The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1895-04-26
ALLISON ON SILVER.
The Iowa Senator Talks Of Cues
tons of Finance.
His Idea OF the Cause of Depreciation a
Siiver-He Declares the Metal Has
Not Been DemOnetiyed-Need
of sound Currency.

MARsALLTowN, Ia, April 22.-Sen.
ator Allison was banqueted by the
Travelling Mems Republican club of
this city Friday night, and spoke at
length upon the silver question, with
special reference To statements made
in Coins Financial School" The
banquet was held at the Pilgrim hotel.
President l.. NJ. Wentworth, of the
club, presided, and introduced the sell
ator, who said, among other things
II have no doubt that finance is familiar
topic TO you. and 1t certainly is to me- l have
seen more bills, received more pamphlets. and
read more upon this subject during the last
year than ever before You can all see that
TO use familiar exprcssion-there is a screw
loose somewhere, for we have seen our coun-
try pass In two or two and half years from
condition of prosperity TO one OF panic and DIS
tress. We are told We have come To this sit
uation solely because OF the condttio OF one
Of the precious metals. and realize that there
is no more important question than that OF the
money we use
Natural Money Metals.
He added that gold and silver we're precious
metals because of their divisibility and their
nondestructibility He referred TO the fact
that gold and silver were for thousands OF
years the money of the world and rapidly
sketched the history OF the mining of these
precious metals and the effect OF their output
a. influenced by wars upon the stock OF gold
and silver in the world. He continued:
1T is said that in 1929 there was less than
81 900 100000 of gold in the world From
1850 TO 1873 there was produced in the
world of gold within about $500 900. 900 of
the amount produced from 1893 to 1850
During the 300 years prior to 1850 there was
produced about 81 900, 900 90 of silver. but dur
inc no ending tharp
was produced nearly three times as much gold
as silver
1t is claimed that in 1873 silver its began
downward course and that IL was due to the
action of the people by their representatives
in congress. 1t was believed by many that
this enormous increase in gold would go on
from year TO year For fourteen years. dur
ing the enormous influx OF gold, the gold
only passed through our country to those
lands where gold and silver were the meas
ure OF value. We had then suspended specie
payments, and for these fourteen years we
were a paper basis, and therefore IL was
that 1t was claimed on account of the enor-
nous production OF gold that gold and silver
could never again be "a measure OF value. How
ever. during this time silver and gold marched
side by side at a ratio of about l51i toi
Cessation of Free Coinage.
The speaker referred at great length TO
money legislation in European countries. Re-
leTTluR 10 lHe ctSSdIlOu Ol Tree CDludRc Ol Sill
yer in the various minis of Europe, he said
II was the diffusion of both metals through
Europe that kept them at parity.
1t is said in 1873 We demonetized silver.
II is true that at that time changed the
laws of our minis and established gold
standard of value. / believe now that 1t was
a mistake for Europe and for us to have
changed these standards But for twelve
years prior TO 1873 we we're on q paper basis
and IL was not looked upon by our people Is
an important feature No action OF ours In
1873 affected the price of silver affected the
action OF Europe in dealing with silver.
The effect of action is claimed to
have been to reduce the price OF all COM
modlties and appreciate gold IN the same
measure that silver was deprecated / don't
believe II. Since 1873 sog.e prices have
been reduced and some advanced Gold and
silver until put in shape OF money were COM
modites and are governed by the laws OF
supply and demand and just that thing hap
pened TO silver and gold as happened under
these laws TO other commodities In every
country of Europe in 1873 the mint was open
to silver and in 1877 not "a single mint in Eu-
rope was open TO silver except for fractional
coins. We were then upon "a paper basis. and
could exert no influence upon supply and
demund From that time the supply of silver
increased, and with increased supply and
no demand in Europe il the most nat
uraI thing in the world that silver should de-
preciate
situation In 1894
The amount OF silver in circulation in 1894
in Europe, where gold standard has taken the
place of "A double standard. is Sl,35,000000,
and there are now in circulation In the
United States $685., OOJ000, while in 1873
we had not cent And still they claim we
demonetized silver. How can we demonetize
silver when we put 1t in circulation TO that
extent in twenty-five years. and this silver
passes current with gold.
The senator continued that it was
u .t.,1.