The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-26
TO DIsCONTENTED DEMOCRATS OF
NORTH CARNIINA And XIRGINIA


Your opposition to Mr.. Cleveland is based
solely upon considerations relative TO silver.
We therefore beg your earnest attention to a
few facts which we shall state. We affirm on
the honor of The TIMES that every statement
made is an actual fact and each one of you
can ascertain it to be 80 if you will examine
the authorities to which we refer
Those who manage the affairs of the Farm
ers' Alliance have taught you to believe that
the currency Of the United States is less than
g. per capita. Whether knowingly or not
they have deceived you. The currency Of the
United States. per capita, gold, silver and
paper, is S25.62, Of England is 81 90. Of Ger
many is S16.4O of Austria is S952, of Russia
is S6.63, Of France is S43.1l. (See statement
of the Director Of the Mint of May a. 1892,
furnished TO Mr.. Sherman and quoted by
him in his speech of of May 81 l892-Con-
gressional Globe. All the Democratic Sena-
tors agree that the table is correct.) France,
thus. is the only one of these countries whose
circulation per capita is greatsr than that Of
the United States
You say that free coinage Of 4i255 grain
dollar will make money much more abundant
and. therefore, increase the price of your
crops. We admit that this may in time be-
come so. but we tell you that the dollar
under free coinage will buy much less than
the dollar now; 4l2]4 grains of silver is worth
less than seventy cents.
Silver is practically demonetzed now all
over Europe and European countries are try
ing to sell their stocks Of silver. -Four billions
Of dollars Of this are now in sight. all of
which we must buy and coin TO keep silver
dollar up to par with a gold dollar. II is
more than the debt of the United States was
during the war. Do YOU think il possible TO
do this ? Ii is not Besides, the silver mines
are adding to this stock about $50 600 600
more of silver each year, and their supply is
increasing, owing to improved methods OF
smelling ores. BY free coinage you will in
the course of time perhaps, increase the
stock of money but it will be with debased
money. The dollar you get Will be worth
only two-thirds of dollar. You will send
gold to premium and drive it out Of the
country and you will create financial panic
such as the world never dreamed Of
You have been taught to believe that some
injustice was done you by the act Of Congress
passed in 1873 demonetizng silver. No injus-
tice was done you by that act as you will see
10y attending to the following statement Of
facts.
One of the earliest acts Of General Washing
toms administration was giving attention to
putting the currency on permanent basis.
The subject was committed to Thomas JEFF
ferson. Secretary of State. aud Alexander
Hamilton. Secretary of the Treasury. They
took gold and silver coins, melted them down,
weighed them and compared them.
They fixed the ratio as fifteen
TO one But because they had
used worn and abraded silver coin. they
uuderyalued silver Consequently when
fifteen ounces of silver were coined into sill
yer dollars and one ounce Of gold was coined
into gold dollars each silver dollar was in
trinsically worth more than each gold dollar.
At that time silver was the money of ac-
count Of the world and it was in demand for
currency. Consequently but little silver WAS
offered for coinage. and what was coined
was at once shipped TO Europe and sold as
bullion. In 1905 there had been coined only
l.iS9.eoo silver dollars, and 40 these were