The advocate., 1892-05-18
rHE sEYENTY CENT pOLLAR.

well TO introduce uGtle VeSG"
mony concerning the cause which
has reduced the price of 37l4 grains
of pure silver below it's coin value.
Nothing can more etfectually show
the hypocrisy Of the gold-bugs or
their servile tools, the press and the
demsgogue politicians Of the two old
parties.
In 1878, and again in 1881, there
were assembled in the city Of Paris
international monetary conferences,
such as President Harrison is now
proposing shall be held in Chicago
in 1893, and for the same purpose
ostensibly to endeavor to agree upon
a restoration of silver as a money
metal and establish an international
ratio of silver and gold-but in real
ity to blind the eyes Of the people,
and delay the full reconciliation OF
the white metal in the United States.
Representative men Of all the civil
lied nations were delegated by their
several governments to represent them
in these conferences. We propose to
introduce the testimony Of some Of
these men as submitted to the con-
ferences upon this subject.
Mr.. Henry Hucks Gibbs, one Of the
delegates from Great Britain, in the
conference of 1878, said:
The silver coin, Withdrawn from circulation by
Germany, has become merchandise, and as, by
virtue Of an economic law which nobody con-
tests, the price of any product, Of any merchan-
disc, Of whatever kind 1t may be, is governed by
the abundance Of that merchandise rising or
falling according as the commodity exists In
smaller or larger quantity, the price OF silver
must have fallen by the mere fact Of German
silver being suddenly transferred from current
coin into merchandise In the warehouse. [See
Report, page71.l
In the conference of 1881, Mr.. Ma
guin, French minister OF finance,
said:
To prohibit, In great c0utrieS, the mintage OF a
metal which had been hitherto freely coined,
and expect that this metal would maintain It's
former value, would be a contradiction. To fore
see the fall Of silver was easy, and 1t was IN
eVitable.
In August, 1876, Congress appointed none
tary commission, composed Of senator's and rep
resentatlves, with instructions not only to In
duIre into the causes to which should be attrib'
uted the change In the relative value Of gold and
silver but also to examine whether the adoption
of the bl-metallIc system would not be advisable.
In the month Of March, 1877 this commission
brought In its report
The conclusions arrived at were, that the fall
OF silver, In relation to gold, had not been
brought about by natural events, but solely by
legislative action. [See Report, pages and 81
Mr.. Dana Horton, one OF the dele
gates of the United States, in series
of questions concerning the nature
and history of money" asks:
Has not the monetary law, which has created
almost the entire use made Of the precious met
ais, likewise created nearly the whole Of their
value?
Aud again.
Have not cOlncldent changes in monetary law,
reducing the supply OF money in the western
world by withdrawal Of legal tender power
from existing silver coins, by excluding silver
from coinage, and by checking the circulation OF
existing money, been the controlling factor In
this reduction9 page 81, 50 and 54.l
Mr.. Pierson, delegate of the Neither
lands, said:
lido not say that the increase in the prOduc-
ton and the diminution In the demand for