The state herald., 1892-04-15
PLEA FOR FREE COINAGE.
Address of Colonel A. G. Fisk Before tho
Trans Mississippi Congress.

urged the advantages of the free coinage of
silver.
Mr.. President and Gentlemen Of the Transmissis.
sippi Gongress-We come here as representatives Of
the Western half of this great republic to consider
many questions affecting the interests not only ur this
section, but Of the entire Union OF all the uues,ons
that have been will be discussed In this congress
and are agiiatlng the public mind none In my udg.
inent, Is oi more Importance than the question Of
finance. Since the decentralization of silver in 1874 the
country has enjoyed prosperous peace; the period
has witnessed the greatest and most sapid develop
h-nt and advancement in fina'wia industry and COM
meiee, and unboundcd courage and adventure; vet
The bonded obligation OF the world has increased until
II has reached forty thousand million dollars to say
nothing oi private Indebtedness, The interest this
sum per nnnnm, at the rate Of per cent. is 6co-
ooooeo for the annual payment Of which the properties
an, and incomes arc taxed. Under some circumstances
ms vast sum would not be depressing, but when IL
seonsdered that many Of the bonds bearing interest
were originally purchased for not more than 7s cents
on the dollar and that the grea, bulk Of these bonds
wefe held in countries where gold is the only lega,
tender thosv payable where gold the sole tender
are made payable for their value their face, whic
creates an abnormal demand for gold; that melal had
ueen Tor twenty years at precin,. luc,uating some.
what, now nearly pet Cent Ii Is tine the market
reports and quotations have failed to show our pre-.
MUM and treat gold as the standard Of prices. ans,
state the price Of silver of staple products ami III zen
era properties at rates Of 20 pe sent below the
actual par bu, this is u mere cohSenonalism Of the
banking class, and does nc.ehange the fact that gold
mas premium OF nom as to 40 per cent Thus the
business o, the world paying an animal interest Of
900 or more on bonds for many Of which ii
received only rs the dollar and Is payinc Il in
gold at the premium Of general properties, of wages
from IS to per cent. This is one of the conditions
OF the present finances which eonifonts the laborcrs
property holders and business men Of to-day oppres
sive rs tbs harden Is, it's hardship consists in le TACT
that u Imposes upon the public the paying Of private
degs 10 banks in funds embodying ,hi. PREMIUM on
The population nj 'he world is estimated at / AGO.
5000 OF these oo,ooo, 900 arc in countries in which
sQld l, alone legal tender, Issooo. 30 in counrie.
silv bat,a 4
100000 arc in countries where .iver nibna Is the
money Of the inhabitants. Thus sca viii sec that silver
,he money oi eihe 400 .ooo that
stiiuies the population Of the world The value and
prices OF property, Of productions and labor obtain their
original relations with silver. They are adjusted on
ne basis Of silver as metal Nature has prpviiea
sNef as the money most convenient for The ue 81 nine
tenihs Of the population OF the earth The necessities
u mankind Prevent rs decentralization That we
need an increase et circulation is plain. The most
prosperous people Of the world arc the French In
France the money in circulation abou, sixty CENTS
per capita, the United States about twen,y-tNo The
population of the United State. has increased In the
ias ieo years q per cent, ca average deeennialy
In order Therefore, ~ maintain the existing per capita
VIII be necessary to increase the money volume more
than s59,o9o,ooo per snnum II we add 5000, 900
annually. the amount required to retire the national
BANK notes and maintain present per raritn, ns
money volume would have to be increased Isl 90 COO
annu9lly u our per capita wee Increased TO one
hall that Of frsnve. would be necessary to increase
ouT volume p nionsy f5oo, 10000. Suppose this IN
crease wcr 70 be reached in FIVE years Of an increase
ct 500 5000 annually for that time. we would re.
qulre an increase OF srso.oooooo per annum. Where
arc We to set this amount Of silver, We can't hope
| 10 get more than uue-haf that amount out II ,hs
worlds annual prodnct Of silver We r.i.iniv ean,
get rom the geld minr.. In view u these facts the
creditor class insists thai ice coinage would make the
Snned states dumping ground for all the cheap silver
AT the same time, they declare tha, gold will 90 TO
premium and retire from circulation. They assume
an intltion OF the eurrency and contraction at the
same time deprecated dollar with a shrinking vol
OF il rafhrr N,
that by diminishing the volume q money would be-
come deprecated. Where Is all the silver that would
he dumped in fnints to come from Why did thry
not ood ctr marsc, with silver prior TO ,s,; When
| silNer was worth st33 ouncet tu.ope would moi
Ikey dump her silver nto orf mini, l5r the reason
,h1i cur d9laf contains s7i7s grains while the silver
nomination u s6o.9t grains. 1hey urrI g[lby the
vpef1neh. 1854 grains of silva d each dollar o. a
mated that tn'ope has s. ,ioo 900 fsycf Suppo-r
That amount were TO be dumped into our n,nts.
huiupe ~eald lose sls,ooo,oaa, No one well &c,
pusinted with the nancefs oi Europe vo.la t.iisyr
that they would likely engage IN -.,h nansaetion
| Should Europe undertake. tO buy cur pold
with hsr ulver shs would est lose a. -
TO pay nau'poHaiion, insurance pyra.am on gold ie
out Of the use Of her money, hi this would pfobsbiy
cost not less ahan 70 per cent. OF si16,oo9ooo VI
rope Is ne, likely to make any saeh inye.,. ms as
that and The monometalists mus, lnsent some o,brr
story than The dumping srvui process to ri hien The
people. What nc-,icd Is broader hasis u prim-
"g vhty NfNallefed adequate iof the suuliV There
never has been. and is not likely BE- too much goid
t silver to supply the worlds need u meney To sun
ply the probable population Of the United State, alone
~ the next century with the same pet capita ~e noU
have. We will require rfodueiisr Il .,s,.i - ,--. 4.
the entire production Of the American continent since
| its discovery by Columbus.
