The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-09-27
Is Cold Sounder Than Silver?


Journal Of Politics, New York, september
Those who, from interest or ig
norance, set up a concerted outcry
for "sound money for "honest
money" would have us think that
gold only is tina! money; and their
constant allegation in support of
their worship of gold is that it pos
sesses an almost unvarying value
which entities it to the exclusive
name of standard. But the most
cursory review OF the facts Of none
tary history shows the fallacy of
such an assumption. Gold appre.
ciates and depreciates as we'll as
silver. Silver will today bring as
much per ounce of the commodities
as it ever did. 1t is gold that has
appreciated in Consequence Of leg.
islatlon favorable to it, and because
its annual production is steadily
diminishing in the face of an in.
creasing competition among civiliz-
cd Nations FIJI l. r--,,-s..-.
SO to say that silver is no longer
"honest money" equally with gold,
simply because it has come under
the ban of legislative conspiracy,
accomplishing its selfish ends by
surreptitous methods, and at a
time when neither of the two met.
ais was in use, is to utter a none
tary falsehood, for which no sin.
cerely honest excuse can be framed
or conceived. There is really no
such fiction as seventy eigdt or a
seventy.two-cent dollar, VIXEN sill.
yer dollar will buy what 1t always
would, or an ounce of silver will
buy as much as it ever would of
needed commodities. Why not say
that a gold dollar which nobody
ever sees, and SO therefore ma lie
the standard dollar, is worth
81 - or Sl,28? But that is not the
fashion of the argument with the
c,edltor d,u.e.y; .hey do NO. cafe
to pull the wool over that eye.
A careful comparison of the
purchasing power of gold and
silver will show that both have APP
preciated in relation to commodl.
ties generally; the latter ia com
paratlvely small measure, the former
immensely and ruinously. The
reason for the great change in the
relation of the two metals is obvi-
ously that one of them, silver, has
by mistaken and mischievous legis.
lation been deprived of its legal
tender functions.
Aud if gold, equally with silver,
rises and falls, appreciates and de-
preciates, why is 1t any more sound
aud honest money than silver?
How long ago was it that the
proposition was made to demonetize
gold instead of silver? Germany
at one time seriously considered it.
We of the United States were like
wise talking of it The supply Of
the yellow metal was then
5000, 100000 yearly; now it has
dropped to 1924, 900, 900, and with
gold alone as legal-tender money
for all amounts, with the annual
supply diminishing, and other
nations competing eagerly for it,
how long will it be before falling
prices (of commodities) will drag
down all profits with them, and all
further enterprise terminate in
universal panic that will precipitate
industrial chaos and social con.
fusion?
1t is important above all things
to understand what an enormous
loss of wealth has been suffered by
the country in consequence of the
demonstration of silver, and the
consequent appreciation of gold.
Few people have any idea of the
extent of the actual robbery delib.
erately committed. The accepted
estimate is that the silver miners
themselves submitted to loss of
IS, 900, 600 year, but how is it
with the cotton grower and wheat
raiser? Let us see.
When silver was demonetized in
1873 cotton brought l6.4 cents per
pound; i'll 1880 it brought 90 cents
per pound, showing clear loss of
S22 :. 800 Coo on the yield Of the
year, which was $500, 600, 600
pounds. Averaging the output for
the whole l years, and the prices
If tho Uhola nariod tharo 10 on