The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-05-19

the statistics Of European and Ameri-
can financiers, we would have about
$50, 900, 900 for coinage. The flood can
| not come without a source, cOnse-
| quently we need have no apprehen-
siOns on that score.
The speech Of Hon. @. W. McClan-
my in the House in 1870, telling them
to dump all the silver they liked on
our shores was to the point figures by
the volume compressed in a laconic
speech.
The Royal Commission of England,
representatives of a gold country,
state in their report that silver had
not decreased in use, Notwithstanding
that many of the European mints
were closed against it except for sub
sidiary coin, and with these facts how
can it appear that it's unlimited coin
age in the United States can work any
damage. If all nations we're to adopt
the policy of the gold standard coun-
tries our currency would be decreased
! one half, and the result would be de
structive and far-reaching.
On the other hand what would be
the effect on the general currency of
the world amounting to more than ten
million dollars if we should coin what
silver we could purchase.
Again the monOmetalists say
that silver would be sent from
Europe when the coinage ratio
is 15t to 1 to the United States
where it is 16 to 1. Not only would it
not come but with a Bimetallic Basis
and unlimited coinage we could not
secure enough metal to meet the grow
ing demands of our country. The
gold standard countries use some silver
and could not ship to us The great
howl about flooding of silver and
"departure" ofgold is mere phantom
concocted by Wall street at the insti-
cation of European capitalists to in
f1uf nee the votes Of America.
Gold is continually appreciating in
value and unless some action is taken
a financial crisis without precedent is
inevitable, but by a bimetalic basis
unlimited as to either gold or silver
the one will be check upon the other,
when gold is fuctuating silver can
maintain the standard on an equitable
basis, and when silver is fuctuating
gold can maintain the standard near
an equilibrium.
4 double standard unlimited existed
from 1893 to 1873, and our salvation is
a return to that basis, that the history
Of finance approves and some Of our
best financierS recommend. 1t is ad-
1nitted that silver and gold can be OBJ
tanned at an expense of about 16 to /,
and the history Of the money Of the
world shows that whatever the ratio
the two metals have ever fiuctuated,
sometimes gold at a premium, some
times silver. All the great discoveries
of the metals have had their influence
on the money value of the world. The
Australian and Californian gold mines,
the COmstOck lode, the Washoe mines
have been felt, therefore the greater
necessity for a double standard to
maintain an equilibrium. There is
cry that the silver dollar is not worth
so much as the gold. It is true that
the silver dollar contains bullion to
the value of only SO cents according
to present quotations, but such a dol
lar cannot be bought by any of the
! q Il
is true that the fiat Of the government
makes the silver circulate on a par
with gold and if the government can
sustain $3.50 900, 900 of paper money
assuredly it can sustain the value of
all the silver we can purchase, if it
needs sustaining But remember that
the quotations on silver are at time
when the power Of the money lords
and worshippeHs Of the yellow metal
have brought to bear all possible in
fuence to depresS silver, hoping there
| by to demonetize it. AS an instance Of
money sustained by the government
stamp in comparison with that having
only the weight and premiums stamped
thereon, the Bland dollar contains 64
grains pure silver less than the trade
dollar, and is worth more as a Circulat-
ing medium. The gold men present
theories, conjectures, apprehensions,
and all manner of subterfuges to call
off the mind Of the people from the
adoption of unlimited coinage, but it
must come.
The world sees our determination
Mr.. Fewen, an EnglishOconomist, says