The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-01-02
FREE SILVER DEFENDED.
7Hz MAIN HOPE o. Tl5 SOUTH ANo
TNSWGST.

THSWGST.
Col. YoumanS Elahor.teS >"':'e Oh iii>
,,o. ~, Monetary Questions. and Ar
y, Favor OF the White Metal.
To the Editor of the State.
In endeavoring TO comply with the
request OF your correspondent More
Than One" l shall at first attempt TO
meet your exceptions to my position
on silver IS expressed in Your issue OF
November 26th. III your editorial OF
that date you hold that the free and
unlimited coinage OF silver at the ra-
ito of 16 to should be entered upon
only By international agreement, that
its adoption by this country alone
would reduce our monetary unit 10 a
fifty cent standard, and that it being
so regarded by the great trading ma
tons would be disaster. The Ques-
ton of international agreement IS al
WAYS broached by the advocates OF the
gold standard. whenever the Tree
mintage of silver is proposed. not that
they have any idea Of accomplishing
anything, for they know that Is I'M
possible: but it is advanced. often Ike
LAWYERS move for 4 continuance,
merely for the purpose OF evasion and
postponement. Three times has this
governments admitted the disastrous Ell
fects of the gold standard by calling
for international conferences to reha-
bilitate silver and three times haze
the American delegates labored Under
the humiliation Of rising in the con-
ferences to vainl Y beSeech the kufo-
pean delegates to join with inem Ill
undoinc the treacherouS ROBBERY o.
Sherman and RuggleS ana tAelr CO.
conspirators, who engineered the de-
rnonetization of silver through q Con
gress apparently as ignorant OF the
laws of finance as the average voter
of the South and Northwest appears
to be of his own interest. Those who
now pretend to deny that the present
distressing situation has been cauSeo
bv the refusal of free mlntage OF sil-
yer, would do we'll to read and CON
sider the admissions of our govern
ment made by those WHO, as her oeie-
gates, voiced her sentiments IN these
Conferences. Even John Sherman
wrote Mr.. Goesback. a delegate to the
International Monetary Conference OF
1873. as follows: During the None
tary Conference in Paris when silver
in our country was excluded from CIR
culation bv being under valued, l was
strongly in favor of the single stand
ard of gold, and wrote u letter. which
you will find in the proceeding OF
that conference, stating briefly my
view. At that time the wisest among
US did not anticipate the sudden tall
of silver or the rise of gold that has
occurred. This uncertainty OF the re-
lation between the two metals IS one
of the chief arguments IN favor OF a
mono-metalic system, but other argu-
mems, showing the dangerous effect
upon industry by dropping one OF the
precious metals from the standard OF
value outweigh in my mind all theo-
retical objections to the bimetallic sys-
oem." In his address in this confer
ence Professor f. a. Walker sald:-
see International Conference 1873,
page S2-'sYet even more important,
In the view of the delegates from the
United States, is the probable effect
upon the production OF wealth, result
ing from the diminution Of the money
supply of Europe and America, alrea-
dy accomplished Or in progress,
through the gratuitous demonstration
of silver. Cutting, as in the first IN
stance it does, to the very quick into
the profits of the enterpreneur,o o" man
of business, which profits constitute
the sole motive to production uncer
the modern organization OF industry,
and, enhancing, as In its ultimate
operation it must, the burden Of all
debts and fixed charges, public, pri-
vate Or corporate-Which debts and
charges are. in effect, the mortgage
which the representatives of past pro-
~ducfion hold upon theproducts OF cur
rent industry diminution of the
money supply is one OF the gravest
evils which can menace mankind :
- Sufocation, strangulation, are
words hardly too strongto express the
agony of the industrial body when
embraced in the fatal coils of the con-
tracing money supply. Against
so great wrong 20 clvlllzatlon ana 70
the hopes of mankind the representa-
tves Of the United States here pres.
ent, raise their earnest protest and
warning"
Again in the international confer
snce of 1881, William NJ. Evarts, chief
delegate of the United States (see IN
ternational monetary conference. 1881,
pages s22, 1923 and 32S> said: They
thought that the way to get at unity
of coinage was to have but one metal
in the service of the world for It's
money. This was a clear subordlna-
ton of the end to the means; this was
sacrifice of money that could not be
spared in its volume and IN its force.
in order that the symmetry Of the
mintage might be more conveniently
attained. This was in the nature Of a
sacrifice of the great and manifold
transactions of an open commerce to
the convenience and the simplicity Of
the bookkeeping which records 1t.
The act of 1873, a coinage act. as l l.ll-
derstand it to have been, which. under
this unlucky incident of regulating
coin, has assumed to suppress onehalf
the intrinsic money Of the State : .
What is it competent, within the cour-
age and wisdom of this conference,
for it to propose that shall accomplish,
or shall promise, or shall tend to ac-
compish this great result Of placing
the money of the world abreast with
its burdens and responsibilities and
untrammeled in the discharge Of
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