The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-24
OBSERVE

for this reason there is not sufficient
money of final payment, and the appre-
citation of gold has deprecated every
tIllng else. Upon these two propositions
their entire arguments are based.
The secretary met these propositions by
| claiming, First: That the alleged contrac-
ton OF money of final payment had not
taken place; second, that the proposed
remedy would, in all reality, drive one-half
OF the money now in use out of circulation
ana produce contraction ruinOus in its
results.
he said ii was immaterial, so far as the
| proposed legislation was concerned, how
the act of 1873 was passed.
1t would be folly to bring on disas-
trous consequences for the simple satisfac-
tfon Of repeating law improperly passed"
The act of 1873, he claimed, did not re-
move one-half of the money of final pay
ment. In 1873 the only silver coin in the
United States consisted of subsidiary silver
amounting to $lIOO0,00O. which was not
good for the payment of debts in amounts
| beyond five dollars. The coined gold in the
United States, then, amounted to only $780,
OOO,OO The coined gold in the United
States, now, amounts to S678, 569, $50, while
the standard silver amounts to 1928 2S9 900,
and the subsidiary silver to sac, 772,OOO.
The total gold and silver therefore, in
1873, was l32,000,000, while gold and silver
now, is S1,2SS O0000O-eight times as much
as in 1873. The paper money, including
bank notes, in 1873, was about equal to the
amount now in use. The per capita of cir
culatiOn in 1873 was between SIS and Sl9.
The per capita now is between S23 and $24
Or compare the volume of money under
the present law with the volume at any
time prior to the act of 1873. Take the
year 1860, for example, when the free coin
age of both gold and silver was allowed by
the law. There was then, specie, $154, 000-
lAaa Il ,,..s,e no e.,T 100
making a per capita of Sl202; or about only
half as much per capita as at present. The
per capita of silver alone, in the United
states which is fun legal tender, at pres
ent, is S9.O8. This Is in larger per capita of
silver than that of any date during the
period when free and unlimited coinage
of silver was provided for by law.
1t is more than twice as large as the per
capita of silver coinage found in any free
silver country to-day. Mexico has a per
capita of but &.1S; Japan, $2H, and no
other free silver country so much.
THE claim, therefore," he said, that
the money of real payment has been re-
duced one-half, thereby depriving the pub
lie of a sufficient volume, is simply ground
less. We still use gold and silver, both,
and have more than we ever had prior
to the passage Of the act of 1873
1.-THE claim also, that the currency has
contracted. thereby appreciating the value
nous output of gold last year. it was
the largest in the worlds history and
amounted to s1s1, 100000"
The worlds coinage of gold in 1893 rose
to 1929, 1851 900 and that of silver to $780,
$4,000. making the largest yearly coinage
in the worlds history, with possibly one
exception.
The worlds stock in full legal tender,
gold and silver to-day is, by the latest
statistics, 1896, 100000 gold and 50, 435 &c.,
900 silver, and 1T must not be forgotten
that even though the gold standard may
be in price, the silver coined furnished
money for final redemption to relieve the
pressure upon gold, just as if it had been
coined upon a free coinage plan.
THE claim that gold has appreciated,
thereby depreciating the value of pro-
ducts. is based upon the theory that the
decrease in the value of silver and in the
value of products has been co-temporan-
eous. A careful examination of the facts
shows this not to be true. The average
decrease of commodities since 1873 has been
about 20 per cent. The heaviest decline
has been in the line of those things which
the masses of the people buy. All these re-
auctions in price are partly attributable to
a lessened cost of production and partly
to the recent panic. While the commodities
have fallen 20 per cent, silver has fallen
50 per cent.
1873 corn sold for 81 cents a bushel; silver
was worth $1.S1 an ounce. In 1895 corn sold
for 50 cents; silver was worth 81 cents an
ounce. Silver has fallen so per cent and
corn had risen % per cent In 1873 wheat was
worth S1.17 bushel; silver $1.31 an ounce.
In 1878, wheat was $1.34 a bushel; silver,
$1.15 an ounce In 1889 wheat was 80 cents;
silver $1.04. In 1895, wheat was IS cents a
bushel; silver 81 cents an ounce.
Cotton.-This is the production in which
our people are directly interested The
claim that the value of cotton depended
upon the rise or fall of silver has been
shown to be without foundation, this year.
Cotton in the last four months has risen
30 per cent; silver per cent. Prior to 1873,
the price of cotton varied from four to forty
cents Silver never fell below $1.29. In 1S45
cotton sold for four cents. Silver was then
$l.32 an ounce.
The bullion in a silver dollar is worth
ony 80 cents, 258 grains of standard
gold are worth 100 cents. 1t will sell for
that all over the world. 1t now consti-
tutes a measure of value in the United
States, and as a measure of value is
worth, barring the coinage, in round
numbers, twice as much as the silver
| coined into dollar. Then why do people
exchange products for silver dollar as
readily as for a gold dollar. Why do
they give 100 cents worth of commodity
for a silver dollar when the silver bullion
| in the dollar is only worth 80 cents? 1t
| is because the government having started
| stamping 4l21h grains of silver one dollar
and having put them in to commerce as
worth 100 cents, has felt responsible to
keep the coined dollar at an exchanged
Bile value equal to the stamp put on tito
keep it up to the standard of 25.S grains Of
| gold.
The government collects $500 $1,000
yearly as revenue There are S423 $4,000
standard silver dollars. OF this number
| about 800 100000 are in circulation.
They can pass into the treasury in pay
ment to the government Of OBJ
| LEGATIONS due, at their face
value. To prevent the number becoming
so large that his recognition would not
sustain their value. It was necessary 10
limit the number OF dollars thus coined
II the worlds silver could be coined Into