The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-08-09
THE SILVER QUESTION.
Congress Must Lay Aside Sentiment and
! Spresd Eagle Speeches and Get
Down to Business
1Carolina Spartan.1

[Carolina Spartan
Our government has reached the
business stage of its existence. Senti
ment and the spread eagle have to give
way to the multiplication table. Fol
several decades legislation and elec'
tions will concentrate around great
economic questions. Our people will
not willingly give millions for the de-
fense OF any abstraction.
At the approaching session Of Con-
gress the reconstruction of our financial
legislation will be the chief considera-
ton. Silver will occupy prominent
place in all of their deliberations.
There are many persons in our govern
ment who advocate an exclusive gold
standard. Others believe in the free
coinage of both metals. The gold men
would demonetize silver and place it
on the list with iron, lead and other
! common metals. The silver men want
the two metals to stand on the same
footing.
Both have been used as currency
from the earliest records Of history.
! Gold has always been the more valu-
able. From 1878 to the end of the 18th
century the relative value was about 1
to Is; the extremes being 14.14 in 1850
and 1874 in 1899. From 1900 to 1873
| the relative values were uniform the
average being l to 15!, the extremes
being 1926 in 1918 and 1919 in 1859.
The bimetallic system of France kept
these values steady. In 1865 the French
system was adopted by Belgium, Swift
zerland, Italy and Greece. This was
known as the Latin Union. Spain had
the same system, but did not join the
union.
At the close of the Franco-P Prussian
war, Germany reorganized he none
tary system and adopted the gold
standard. Her silver was melted up
into bars and rushed off to silver-using
countries. This action on the part of
Germany caused sudden rise in gold
as compared with silver. In 1878 the
ratio was 1892. In 1889 it was 20.09.
Since that time it has gone as high
as %.
Norway, Sweden and Denmark fol-
lowed Germany and demonetized sill
yer. In 1876 Russia suspended the
coinage of whitemetal. In the United
States it was demonetized by the act of
February ~, 1873. This year India,
which is ruled by England adopted
the gold, Theenly countries
now open to the free coinage of silver
are Japan, Mexico and some of the
South American States.
The annual product of silver in 1878
was 81, 267, 600 ounces; coming value
$8l, ,sOO,0 In 1891 it was l43, $50, 900
ounces; coming value $1s5 $3.50, ,000.
With this large increase in the silver
production it is believed that if the
Latin Union had remained open to
free coinage and Germany had con-
tinued the use of silver that the relative
value of the two metals would not
have been disturbed.
In 1878 the Bland Silver Act was
passed which allowed the coinage oftwo
to four million silver dollars annually.
The actual amount coined was about
% millions year. During this period
silver did not rally, but continued to
depreciate. Then in 1890 came the
Sherman act which authorized the gov
ernment to purchase 4, 100000 ounces
Of silver each month at the market
price and pay for the same in silver
certificates. This has brought trouble
and demand for the repeal Of the Sher-
man law.
Now what will Congress do with
silver? There is a demand for more
currency, but the people wish a sound
one. Whether they have gold, silver,
paper or all three, they want a dollar
that is good everywhere and for all
time. They also want a flexible cur
rency, so that in case of stringency the
pressure may be relieved, confidence
restored and capitalists induced to
bring their money from its hiding
places and put it in the channels of
trade.
If silver is demonetized, millions of
dollars will be drawn from circulation.
The government does not own the gold
to replace it.
Then thousands and tens of thous-
ands of laborers will be thrown out of
employment, for if the United States
| gives up silver, the work in the mines
will cease, for there is an abundance
on hand for the arts.
Congress has no easy job on its hands.
Never has the been a greater need of
clear headed, far seeing statesmen than
at the present day. The legislation OF
the next two years will be the most
important since the days of reconstruc-
ton. The small men, the accidents Of
the hour, the drift-wood that has
floated to the surface of the muddy
| political waters, will be in the way.
They know nothing higher than the
scheming that will insure their re-elec-
ton. They care nothing for the COM
monwealth so they can keep on top.
Great questions are forced on US and
We want great and goodmen to discuss
and settle them.
| What voll arc SDra Of If Won Use DIR