The record-union., 1892-02-06

amounted to more than $3.50, ,OOO. .OCO
| over S3O, 100000 of this discount has been
PAID into the Treasury of the United
States by the difference between the
market price at which the Government
bought silver and the coined value at
Which 1t was issued in standard dollars or
| their representatives.
FREE COINAGE WOULD RESTORE SILVER
AS money metal for all the people. but
| 1t would not give the mine-owner more
than the mark ct value for his silver If
4l23 grains of standard silver could, as
formerly, be exchanged at the mint for a
| dollar, the market price of that quantity
of silver would, as formerly, be Just one
dollar. There is no difference between
the mint value and the market value of
gold. The same was true Of silver before
1t was demonetiZed, and it would be true
again under free coinage.
All that is necessary to establish free
coinage is an Act of Congress opening
the mlnts of the United States to silver
| upon the terms and conditions that apply
TO gold. We know from the experience
OF thousands Of years that such legisla-
ton would restore the parity between the
two metals and maintain it. Why should
we not do it? Why should this country
be governed by orders from European
| investors and bondholders? Why should
we not have an independent financial
pollcy? The manlpulators OF Asiatic pro-
ducts and the creditors who desire dear
money-dearer than the money of the
contract-know full well that free coinage
| IN this country would break the corner
they hold on the money of the world
enhance the value of farm products
equally with silver, and restore prosper
lty to the United States. Why should
our farmers be compelled to produce
wheat, cotton and other farm products on
gold basis and sell in competition with
Aslatlcs who use cheaper money? Why
should the middlemen of London be
allowed to buy cheap silver in this coun-
try, COIN 1t into rupees, and sell it at par
in India and make the difference? The
SILVER QUESTION CANNOT BE IGNORED.
If we continue to disparage silver while
the law compelS redemption of treasury
notes in standard dollars, we will pro-
duce disaster. The amount of silver that
we have and that which we are accumu-
latlng under existing law, make it ne
cesslty that this Government shall see to
1t that silver IS not a commodity to be de-
pressed at the pleasure OF English manip-
ulators. The effort to make one dollar as
good as another by redeeming silver dol
lars in gold dollars can not succeed. 1t
is gratifying to know that we have a law
on the statute book which makes it un-
lawful to attempt it. The country must
know sooner or later that every treasury
note that is issued is liable to be redeemed
in silver. The Treasury Department has
had 1t IN It's power TO refuse to use the
white metal as money in the payment of
the national debt. 1t cannot refuse to paw
out silver in redemption, because it will
be impossible under existing statutes to
obtain sufficient gold with which to re-
deem these treasury notes. In this situa-
ton, is 1t not better to meet the question
squarely? Open the mints to free coin
age; make silver equal to gold. 1t is i'm
possible to get too much silver. The
FINANCE COMMITTEE OF THE SENATE.
At the last session reported in favor ofan
increase of the circulating medium to the
extent of over 200,000,000 by the issu-
ance OF tWo-per-cent. bonds to be taken
up by the banks dollar for dollar. They
declared that we needed that much addi-
ton to our circulating medium. The law
of 1890, requiring the purchase of four
and half million ounces of silver bullion
per month, was then in force This pro-
posed increase of $500, 100000 was in ad-
dition to the silver purchases now re-
quired by law. Every person acquainted
with the circumstances knows that it
would take years to obtain two hundred
millions of silver in addition to our pres
ent purchases. There is not the slightest
danger of a flood of silver; there is no
possibility OF getting more of it than the
country needs for its growing population.
Why should we not treat silver as real
money and thus become the clearing
house of the world, not the dumDinG-
ground for cheap silver? In that event
there would be no cheap silver. appeal
to every patriotic American citizen TO aid
in the establishment of an INDEPENDENT
financial policy for this country: to dis
regard London spectators in Asiatic
farm products and European investors in
American securities.
WE REQUIRE MORE MONEY
We need to enlarge the basis of circu1a-
ton and credit, which can only be done
by supplementing gold with silver: it can
be brought about only by returning to
the money Of the Constitution-gold and
silver coin. Free coinage of both metals
has been tried for thousands of years; it
IS no experiment. The decentralization
of silver has proved disastrous. After
thousands of years of experience with
the use of both of the precious metals
as money, the possessors of fixed canitaI
had no right to meddle with the stand
ards.
When the mines were unproductiye the
people had to submit to the evils which
always resulted from scanty supply of
money. The history of the world shows
that the automatic theory of money
which is the regulation of the volume bv
the supply Of the precious metals, has
always worked well when the mines
which has appeared from the dawn of
history until now has grown and devel-
oped with productive mines, and declined
when they were exhausted When the
mines OF Nubla were productive, Egypt
prospered; when the Ural and other
mountains OF Asia poured forth their
treasure, the Israelites, the Babylonians,
the Persians, and the Phenecians main
tanned civilization; when the mountains
OF Thrace were large producers of gold
and silver, Greece was the university of
the learning, the art, and the science of
the world; when the mountains of Spain
were overturned in mining for gold and
silver the legions of Rome conquered the
world. But
WHEN THE MINES WERE EXHAUSTED.
Then came the Dark Ages. At the time
OF Augustus, according to Jacob and Glib
bon. there were in circulation in ancient
Rome from eighteen hundred to two
thousand million dollars of gold and
silver coin, beside vast accumulation of
plate and ornament. In fourteen hundred
years OF gloom and despair, caused by
the want of money, the stock of precious
metals was reduced TO less than one hum
dred millions. The revival of civilization
waited for the discovery of gold and
silver in Mexico and South America.
which terminated mining throughout the
world and created modern civilization.
For three hundred Years the supply was
constant and uninterrupted, and civiliza-
ton progressed.
The Spanish American wars reduced
the supply of the precious metals for
time. Between 1910 and 1910 money
famine paralyzed the energies of the civil
lied world The entire annual product of
gold and silver of the world during that
period did not exceed S30,00O,OOO. A
slight increase from the mines of Russia
from 1S40 to 1850 raised the annual sup