The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-07-22

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for using gold money. If the Re-
publican press of this country
would be as honest as he was, they
would admit this rule of gold and
silver values.
In 1878 the annual gold produc.
ton of the world had Increased
from $96,00O,0O0 to $l3O,0OO,0OO. In
the same period the annual silver
production has increased from $751;
100000 to Sl38,OOO,OOO, or from &c..
600, 900 ounces to $4,000, 900 ounces.
Yet the gold price of silver has
fallen from over $1.29 per ounce to
about 40 cents. The annual pro-
duction does not account for it.
These facts have been published
often enough to have attracted the
attention of the Republicans, but
they ignore both the rule of econo-
mics and the invariable connec-
tion between rise in gold and a
Government law in favor of gold.
An Eastern Republican in a
speech before commercial body
Thursday said that the total coin
age of silver up to 1878 in this
country was only $s,oOO,OOO. He
garbled Secretary Carlisle's state.
ment of the coinage of standard
dollars to suit his purpose, or he
was merely ignorant. There were
$36 100000 of trade dollars alone
when their coinage ceased in 1878,
and $5,OOO,OOO of silver half dimes
had been coined up to 1873.
When we are continually re-
minded that q silver dollar is worth
only 55 cents we are also reminded
that every gold dollar has been
nearly doubled in power as COM
pared with silver. Prices also re-
mind us that wheat has fallen in
about the same proportion as sill
yer.
What can the United States
alone do to restore the commercial
ratio? That is Il matter for legis-
lative wisdom to arrive at after
an investigation of the new condi-
tions presented by the India Coun-
cils order for the suspension of
private coinage. We can do some
thing, and can do it not only with
safety but with benefit to every
American industry. We are big
and strong enough to do more than
any other nation, and can do it
with q well-considered free coin
age. We will then prevent the
coming Of single gold standard
which will alter to the disadvan-
tage of debtors the terms of every
deferred payment. And in so do
ing we will raise the courage of
silver-using Latin Union nations
of Europe; will win the friendly re-
gard of every Southern Republic
from Mexico to Chilli.
A business man is perfectly a.
ware that the need of the hour is a
broader and more elastic currency.
Shall we contract the foundation
on which currency rests and weak
en- confidence in our basis by MAX
ing silver token-money and a load
upon our gold stock instead of a
strengthening part of the basis?
1t is here that Congress should
stop for reflection when it exam
ines next month the money laws.
Sherman has specious way of
saying that he is friendly to silver
because he is willing that the
country shall use all it pleases as
token money. Silver dollars as
are no better than
paper dollars, except for the bul.
lion sellers. What the people want
is the silver dollar as a currency
basis and an equal measure of val
ues. What they want is a double
which means, as it did
here and in France for decades, a
double supply of legal tender coin. |
A double standards usefulness is
in its power of relieving a people
from the nervousness of watching
the going out and coming in of a
single scarce metal-in emancipat-
ing business from the fear of a
which is likely to be more
costly to meet than it's face indi-
Gates at the time of making. They
talk about the disappearance of
gold or of silver under former
coinage laws. With double
standard we could view with
equanimity the departure of either
metal, knowing that it would re-
turn when we needed it enough to
put a strong pressure of demand
on the metal it left behind.
India has changed the immedi-
ate conditions and none of us can
intelligently estimate to what ex-