The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1890-01-09
SILVER CONVENTION.

SILVER CONVENTION.
The following il paper read at the
National Silver Convention at st.
Louis, Mo-, Nov. 20, 1889, by John
Thompson, vice president Of the
Chase National Bank. New York
City:
Mr.. President; It is my deliberate
judgment that we should move grad
ually in our efforts for more liberal
use OF silver in our currency supply.
For instance, let us first secure the
coinage Of the maximum $4,000, 900
per month and see the results pro-
duced under that augmented coin
age. In my deliberate judgment, this
augmented coinage would pave the
way Of the adoption Of free coinage
by reclamation. With this view l Of
fer the following resolutions:
Resolved: That it is the sense Of
this National Silver Convention that
Congress should make it obligatory
upon the Secretary OF the Treasury
to coin 1000. 600 standard silver dol
lars per month, as now authorized
under the act Of February IA, 1873.
Long experience has taught me the
intimate relation that exists between
the currency Of country and its bus
mess prosperity. The resources of
the United States have been develop
ed as its population has advanced.
We are accustomed to point with
pride to the enormous increase OF our
aggregate wealth within the last
twenty-five years: but this increase
does not, necessarily, indicate pro-
portionate increase in individual
prosperity. In fact, individual wealth
has not increased in the proportion
indicated by the aggregate wealth,
and therefore trouble arises, such al
contest between labor and capital,
outcry against corporations and
trusts, and the danger Of concentrat-
ed wealth.
Money is the instrument by which
business is now carried on. 1t is a
measure OF value. A great proper.
ton of the difficulties in solving the
social problem Of the present day ii
due to the demonstration Of silver q.
a money standard. Commodities are
said to vary in value or price accord
ing to their supply and demand. But
there is still more important cause
for their variations in price, and tina,
is the fluctuations in the value o.
money. The ability to control thu
value OF money gives it an undue in
fluence over prices that measure Of
values and medium of exchange
should not have. OF all the artificial
methods for increasing the value Of
money and depreciating the prices o.
commodities, the wickedest MAS the
Recommendation of silver by the Unit
ed States and by the Latin Union iI
1873. There il nothing in the produc
ton of silver since 1873, although i,
has somewhat increased, to prove
that silver would not have maintain
ed its old relation to gold il its coin
age had not been discontinued. II
fact, it is generally admitted that thu
discontinuance Of its use as none,
has been the important factor in put
ting down the price of silver and con
sequently causing the depreciation il
value of oil other commodities. De
monetizing silver made it q commod
lily, and like other commodities. i
has felt the squeezing influence o
gold.
| The effect of dividing the world
stock Of money into halves, ant
Throwing the most useful half int
the general sea of commodities. ha
been to nearly double the value O
the remaining half to the advantage
Of those who can control it NOR,
readily than they could the whole
stock that previously existed.
With the characterization Of silve
began an era of contraction, not per
haps shown by the aggregate figure
of the outstanding currency, but b.
the disproportion between the in
crease of the currency and the bust
ness of the country, which has in
creased out of all proportion to thu
growth of our aggregate circulating
medium. OF the mass of gold in thu
country obtained since resumption
Isome two hun dred millions OF dollar
is kept in the Treasury, and is virtu
ally no part of the working currency
1t is only drawn out when used fol
foreign shipment. Our working cur
rency consists Of legal-tender notes
national bank notes, silver coin ant
silver certificates. The latter do mo-
now increase as fast as national balll
notes are retired. Therefore, 1t car
truthfully BE- said that the stock o
currency that does the work of tn.
country is slowly but surely dimin
ishing, while the business demand
upon it are constantly increasing
Thus there have been two influences
at work tending to increase the meas
uriny power OF money In the United
States, and consequent depreciation
of property: one, the general effect o
the demonstration OF silver, and tn,
other, the contraction Of the partic
ular kind of currency used. While
our dollars are of silver. and the sill
yer certificates are based upon them
20 far both these dollars and theil
representatives have been restricted
in amount and kept on a gold bash
by policy that has favored the golt
mono. metallic standard.