The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-08-24
dt.t datther coinage of silver will drive gold

oraonISy IIS"nUi'y vi SOlQ has greatly in
oteaseu on"a since we commenced the pur-
Snase vi silver under the Bland act.
have not access to statistics to I SHOW
IIe rate OF Increase, but here ia n sneech
vi senator Teller delivered in the Sen
ate on the 18th of last February where.
IN ne says that In 1875 when we passed
me act OF resumption, we had onlv
$24l, ,OOO,OOO of gold, do not knou
whether he intended these figures 10
cover the entire gold metallic stock I'm
the country at that time or not, but
we commenced our purchases of silver
under the Bland act in 1878, and under
That act and the Sherman act they have
been continued to this day.
In spite of the false prophecies we
are still rich III gold, and our gold
report OF the director of the mint. for
1872, surpassed those of Great Britain
and Germany, and was only exceeded
ny that of France. That report shows
that our stock of gold coin and bullion
July |. 1892, was 1864 ,275 ,335, being an
Increase of over $l7,690,0OO since july
l 1871. ibis increase was against a loss
the previous fiscal year of $4S,a8O.-
Al. Doubtless the report for the pres
ent year. owing to the causes we have
mentioned, may again show consii-
cradle loss. But these figures show that
the gold will flow in or out as our ex-
ports increase or diminish over our i'm
ports. Gold will continue in the future
10 How In or out in settlement of trade
balances as it has always done in the
past.
But there is another and a special
reason why do not regard the Sher
man law rs the chief cause for finan.
clal troubles. The Sherman law ia q
United States statute operating only in
our territory. These financial troubles
exist throughout nearly all Christen-
uom. Look at the immense failures
IN Australia, the consequent CONNER
clal disasters in England; consider the
closing OF cotton mills in Lancashire
Inc convention of manufacturers in
Manchester to investigate the causes
OF dlstress the assemblage Of agricul-
CurlSts In London for the same pur-
pose, The meeting not ten DAYS ago at
the Mansion house the Official residence
OF the Lord Mayor of London, of the
business men of that great city for the
same purpose, where they were ad-
dressed by the Rt. Hon. n. |. Balfour:
the extraordinary financial distress i'm
RuSSla and Italy, and we cannot but
conclude that such universal financial
trouble implies a universal cause. We
can no more ascribe it to a local inliu-
ence-as the Sherman law-than we
could attribute the epidemic prevalent
throughout Georgia to some disorder
existing alone in some interior town.
mat general or universal cause be-
neve to be falling prices. Now l do
not mean low prices, but | mean what
L say-fallinR prlces-that is, prices
gong, going lower constantly. In
crease or dimunition of production
may sometimes check or accelerate the
decline. bnt year after year the decline
continues
we see 1T In the shrihkage in the
value OF securities, in the constant fall
IN Inc price OF cotton, of wheat and
pork, in all commodities and in all the
ARTICLES or cOmmeTse. For years it has
gone on, and 1t still continues to 90 on,
III Is this constant, continuous declined
when dlscourages and impedes and
oDstructs the Investment OF capital in
business enterprise. There is but little
indncement to enter into any business,
De IT on the farm, in the shop, or in the
factory, If at the end Of the year prices
have so declined that the products
raised, the merchandise sold, or the
goods manufactured, will not bring to
the investor reasonable profit. Hence
capitalist hoard capital, ENTERPRISES
ceased, store close, and factories and
shut down. The reply is
made-laws OF supply and
demand regulate trade Where natural
supply and natural demand operate. |
Will determlnd what are the natural
prices. But the action of government
sometimes 1nterYeneS and alters the |
natural supply or the natural demand. |
a nigh protective tariff greatly limits
of Of
foreign merchandise. The natural
supply Is cut off, but the natural de-
mand continues, and the price is deter.
mined by the artilicially reduced supply
and the natural demand. OF course
the price is advanced as long as these |
causes operate. This is equally true
as to the increase or decreased in the
volume of mOuey.
Up to 1873 the commercial world |
used both silver and gold as primary
money. This was the money provided |
by the God of nature for the wants of |
men. While some nations used gold |
ana some silver, yet as long as France |
kept her mlnts open to the coinage of |
both metals at fixed ratio their parity |
with each other was preserved. There |
was natural supply of money and a |
nafural demand, and the natural sup.
ply ana uemand 1Or products preserved |
tnatural price. But government &C.
ion now intervened in Germany and
'he Gnited States and altered the nat.
lral supply and demand Silver was
iemonetized at that time by these ma
IONS An increased strain was put on
,old to discharge the money function
md the supply Of money metal being
United to the extent OF the exclusion
If sil yer, the value of gold as 4 money
METAL necessarily advanced
There was a contraction in money
nd hence fall in prices. AS Mr.. Cos
hem, the former chancellor of the Ex-
hequer of England, said as far back as
S83. "The fall of prices comes from
he rise of gold".
Now since characterization took place
n 1873. the United States has partially
estored the money function Of silver.
his has tended somewhat to break
he fall In prices. But in the mean
While decentralization of silver has con-
lnued in other countries The scram-
lie for gold in Europe has increased
AUSTRIA, Hungary entered the market