function-to meas
| la
value having little to do with it.
1t has been said that the silver and gold used
| in the world have cost more than they worth
| in labor, life ana capital hut lsaving aside all
/ questions OF intrinsic value We see all over the
world paper substitutes for money Our green
back will buy just as much the gold
Paper money cannot greatly change prices
while its issue is limited, that it can by all be
convertible into specie; and we see by this that
while paper fulfilis another important function
of money in furnishing convenient medium of
exchange, it does not measure values 1t is so
now with silver.
4th The quantity of the money which does
measure values in use by the world, affects and
regulates prices. We know this, for history il
Illustrates it.
In ali ages where gold and silver have been
most abundant, prosperity and civilization have |
advanced
In the Augustan age of Rome, it has been COM
puted that precious metals, equal in amount to
Sl,soo,oOo,eO0 OF our money were in circulation.
Also that in the long, dreary lapse of time which
followed that mightest fabric of human power
the Roman Empire-the Dark Ages-the
amount had dwindled to $3.50 OOOOO
Indeed, the historian, Allison. attributes as the |
most potent factor in the overthrow of the Ro- (
man Empire the failure of the mines to produce
gold and silver.
During the Dark Ages prices receael to a
point which illustrates the value of money,
wheat, IN King Johns reign i'll England, sold I
for two pence per quarter; beans, for two greats
per quarter.
Men of our day remember well the imretus
given to the worlds commerce by the vast ad-
dltlon TO the world measuring money by the
discoveries of gold in California and Australia
and also the general advance in prices it was |.
equally apparent when the Spanish conquests in
America added a large volume to the WORLDS
money. Destroy half the money of the world
and the purchasing power Of the remainder
would be doubled
When silver was demonetized by Germany 7
and the United States it became merchandise,
as much us the paper bank note is printed
upon.
Silver to the amount of 81, $50, Goo000. as com
puted by accepted authorities, and gold to the t
amount of $3.250,01o,C00 comprise the worlds
stock of the precious metals used.
BY law, in Europe and America, gold is coined /
freely for all. That makes ii at par with it's
coin.
Silver always was so coined by the nations
except Great Britain, Which nation adopted
the gold standard iii 1851 up to 1873 and the
nee coinage maintained silver at par with it's
CON- and therefore at par with gold at the ac-
cepted ratio.
inasmuch as the American ratio was sixtee,
ounces to one. and other countries coina1
lower ratio, our coin silver bore an actual pre- /
MUM above gold in this country before the civil
war 1T was worth about three per cent more
TO send abroad than to coin into American dol
'ars. Such was the scarcity of silver that much |
larger premiums paid-even Is per cent |
for use i'll the arts for silver dollars
But to-day, as in past times all silver not used |
in the arts Is coined into money ana everywhere |
used as money
1t IS a medium of exchange in all nations This
function was not destroyed, as its measuring
power Waa, by the unfortunate legislation of |
lsl172
10 make this more clear, Twill quote from the
United States Monetary Commission page four !
me avoWed reason given i'll Europe was the |
apprehension of the creditor classes that unless
one OF the money metals was shorn of it's func-
tiohs' money would become too Cheap
In other words, it was Il scheme to cheapen all |
great hondhoiders, and increase tn value OF the |
holdings.
They first tried to strike down gold and Ger |
many and Austria demonetized gold. 1t would |
not work, for the Bank of England by it's char |
ter was compelled to buy all gold offered at
e3 Il. 8 per ounce Cts coin valued
Such is the vast power welded by few great |
financial houses in Europe that war or peace is
their prerogative for they hold the purse strings
1t appears that they have been able to secure |
such legislation as they have desired.
The holders of $4,000, G0QO6p of national debts
in Europe have at one fell swoop added from 30
per cent. to 10 per cent. to the value of their
boids, Tor 1t takes that much more of the pro-
cucts OF industry to pay them.
distinguished member of Parliament lately
SAID III England that, had that country been for
the last fifteen years engaged in a gigantic for
egn war, and doubled its national debt we could
noG nave mad more pressure upon the indus
tries or the country than has resulted from the
enormous decline in prices brought about by
this appreciation i'll the gold Standard
IN TINS republic the people yet rule.
The case calls for legislation and the call will
De needed The people have submitted long
antnigh 20 tife wrong by which values have been
so changed as to seriously affect all industrial