The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-30

The policy OF demonetiZng s!lver-that
is to say, denying TO 1t free coiLage-be-
gan in Europe in ISL and In the United
States in 1873. / ask the reader TO OBJ
serve here that the only substances which
the above table shows to have been in
medately affected by that policy were
wheat. cotton and silver. These were tho
articles most closely connected with the
trade and finances of British India. Tho
great staples Of our foreign commerce las
distiI grished from p"o1ucts grown and
consI med and not largely SHIPPED. slch
as Indian CORN, are wheat, cotton and
silver 1t was their supremacy in the
expectation OF these staples that Paye the
United States their marvellous growth,
prosperity and wealth They we're about
to transfer TO the United States the sceptre
OK the seas.
England saw her fate. BY constructing
a vast system OF railroads throughout
1n6ia at incacUlable expense, she had
sought TO stimulate In the rich soils of the
countries wateTed by the Indus and the
Ganges production of wheat and cotton
which would enable her TO compete with
us for the wealth. power. prosperity and
prestige incident TO the profuse produc-
ton OF these staples. But, although she
controlled n population OF 900 sub
jects. while we could count bat 65.0OOOO0
citizens, her railroads and her gigantic
endeavors by these and other agencies to
rival us in the production Of the two lead
ing staples OF commerce failed OF their
object, and II became necessary 10 re-
sort TO some abnormal expedicnt TO ac-
complish 1t. The expedient selected was
what Mr.. Goschen calls financing"
AS she nowhere possessed any valuable
fpau 81 ell Llgp q L.. r.f..
OF India, was a purchaser Of that metal,
she had nothing to lose and much to gain
10y depreciaung It's value. This was. how
ever but an incident of her policy, the
pOrtentous object OF which will appear
i'm what follows.
There is no direct proof that the clan
! destine decentralization Of silver by the
| United States in 1873 was procured by
| amissaries from London. Mr.. Tyler wrote
| from Sherwood Forrest in December. 1850:
THE great weakness of all confederacies
/ through all time, has consisted In their
! exposure 80 the intrigues OF other powers (;
and most surely If there ever was a
| motive TO influence foreign Governments
| to attempt course OF division and over
| throw il exists in the case Of our own
confederation. Holding together for forty
years longer. and all the other Govern
[
| SON" Bribery and intrigue are always
| unsusceptible of proof. But a study OF
| the cunning by which the legislation OF
| 1878 was enacted ny Congress wholly
| ignorant and unconscious OF what IL was
| doing, and wholly unauthorized by the
| people 10 take such action, will convince
any rational mind that II was the result
| OF foreign intrigue. Silver had been coin
| ed In the minis and current as legal tender
money in the United States from l7& until
| 1873. But In February of that year, by
mysterious agency, Congress was de-
| ceived into demonetizing that metal by
| prohibiting its free coinage in the minis
OF the United States and making 1t legal
tender only for sums not greater than
s.. Germany, which had In 1871 exaeted
81. 200 600. 900 Of gold from France as n war
| indemnity, had also been persuaded be-
fore the mysterious action OF the Amri-
| can Congress, to suspend the coinage Of
silver In the imperial mints. Most of the
SMALLER powers of Europe ore dominated
! by England and Germany, and the pro-
cLiing Of similar action by tttm was a
measure OF easy scomIlishment. Final
iy, several years later, France was
! Obliged. in self-defense. to ciosc her minis
TO all silver but her own, though con-
| tinuing TO accord to silver its full legal
tender function. And thus IT came about
that the free and unlimited coinage OF
silver was found. soon after 1878. 70 have
ceased throughout Europe and In the
United States. Indeed. silver had come
to be coined nowhere throughout the CIV
ilized world In any quantity, except n,
British India for II II useisss to speak