The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1893-07-27
FOR FRKR COINAGE
The Country Would Profit by
a Double Standard.
INFAMOUS LEGISLATION OF 1873
The Mistake Made by Germany i'll De-
monetizing Silver Rapidly Followed
by the United States-The Agtl-
ton for the Restoration of Sill
yer Kept Up Ever Since.


ton for the Restoration of SlI-
yer Kept Up Ever Since.
We all agree that prior to 1873 both
gold and silver were the acknowledged
money Of the world, and that IN all
countries either gold and silver consti-
tuted the double or bi-metallic standard,
or that silver constituted the only
STANDARD, with the exception of Great
Britain, which country had put herself
upon the monometallc gold standard in
1916. After the France Germany war in
| 1912 Germany accomplished the unfit
cation of all the various kingdoms and
petty sovereignties and states into one
imperial form Of government The
money existing in each state was retired,
and uniform imperial currency was
established. But she made the serious
mistake that many have committed since:
Supposing the greatness Of England,
instead Of being due to the magnitude
of her coal and iron and the cheapness
of production, was due to her monetary
system.
A vast tribute had just been paid by
France as the penalty Of the war, and SO
Germany, by substitution of this money
for the silver about to be displaced,
collected together her silver coin without
monetary revolution and threw it upon
the mints of the world.
But even with all these favorable cir
cumstances, this scheme would have
resulted in dismal failure werei it not
for the aid gained from another source.
Some nation assisted her. Who was it?
What powerful nation joined in the
movement? No European nation but
the United States Of America this
greatest silver producer, not yet on a
specie paying basis but struggling toward
specie resumption-was guilty Of this
objectionable act of folly, and by her
action drove France and the Latin Union
into this vigorous movement against
silver. Was it matter of public dis
cussion? Who debated it? Did congress?
Was it matter of consideration by the
president? No. This was the great tsteal of
1878, when silver was dethroned from
the seat it had heretofore held. Who
knew the silver dollar was eliminated?
What United States senator participated
in debate on the question? The United
States precipitated the great movement
against the white metal. She was one
France reluctantly closed it's mints to
Union What followed?
the agitation for silver's restoration to
+[o+ ,looo ,,hnra Il rnionnI
was instituted Who opposed it? The
creditor class, who, if not the promoters,
were the benefclaries of this infamous
piece of legislation enacted in 1873.
Who are these creditors? Bankers,
money-lenders and bond holders. Every
one knows how untiring, energetic,
ceaseless, have the efforts for silvers
restoration been. How, in 1878, free
coinage bill passed the house, and then
possibly the influence of Wall streets
pocket books interyened, for it was mod
flied in the senate by the outside efforts
of a collection Of money lenders, brokers
and bankers. The Bland Allison act
was the result, but it was vetoed by ex-
President Hayes, and finally compro-
mise bill was passed over his head.
What did these gentlemen-bankers
and money-lenders of the world, who
we're interested in increasing the pur-
chasing power of money and putting a
limit to it's quantity-then predict?
They predicted that we would be in the
condition of China, India and South
America. What is the truth? The
statistics of Mr.. Leech prove that in
1870 the amount of gold coin ana certifi-
Gates in circulation was $1O6,0O0,000.
What was the effect of this bill of 1873
in 1880? The gold coin and certificates
in circulation that year were S268, 100000,
as against $l06,OO0,O0O in 1870 We will
pass to the time when the great Stuffed
Prophet" was elected president. just
before his inauguration he addressed
letter to the democratic congressman
requesting the repeal of the limited coin
age act, and predicting the direst
disaster to the finances of the country
unless it was repealed. Still our gold
volume increased. In 1890 the agitation
Of the silverites resulted in the passage
of bill directing the coinage of ~,
100000 monthly. More predictions of
disaster by the gold bugs. What was
the volume Of gold IN October, 1890,
three months after the passage of this
act, and when this threatened exodus of
gold should expire? We find according
to Leech's statistics nearly $55O,OO0,00O
of gold in circulation in the United
States as against S268,0O0,0O0 in 1880.
So much for the threat that all the gold
would leave our shores. This has been
the pet argument Of gold bugs, but in
the hight of facts it is ''shown up"
But I do not desire to utilize your
valuable space in negatory argument.
What are our claims? Have we a logical
argument? I think SO. No sane person
can deny the fact that more money is
necessary per capita. Our per capita
circulation is $22.36. Frances is s57.36.
Our population is increasing at the rate
of per cent per annum. It will, there
fore, be necessary, IN order to maintain
the existing per capita of S2236 to in
crease our money volume S5Q,O0O,000
annually. Adding the $30,OOO.0OO an
nually necessary to take the place of
National bopk notoo wbiob oro bo;,,.