The Helena independent., 1894-11-28
MUST BE EDUCATED.
lnsufiIclency Of Gold Production to the 5usl.
ness Need Of tho WorId..strong
Speeches.

was mentioned, been encouraging. but
the organization OF the committee on
rules, with Congressman Bryan, OF Ne
brnska, as chairman, and u. A. Mar
shall, OF Texas. as secretary, has been
highly delighting. Nevertheless. there
Is as yet no certainty that the matter
VIII go beyond this In the convention
there IL a strong element In favor OF In
ternatlonal free coinage only, and OPP
posed to any expression whatever upon
the subject by the congress. Whether
the bimetallists will be strong enough
TO overcome both these elements cannot
be told. Yet there is certainty that
the main struggle will be on this por-
tion of the resolutions committees re-
port, and the battle Will not be Of brief
duration.
At the opening OF the afternoon ses-
sion, Congressman-E Elect Shafroth, OF
/ Colorado, was invited 10 address the
delegates on the silver question. Shaf-
roth opened his remarks with a theo-
retical discussion of the effect of the
complete demonetization of silver, and
the consequent compelling of any one
metal, gold for instance. 10 transact the
business OF the country or OF the world.
He touched upon the annual production
OF gold, and arguing from statistical as
sertions that more than rs per cent OF
that production goes into the arts, held
that theremaining 20 per cent was equal
TO but l per cent of the aggregate
money supply Of the world. while the
Increased demand in trade was six
times In excess of that percentage:
there was but one course TO follow 10
supply trade with its necessary medium
OF exchange. viz: the free coinage of
silver.
| Following this he reviewed the posi-
tions OF the various governments of the
world with relation to gold. and the in
| crease IN number OF nations relying en-
urely upon the yellow metal as a basis
or circulation. asking IL il were not
reasonable that, with necessarily ap-
preclated value, silver should be used
To meet the ever-growing demand for
exchange. He opposed the limited use
OF silver, for anything short OF free coin
age under the financial system now ex-
listing meant simply the redemption ul-
| timately of that silver with gold. there
by again appreciating the value of the
latter metal. The facts showed that
the production of silver, though an
nually larger than that OF gold, vet,
with relative comparisons made of the
totals for the world. at the end of the
year there was less than ! Der cent
greater increase. .3S of per cent. to
speak exactly What danger was there
In thatP
Al the close OF Shafrnth's remarks n
| nf aI..sa
dueed and referred to the committee on
resolutions without debate. Among
them were these: Opposing tby the Sc
attic chamber OF commerce) the adop-
tion by the congress of any resolution
demanding the free coinage OF silver:
favoring early construction OF the Mic
hragua canal: opposing the so-called
Olney plan with regard TO Pacific rail-
road debts, and favoring foreclosure of
the government mortgage, with the re-
| storing TO the people of the granted
lands; favoring taking away from con-
| Eress It's coinage power, and its return
to the people, under the system of ini-
] tlatlve and referendum; favoring the
withdrawal Of all existing circulation
mediums and the substitution thereof
OF an issue of full legal tender treasury
notes to the amount OF $50 per capita:
favoring the creation Of cabinet Office
to be known as the department OF trade
and commerce, and numerous other OF
minor character.
The hour OF o'clock having arrived,
the special order took precedence. and
discussion of the demonetisatoin of sill
Yer was opened by EN-Gov. Prince. OF
New Mexico Upon the principle that
all structures must first have a foun-
dation, the governor stated that he
would conflne himself to n statement
of facts, leaving the superstructure OF
argument Ia those who followed him.
He then began review OF the existing
conditions. lie charged that the east
ern section Of the United States was
opposed to bimetallism. not from prln-
ciple, but from absolute ignorance of
the subject. Yet he did not mean by
| this 10 charge conscious wicltedness
The west. by reason of intimate assoc
cation with the need Of a greater supply
Of money, was better informed. while
In the east only the banking element
was acquainted with the issue, and
they, from selfish interests, advocated
gold monomctallism. Turning to the
demonstration act of 1873, passed, as
he asserted, by secret fraud. and which
no member Of congress had ever nck-
nowlcdged having voted for with the
knowledge that Il did demonctlzc silver
he said all that silver men asked was
the repeal Of that law, which no man
acknowledged paternity FOR and which
every man I'm public lfc then or now
declared the child of stealth. The de-
mand would be the same were there
not a single ounce OF silver produced
In America.
II wns the need OF a circulating mc-
dum Take for instance the wheat
crop. The decline in price per buHhCl
had been from Sil to about 90 cents,
or net loss 10 the farmer Of S2LO 0O0.-
900 per year, or taking the acreage
value ~ wheat, corn. oats. hay and cot
ton. the decline since the dcmonutlaa-
tion Of silver had been from Sl5.G5 10
Nl5, or Is per cent Taking the bi-
metallic prices OF 1873 as "a hasla, the
gain. hy the restoration OF silver o.
the ngrculturist would be 81, 500 600.
900 annually. This, Ia the face or the
fact that the decline Of silver made
net loss of 3S2, 900 annually To the
miner. proved that the issue was not
local to mining interopts Indeed. the
decline In prices was not decline ~
vnlue. hut an appreciation of the pur-
chasing power. and what more could be-
said In favor ~ an incrcnsr Of the me-
dium of exchange, especially when we
see countless thousands suffering from
the existing stntc of nffalrsg
Take, for instance, the farmers
mortgage. Let lt have been made whom
wheat WAS 4llg; then 100 bushels of
wheat would have paid Sil9 OF the debt.