Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-08-10
THE SILVER QUESTION.


it is condition and not a theory
that confronts us with the silver
question. It is one of the gravest
problems that modern craftsmanship
has been called upon to solve. and it
is unfortunate that such intense
sectional aud individual interests are
involved in the necessary legislation
on the subject. Nine States, with
less than a million population, are
largely interested in the production
of silver, and they have mistakenly
come to regard it as the chief indus
try of each of these States. This
single million of people have 18
Senators in the United States Senate,
while Pennsylvania, with more than
FIVE times the population cf the whole
nine silver States, has but two. The
question Of interest, therefore, has
all incalculable advantage in the
struggle for statesmanlike solution
of the silver dispute.
1t is untrue that silver was de-
monetized III 1878 by trick or stealth
The silver dollar was not included
in the coin provided for by the act
of '73, simply because only eight
millions Of silver dollars had been
coined in the entire history Of the
government. The silver dollars was
more valuable as bullion than as
money, as the ratio Of 16 to 1 then
adopted made the silver dollar worth
a fraction over 100 cents. The
whole subject was fully discussed
during two years. in Congress, and
there was not a member of eithe
branch Of the National Legislature
who did not fully understand and give
his willing assent to it. Since '73 silver
has deprecated / in value, not bee use
it was demonetized in '73, but be-
sause over production affected it, un-
der the inexorable law of supply
and demand, just as other products
are affected thereby, and the decline
in value has continued until the sill
yer dollar of 1878, that was worth {
fraction over 100 cents in gold, i,
to-day worth not more than 53 cents
1t was not until the serious depre.
citation of silver that the demand
was made upon the government fol
the coming of silver dollars which
the people would not accept as {
circulating medium, and finally
pressed the government for the pur
chase of silver and the issue of sill.
yer notes.
If we had to deal with silver a
an original question the profile n
could be easily solved, but we mus
deal with it under the conditions
which exist, and all theories mus
bend or perish as existing condition
demand. We have made silver al
: integral part of our circulating NE
dunn. We are in fact bi-meta
government, and to undertake to tea
up silver money by the roots wouls
be as destructive to the general busi
ness interests Of the goyernmen
as it would be to the silVe
! producers themselves. The govern
: ment has been purchasing 140 ton
of silver a mouth until it has ac-
cunulated nearly 5000 tons tina
is worth tosday ninety millions les
than the government paid for it
In the meantime the silver dolla
worth SO cents has been made I
2 legal tender, and to destroy tha
F summarily would cause busines
couvnlsion. We must therefor'
meet and solve the silver dolla
problem with careful regard to th'
existing conditions which max
silver a very large part OF the basl
Of our money.
1t is certainly not expedient t.
depart from silver as part Of ou
3 money. Under any reasonable con
. ditions it must remain SO for som'
: years to come, but there is no rea;
, on why it should not be accep te'
a. part of our circulating medium
on a basis that would give us sucl
) honest money as would command
the confidence of the world. Bu
= the silver dollar must be dollar il
5 fact; at least it must approximat
) dollar SO nearly as to give assur
ance at home and abroad that ou
. money is not fraud, and thu
} secure the confidence of the worlt
in out financial system. To accep
. silver to-day on a basis Of 25 to
would seem to be reasonabl
. adjustment of the dispute. True.
: silver dollar on that basis woul'
/, not to-day be worth fully one hun
E dred cents, but it would be s
> nearly the average value of silve
+ that it might reasonably be &C
: cepted as dollar.
With the bi.metal syster
0 adopted by this country there
D very little doubt that silver woul
j advance rather than decli
C although it is not likely at an
time in the future to appreciat
s beyond 25 to l with gold. W
e would thus have the country on
: sound gold basis, aud every dolla
o issued by the government, whethe
s gold, silver or paper, would be az
n cepted not only as a legal tende
: for a dollar in the payment of deb
g but as a thoroughly honest finan
n cial system. Silver dollars of tia
;. size would not enter into genera
Il circulation, but they would t