The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-08-22

the grandest which the world has ever seen,
has the right and the ability to leglsate
for its own people on every subject, re-
CARELESS of the wishes, the entraatles, or
the threats of foreign powers. zap
The Profits OF Mining.
But what is the mine owners profit?
Bias any one told you the average cost
OF minl1E an ounce of silver? You have
heard OF some particular mine where silver
can be produced at Il low cost, but no one
has attempted to give you any reliable data
as to the average cost of production. l had
n letter from Mr.. Leech when he was
director of the mint, saying that the gov
ernment i'll possession of no data in re-
gard to the cost of gold production and
none OF any value in regard to silver. No
calculation can be made as to the profits
Of mining which does not include money
spent in prospecting and in mines which
have ceased to pay, as well as those which
are protitably worked
When we see wheel of fortune with
twenty-four paddles, see those paddles sold
for 10 cents apiece, and see the holder
of the winning paddle draw So, we do
not conclude that money can be protitably
invested III wheel of fortune We know
that those who bought expended altoceth-
er $24O on the turn of the wheel. and that
the man who won only received 50; but
our opponents insist upon estimating the
profits of silver mining by the cost of the
winning paddle. 1t is safe to say that
taking the gold and silver of the world
ana it is more true of silver Iilan of gold
every dollars worth of metal has cost a
dollar. 1t is strange that those who watch
so carefully lest the silver miner shall re-
ceive more for his product than the bare
cost OF production ignore the more for
tunate gold miner
Did you ever hear monomctallist com
~ ms Il
grains of gold, 9 fine. at any price what
ever, and yet take it TO our mint and
have it stamped into dollar with full
legal tender qualities? saw at the worlds
fair few days ago nugget of gold. Just
as it was found. worth over $1,000 What
an outrage that the finder should be al
lowed to convert that into money at such
an enormous profit. Aud vet no advocate
of honest money raises his hand to stop
that crime.
The Farmers Interest.
The farmer labors under double dis
advantage. He not only suffers as a pro
ducer from all those causes which reduce
the price of property, but he is thrown into
competition with the products of India.
Without Indian competition his lot would
be hard enough, for if he is land own
er he finds bis capital decreasing with an
approaching standard. and if he owes On
the land he finds his equity of rcdemp-
real estate mortgage Indebtedness in the
five great agricultural states-Illinos
Iowa, Missouri, Kansas and Nebraska
of more than Il billion of dollars. A rising
standard means Il great deal to these
morris ga .ors But as | said. the producers
of wheat and cotton have a special greiv-
ance. for the prices of those articles are
governed largely by the prices in Liverpool
and as silver goes down our prices fall.
while the rupee price remains the same.
The Real Trouble.
The trouble is now that depositors have
withdrawn their deposits from the banks
for fear of loss, and the banks are COMPEL
cd to draw in their loans to protect their
reserves, and thus men who do business
upon borrowed capital are crippled. The
people have not lost faith i'll the govern
n.cnt or in the governments money. Ihey
do not refuse silver or silver certificates.
They are glad enough to get any kind of
money. We were told last spring that gold
was going to be a premium, but recently
in New York city men found Il profitable
business in the selling of silver certificates
of.erlal denominations at 2 per cent pre-
rlvn-A and on the 9th of this month there
: a.. York Times this advertisement;
az -JIlNIiR DOLIAHS-We-<ieSir
- >'emium OF 81 per cent or
&fnle;aId, standard silver dollars, iii
1900 or more, in return for our certi-
e'hs EE iNynIS tnrS"5n rd ok fe2r"s
Bankers. II Wall street.
About the same time the New York po-
lice force was paid in $40 gold pieces
because of the scarcity of other kinds OF
nor ey. How many of the failing banks
have obeyed the law in regard to reserve!
How many have crippled themselves by
loaning too much to their officers and dl-
rectors? The situation can be stated in
few words; money cannot be secured to
carry on business because the banks have
no money to loan; banks have no money
to loan because the dcpostors have with
drawn their money; dcpositors have with
drawn their money because they lear the
solycmcy of the banks; enterprises are
stagnant because money is not in circula-
tiOu. ~
More Money Needed.
One of the benefits of the Sherman law.
so far as the currency is concerned, Is
that it compeS the issue of Il large amount
of money annually, and but for this issue
the present financial panic would, III my
Judgment, be far more severe than it Is.
That we need an annual increase In the
currency is urged by Mr.. Sherman him.
self i'll Il speech advocating the passage OF
the Sherman law. On the 9th day of june,
1890. he said in the senate:
Under the law of February, 1873, the pur-
chase of 81 100000 worth of silver bullion
month has by coinage produced annually an
average OF nearly S3,OtD,ODo per month 1of IL
period of Twelve years, but this amount in
view of the retirement OF the bank notes. Will
not increase our currency in proportion to
our increasing popnlation II our present cur
rency is estimated at $l,40O, OOO,OO0 and our
present population is increasing 1T the ratio
Uf per cent per annum II would require
$4,000, 600 increased circulation each year
to keep pace with the increase of population;
but as the increase OF population Is accohpa-
MED by still greater ratio OF increase OF
wealth and business, il was thought that an
INN ljat ,f cir "a
obtained by larger purchases of silver bullion
to an amount sufficient to make goou inc
requirement of bank notes and Keep pace VIA
the growth of popuation. Assuming thtt
$.4. 600, 900 a year Of additional currency Is
needed upon this basis. that amoun-~' pro-
Yided for in this bill by the issue OF treaSQf!
notes in exchange for bullion at the market
price.
This amount. by the fall i'll the price OF
bullion silver, Isas been largely reduced
Shall we wipe it out entirely! lie insisted
that the Sherman law gave to the people
more money than the Bland law, ana upon
that ground it's passage was defended pc
fore the people Could it have been passed
had it given less than the Stand law
Who would have dared to defend 1T II II
had provided for no money ut all!
What provision shall be made for the III
ture? Upon that question our opponents
are silent. The bill which they have pro-
posed leaves us with no increased curren.
cy provided for Some of the advocates OF
a gold standard, in the defense OF thelf
theory, find it necessary to dispute every
we'll established principle of finance.
We aro toll thut civilization lncreaS-