The Canton times. (Canton, Miss.) 1893-1906, 1894-08-10
THE SILVER DISCUSSION.
Disputed Points Definitely Settled
During the Past Six Months.


During the past six months the
country has been turned into vast
debating society, and the proposition
for the free coinage of silver at ra-
tic OF 16 to l has been eagerly dis.
cussed in the magazines and newspa.
pers, on the platform and in political
conventions. At the outset the advo-
Gates of free silver appeared to be in
the majority, and as their movement
was well organized it seemed as though
the 16 to l issue would sweep the
country.
But the advantage OF the cheap
money shouters was shortlived. Real
izing the danger of the business in
terest of the country from the threat
of deprecated standard of value, the
believers in sound currency and an
honest dollar joined in exposing the
fallacies and decisions of the free coin
age scheme. Through the sound
money press, and in large number of
books and pamphlets, the folly and
dishonesty of free silver was clearly
shown, and by facts and statistics.
which left no room for controversy.
Now that public sentiment is strongly
inclined in favor of maintaining our
present sound financial system, brief
review will show the main points
which have been definitely settled
during the free coinage discus sion.
l. 1t was asserted by the silver
ties that by "the crime of 1873" sill
yer was secretly demonetized. 1t has
been proved beyond dispute, so that
the charge has been generally
dropped, that the coinage laws of
1873 were adopted after being three
years before Congress, and with the full
knowledge of the members of both
Houses.
2. 1t was claimed that the free coin
age of silver at Is to l would establish
bimetallic standard of values, where
by both gold and silver would be used
as standard money. It has been
proved that in reality free coinage at
16 to l would mean silver monomet-
allism, and this is now admitted by
such eminent advocates of bimetallism
as President Andrews and General
Francis A. Walker.
8. It was urged that there was
scarcity of money and that free silver
would give larger volume of cur
rency. 1t has been proved that there
is now more money per capita than at
any time in the history of the country,
and that the adoption of the silver
standard would lead to currency con-
traction by driving out all our gold.
4. 1t was said that since 1878 one
half of the money of the country had
been struck down. 1t has been shown
that while in 1878 there was less than
$100, 10000 of silver money of all
kinds in the country, there is now
over $500, 100000
5. 1t was charged that the gold
standard was adopted and maintained
at the instigation of small creditor
class. against the interests of q large
debtor class. 1t has been proved that
the number of creditors far exceeds
that of the debtors, and that the only
way in which free silver could benefit
debtors would be by aiding them to
repudiate part of their debts.
6. 1t was said that the passage of a
free coinage law would raise the COM
mercial value of silver from 80 to l to
the ratio of 16 to /. 1t has been
proved that 1t would be impossible for
the Governments stamp on silver
coins to increase their real value,
which, as in the case of ali other COM
modities, depends on supply and
demand.
7. 1t was claimed that free coinage
would benefit workingmen by giving
them higher wages. 1t has been
proved that under the silver standard
the prices of everything the working
man buys would at once be doubled,
while any increase in wages would be
slow and much smaller in proportion.
s. The cotton planters and wheat
growers were told that the decline in
the price of their products was caused
by the gold standard. Ithas been shown
that during the past six months cot
ton has advanced so per cent, and
that wheat rose from 30 to "a cents
per bushel, without any change in the
standard or volume of money. 1t has
also been shown that prices of corn
four greatest staple), oats, butter and
eggs, and of many other farm pro-
ducts, as well as of the price of labor
(wages), are higher now than in 1873.
9. The business depression of 1884
was asserted to be due to the alleged
characterization of silver. The present
industrial revival, with
factories running on full time, new
mills being built, and general evidence
of prosperity, is a complete answer to