With tree coinage Of silver the difference betvesn
s.Net bullion and sl'ef coin must at once dissi
The Truth Is, the world has no sllve, ,e .iafr IL 4
had on country would tease y ,ose silver by cAporta-
hon, and would eniny tht benefit ron the increase oi
her circulation which the dumping process ~ond hing
US. Ncry little silver comes into the United State, ~
tept nom Mexico and the countries south Of It, The
imports OF silver into the United States arc less than
sss.oao,oo yearly while export, are ovsf Stsoss.
op1 Therefore, II free coinage should not ailcct the
| movements Of silver, there would be no trsul, from
opening our mlns TO the metals Of foreign production
and u /, doubtful whether such measure Eonld rae
vent continuation Of loss Of million, vi dollars of
silver every year. The fes ,cinage Of silver. other
than that Of domestic piotnotion. In the mln,s u the
United States, wo,ild scarcely do more than lrrr or
home rfo'luci. but Il 1t should have the sfst. u At
a5ias 70 TINS country SILVER which sp.culaors might
| Ind In Europe, NC wouid be the gansr, by tie In,
Geese q ctr home calculation, II by that mean the
per capita p Circulation could be increased TO Sac or
Sc, would enable ns 20 take up many Of the bond,
which are now sent TO Europe ior sale. Opposition 10
| class.
lhe Director Of the Mint place, The silver coin Of the
~oTld. outside Of the United States At si1.ooso ooo
more than one.half Of which is in China, ja,an and
the Straits, where 1t Is as completely buried Il Il
Nere thrown into the sea. The agrrrglte amu,n, in
/
continent, nearly half Of which is huldh by fones
France has s5o ooo.oco IL i not to be expected iha
country that has Witnessed the greatest ,iumphs In
her y metallic monetary system oi any country In ,hs
wcfid would likely part S.lh her silver. Germany has
siooo7o 900, and Is not likely that class OF people
such as the Germans who use not only sytI bat cop
Per coin Of small value. would part With hrr silver
belgium has $50 ooo.ooo, Italy slsaoo,ooo. Just I'm.
agine the former giving up that small amount q s1ycf
\ or the latter, who soIk for wages as low as flrsn
cents pct day, dipsnsng with their silver or selling Il
nt lois. Switzerland has si.ooo,ooo and spain
ko,ooo.oao There j. no agitation in iho,e eouniie.
" hNof Of a demonstration Of silver. !, Austria.
/ Hungary. which has suspended specie payment, 10
| cast any oi iis silver upon us' How !, any q the
silver 70 he Withdrawn irom The pcopef ltRuuid ha,r
and sold at loss. No Is lhtly to he found uho
wopld Nfrst this money iium the people, melt b. .hip
/ II 70 Amchfa and dispose q !, at a los,
More than onc.ihifi of the money of the world enn.
slss q efed money. Paper Is issued by the govern
menl hnd lanls because thcre IL gold aud silver
enough TO DO the business q the world believe that
/ hctitr money than that whose volume 4 limited ly
legislation, ard as long ns there 81 dollar d credit
money existence and paper money issued BY the
/ gold aud silver - money j. fully Demonstrated
lhslr In lianrr about 500. 90 Of notes not
backed dollar Toe dollar by actual coin hullon IN ihe
lhhed kingdom. COO. In Germany, fiho. .1ao..
ooo In The United States. fllo. 100000, Wehays about
three times NJ mneh uncovered notes, ot notes not
| lacked by actual coin, as Utrmanyi ss,en time. ~
mere than AL iifce iogeihef Yet Ne are not wiling
90 tctut t,ts munty and bad ing these ossfsd
no'es gradually and vissy By actual silver coin 10 the
treasury. The time Nill eons. with lhr'unsnF pofua.
lion and lhslnsss, when the money volume sseeedng
In ,ans the actual coined ruld and silver IN circulation
well ~ IN the tisnsuyi ~lirn you begin make the
Tui and slyrf 10 N. treasury the hast fqf uneus-
| sfsd note itsusd such ~ now exists 10 England and
Irunes. and n the United States TO even greater de-
gree tlan IN those ennntirt. thnl thus hs enabled
70 rapgud nuf mnnsy volume and mainlan present
pei CAPITA. and "a tho same time Tor The Considerable
period, maintaining system of usutnty notes which
sill not simply be promises a. Ray tun, hui will hs
| backed ~ coin actually IN The treasury. Suppose
that slssf dsmousiifsd the world Wrf. Gould W
Eft anhr vh the fltFlo 90, go oi guldf ZONE men
| cuuirnd that W. could The population II The world
u constantly nffeasnr. and The volume u mansy
fhonld inafsass ~ sfdsf g. maintain that per datlta
circulation uf porsy The United States to-day has
populsiian oi nsaiiy nf,aso,ooa Nth money volume
| ~ b,yosr1el9, Oar population Il Increasing VI
nufr than per cent per annnn, that In Thirty years
hpm nuw the population would lhely teach i,n,nos.
on, fheisf1fr. In ofdei 90 maintain of present tsf
I A..