, 1891-02-05

Silver Legislation Considered from a
Western Standpoint.

author of the demonstration clause was
j. j. Knox, a gold Spectator OF Wall
street.
1t is claimed on the floor of congress,
that it was interpolated after the bill was
passed, and ~iraudulenlly injected into it.
1t was done SO secretly and was worded
so adroiily, that Kelley of Pennsylvania
in 1878, a member of the committee that
reported it to the house, declared that he
was ignorant of the fact, that the act did
actually suspend the coinage OF the silver
dollar.
President Grant in 1875, did not know
that silver had been ~demonetized.
Scarce any one for many years senators
and members of congress did not know
that silver was demonetized.
Mr. Blaine, the speaker of the house
that PASSED it, did not know it.
1t is on record, however, that Louder
man. the director Of the mint, and Knox.
the comptroller, did know all about it.
1t vas a coup d'etat on the American
people, a lasting eternal outrage on the
laboring classes, for gold is the rich mans
currency silver is the currency of the
people-the masses-the honest yeomen
of the country.
Do our people forget the disasters of
that terrible year 1873? ], 10 common
with thousands of others, was a victim of
that ShylOck's dance OF death, which was
called, a financial crisis and panic.
1t was followed by failures of business
houses all over the country. Bankruptcy
and ruin stalked over the West with
B~rogdignaRian strides stamping into the
dust, with its mail. shod heel the brightest
hopes Of thousands, who. predicting these
hopes upon the past two years of com
parative prosperity, had gone into debt,
which on the two principles of average
trade, they we're warranted IN doing, found
themselves foreclosed by the shylocks of
money, who claimed their pound of flesh,
with no bank able or willing to discount
their paper or tide them over the shoals.
Property values in Denver and the
West generally, were at a standstill, with
no buyers at 50 per cent less than the pre-
vious year. Mortgages were foreclosed.
Property was sold for. in some instances,
one-thIrd of it' value. Farms and homes
gone, leaving many a poor family home
less and houseless.
Two billions Of dollars we're transferred
from a silver to a gold basis in the United
States alone, and in the fIce, too, of the
fact tina. The gold production ofthe United
States was $50, OOO, 900 less thar it was
twenty years before and the silver produc-
ton nearly $50. 00O, 600 more than it was
twenty years before. 1t is a fact that
our production of gold is steadily getting
less and our production of silver steadily
getting larger.
Up to 1873 the bi-metallic standard was
in operation. gold being considered the
money of the money sharks and specu-
lators and silver as the money of the PEG
Pile, the borrowers aud the laboring class.
Is it forgotten the bitter discussions
which we're had by the Wall street specu-
lAtors, as to whether the war debt should
be paid in gold or in the legal tender cur.
rency Of the country? Wall street held
the bonded debt and demanded gold.
WHY Simply because gold is not pro
duced any faster than the demand for it.
use in the arts and manufactures aud a
certain amount for coinage.
There is a steady decrease OF United
States production of gold.
There is a steady loss OF wear and tear
of gold in circulation.
There is a large increase to our popula.
ton and er HeceSSitdte rel a CORRESPONDENTS
enlargement Of trade and commerce.
How then is this decrease of production
this constant mechanical wear and teal
OF the gold, this increase of trade incident
to an Increase of population to be met?
Where Is the political economist so in,
sane as to say, that it is to be met by the
continued demonstration of silver. He
dare not place such a statement on record
to go down to posterity and the centuries.
IL might be said hat a paper currency
might suggest a remedy. but it is far in,
terror to silver. One paper has a perfectly
extrinsic, theoretic fat irresponsible per Sc
value, while the other has an intrinsic,
actual value, nearly amounting to the
value placed upon it by the government
stamp.
OF course, the gold bugs of Wall street
want a gold or a single standard currency,
because in that case a few millIonaires.
could, by taking a few millions out of the
market, actually p~recipitate a Black FRI.
dav or panic to suit themselves, depre-
ciate values, run thousands into f~oreclos.
ure aud bankruptcy. buy up properties al
the deprecated prices; then one their
vaults, let the money out in a flood, ami
Sell back the properties at probably r.
per cent appreciation. The people ar.
the victims. 1t is another instance like
the high tariff outrage OF making the rich
man richer. and the Door man poorer.
The more money of a permanent char
acter in circulation, the less chance there
is for spectators to fatten off the vitals Of
the poor, and less opportunities are offered
to control the financial conduits of the
country.
We ask for silver to l." put unon a bi.
metallic basis with COLI, the same Il
was prior to 1873. Theu he silver mipeI
need be no longer at TIL mercy of the
smelter, who is always k,,pipy Lack Q
margin on the value of his ore IT, rnveI
possible losses from the fnctrations d
silver.
We want silver to be of a fixed and per,
manent value-a standard of currency,
and not a marketable commodity to be
handled and PLAYED with by the bulls aud
bears of Wal street and used as a whip OF
scorpions at every panicky feeling of the
money market and held M torrOTenI like
the sword of Damocles over the devoted
. 80 - IL