Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-13

HOW aod Why silver was DemOnitlzed-
NEW MAnrINsvILLE. w. VA, July -.
10 As Editor or tas Register:
SIR: "The scheme for demonetIzing
one OF the so-ealled precious metals
originated with the money or creditor
class. not for the public good or general
welfare. but was prompted solely oy
selflshness on the part OF that class. IL
originated soon after the rich gold dis
/ coyerles Of California and Australia, at
A time when it was thought that the In
creased production of the precious
metals would seriously effect the Vaiue
OF money by the anticipated rise In gen,
| eral prices. In 1857, in his Work (''ta al
/ OF GoldiO Chevalier said: The quantity
OF gold annually thrown on the general
market approaches, In round mum oers'
4 milIiard OF francs $500, O00, 0OO). For
a long series OF years California ana
/ Australia must produce such quantities
/ as 10 render a marked decline In us
/ value inevitable. IL is absolutely GER
/ tain that a production so vast should De
| ACCOMPANIED with . great reduction Ia
/ its value. In no direction can new
outlet be seen sufficiently large TO ao-
| serb the extraordinary production OF
/ gold 80 as 10 prevent fall in It's value.
i Unless, then, we possess Il very robust
\ faith In the immObility of human affairs,
we must regard the fall in the value OF
| gold as an event for which we should
/ prepare without loss OF time.
"Under this and similar appeals from
/ different parts Of Europe, oY the money
and creditor class, who saw In the near
| future their coin aud their securities
deDreciatlng In value relatively as the
poor mans labor and the producers
| wealth increased through the increased
volume OF money, Germany, Austria
and several other countries demOnetlzed
gold. On this subject the Congressional
| Monetary Commission says: Inc
movement in Europe for the general de-
| mopetization OF gold would have be-
/ come general but for the resistance OF
France. 1t was changed In 1865 into a
! movement for the characterization OF
silver. But this change from demoDe-
thing gold 10 demonetizing silver was
more OF form than Of substance. The
object aimed at by both was disuse OF
one Of the many metals 10 protect the
. creditor classes and those having nxeu
1 incomes against a fall In the value OF
money and a rise in general prices OF
labor and property.
'rhe Commission adds:
''This Is the pith aud marrow OF the
monetary discussions Of the past TWEEN
~ wears. In all the European discus
| sious after 1913, and prior 10 the Ger
man demonstration Of silver and its
| consequences, the point made was not
that either metal had deprecated reia-
lively 10 the other, but that by reason
Of extraordinary supplies OF gold from
| California and Australia about 1865,
/ and by new supplies OF silver from
/ Nevada, both metals had de-
| preciated relatively TO labor ana
| commodities, and that kings, princes
/ and office holders, having tred incomes,
I and the creditor class, having ttred an
nldtics. were being injured by rise in
\ the price OF labor and commodities.
I Q"The laborlng and producing classes
/ we're getting the better OF the Idle, nom
taxed and non-producing classes. SO
/ long as the double standard existed a
new supply OF either metal was an addi-
ton TO and only affected the general
mass OF money, aud not the relative
\ value OF the metals. The "fall in gold"
/ which Chevalier lanented In 1857, was
| It's fall In relation TO property. In or
/ der, therefore, 20 protect the "income
/ classes" 10 was claimed 10 be necessary
\ 10 demonet-5 one OF the metals, and
gold bei1g the metal which then prom
| ised Tie most abundant yield, was Sc
! lecIsd for the purpose. II was not
/ fan in gold relatively to silver, which
caused Germany to demonetize gold In
! 1857, neither was In fall in the value
/ OF silver In 1S7l-73 which induced sew
eral countries in Europe and the United
| States 70 demonetize silver. The prin-
cipal causes which led these countries
| to adopt finally the gold standard and
reject the silver, was, first, the persist
ence with which England chung TO the
| gold, made q European union upon a
single metal other than gold impossible;
/ and second, the discoveries Of the Ne
yada silver mines. We can readily see
/ how the creditor class OF kingdom and
empire, and that class OF born and law
perDetuated rulors who depended upon
/ fixed incomes could thus outrage
and impose upon the laboring and pro-
duCing classes, who have no voice in the
legislation Of their respective countries,
/ BAT IL is astonishing that free people,
/ exercising absolute sovereignty, should
I be so blind 10 their own interest as to
allow the creditor aud fixed income
class thus TO rob and destroy them The
sole object OF the resumption Of gold
payments and the decentralization OF
silver In the United States, as IN Europe,
was 10 enhance the value OF the credit
or's principal ana interest, and the
fixed incomes Of the Salaried officials
by law, and degrading prices OF labor
and production. The decentralization OF
silver In the United States was fraud
upon the people, If not upon Congress
aud the administration. From the re-
port OF the Silver Commission we obtain
the following facts, also; The Act Of
February l., 1878, is long act OF sixty
seven sections, regulating all the details
of the Mat. Ii does not demonetize the
old silver dollar or any OF the silver
coins OF standard weight issued prior 10
1874. The silver dollar is not named in
il, and il would escape the casual obSer-
walton that the dollar was in any way
affected by IT, Precisely what the act
did was to authorize the coinage OF sill
yer half dollars, quarters and dimes be-
low standard weight, and OF new sill
yer coin for Asiatic commerce, above
standard weight, called the Trade
Dollar and prohibited these coins from
being legal tender for more than five dol
lars in any one payment. None of these
coin were legal tender for more than
that amount under the act Of February
25, 1853. 1t contained 10 prohibition of
tha cof,,ga Of tia old silvor dOllor nv