The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-10-22


decrease in the commercial ratio or value
between silver and gold due to over-produc-
,ioa of silver or to the financial policy of
England, which she, through the agency of
commerce. is attempting to force upon the
world?
According to the Report OF the Director
OF the Mint for $685." the production of
gold and silver Of the world from 1892
10 1902 inclusive har been follows:
Gold. $5.6e3. 21e.COo: silver, S5.o77 500. 900:
total Sc 7i0 7i5,00o. OF which amount gold
is So a. per cent and silver 1927 per cent
OF this vast sum the United States pro-
duced si22 per cent of gold and 22.5S per
cent OF silver.
The production of gold and silver in the
United States from 1872 to 1892. inclusive
has been as follows: Gold. 1887 100; sill
Yer. Si.1is.SS 900. showing the production
OF silver to he S79i. 100 less than that of
gold: or, i'm other words, the total produc-
ton Of gold and silver in the United
States has been for the hundred years
ending with 1889. the sum OF sS0Si.7Jl,765. of
which amount gold is 62.S2 per cent, and
silver only c7lS per cent. With these fig
u-es in view Is IL not rather risky for the
monometallist to prognosticate - silver
food from, over production? II has re-
Gently been urged by some who should be
better informed that the cost of producing
silver I'm comparison with the cost OF pro-
duclng gold is little as 10 make silver
too cheap FOR money metal with fuil
legal tender prefogatlvc This objection is
made IN the face, not only Of an experience
of hundred ard eighty years as is shown
by the commercial ratios which have been
given. but also OF a report made by the
senatorial committee on mines and mining
on February IS. 1888. in obedience to res
oIutiou OF the senate authorizing and d.
rpcling the committee II investigate ard
report the cost or yho production Of sold
and silver bullion in the United States"
The report made closes q ith the following
language: 1--WE repeat or conclusion that
all the evidence taken together establishes
beyond controversy the main fact. tnat
the cost ne pI-@ss-~ing both gold and silver
has. during all ages. and does at the pres
ent time. exceed the coinage value of
these metals"
The facts and figures given are taken
from the official documents OF the United
States treasury department. and clearly
show that the ratio between silver and
gold. or the parity between the two metals
-if you please To use a term used generally
only t. muddlo-or the decreased value OF
silver has not been lowered. lesSened or
brought about by either over production
or cost OF production OF the white metal,
hence the reasonable conclusion is that the
results are due 10 the selfish financial pol
icy of England, backed up by unwise lesis-
lation on the part OF the United States.
nator Walsa. IN his speech OF Septem-
her a1st, is reported to have said that eng
land WAS the creditor nation. "a nation to
which other rations cwed $ieOG,9o,0o0.
hence II IS 20 England's Interest to have
the single gold basis" This statement is
generally conceded to be correct u has
been shown that the tital production OF
gold in the world has been f3r the hundred
years ending with 1892. $5,G6S,0j000o an
amount which Is only a fraction over IS
per cent of what other nations owe Eng
land. and hence with silver demonetiZed
internationally, gold has greatly Increased
In purchasing power, and England become
the financial dictator OF the world.
II the figures given be correct ana the
prediction Of Secretary Carlisle as TO the
disasters which wOulc follow The absolute
demonetiza don of silver as money or final
payment be true, THEN WAR WITH
ENGLAND RATHER THAN SUBMiS-
SION TO HER FINANCIAL POLICY
WOULD BE BY FAR TIE LESSER or
TWO GREAT EVILS. self preservation,
the nrst law OF nature" is applicable not
oniv to individuals but to nations.
another factor brought into the silver
problem by recent discussion Is the asSef-
ton that there is row In circulation
sufficient amount of silver or its repre-
sentative. the silver certihc2te, rs the per
CAPITA 81 circulation is 81 prese'; Jar an
excess Of what IL has ever before been.
In this connection consideration should be
given 10 III. fact that the business or the
world is now Ear greater than ever eN-
rienced and is increasing yearly. A
an Illustration take the business Of this
country for the past thirty-flve years. In
Is-a the year immediately preceding the
civil war, the total exports and Imports
including specie. OF the United States was
the sum OF $i95.55!,5S2, while in 1888 me
total exports and imports, exclusive OF
snacie was g5l4O66ll6. and 10 this sum
should he added the encrmc as increase IN
our interstate commerce. when ln'rease
i almost incalculable. ard great Ia
crease per capita IN our money clfc"iatloh
is not at all wonderful Again. very
,,,urh f-reater per capita OF money ia CIR
culatIon is required now than formerly ~
an increase I'm the wants OF the masses
the demands of what is At present regard
60 as but a comfortable living have great
IN increased during the past tnlrly years.
and to our population of freemen mas beea
added since 1868 a class-sone 4V'o'Vco IN
nyl,lber-Which formerly, as slaves needed
a., ,,cney for support or trade, but when
,,o,r demands its per capita share OF
money in circulation.
is,,.yl5us a. iS6p those who could count
,b.;r wealth az from $4,000 "a $bH ~" Were
,,.,,,,t.ors. even in the south. Waich WIS
Them the weallniest section 5f the union.
Navy fortunes are counted by the quarter.
hall inree-Cuarter, ana whole millions.
which means a possibility OF "A congestion
Of currency IN proportion 20 the differences
in individual wealth. These great did"r-
enceS Of conditions are clearly recognized
by the recently adopted income tax law.
which exempts all incomes 81 $4,000 ami I'M
der. per annum, from the operations of
that Lax. Tor an income Of $1,000 per annum,
clear OF taxes and insurance. means al
Investment of $4,000 yielding = net interest
ca per cent per annum.
Oac Of the Distinguished gentlemen allud-
81 TO used i'm his speech OF September 18th
the following language: II want to call
your attention to how much silver there
was that had been coined i'm the United
States prior to 1879 which could bc used 70
pay dents. only S8.23lool in eighty years
End So, Gii0l0 in go't dollars has been
coined" Here is = statement CT what pur-
ports TO be fact. evidently in:en led to
create The impression that our legal debt |
paying currency prior 20 1873 was gold with |
IT," exception Of $S,23l.G 600 OF silver. Now, !
according TO the report o. the director OF |
the mint 10. 1896. "Al the silver coins Of /
the United States were full legal tender |
from ls92 until the passage OF the act of |
February y. 1856. by which the fraC tiouaI |
PARIS CT the dollar We're made subsidiary, |
and the weights of the coins reduced" If |
we turn To ;he tables 20 be found IN the |
same report and lake the trouble to add |
together :he amount OF silver coined AT the |
different futntS since their ora niZ4tfor nm |