The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-09-28
HARD MONEY.

A McGregor Discusses the Silver Cues
tion-Extracts From Carlisle, When He
Was for Silver; Also Honest ] ohm Sher
man-ImportAut Historical Facts Re
cited-Interesting Reading for all Stu
dents of Monetary Science.
Written for the News Democrat.
The present Secretary of the Treasury
the Hon. John G. Carlisle, on the floor OF
the House of Representatives, February
81, 1873, said: II know that the world's
stock of the precious metals 10 none too
large, and see no reason to apprehend
that 1t will ever become SO. Mankind
will be fortunate, ,indeed,i III the annual pre-.
duction of gold and silver coin shall keep
pace with the annual increase of popula-
tioD, commerce and industry. According
to my views of the subject, the conspiracy
which seems to have been formed here
and in Europe to destroy, by legislation
and otherwise, from three-sevenths to
one-half of the metallic money OF the
world 10 the most gigantic crime OF this or
any other age. The contamination Of
such q scheme would ultimately entail
more misery upon the human race than
all the wars, pestilences and famines that
ever occurred 10 the history of the world"
Senator John Sherman said in the Sem
ate in 1863. "The contraction of the cur
rency is a far more distressing operation
than Senators suppose. Our own and
other nations have gone through that op-
GRAFTON before. II is not possible to take
that voyage without the sorest distress.
To every person except capitalist out Of
debt, or q salaried officer or Annuitant, it
10 a period OF loss, danger, lassitude Of
trade, fall OF wages, suspension of enter
prise, bankruptcy, and ditaster. 1t means
ruin to all dealers whose debts are one
half their business capital, though one
third less than their actual property. 1t
means the fall of all agricultural produc-
ton without any great reduction of taxes.
What prudent man would dare to build o
house, = railroads "a factory, or barn with
this certain fact before him."
And now what do we Gee. Both these
distinguished men, cheek by jowl, vieing
with each other to peTperate awful
misery upon the human race, in an at.
tempt to demonetize silver.
oh what a tyrsnt is money. How desti-
tute of reason or right, The votaries of
gold clamored until they got an extra seq
sion Of Congress, thinking q repeal bill
would be rushed through at the imperious
Of the money lords.
Butt is not repealed yet, and silver that
q few months ago waI driving gold out of
The country, as the gold men said, has, of
charged with one il should be credited
with the other, for of late "gold has been
crossing the Atlantic to our shores quite
al frequently as the other hiRh-toned
II TasseDRers.n Besides, business is re-
viviDg and money is being let loose, and
the Sherman law IL not repealed! The
false prophets are foiled by time, the
avenRer.
The peculiar feature OF all this silver
business 10, that the only possible chance
10 save silver is to attach some provision
TO the repeal bill. Failing that and pass,
ing the repeal the opportunity Ia lost, for
President Cleveland 10 opposed 10 free
coinage and would veto any measure of
the kind, should one pass Congress.
One or the most contemplate argu-
ments urged, is that our abandonment OF
silver would soon force England to inter-
national arrangement. Long time would
elapse before this would occur, and we
hope Americans will not be fools enough
TO take such chances. The old spelling
book advice used to reAd-"My son 90 not
in the way of bad men," AT all events
let us not put ourselves In the power OF
the Shylocks. Trust not political buck
sters.
As to silver, IL IL said there las been
much over production. The facts show
In the twenty years between
1853 and 1873, gold production In the
world exceeded the production of silver
by 81, ,44l, ,000, 900; and from 1873 to 1893 the
tllVoF prOuucblOu was Oult pAJO,OOO,UUt
more than gold. Over production has not
, ffected the value of silver. Legislation
has degraded silver, and only legislation
can restore IL. IL need hardly be stated
that the people expected better things of
this Congress-; thought that free coinage
men would at least try to undo all the VIC
ious legislation against silver, and restore
olC fashioned bi-metAlliam. But Ii seems
we are doomed to disappointment.
Neither IL IL true that silver 10 produced
cheapIy. The fact IL, II costs more than
gold TO produce. A great proportion OF
The gold 10 found In placers and gulches;
and sometimes nuggets valued at thou
sands of dollars are found. But the cost
of mining or finding either metal has
nothing to do with its value 40 coin.
Ia searching and exploring without re-
turns. Gold production has seen Its best
lsys, and so has silver. The world needs
both metals as coin. Either, as a single
standard, will not do, for OF neither metal
% there enough for the business OF the
world and for currency. Let US not be
'oolsd In these matters, even II We are
,he ated.
But remember, this whole war upon
Iilyer is speculation. II isfor the purpose
II greater gain and greater security and
control on the part OF the hucksters 10
money. Under the rule OF the single
standard, business and labor would be
more under the iron heel OF the money
cover. Id has been we'll said, rhia ia the
nrst time In the history Of Republics, nay.
sven of governments, that . people de-
yoted 10 one OF the noblest OF human iu>
iustrles, tbs search for the precious met
Als Of the world, were doomed TO dsssruc-