Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1892-02-04

our own history OF gold and silvor
Not one OF the miuts OF Europe is now
open TO the free COMA. OF silver, bat silver
is kept as subsidary circulation in large
ainoants, Oh We have kept it, at par with
gold, although the ratio os value mas fallen
from log to % Of silver to ! OF god
Indie, with its 30, 900, coo OF population.
SO woefuily imposed upon and blsd by the
depreciation and instability OF silver, has
begun already to threaten through its learn
ed Hindoo newspapers to wholly demone-
tie it. Some Of these British subjects do
not feely happy in being indirectly plunder-
ed by the silver standard, even by their I'M
psrial mother-in law. India is more likely
in the coming injury to seek for more gold
than is Great Britain to seek Tor much moro
silver. The continuance of a measureloss
demand for silver in India can no longer Le
confidently relied upon.
The fluctuations OF tne value Of silver in e.
Lerent and Characteristic, come down to us
by continuous report from ancient ages 1t
has always been unstable BY the law Of
Menos, king O. Egypt, the value Of gold
was fixed ct . times that OF silver. In the
time of Solomon silver was so abundant as
to be accounted rs nothing, and in Ecbatsna
the tiles on the roofs of temples were said
to be of solid silver la tho flfth century
the ratio OF gold was 6 TO s times
that OF silver. In Greece it was, ac.
cordlng to Plato, 10 to /. During the m id
die ages aud down to the Gth century the
ratio was from 10 to 10 to /, but was most
often ~ to !. The discovery Of tho silver
mines III the new world brought down silver
to the ratio Of IL to l. Since 1873 the
product of silver has doubled and the &C.
tual ratio OF silver u now only % to of
gold
During and after our silver legislation Of
1870 the price Of all silver went up from
434d. per ounce In March to ID ID. per ounce
in August On q silver standard it would
have cost IS per cent more TO have paid
debt in August than in March. few alert
spectators who purchased silver bullion
prior to this legislation and sold early there
after may have made it a paying business.
The price is now down again to 43il per
ounce. For the immense increase Of the
product the world finds littla use at the
former valution. Only at e lower rate can
it be utilized.
" bile all OF its revenues are raised Ia
silver, India is annually required to pay or
spend in England So, 200, 600 in gold.
sum which costs India, ia its silver revenue,
SIP, 500, 900.
We are often told how England buys
wbeat and cotton in India and pays for it
with silver rupees at As cents which cost in
England only 80 cents being an advantage
OF cents on each rupee over the wheat and
cotton growers Of India, resulting from
their standard Of silver. Is it not clear
that with the primary OF silver currency
America would be as much Handicapped as
India, and thnt American wheat, cotton or
anything else here might tbsn be bought
with the saDao advantage of cheap silver
that Great Britain now finds so prosperous
in India! No farmers will want TO receive
for their cotton or tobacco, wheat or corn,
cattle or horses pay msut in dollars not as
good as any other dollar. If there is one class
moro interested IN a sound currency than
any other it is that OF the farmer, whose
prosperity depends upon what he COTS for
his annual crops; and good farmers always
have mors to sell than to buy. Even the
class that works the shortest hours for
days. work will not want to be paid in a
short dollar.
The brezen faced political untruth, limp
ing with dscrepitude, is still put forth,
though refutsd for the hundredth time that
somebody was grievously wronged in 1873
when the silver dollar was discontinued
from our coinage, but it will not be forgot
ten that no debt-payer could then have
been wronged, as all debts might then have
been paid in gold at 3 per cent less than in
silver, and for six years after 1873 all debts
wlre payable in leg al tender United States
notes, though st large discount below the
standard of gold, aud cfter resumption in
1879 they might have been paid in silver,
paper or geld, the latter only being required
by law until 1878 for customs. 1t is true
that no one, even among silver producers
anticipated in 1873 CHAT within 10 years sill
yer would become So abundant as TO radi-
cally change its relative value. Since that
date we have often coined more silver dol
lars in six months than were coined in the
whole previous existence of the government
mlnts and they are a legal tender, but no.
body seems willing to take them unloss the
government stands ready to gloss or ex-
change them for something more desirable.
They are datiy uEcurrent on ths Rialto
When silver separates from and ceases to
be supported By gold, as it long has been
supported, AID drops to its intrinsic value
only, all our American productions which !
need protection will suddenly find the tariff
out of Joint and its efficiency undermined
by the privilege offered to importers OF
foreign merchandise to pay duties in cheap
silver. They could buy bullion, have 1t
coined free, and tender it for all customs
dues. This would be tartamount to q hori-
2ontal reduction OF all rates of duty and |
whatever the difference may be between the
standards OF gold and silver, to the extent
OF that difference, whether % or 50 per
cent there will arise an absolute aud
wholly Legitimate reduction Of the tariff
on foreign imports. with the present wages
of labor it would close up every mine silver
excepted and factory III our country.
TIE condition OF the United States gov
ornnant however would be thu reverse of
that Of the Importers and call for more
money instead CO less in nearly every
branch Of its expenditures New resources
Of revenue would have to be exploited, and
II cheap money should b. lolai 70 annually
expand government expenditures to tho ex-
tent 500, coo, 600, Poor Richard might say
we had paid too dear for TIA silver whistle
Initiation with a dopreciatin5 currency is
no remedy for any lack OF money, as it re-
quires 2 progressive increase for like
amount of business or nav perpetual in
hation to cure the old.
Our whole superstructure Of credits would
be dislocated. No parties would loan money
at lawful rates OF interest il threatened
with large loss in the principal by an ulti-
lnato payment in q lower standard of