The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1891-02-26
on the lowest and least possible basis of
calculation.

tISotlOu W4ll oAoW GAae ofCi Ooa1o Gid
on the side of moderation. The increase
in population in the United States,
instead of ! per cent, exceeds per cent.
per annum. The demand for money, in
fact the necessity for money, has in
reality no relation to numbers of people.
Mulhall, in his balance Sheet of the
Wor1d," declares "tho Americans use
three times as much money as we do,
their ratio being so per cent. in relation
with commerce against % per cent. in
Great Britain, and Sc per cent. for
Europe in general" This does not still
express the true relation which creates
the demand. for money. 1t would seem
that it is the activities ola nation, its
actual transactions, which create the
demand for and the Use of money. Take
this Nation, for example; the gigantic
transportation and interchange of its
productions, estimated by some at 80 and
by all not less than Is thousand millions
of dollars per anum, the daily real estate
transfers all over this vast Union lin this
one city often amounting TO an average Of
million of dollars per day., the payment
of 20 million Of workers, requiring an
average of 30 millions per day, and all
the multitude of enterprises Of this rest
less mass, has driven us into numberlesS
expedients to supply the place of real
money which cannot be created or sup
piled.
My object, however, is not to attempt
to analyze these conditions in detail; it
must be demonstrated that any attempt
to make gold sole basis Of money value
is futile. 1t will also be apparent that
ifabundance of gold were at command
to be made the sole standard of value, to
suddenly, by an act Of legislation, with
out giving the world the opportunity and
right to exchange its silver for gold at
perfect equality Of values heretofore
attached to them respectively, and with
out adopting absolute safeguards that
the transition should be accomplished
without disturbance of existing values,
would be to perpetrate an outrage on
the rights Of mankind, and would, in the
recoil, bring about an extreme of retalia.
tion, resulting in double evil. Such I
believe to be the prevalent fermentation
Of public opinion as to the demonesiza.
ton of silver. It is now determined by
IS wise tribunal as could be devised
men who themselves adopted the act,
and would, therefore, naturally defend ii
to the utmost possibility 1.-THE Royal Com.
mission of Great Britain on Gold and
Silver las follows:
1. That gold has greatly appreciated
in value.
2. That it has become scarce.
8. That it is leading cause Of the
general depression in trade and industry /;
and,
4. That the rise in the value of gold,
and its scarcity, has been caused by the
demonetization of silver and the falling
off in the supply Of gold.
Such are already the ascertained facts
which monometalism produced in the
decade past. The future of g persistence
in this measure is expressed by the same
Commission. They say "It must depend
upon the action taken by the various
countries where the question of currency
is still unsettled. Your Commission on
this point would simply remark that if
effect should be given to the polio, of
substituting gold for silver and giving
gold the preference, and. thus displacing
silver from the place it has always occu-
pied, of doing the work of the currency,
over at least AZ large an area as gold, no
possible limits could be assigned to the
further fall in its value that would inev-
itably take place." This may be express.
ed in other words thus: No one can tell
to what extent gold will thereby be ap-
preciated, and the prices and values Of
everything in the world be depressed"
And, let it be remembered, this is what
will occur if We attempt to remain on q
single gold basis of value.
1t has been argued that this effect will
not be as disastrous as some say; because
it is like water, will find its level, and
what is lost in one way is gained in
another, ETC., etc. This may be so in some
instances; it will be so as respects new
transactions, but it has fatal operation
on all fixed debts existing at the date of
the transition. The debt must be paid in
the sole coin used and to the entire sum
named. If values of everything the
debtor owns recede Is to 80 per cent, he
owing 81 900 must sell 81, $50 to 81, 300 of
assets to pay his debt thereafter. The
bonds of the United States Government
during the war we're sold on the basis of
gold, at As cents per dollar. When that
debt matured the Government paid 100
cents gold for values received by it at 45
cents. This was due to a disturbance in
the value of established money between
the dates of the creation of the debt and
it's payments. The debts of the world
are something the human mind cannot
grasp The debts of the nations are 25,-
900 millions; of municipalities of the
world are probably as much more; Of in
dividuals, railroads, and all corporations,
as much more; so that it is probable
the debts aggregate $4,000 millions.
What an effect on the world, therefore,
would the arbitrary increasing by legis-
lation of this sum, or any sum that rep
resents the debts, by twenty to thirty per
cent.
What resources remain for escape from
this dilemma? Clearly, the return to what
the world in its wisdom had for centuries