The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-02-21

war and the declared purpose or Ine
government to resume specie payments
9I7non an exclusive gold basis, the con
fraction of the currency and the accu-
mutation of gold in preparation for re
sumption, repressed the resilient and
recuDerative forces of the country and
| intensified the pressure year after year,
until many and many a business con
Germ that was only bent by the storm
of panic in 1878 was finally driven to
the breaking point; and 1t was not I'M
til, under the operation Of the Bland
act Of 1873, the resumption of coinage
supplied the business arteries Of the
country with fresh money, that the sun
Of a renewed prosperity to some extent
dispelled the clouds that had for so
long a time hung so heavily over the
land.
Under the Bland bill of 1873, 50, 600,
900 per month Of silver dollars were
coined until 1890, when the Sherman
bill was passed, under which A, 500, 600
| ounces Of silver have been bought each
month by the government and silver
| certificates issued therefor at the cost
price of the bullion purchased. These
| measures have not been sufficient 10
sustain the value of silver. Against its
value as q commodity several things
have operated. One is an increased
supply from the mines. Another, the
Offering of portions of their stocks OF
silver, in their wild scramble after
gold, by the nations who are trying to
get on the gold basis, as, for instance,
Germany and Austria. Another, the
manipulatOrs Of the London market,
for the purpose of buying silver bul
lion st a reduced price for use in pay
ing for importations from India and
other silver countries Another, the
seemingly deliberate and Intentional
purpose of an element of our own poo
pie for the enhancement of the value
of credits, or for some other reason
best known to themselves, to defam6
and discredi0 silver, stop its coinage
entirely, and press toward a universal
single gold basis.
Ever since the passage Of the Bland
bill in 1878, under which So, coo, 900 of
silver were coined monthly, an active
opposition to that and to all coinage
has existed. Predictions were freely
| made that gold would leave our shores
and general disaster ensue. Mr.. Cleve
| land himself, with all his caution and
| Difference to the position Of his friends
and party On this subject, az early as
February, 1885, before his Inaugural
ton, wrote his now celebrated letter to
members of Congress urging the imme-
diate repeal of the Band act, on the
ground that gold would leave the coun-
Try and general disaster occur if it
were continued, The act was not re-
peaIed, and coinage continued; and,
instead Of gold leaving this country, it
continued to accumulate, until we now
have about 500, 00O, coo Of gold against
but a small stock IN 1873; and there is
no banker who does not realize that
but for the presence IL TIE circulation
OF $500, coo, O0G and more Of silver and
silver certificates, the severe monetary
stringency Of the fall Of 1890 would
have been a widespread panic. There
was 8 money famine then with the ac-
CumulatCd silver and certificates in the
circulation. How would it have been
without them?
So long as England alone was on a
| SINGLE gold oasis, silver was well upheld
by the rest oG the world, but with de
monetization by other nations of Eu
rope and by the United States, the de
probation IS likely % continue to o
point where production of silver will
stop, and where the continued use as
money Of the stocks on hand will be
most difficult.
TO BE CONTINUED