The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1894-12-20

duction OF gold averaged about $43, OO0,-
900 annually more than that OF silver.
During the following twenty years up to
the year '93 the output of silver averaged
about s14 100000 annually in excess of
the gold output. Or take the worlds
production and what do we find? For
many years after the discoveries in Aus
tralis and California the worlds OUTPUT
OF gold was enormously in excess OF the
silver output. Then the tide turned, cul-
minating in 1892, when the production
of silver reached the unprecedented point
of $4,000, 900, or sec, 200, 900 more than
the gold output for the same year. In
'93 the tide again turned sharply in the
opposite direction; the production of sill
yer decreased, while that of gold sprang
up to sl55, 900 900; while in '94 the sill
yer production has dropped heavily again,
and the gold output is estimated at the
highest figure ever reached by either gold
or silver in the history OF the world
$40 ,OO0, 900.
Many Of the leading English authori-
ties now frankly admit that II danger
there be, it Is not that of too much silver,
but OF too much gold. The broad fact
remains that the pendulum swings from
one side to the other. and that after all
i.e vicissitudes of production, the metal
lie money Of the world is wonderfully
evenly divided between gold and silver
with the indications strongly pointing to
| an abnormal increase in the production
of gold Indeed, from the history of the
production Of the precious metals we can
arrive with scientific certainty at the de-
duction OF a NATURAL compensatory law,
which always has regulated and will
continue to regulate the relative supply
of the metals.
There is not the slightest danger of
our getting too much metallic money.
Any increase that We can hope for will
only bring the supply of money a little
nearer the true proportion which should
exist between it and the wealth of the
world, and SO tend to preserve the equi-
| librium of values.
But even If the history of the metals
from the earliest ages till the present year
Of grace should be falsified and an appar-
ently.proved natural law be found want
ing; even il the production OF silver
should increase so enormously that a
new ratio betwet it and gold had to be
established what then? 1t could be es-
tablished.
The reconciliation OF silver by America
and the exclusion of foreign silver would
put stop to Eng.and's getting cheap
silver from US, and would put the price
OF silver and wheat back to somewhere
near where they were before the Ameri-
can folly and crime OF silver demonetizs-
ton. But II would do more. 1t would
greatly strengthen the position OF silver
countries and so further stillen the price
Of silver. 1t would promote trade with
these countries, and so encourage indus
try and promote employment.
1t is impossible here to 60 into the wide
question OF whether America could carry
the burden of free coinage without losing
more than she gained. We think it very
possible that she could.
i Some things seem clear. This country
needs more money. 1t has within itself
supplies Of the money metal, silver, which
II taken from the earth and coined would
to 9 great extent supply that need, and
would create wealth in and from the
country. The doing of this would give
to silver money the only element of value
it lacks, and which it can acquire in no
other way. The stimulus which always
follows an increase of money would add
TO the work, wealth, and happiness OF
the people, and would increase depreciat-
ed values.
This country consumes over ninety per
cent OF what it produces, and is depend
ent on other countries for luxuries
| only. Itexports to other countries mainly
PROVISIONS, which they must have, and
will take from US il, and only If, we can
supply them cheaper than other nations.
England needs our provisions more than
We need her manufactures, her free trade
having ruined her agriculture. Her gold
monometslism is gradually shutting her
out Of many of her markets which We can
enter. 1t is in Americas power to put
and keep the balance of trade IN our favor.
This country can support much larger
| population than we yet have. The coin
age Of all our silver would certainly not
give US more money than we absolutely
require. And with our capacity for pro-
duction and consumption the wealth of
the country would support much heav-
Ter burden. With America standing
steadily to her guns, the now universally
admitted excellent cause OF bimetallism
would be greatly strengthened and pro-
nioted. With the diappesrance of the
reckless dishonesty with which SO many
OF our great investment properties have
been conducted, or rather misconducted
and ruined-more emphatic condemna-
ton OF railroad wrecking and other kind
red swindles. our securities would appre-
ciate, and remain desirable investments
for the gold of Europe.
The question broadly stated, is what
has been aptly termed "The Battle of the
Standards" The battle is joined and is
outrarce. 1t is incomparably the most
important economic struggle the world