The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-04-29
A FREE sILyERLIE.

II,
and in their resolutions repeat the follow
ing stale falsehood:
The demonstration Of silver in ls73 was
crime, which eheapened the products of the
mine, farm and workshop. and resulted in IN
equivocal injury to all the great industries of
our country, and benefited only the money
kings at the expense OF the people.
The act of 1873, which was introduced in
April, 1870, and was discussed over and
over again by both houses of congress, was
voted for by Senator Stewart, of Nevada,
and the other leading friends of "free
coinage" today
In the official statement which accom-
panied the bill by which free coinage of
the silver dollar was discontinued when it
was transmitted from the treasury depart
ment to congress, attention was called to
the tact that by the bill the coinage of the
silver dollar was to be discontinued.
That fact was also stated more than
once on the floor of both the Senate and
the House. The bill was thirteen times
printed 1t was pending in FIVE sessions of
congress. and received careful scrutiny by
committees of both houses of congress; it
was then matter of indifference to con-
vision for the free coinage of silver dollars
was continued or not.
The statement that the act was clandes-
timely passed is lie.
The PosT-lSTELLIGEScE recently pointed
out that as matter of fact in 1873 the sill
ver dollar had damo1atizad itsaIf The
coin in the silver dollar was still worth
little more than dollar and there were
not at that time thousand standard sill
yer dollars in existence under free coin
age; all had been melted or exported.
The silver producers were indifferent to
the law of 1873, because for forty years
silver had been worth more than its coin
age value. But beginning with 1870 the
gold product began to decline and the sill
yer product to increase enormously.
In 1874 the Latin Union substituted lin
tied silver coinage for free coinage, and
silver, which in 1873 stood within one-iifth
of one cent OF sL30 an ounce, had fallen
by 1876 to Sl-l5 an ounce. Then, and not
till then, began to be heard the cry of the
conspiracy of 1873" The fall of silver
was due simply to the force of the great
law OF demand and supply The yearly
average of gold production from 1s51-75 in
the twenty-five years was $I27, 600, 900.
The yearly average product of silver for
the same period was SOL, 10000. The
average annual product of gold for the
fifteen years from 1876 10 1890 decreased to
Sos. 10000. The average annual product
of silver Tor the same period increased to
Sll6,0O0Oo0
Senator Dolph, of Oregon, in a recent
speech, said:
Il thu lAw of 1878 had not been passed when
France and the Latin Union discontinued
silver coinage this country would have been
compelled 20 have done the same, or 10 have
gone TO the silver standard.
II the act OF 1873 had not been passed no silver
dollars would have been coined between ISIS
and ISIS, or. II coined, they would have left the
country as bullion. II the act OF 1873 hsi not
been passed after silver was demonetiyed bv
Germany snd its coinage discontinued by France
and the Latin Union, our gold would have dis
appeared and the silver Of the world would
have began 20 CONS to us.
The results which would have followed the
continuance of freq coinage Of silver in this
country NJ the legal ratio would have been dis
Gstrous IN the extreme. it would have made
silver the currency and the silver dollar at its
intrinsic value the measure of all values in This
country.
The only standards with which our financial
standing under such q condition can be COM
pared are those of India, China. Mexico and
other countries having silver basis
with our mInts open 10 Tree coinage of silver
when the price OF S7lit grains OF pure silver
fell below 81 in gold of our coinage, silver
would have been our only metallic currency in
circulation and the basis of all commercial
TRANSACTIONS
Gold would have ceased TO circulate as it has
IN other countries under similar circumstances
and the purchasing power Of our currency sad
the price OF all our products OF human industry
would have calculated as the price OF silver
bullion rose aud fell in the worlds markets
The credit Of ths government would have
been impaired Foreign capital would have
been p. .naaenily withdrawn from the country.
our foreign trade demoralized, cur prosperity
destroyed. and the development OF our great re-
sources stopped.
Probably % per cent OF all the debts existing
in 1873 has been paid, aud large percentage Of
the present indebtedness has bean incurred
since the great divergence between the value OF
silver and gold. To now scale down debts s.
per cent on the dollar would be downright rob
berry of one class to favor another. Besides this
the debtor class woui4 receive no real bsneat
from free coinage Many existing debts are a.
ready payable By the terms of the eoutrae. in
gold Most creditors would be glad, in order %
prevent forced collection Of their debts TO Sc
cure TO their creditors payment in gold. and
those who attempted TO pay money borrowed at
the gold standard in deprecated curreuey
would ind that the disadvantages and sacrifices
necessary 70 secure the means to liauidzte their
dSoss and taa increased interest upon them
would more than ofsei aay advantage gained by
the effort