The Caucasian. (Clinton, N.C.) 188?-1913, 1893-02-02
PRODUCT OF GOLD CONSUMED Fog
NoS-MoSETARY PURPOSES

gold from the mines has been con-
sumed in the last nineteen Year for
non monetary purposes The stock
Of god coin which existed nineteen
wears ago has not been materially
increased. The demand for gold in
the arts is increasing with great
Dentistry, photography,
gliding, ornamensation, jewelry and
numerous other demands absorb the
entire output of the mines. If sill
yer were entirely discarded and Its
money value destroyed, silver mining
would cease. Under such circum-
stances there would not be gold
enough TO supply the arts, and tbs
existing gold coin would be rapid,
absorbed for non-monetary pur-
poses.
METALLIC BASIS ONLY HALF WHAT |
Ut WAS NINETEEN YEARS AGO.
, A The time of the nnfortunat,
legislation which exclude silver fron
the kaints of the United States and
Europe, it is estimated by statisti
clans that there were $1,000, 100000
of gold and silver coin in the world.
In the language of the royal COM
mission of England, all this coin
constituted one money and formed a
basis for paper circulation and cred
it. 1t was all good metallic money
for every purpose. including reserves
of banks and other monetary institu-
tions. When silver was excluded
from the mint and the money
market for that metal destroyed,
silver bullion declined in price as
comp pared with gold.
THE BASIS OF CIRCULATION AND
CREDIT.
The civilized world then discarded
silver coin as money of ultimate
payment or redemption. In other
words, the credit and business of the
world nineteen years ago rested on
! $7,50O,O 100000 of metallic money as
a basis, but to-day, on account of the
demonetization of silver, there is on
ly half that amount, namely, 3,7OO,-
900, 1000, to sustain volume of cred
it which has greatly extended and a
, volme of business which has enor-
| mously increased. The result is that
t the financial superstructure of the
Z civilized world is tottering on It's
base and every financial institution
} in Europe and America is making
desperate efforts to curtall credit
increase its reserves, and maintain
q solvency.
1 INSUFFICIENT QUANTITY OF COLL
2 FOR MONETARY PURPOSES.
: How long can this condition o
d things continue without universe
II bankruptcy? The advocates of gol
e tell us they are aware of the fact tina
: there is not gold enough for use a
: fnloney. This is admitted Oh a
n hands, but they suggest no remed.
le Some of them are willing to use
le limited amount of silver redeemabl
1 in gold. Why use a limited amour
of silver? If the amount Of silvt
p to be used is to be. limited by law, an
" not by the quantity obtainable, WI
use silver at all? The only indispel
81 I sable office which either gold
~ silver performs Is limitation
'e quantity. If silver is denied tn
ol function, and legislation must lin
nc az the quantity, silver Is only cred
u u money depending upon redemptit
ne in gold for its value, and as cred
VI VI money it is more expensive and n
vi vi as convenient as paper. The on
VII way the metallic basis can be enlar
ne ed is to use all the silver as well
VI all the gold for money which t
oT people will take to the mint +
no coinage. Such has been the pra
er' tice Of all the ages, such is the du
,er a of Congress under the Constitution
ne the United States.
I'D EQUAL COINAGE RIGHTS FOR GO
ao- AND SILVER PREVIOUS TO 1873.
ich From prehistoric times until t
the passage of the mint act of 1873,
owner of silver bullion could take
o~ to the mint and have 1T stamped
Js coined into money. The denial
~ this privilege to the owner of sil
ave bullion by legislation in which
o1 people had no voice, if persisted
ecu will be more destructive to civil
cen ton than all the calamities of
an and pestilence which have infiic
VI mankind since the dark ages.
the EXCLUSION OF SILVER fkoh
off MINT DESTROYS ITS MARKET.
The most unreasonable argum
DER used by the defenders of the act
1873, dcmonetizing silver, is the s
. 80 sestion that the silver in the sil
: = dollar is not worth 81 in g
rha While 412a grains of standard
and yer, which constitutes 81, could
49, taken to the mint and coined, s
mol quantity of silver was always We
nas. ~ as much as the 25.0 grains of sta
sa1d ard gold winch are contained in
J 80 ~ gold dollar. 1t was the exclusio
s;nt silver from the mint which dest
och ed its market. impaired its value
,Toro enhanced the value of gold.
;for The inconsistency of the men
i passed or who defend the act Of 1
in using the results of that
J. wrong as a reason why the price
the silver should not be restored by
was recting the wrong which deprecl
tput its price, is insulting. The resi-
the ton of the market which was
"a in stroyed by excluding silver from
the mint and the unlimited demand,
and created by free coinage, must re
rces, the value of silver and place $
has balIion on a par with gold bullls