The Caucasian. (Clinton, N.C.) 188?-1913, 1893-02-02
HON. WIN. N. STEWART
CONTINUED from First Page

: The output of silver has not ut an,
time eqnaled tie yield of geld fort,
years ago. But the product of sill
yer, according to the experience oI
/. mankind. can be double the prcduc
of gold without disturbing theil
relative value. Twelve hundred mil
. lion people use silver rs money, anG
less than 100,000,000 ever used gold
in actual circulation.
AN ATTEMPT MADE To DENoNETIzE
GOLD.
/ The change in the relative prnduc-
ton of the two metals produced BY
California and Australia alarmed the
money lenders. In 1852 the output
of gold reached nearly $500. 900 600.
The contractlonIsts contended that
the Weld of gold was so great that it
ought not to be used as money 4
vigorous effort was made to stop the
coinage of gold. Germany, Austria
and Holland actually demonetized
gold. III they had succeeded the
disaster would have been great; but
the injury would have been much
less than the evils of demonetlzing
silver. Excessive production Of sill
yer cannot be urged us an excuse for
its decentralization. In 1873 there
were only SSl 100000 of that metal
produced. The increase of the conf
blned product of the two metals since
1852 to the present time has been
very gradual. Their coin value forty
years ago was more than $20O,OOO,-
900.
The rapid increase from 1913 to
1852 was a great blessing and harm
ed no one. The combined annual
product of the two metals during
that period rose from about $4,000
900 to over $200,0OO,OOO, and iniur-
ed nobody. On the contrary, the
business and prosperity of the world
were enormously advanced and pro-
NOTED by it. The increase of the
annual products of the two metals
combined during the last forty wears
has not reached 500, 100000. The
coinage value of the gold and silver
produced in 1891 was less than $780,
100000: If an increase of $16O, OOO,-
700 In four years was beneficial, an
Increase of $1OO,OOO,OOO in forty
'ears could not be injurious. Such ,
Increase is not equal to the increase :
It population and business. It does
lot keep pace with the increased de-
nand In the arts. The fear of over
PRODUCTION of silver was not the l
ause Of the legislation of 1873. The
aotlve was to reduce the supply of
money and enhance its value. There S
no danger Of too much of either "
old or silver, or of both combined. e
10 country i'll any age has had too L
luch of the precious metals. g
sELEssNEss OF THE UNITED STATES Il
TO SEEK EUROPEAN COOPERATION. e:
1t is urged that the United States t.
annot remonetize silver alone: that q
e must obtain the consent of En- tt
'pe before we can legislate for the G.
lterests of our own people. We RI
mt delegates to Europe to obtain s
from the gold kings to f;
'glslate for the United States. Our al
elegates have failed to obtain that tt
ermlsslon. Why should the gold Sc
'ust OF Europe surrender to US the W
ght to manage our own affairs as Ii
ng as we will submit to be ruled OF
foreign gold syndicate? Why tt
ave not the gold kings of the ola TT
'orld the right to dictate what Con-
'ess and the administration shall b,
, so long as we will obey? pl
lie UNITED STATES CAN ABSORB ALL We
SILVER SHE CAN PRODUCE. OF
why can we not use all the silver tn
E can procure? The entire product or
silver is annually absorbed in the in
Is and for coinage. If the mints In
the United States were omen the pa
lance of the world must take less co
lVer than they now do, or we would pc
TAIN no more than $4,000, 900 In
noes per annum, which we now de
'rchase under the act of 1890 co
'her countries would have to take TIL
ach less than they now absorb be-
re the United States could oct
Hclent for our purposes Bnt Re
'uld they use less? Would thew fol
less inclined to coin and use silver nu
money if silver were advanced bv wa
&c coinage in this country to mar ella
In gold? The very fact that ST. ST. ito
would be advanced in price by ad
&c coinage would create new de-, pei
ands for silver, because it is bn tic
IN nature to desire any commodity boz
llch is advancing in price. bel
DANGER OF A FLOOD op>sr1,vEp On
IL is contended that the free com Ur
e OF silver would make the United an,
ates the dumping ground for the VIII
ned silver of Europe. Would that du,
/ possible oaa ne Europe has only ST. of
~ ", of coined legal-tender lisl
yer: The silver money of Enrona sil,
c Gu Lat on par with gold at the the
90 q, OF Of 49, to l, which is at the rate Tn
?, pl.oo an ounce. For what pur- pro
&c would Europe send her coined ma
yer ,,1 mere: If it were brought to I
:, mint 1t would be coined into obt
Id at the ratio of l6 to l. or sur
- = an OF ounce, loss of over per cot
IT, After 1t was so coined # copld for
!, oe taken back to Europe and a !
q as money there. It wonId ha ma,
J bullion and would be worth less tn,
% It's original value in coin has
hh WOULD NOT DECLINE IN ver
r PRICE UNDER FREE COINAGE oun
nc advocates of gold assert that Thi
'ase OF free coinage the silver dol col,
would decline in value to the I. Y
sent bullion price of silver. saw The