The silver state. [volume] (Unionville, Nev.) 1870-1903, 1892-09-15

WAS iiOJ llGGllJlOudl. Ii Glldb tACuSt
is true one, the proposition to re-
instate silver as legal tender money
in this country upon the footing that
it occupied from the foundation oi
the government down to 1878 would
not have been resisted. The animus
of the demonetizatio OF silver is dis
closed by the opposition which its
reconciliation has met with and is
now meeting with. In reality and
in truth, silver was demonetized in
the interest as / shall show, of GER
tain class of men in this and in other
countries.
1t is very remarkable, when you
come to read the history of the de-
monetization of metal money, that
the metal which is the most abund-
ant is always demonetized. After
the discovery OF gold in Australia
and California about the middle OF
this century, the money dealers OF
this and other countries became sud-
denly alarmed lest the amount of
metal money in the world should be
unduly increased and Germany and
Austria, notably in 1857, demonetized
gold. For what reason? Not be-
cause gold could not maintain its rela-
tive value with silver, but because
the mass of metal money, gold and
silver combined, was depreciating as
compared with labor and commodi-
ties. Throughout the entire discus
sion, from 1913 down to the demone-
tization OF silver in Germany in 1871, Il,
no one OF any distinction, no political
economist, ever advocated the de-
monetization of either gold or silver
because the metals could not main
tain relative value the one with the
other, but solely because the mass of
metal money as compared with labor
end products was depreciating to the
injury of gentlemen who held fixed
incomes. ! defy contradiction on
that point.
After the discovery OF gold in Aus
tralia and California, De Quincy, an
eminent English writer, and Cheva-
lier, aroused all Europe with the
alarm that the precious metals were
about to become too plentiful; and
following the advice Of Chevalier and
De Quincy, Germany and Austria
demonetized gold, and but for the
interposition of France the stampede
would have become general.
In 1871 Germany remonetized gold
and demonetized silver; and the last
act grew out of the same apprehen-
sion that caused the decentralization
of gold in 1857, namely, that there
was about To be too much metal
money. The Latin union was formed
in 1868. From that period to the
present there has been u constant
effort throughout the earth on the
part of those who have fixed incomes
to debase and drive silver out OF use
az money. -
The Comstock lode began to attract
about 1861. In 1868 there
were three thousand silver companies
formed in San Francisco. While this
did not attract public attention it
did attract the attention of financial
circles.
The emperor of the French sent a
to investigate the amount
OF our silver production. 1t was as
certained the amount would be very
large, although the estimates of that
day have not been justified by results.
Alarm was created in European
financial circles that silver was about
to become too plentiful. Germany,
Denmark, Sweden and Norway, all
about the same time demonetized
silver and reinstated gold as the
standard.
Now, Mr.. Speaker, it is a remark
able circumstance that demonetiza-
ton in the old world is coincident in
point of time with demonetization in
this country. And the war upon
silver is made by the same class OF
men the world over, namely, those
having fixed incomes and who COM
plain that the value OF their incomes
will be deprecated in proportion to
the increase in the value of property.
| want these facts to be understood
by the people who own the great
bulk of labor and property of this
country. | want them to distinctly
understand that the conflict is be-
tween money on the one hand and
all kinds of property on the other.
/ say on the floor OF this house
that am as much opposed as any
member here to worthless money, to
money, but unquestion-
ably it is the interest OF the great
mass of our people that we have cheap
money and dear property; | do not
mean worthless money, but | mean
cheap money as compared with the
nropprty which If buvS propartv ID