The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-10-28

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Germany and Austria, notably in 1857,
demonetized gold. For what reason.
Not because gold could not maintain
its relative value with silver, but be-
cause the mass of metal money. gold
and silver combined, was depreciating
as compared with labor and commodi-,
ties. Throughout the entire discussion
from 1848 down to the decentralization
Of silver in Germany in 1871, no one Of
any distinction, no political economist,
ever advocated the demoneti2ation of
either gold or silver because the
metals could not maintain a relative
value the one with the other, but
solely because the mass of metal
money as compared with labor and
products was depreciating, to the in
jury of gentlemen who held fixed in
comes, defy contradiction upon that
point,
After the discovery of gold in Aus
tfalia and California, De Quincy, an
eminent English writer and Chevalier,
aroused all Europe with the alarm
that the precious metals were about to
become too plentiful; and following
the advice of Chevalier and De Quincy
Germany and Austria demonetized
gold and for the interposition OF
France, the stampede would have
become general.
In 1871 Germany remonetized gold
and demonetized silver; and the last
act grew out of the same apprehension
that caused the demonstration of
gold in 1857, nahely, that there was
about to be too much metal money.
The Latin union was formed in 1865
From that period to the present there
there has been q constant effort
throughout the earth on the part Of
those who have fixed incomes to de-
base and drive silver out Of use as
money.
The Comstock lode began to attract
attention about 1861. In 1868 there
were 5000 silver companies formed in
San Francisco. While this did not at
tract the attention of financial circles,
the emperor of the French sent u
commission to investigate the amount
Of our silver production. It was ascer-
tanned the amount would be very
large, although the estimates OF that
day have not been justified by results.
Alarm was created in European iinan-
cial circles that silvet was about to be-
come too plentiful. Germany, Den
mark. Sweden and Norway, all about
the same time, demonetihed silver and
reinstated gold rs the standard
Now, Mr.. Speaker it is a remafk-
able circumstance that characterization
in the Old World is coincideht in point
Of time with decentralization in this
country. And the war upon silver Is
made by the same class of men the
world over, namely, those having
fixed incomes and who complain that
the value of their incomA will be de.
preciated in proportion To the increase
in the value IF property want these
facts to be Understood by the people
who own the great bulk Of labor and
property of this country. want them
to distinctly understand that the con.
flict is between money on the one
hand and all other kinds Of property
on the other.
say on the floor of this house that
am as much opposed as any member
here to worthless money, to depretia.
ted money, but unquestionably it is
the interest of the great mass OF our
people that we have cheap money and
dear property; l do not mean worth.
less money, but 1 mean cheap money
as com pared to the property which II
buys. Property Is held by the many
and money by the few; and if the gov
eminent is to be administered in the
interest Of the many. then my PROPOSE.
ton is correct. l want good money,
bnt cheap money and dear property
We have just the reverse of this today
we have cheap property and dear
money. Money today is master and
king In America, and property goes
begging and is at discount.
To show that | nm correct in my
proposition as to the object OF the de.
monetizatlon OF silver, | wish to read
an extract from the report of the
French monetary commission. publ
shed in 1869. In their resume of the
question it is said:
II is difficult to estimate exactly what dim
| mutton Is going on In the value OF silver, bu
whatever 1t may be demands the attention
Of governments, because
Whatp Because the relative value
of silver with gold IS depreciatingl
Not at all
because It affects unfaYorabIe all that por
ton Of the population whose 1t come, re.
naming nOminally the same, undergoes
yearly dimlnution Of purchasing power.
England, the greatest bondholdinl
nation upon the. earth, demonstizeC
silver in 1916, just four years before
she passed her celebrated resumption
act; Germany in 1871, and completed
it in 1873; Norway, Denmark and
Sweden in 1871 and 1872. and thu
United States in 1873, and completed
it in 1874, just prior to the passage Of
the resumption act.
Iwish to speak further as to the design
abroad and in this country. Ernes
Seyd, in his book, 1.-THE Fall in the
Price Of Silver" published in 1876
estimates the amount of silver in the
world as about IS. 250. OOO, 900 and The
amount of gold 50, 800, 100000, and h,
| q 4