The Monticellonian., 1895-09-27

1 SA~1S'"''Sht ih bllNtI 9tu lt',"bis III United States greenbach notes S346 6Si Oi6; l in sherman treasury notes, sl4i 495, 2s0; ] Currency certificates SJ7, Gs5 GOO and national l bank currency S2l233a, 200. Tho grand total of l our circulation on the first of this month was
 sl eo@ be3,02S, which Is S4a 0ss 453 less than 1t l was September 1894. Under our present sys- tenn thts whole superstructUre of credit money rests on our n2rro wing gold basis While
 standard silver dollars and silver certificates l issued for them arc not redeemable Tn gold our silver is no longer available assets for the re- cemption of our notes and bonds, not even the
 Sherman coin notes which were issued for the silver bullion owned by the government
 Is 1t any wonder then that gold goes out of
 the treasury faster than 1t comes in? The first
 shing for this government to do in my judg nent is to coin all the silver bullion on hand and with the dollars thus coined redeem and retire the sherman notes, authorizing the issue CT silver certificates on the deposit in the
 treasury Of the coined dollars. This would re-
 duce the strain upon the treasury but in my o2iulon nothing can fully rel lieYe it except the complete and full T. cognition Of silver as re. demptlon money. Our incre asing commerce ana population require more money than We HOW have What shall 1t bey The financial structure is already top heavy with credit
 money and prudence and safety suggest taat no more Of that be issued, at least until the
 base of redemption is enlarged. How can that De done! Only by restoring silver to the proud position 1t occupied prior to 1873 and l thus furnishing two pillars Of support instead of one
 DIRECTIONS TO THE SINGLE COLD STANDARD.
 CD Gold is insufficient in quantity to furnish
 the basis for the business Of the gold using
 countries at remunerattve prices. @ It is too
 easily eornered. t5) It is a fraudulent meas
 ure of value because constantly increasing in
 purchasing power
 The fact that all gold standard countries use c 1Thf In lnsaf1elency of that metal but there are some other facts to which will call your attention.
 The fact that this administrati n has pur
 chased sl62 0Q0 0oe Of t. partly foreign gold
 shows how scarce 1t is in this country, and yet Of the sl,5000J001o produced in the world since lSf5 the United States have absorbed in its
 monetary system over s600 O00099 and used in
 the arts nearly s20O0q0OO. In other words
 more than half of the output Of all the mines in the world has been used in the United States, and yet we have not had en ugh to
 meet the demands of cur own people What
 must have been the condition of the other countriesy Again, the worlds production Of gold since 1873 has been about S2 900 00l 01l
 and yet the 20 coinage of the world for that
 time has been s 000 000 QUO. Some Of this eX- cess is recoinage, but not all Of l. So We see that the metal has been so scarce that gold using countries Lave been compelled 10 coin their lewelry in order to meet the urgent de- hands for money.
 IL is the money of large transactions, does
 not generally circulate and is easily located
 and can therefore, be eornered and premiums on it extorted in the way of long time
 interest bearing bonds l. ought not to be hard to understand how easy it isl or the banking power Of the world az gtegating go 0Ot00 005 001 to corner one tn
 that much gold. The fact that the gold re- serve of tue treasury of the United States is
 today under the protection of d god syndicate
 at an expense or si e89 GOO per month ought to satIsfy every patriotic American that corner has bean made The fall in the nric= CT our cotton and other lam products, which is known to al intelligent men, will show the cx- tent to which god ba= appreciated m rurchas- lag power. am a0are that the advocates of the gold standard claim that for some reason,
 which they do not and cannot explain gold hts fixed vsue and that the gold dol a is
 asrzh m hundred cents the world over and Tn zE#fars if has not increased in paIHe The fa1at erfor lu this assaHHt on is In measur5ne 5t aV f9=ef E d=#4afs have one hundred eeatsH and so thy waaid have f daahse4 or re- daead n Ralue Qf course the ' Id dollar is worth one hundred eeufs in gold and so is he s liver oul ar worth one hundred cents Tn -il
 yer 4 very fair Illustration of the absardity f thls contention Is furnished by atUry told 0i dlstingu shed Indiana volunteer general in the late war between the states. General Ros# e7an7 instructed h.m to guage the Ten ub1SAE IAAtE dL n A+Arl AlLle, anu ascertain and rgpoFJ every hour it's pafticu ar staEe and the rapIaity at which t was rising The Hoosier general accordingly constructed scale Of
 inches upon board three feet long and nailed il to the side of q flat boat floating on the river so that the end from which he began 10 number would just touch he water The general tf- speeted the guage eS ordered euCh hour during the entire day and reported each time that the river was dead stand still. a although the fact was shown by the hfRh-Water marks on the trees and other natural objects that it mad been rising during he entire day at the average rate Of three inches per hour
 Mir. Pres dent can never arrive at the truth by measuring gold by gold, or silver by silver, nor must We measure one by The other but We should measure both by the great com molities Of our country When We do.this We will find that hoti have changed slYer has depreciated because not coincG IrsoEy and gold appreciated because in part il now per forms the work retofore performed by both gold and silver, but silver has kept nearer parity with cotton and other commodities than gold. Twenty five and e1ght tenths grams of gold will now purchase more than twice as much cotton as it would in 1873 before gold W as made the sole standard of value In 1873 we exporl cd about POD 000,000 ponds of cot ton for which reatzed S31I 635. 356 During the fiscal year ending June 30 1895, We export ed 3.5l7 433 l09 pounds for which We got only S204 9169s0. It takes nearly three times as much cotton to get dollar now as 1t did then do not say that the discrimination against silver s the sole cause ot this decline but do believe that it has contributed In a great measure to it. l do not believe the free coin age of silver would double the price of cotton put do think II would increase it Prior to 1873 the value ot our farm products was meas. ured by over S7,0Q0 GOO oDO Of gold and silver and by means Of which the exchange thereof were principally carried on. Bdt sinc, silver has been degraded the SO0005a of gold must furnish the basis for handling q larger amount of products than were heretofore handled with both gold and silver as the base So l say that gold s a fraudulent measure of value because constantly increasing in pur- chasing power.
 OBJECTIONS TO SILVER ANSWERED..
 IL is asserted by the opponents Of silver thaU the cause in the depreciation of silver bullion IS on aeconnt of an increase in production This W deny. From t4e3 to 1920 the world produced twice as much gold as silver. but by lt00 the yield of silver had so largely increased that the production was nearly four times that of gold. and vet there was no material change in he re eiative value or ratio of the two metals From l79e 10 1920 the worlds pro1uc 1 lion of silver was more than three times that Of gold and yet the ratio was l560 to1. In ! 1853 tho production of gold had SO increased as to be four times that or silver, the change | in the ratio of production being about twelve | fold and yet this did not change the re atiye | value or ratio of the two metals From fg55 to | 1913 the world doubled it's silver production and yet during thai eighteen years there was | scarcely any variation in the relative Value or | ratio Of gold and silver The United Stetes have produced about twice as much gold as ' silver The reason why the relative value has not changed with the changes iu the ratio of production is in the fact that both gold anH si1