The Caucasian. (Clinton, N.C.) 188?-1913, 1893-02-02

y
and credit can only be enlarged b
the unlimited use of silver rs monel
T ANY Limitation upon the use of silve
as money destroys its essential func
ton as money metal. Silver itsel
, must be the limitation, or silver ha
no place in our system of finance
! because, if the quantity must b
. limited by legislation, such limita
ton can be applied to paper or SOM
other substitute more convenient an,
cheaper than silver.
Will the advocates of gold consent
that the admitted deficiency of gold
shall be supplied by any means what
ever? If so, what shall take the
place of silver to supplement gold
Gold must flow out, because every
moneyed institution in Europe is
struggling TO increase its reserves in
gold. The money kings are con-
stantly forcing new cuctomers into
the market to compete for gold.
Austria has recently been compelled
tc discard her silver and buy gold to
form a new and narrower basis for
her circulation. She must have gold
at any cost. A large part of it We
must furnish. The resources of ev-
cry country in Europe are heavily
mortgaged for the gold they have
acquired.
DISADVANTAGE OF UNITED STATES IN
COMPETING FOR GOLD.
But Europe has an enormous ad-
vantage of the United States IN the
competition for gold. Europe holds
stocks and bonds of the United
States amounting, it is estimated, to
So, 000.00O,o0O. If Europe is forced
to the wall by an effort on our part
to buy gold, she must sell her stocks
and bonds and other United States
securities for what they will bring
and buy the gold back as fast as we
take it from her. We are the deb
tor nation, and before we have paid
S., 000,000,000 in gold to Europe our
resources will be seriously impaired. |
Ii we obtain European gold, we
must pay higher price for it than
can be obtained elsewhere, which
means that we must sell our wheat
and cotton and all other commodi
Ties which We have to sell cheaper
than they can be bought in either
Europe or Asia.
In other words, we must bid
higher for gold than Europe or we
'annot obtain it, and when we have
offered higher price for gold than
europe can afford to give, we are
till in her power because we are her
|ebtor and she can call the gold back
" selling our securities. Such 81
ontest for gold means continued
alllng prices, stagnation and hard
INES. 1t means that the property
nd hard earnings of the masses !
iust be transferred to the gold ]
ings. 1t means tenant farmers and
eudal lords. 1t means an approach r
'ward the dark ages and feudalism.
Rec COINAGE WOULD SECURE FINAN-
cIAL INDEPENDENCE.
1t is the manifest duty of Con-
ress to open the minis to the free
I'd unlimited coinage of silver; to
use the better metal-silver-and
rmlnate this competition for gold. p
1ch legislation would make this n
'untry financially independent. It +
ould remove all fear of losing
I'D or being deprived of MONEY =
lth which to transact business.
nrope would them recognize our
vantage and remonetize silver.
ut whatever she might do our
rrency would be on solid metallic
SIS; We would be using the better
etal; the metal which has been the
nservatlve regulator of the volume
money since civilization began:
e metal which is not accidental. M,
{ winch is procured by an estab-
ned industry and is obtained in q,
ltorm quantities; the metal which
been used through all time by III
great mass of the people; the only
tai which has been in general cir
alton among the people at large:
metal which our own country
'duces. Such a policy would free 81
from all apprehension Of panic or no
rclty of money. Europe could
longer embarrass our finances or -.
us OF our circulating medium,
doNETIzATIoN OF SILVER SAFE
AND CONSERVATIVE. III
he reconciliation of silver is safa ui
conservative. The struggle to
n possession of the shrinking "
ply OF gold has already produced
ister and must end i'm run. The
and their associates in TIT
rope and their followers in the w
lted States use the press of both "
nlspheres to discharge and defame
er mines. They divert attention
n the act by which silver was y
by asserting that free TOT TOT
mage Is solely for the benefit of fro 81
er miners and is urged by the sL i
er miners to secure from the Tn.
more for silver than its Ma
'ket price. The suggestion is MOI
air. The silver minars do not ask
government to buy silver. Tbev
opposed to the purchase of silver IL
tne United States, but they de-
III the right, secured by custom
u prehistoric times and guaran-
Ia the Constitution, to have
Of the people. '' 'Ae
KINGS. LIN 'oLD Qua
he hue and crv .o; Prit
49, eASdl1lSD silver IL