, 1892-01-09
SILVER FOREVER!
Ringing Address by the Ma
tional Silver Committee.
A Sensible and Bold Presenta-
ton of the Facts.
Inconsistency of the Gold Bug
Policy Exposed.
silver Committees Address.

silver tOmIilttte'S auuEtss.
WASHINGTON, Jan. S.-The National
executive silver committee tonight issued
an address as follows: The continued ex-
perIence demonstrates that there can be
an adequate final solution of the money
question, and that by re-endowing the sill
yer with a money function and making
silver coins standard money, coequal with
gold for all money uses. The present
policy of making subsidiary money of sill
yer to be redeemed in gold and of pilIug
higher the fabric of credit and credit
money on a constantly diminishing basis
of gold is unsound and unsafe and must
end.
The enormous increase in bank credits
and other forms of credit currency in
recent years, relatively to the volume of
gold, IN which they are ultimately re-
deemed, imperlls the financial stability
everywhere and is a standing menace to
all business enterprises, for panics must
occur more certainly and frequently and
be more disastrous. What is wanted is
more standard money relatively to the
credit and credit currency of a broader
basis OF primary money and not a higher
superstructure OF credit devices.
This can be secured only by making sill
yer and gold coequal as money metals
with a coinage upon equal terms. The
act of July IA, 1890, as interpreted by the
treasury department, under which 4.500,-
900 ounces of silver are bought and stored
as collateral security for notes ~redeemable
in gold. makes no addition to standard
money, while it raises higher the fabric
of credit on a foundation growing mar
rover. This addition to the currency vol
ume might as well be of greenbacks as in
the form now given it. 1t requires, there
fore, no extraordinary financial acumen to
foresee this condition Is not long to be
maintained.
A plain solution of the difficulty ID a
full mobilization of silver accumulated
under the act, to end this and all the sill
yer anybody may choose to devote to the
monetary use may go to swell the volume
of the money Of a final redemption for
all other terms OF currency. The facts
upon which the bi-mettalists base their
conclusions are indisputable. The argu-
ments by which they are established are
unanswerable. The facts are thatthe supply
OF gold is admittedly inadequate to provide
for The worlds needs OF money. that
uaufu ueS mUIe peopic are maue W use
gold exclusively as a standard money than
IN 1873. The production of gold is di-
mInIshing while the population, wealth,
and the consumption OF gold
in the arts is rapidly increasing.
The increase in the demands for the
arts and dentistry in the United States
alone is sufficient to absorb, according to
the report of the director of the mint. in
ten years more, the entire gold product of
this country. That the value of gold
under these influences Is largely increased
and must continue to increase, and that
prices will as certainly continue to fall is
manifest. What fraudulent pretence, in
view of these facts, to insist that gold
alone is the staple or honest money stand
ard-in view of glazing facts to deny a
change in the money standard through
the increase in the value of gold
as a direct and necessary conse-
quence of demonetizing silver and re
stricting the money junction to gold alone,
what else than foolish homage to knaverv
is the babble about honest money" and
short dollars which constitute 80 largely
a part of the stock answer to the demand
| for free bimetallic coinage.
Nothing is more absurd or ridiculous
than to claim that a shapeless lump OF
silver. to which the monetary use is
denied, measures the value of silver coins
which have a monetary use added to
whatever other use the silver may be
applied. Gold. treated as silver has been,
would act in the same way. If. since
1873, both metals had been accessible for
money uses, as for indefinite ages before,
| the annual addition to the metallic stock
of none for the world would have been
somewhat less than from 1919 to 1873,
but probably would have beon sufficient to
have maintained a reasonable stability in
the value of standard money So now,
while it is certain hat gold will continue
to Increase IN value and the prices and
measures by gold will continue TO tall, it
is reasonably certain that the supply of
both metals car be sufficient to maintain
fairly tie stable relations between the
money and commodities and thus secure
the industrial world what it has sorely
lacked since 1873. The bugaboo of for
eign silver coming here 10 longer alarms
intelligent men, Under free coinage sill
yer would be 81 "a an ounce here. 1t is
81. SO IN India and with open minis
would be 81. 30 in the states of the Latin
Union, VIII oh is the value Of all coined
silver OF Europe
The silver question therefore, ls the issue
and one that vitality concerns the welfare.
not only of the industrial class. bnt bust
ness men generally and it will not down at
the bidding of any party; nor can it be
ignored or lodged 1t ia a living issue
and must be met and settled; and the only
permanent settlement of it is the restora-
ton of free bi-metallic coinage or the
ultimate abandonment ofthe principle of
the automatic regulation of money through
the production of the precious metals.
The largest Eagle Osa the