The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1894-08-30

cost, but that proves nothing, for some
farmer fortunately circumstanced NAV
produce corn ut very low cost, but
that would not prove that all farmers
In the United States produce corn at
tho same price. These alleged statistics
Of the cheap production Of silver are
misleading, because they do not take
into account the tens Of thousands Of
silver miners who arc working at q loss
1t you ask why these tens OF thousands
otsllver miners are working at loss
The answer Is that "hope springs eter-
business is peculiarly fascinating and
every miner in the Rocky mountains
expects to strikea a fortune to morrow.
The truth Is that the value of silver in
dollar does not depend upon tho cost
OF production, but it depends upon the
amount OF sacrifice necessary to get the
dollar. Common llborers in 1848 and
l849 made $S8 to $40 per month in
mining gold, but the commercial value
Of gold remained at the mintage value.
1t is argued that If silver were coined
free, the world would he flooded with
cheap money. What is cheap money
but the opposite of dear money! What
Is imitation but the opposite Of contrac.
tlon2 The floods will not come, for If
all the gold and silver in the world
we're coined into money at 1G to l there
would not be per capita circulation
Of Ss5.
1t is also claimed that we would be
the dumping ground for the silver OF
alfcountries. If the silver were brought
here the people would hardly give it to
US, and they could not leave 1t with us
IN exchange for property we wanted
to sell and where would be the loss?
When 1t Is claimed that silver dollar
will buy as much sugar in any store in
the United States as gold dollar, the
gold basis adv ocates admit it; but they
insist that 1t is the credit Of the silver
dollar. If 1t Is the credit Of the govern
ment that sustains the silver dollar,
why such apprehension OF the govern
ment coming a Gaw hundred millions
otsllVer dollars At the close Of the war
we owed two billion eight hundred
million; we have now doubled in popu.
latlon and quardrupled in property;
we would certainly be able to fl 5at a
debt of three billions five hundreds
millions.
There is but three billions five hun
dred million of silver in the world, so
that the United States is able by its
credit to float all the silver In the
world. 1t Is a remarkable fact, how
ever, that those who are so apprehen-
slve Of the government iDjuring its
credit by putting its stamp on silver
are very anxious to have the govern
ment bonds. What is the difference I?
inc bonds draw interest; silver
docs not. The bonds prevent an
increase in currency, and keen producie
low, while the silver If coined into
money would increase the currency
and make products higher. Every ar
gument that Is now used against free
silver has been used against free gold.
In l848 to 1850 when the gold mines of
Australia were yielding large quanti.
ties of gold, it was then claimed, that
silver was the staple metal and the
peoples money. In 1856 Germany act
ually demonetized gold upon the
strength Of such arguments. The truth
Is that between the men who have dol
lars to sell and those who have dollars
to buy there is conflict of interest.
Those who have money to sell wish to
make dollars scarce. That is the under.
lying principle from which either me.
tai Is kept out Of the mints. Everybody
In Congress claims to be bi-metalist
but nothing that is done or proposed
ever meets the appreciation OF the gold
basis advocate nor does no ever suggest
anything except International bi-metal
ism. international bt-metallism Is an
impossibility. Mir. Gladstone in IL
speech before the house Of commons
said that the world owed England
$4,000, 100000. on which the annual
interest ia $50.000,0OO. lie further
stated that any step which would in
crease the volume Of money and there
by depreciate tho value OF EngIand's g
claim against the world would be op-
Rpsed by any English government hav-
ing dug regard to the interests Of the
English people. The statesmanship
and diplomacy of tho world unite in
the conviction that no valid or binding
agreement on currency can be made
without tho friendly cooperation of
England, the worlds greatest CONNER
cial power.
a distinguished international bimet
allist has defined very accurately and
distinctly when international bi-met;.
allism will be possible. 1t will come, he
said, by tho WoGd's common consent,
when the word Is uniting In an effort
to eXtricate itself from universal and
overwhelming ruin, produced by persis-
tence in the effort to do business with
an intlexible and Inadequate supply OF
money.
Announcer remedy promised 10y the Do
mocratic platform Is the repeal Of the
ten per cont. tax upon the State banks
of issue. Some people oppose this on
the ground that they want q money
which will be good all over tho world.
My check for $50 ould be as good in
I,aurens as gold. 1t would not be good
in London, Liverpool or Milwaukee,
but that fact would not lessen It's value
or It's use as a circulating medium at
liallrens. The people want not 50 much
currency to enable them to transact
their business and move their crops
without going to the great money
centers. A national money naturally
seeks national centers. The State bank
currency would be local In its charact or
ana there might Dea money center in
every county which would decentralze
money. There are 5000 banks in the
United States, all with deposit ac-
counts In New York and With their
basis of credit depending on their aver
age deposits. Tbe banks South and
West have to keep balances OF from
$4,000 to $4,000 In New York, concen-
trating an enormous amount and de-
priving their home customers. A local
n,,r III ~, {oln