The Meeker herald., 1895-06-29
AN AID TO PROGRESS.
SILVER THE PROTECTOR OF
WEALTH MAKERS.
q statistical Review by George e.
fiumbe Showing the Achievements of
tho Nation Under the Btmetau,c
foiioy-Ruin in Gold Standard.

Inc United States emerged from the
war OF independence with a debt of
ABOUT $76,O00,0O0, of which $11 900 900
was held abroad, chiefly in France
i1oiiand and Germany. The new gov
erhihent at its outset found itself with
oue revenues. without commerce and
without credit at home or abroad. The
circulating medium of the country
consisted chiefly of deprecated paper
currency, which was worth in 1880 only
~ 10 L in silver. At this time sugar
soia for SIS pound and eggs at s12
a dozen.
Inc question of providing a cur
,ehcy Tor the country was taken I'D
Wy congress in 1881, but it was not
until 1894 that the mint went into
operation, and in that year some silver
was coined and the year following
httie gold, the ratio being is to /.
me amount of silver coined was in
nisnihcant, from the fact that the re-
sources OF the mint were the foreign
eoihs that came into the country and
Tue silver plate held by private indi-
Viauals which was sent to the mint to
70 be Transformed into money. The
totai coinage Of gold up to 1884 was
@l4'ooo.OOO, but little or none was in
circulation before 1920 and none after
.hat date, 1t being drawn to England.
subsidiary silver was the only metallic
money except cents in circulation I'D
10 about 1910. The reason more gold
thah silver was coined was that as
early us lI79 gold was found in North
carolina and Alabama, the mines of
which yielded up to 1873 about $40, OOO,-
WV worth of gold. 1t was not known
that silver in any considerable guam
tities existed in the country until its
discovery In Nevada in 1853. The dis
covery of gold in California and silver
In Nevada modified largely our fnan-
clal theories and laws.
Previous to 1910 silver was the only
money in circulation in the country, ex-
cept the paper issues of the state
banks.
What did the country accomplish
during the silver period between 1874
and 1910?
First, 1t paid OFF its revolutionary
war debt, and by this means estab-
lished Its credit the world over. Dur
ing this period the nation had de-
gree OF prosperity that was unprec-
sdented in the history Of the world
and our foreign trade and commerce
became enormous. From no COM
merce at all in 1890 we had reached
a position where. in 1859, GA per cent
of our exports and rs per cent of our
imports were carried In American YES
sells. 1894 only 10 per cent of our i'm
ports and per cent Of our exports
were carried in American vessels. On
the high seas our only rival was Great
Britain. and there was more truth than
poetry in the declaration that our sails
whitened every sea.
Second, silver carried the government
through the war of 1872 with Great
Britain and established our claim that
the American flag protected an Ameri-
can seaman without regard to his ma
tionality, and this has not since been
a subject of dispute. This war en-
tailed debt on the government OF
nearly $100,000.000, which was not only
itself paid off but all preceding obli-
cations were discharged, SO that Jan.
l. 1886, the government was out Of debt
and had surplus In the treasury of
SAC, 100000. Congress took action as
to how 1t might reduce the revenues
of the government. and bill was
passed in June, 1896. to distribute the
surplus, over $5,000,000, among the
states OF the union, and over $2S,ooO,-
900 was so distributed.
Third, In this silver period the coun-
try became one of the great manufac-
turing countries of the globe. Our cot
ton product increased from 100000
pounds to S3i,C 1000 pounds, and the
number of spindles was larger per
capita In the United States than In
Great Britain. In iron, agriculture,
paper and woolens we were hardly
outranl,ed on the globe. In 1880 the
product of American manufactures was
about $40 900 900, but In 1910 1t reached,
in round numbers, a value OF $4,000
600.
II,
enormously to the extent OF our pubic
domain. In 1903 the Louisiana pur-
chase was made from France, which
added more than 100000 square miles
to our territory at cost of sl1.25o.ooo,
which our government paid In bonds
which the French took, 30 we'll estab-
,,shed had our national credit become.
In 1919 tho purchase OF Florida was
made from Spain. costing US SSooo'ooo
and adding $4,000 square miles to our
area In 1s45 New Mexico was pur-
ohouod from Texas at cost OF $10,-
900 900, by which we acquired l2l,2ol
sm,aro miles of territory. In 1s4S, by
the expenditure OF sl5,oooooo, we ac-
ouired. including Toxas. $4,000 square
miles of additional territory. In 1853
the Gadsen purchase gave us an in
oreased area OF t5,535 square miles at
a cost of $lo,OOo.000. and In 1868 the
.oian nf Alngka added bSO.- |