Arizona weekly citizen. [volume] (Tucson, Ariz) 1880-1901, 1893-09-09
FINANCIAL OUTLOOK.

FINANCIAL OUTLOOK.
Under the foregoing caption Clapp
} Co., New York bankers and brokers
give the following interesting resume o
the varying fluctuations of gold ant
silver end moneys and the laws affecting
the same:
Many voices thunder the folly OF
millionaires; few speak for the laborine
millions. Such as speak cannot be heard
for the clink of the yellow and white
coin. Only wisdom bears in her breast
the burdens of her children. The ser
wants of folly are made blindly to work
her will. Men SEE the footprints behind
her and call them evolution. She sits
aloft counting years as but moments OF
the dawning day. The instruments OF
her love and wrath alike, build better
than they know. Governments and ma
jorities play idly with circumstances
and events. STATE smec and people echo
and ra-echo the oubtful phrases OF yes
terdey's hope in the presence OF today g
certainty, Sphinx-like wisdom waits for
the maturity of folly, certain that out
of it will be piucked the worthy mate
rial of a new financial fabric. A crisis
is to her an opportunity. A panic the
| evolutionary step to a new prosperity.
A nations agony of loss the royal road
to the national future. TIE loss Of a
golden calf and silver idol may enable
parchment promise to point the open
path TO a cooperative commun ty in
which wisdom can get a hearing.
Gold and silver has been the money
of the world for 5000 years. England
has practically been an enemy of silver
since 1796. Before 1886 the ratio of
values was regulated in exact opposition
to the theory of supply and demand.
For 1000 years before Christ the value
OF gola was determined by law, and law
alcne: then Greece declared that gold
was worth thirteen times more than
silver The English bank charter act
of 1914 obiiges the Bank of England to
buy all the gold offered viii their bank
bills. at a fraction under the Colds coin
age value. The law practically dictates
values the world over. (We favor law
that will grant and compel the United
States to do like wise, or better). Our
constitus ion authorizes US to "coln
money, regulate the value thereof, and
of foreign coin;" also gives us the right
to print piece of paper, worth frac-
ton of a cent, and call its value 500.
The word silver mesns money. Gold
means "to shine" Canada's gold stand
ard is the gold dollar of the United
States, not the gold sovereigns OF En-
land. The Latin union is made up OF
France, Switzerland. Italy, Belgium
and Greece, where the French five franc
gold piece passes current, and the ratio
of silver to gold is fifteen and half to
one. England's ratio is fifteen to one.
The United States ratio from 1892 to
1884 was fifteen grains of silver to ore
grain of gold. Since 1884 it has been
fifteen ninety-six huDdredths (or say
sixteen) to one of gold; SS,O45,S3S of
silver was coined prior to 1873. Now
silver men want to make the ratio seven
teen to one, or eighteen to one, or nine
teen to one, or twenty to one, and con-
tinue coming silver that was demone-
tized in 1873. Germany demonetizsd
silver 10 1871. The Comstock and other
silver m:nes have produced large
amounts of silver yearly since 1857.
The United States was not on specie
basis from 1852 until January l, 1879.
The Bland bill became g law in 1878,
and provided for trade silver dollar
having 41215 grains. This was trade
silver dollar which Mexico and China
mostly used, and was not a legal tender
or good to pay duties on our imports,
and only to be issued in limited quaD-
tity. The Bland act further authorized
buying not less than 100000 nor more
that 100000 ounces, and coin it
monthly. The law continued 10 force
until July IA, 1891, when the Sherman
compromise law went into effect, COM
polling the purchase of $500, ,0OO ounces
of silver per month, and the issuing OF
paper dollar for every dollars worth
of silver bought at tie price Of silver on
the day of purchase (the bullion to be
held in store as security for the pay
ment of the paper issued.) Most free
coinage men want the right to take gold
or silver to the mint in quantities, the
equal of 100 grams of gold or 1000 grains
of silver, and have the government coin
it for a small consideration, and return
them the proceeds. Others want the
Bland bill reInstat d, which limited the
coming to lot over 100000 dollars per
month, but compelled the coinage OF
S2,000,000 per month. From 1878 to
July IA, 1891, under the Bland bill, S37S,-
l66, ,793 were coined, of 37l4 grains. The
Sherman act then took effect and pre-
vented the further coinage of silver
dollars, and authorized the purchase of
bullion, and the issue of a dollar note to
represent every dollar paid for the bu'-
lion. Liberal rains and large gold inn
ports evidently are reinstating con-
fidence much more than Washington
legislation. We have no doubt congress
will ia time devise some measure Cf
relief.