The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-02-28
The SILVER
by Howard M. Holden, a Banker, Read
in the Senate by Senator
Stewart, of Nevada.
[ From Congressional Record

With such a result Accomplished
IAN gold be made to answer as the So'
standard throughout the worlu'
The opinions of Hamilton anu GeIIoI
On have already been quoCeo. Ley uo
9e what a few good Iater aGIuorlClee
nave to say on this p0lnG. lney are
zone of them what are hlppantly called
silver men,
Mr.. Walter Bagehot, heretofore re
t erred to, and who was editor OF the
london Economist, said:
probably if there was gold enough
for all the worl | it would be best that
slere should be only a single standard
Of value throughout the word ard Cha6
3ne gold. but this is impossible. Some
havs doubted if there is gold enough
ven for the nations that now intend to
use it. and there certainly Is not enough
Tor all the world"
This was written in 1876. since which
time the pressure for gold has become
realty intensified; 1t was before the
states Of the Latin Union stopped SILVER
goInage and before the adoption of the
single gold stand ard By Austria and
s0me other States.
In MS testimony before the monetary
commission appointed by the trench
government in 1869 Baron r DthschlId
not Alfred de R~othschlld) said:
whether gold or silver dominates
cor the time being, it Is always true
ina the two metals concur together l n
f)rmlng the monetary circulation OF
he world; and 1t is the general a
the two metals combined which
!rves as the measure of the value of
.lings r + + | sh Iuld regret the
amOnetizati0n Of silver in its relation
our internal circulation, com
lercial intercourse with other COun
les, and the always uncertain eventu-
lities Of the future. But l should re
ret it even more if our example should
IL followed by other nations, for that
Suppression of silver would amount to
= veritable destruction Of values with
cut compensation"
At the Paris conference of 1878 Mr..
G-oschen, late chancellor Of the Engivsh
exchpQuer, then delegate from Great
Britain. said:
Il have spoken against the theory of
nose economists who argue that the
eOId standard should be everywhere
Introduced; | have stated that l saw in
il a great inconvenience, great danger,
and even great disaster. To that OpIn-
On | decidedly adhere. | believe 1t
you'd be a misfortune for the world If
propaganda for a sole gold standard
hOuld succeed"
Such was his opinion. while, for
manifest reasons, he tried to mold Il the
4OId standard for England.
The BQnkers' Magazine says editori
liz in its April numOer of this year:
England, for example, has been
tryiug to live on q gold standard, and
That country has been thinking all
long that it was quite able to transact
Us business and make it's loans in gold
ut the situation has become more
learly understood, even by the Eng
lsh. and they are at last beginning to
see that the requirements for gold are
greater than 1t can easily fulfill They
are beginning to see that the endeavOr
- float new gold loans in addition to
- npletiug the exchanges Of the world,
'ith the desire and intention on the
art of other nations also to adopt a
.ngIe gold standard, is causing such a
rear demand for gold as to jeODardize
usines5 interests, retard industrial de
elOpment, and in other ways severely
9tard the worlds prosperity
In iUs May number the same author
says:
The supply of gold is so small at
resent, in view of the worlds needs,
tla5 a considerable demand from any
uarter must seriously affect its va! ue.
ringing evils in its train, though these
re not clearly perceived. 1t Is unques
Onably true that the depression from
1bich the civilized world is to day
Iffering is due to some extent to the
nall quantity OF gold existing for the
: 1ormous requirements made on the
uletai."
A. INI-vnnI 1-.I n.-11L~u II
ne Mint Of the United States. in an ar
Gle in the Forum for June, says:
Passing by the greatquestion of the
Ill in the gold price of commodities,
> far as such fall is due to monetary
.auses, l find that one of the most seri
Gus dangers which confront US is the
insufficiency OF the supply of gold rs a
GasiS of the present and prospective
lIsiness of the commercial world, and
ne consequent disturbances attending
is accumulation and movement. r =
The struggle for the possession of & I'D.
18th It's consequent train of financial
disturbance. Is we'll under way. K X
T. gold is to be the sole money of the
wOrld, not only will the extension Of
business and of foreign investments be
S3riOu~ly crippled, but the immense
tbric Of credit, already top heavy, Is
able to totter. Where is the gold to
me from when the states of Europe
7ow having a paper standard resume
3ecle payments? AS | write, AUSTRIA
,ungary has decided to u specie
ayments, and adopt the gold standard.
nd the negotiation of a loan with
hich to purchase the gold necessary
N resumption purposes. and possibly
,esh demouetizations of silver, are sure
the truth is, the supply of the pre-
u metals is not more than snf liant
keep pace with the rapid increass Of
todern trade. What IS to be gained
disseminating the use of one of the
roney metals and throwing all the