The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-04-27

rhs iowa senator ralka of Question. az
Finance.

rhs iowa senator 1aika of Questions ~
FINANCE.
MAnsArLrowS. Ia, April %. -Scn-
ator Allison was banqucted by the
Travelling Mems Republican club OF
this city Friday night, and spoke at
length upon the silver question, with
special reference 10 statements made
in ''Coins Financial School" The
banquet was held at the Pilgrim hotel.
President Il. M. Wentworth, of the
club, presided. and introduced the sem
ator, who said, among other things;
Il have no doubt that finance Is familiar
topic TO you. and II certainly Is 20 me. I have
seen more bills. received norc pamphlets. and
read more upon this subject during the last
year than ever before You can all sec that
20 use a familiar oxpression--there IL screw
loose somewhere. for we have seen our coun-
try pass In two or two and half years from
condition OF prosperity 20 one OF panic and dis
tress We are told we have come 10 this sit
uation solely because OF the condition Of ono
OF the precious metals, ana realize that there
is no moro i'm portnnt question than that OF the
money we use
He added that gold and silver were precious
metals because OF their divlsibility and their
nondestructibilty. He referred to the fact
that gold and silver were for thousands OF
years tho money OF the world. and rapidly
sketchcd the history OF the mining OF these
precious metals and the effoct OF their output
as influenced by wars upon the stock OF gold
and silver In the World. ao continued:
ut Is said that In 1870 there was less than
81 900. 100000 OF gold In the world From
1880 TO 1875 there was produced In the
world OF gold within about Scooo00.0o0 OF
the amount produced from iayJ 20 1900
During the 800 years prior 20 1850 there was
produced about $1,000 O00.Ol0 OF silver. but dur
INK the twenty-five years ending 1870 there
was produced nearly three times as much gold
as silver
ut is claimed that In 1879 silver It's began
downward course and that IL due 10 the
action OF the people by their representatives
la congress- IL was believed by many that
this enormous increase In gold would go on
from year 70 year For fourteen years, DUR
ing the enormous influx OF gold. the gold
only passed through our country TO those
lands where gold aud silver were tho meas
ure OF value We had then suspended specie
] payments, and for these fourteen years wo
were on paper basis, and therefore II was
that IL was chained ON account OF the cnor-
nous production OF gold that gold and silver
could never again be measure Of value, How
ever. during this time silver and gold marched
side by side at a ratio OF about 1875 10 a."
The speaker referred at great length TO
money legislation In European countries Re-
fcrring TO the cessation OF free coinage OF stl-
YER in the various minis OF Europe. he said
IL was the diffusion OF both metals through
Europe that kept them at parity.
1T is said IA 1873 we demonetized silver.
IL is true that at that time we changed the
laws OF our minis and established gold as
standard OF value. believe now that u was
mistake for Europe and for US 10 have
changed these standards. hut for twelve
years prior TO 1873 we wore on o paper basis
and II was not looked upon BY our people as
an important feature. No action OF ours In
1873 affected the price OF silver or affected the
action OF Europe In dealing with silver
The effect OF our action II claimed TO
have been TO reduce the price OF all COM
moditios and appreciate gold IN the same
measure that silver was deprecated don't
believe &C. Since 1879 sorro prices have
been reduced and some advanced Gold and
silver until put in shape OF money we're COM
moditios and are governed Dy the LAYS OF
supply and demand; and just that thing hap
pcned 10 silver and gold as happened under
these laws TO other commodities In every
country OF Europe IN 1874 the mint was open
10 silver. and Ia 1877 not single mint In Eu-
s.>s.e .s.s c.en 10 silver except for fractlonal
coins We were then upon piper basis, and
could exert no influence upon supply and
demand. From that time the supply Of silver
/ increased and with an increased supply and
no demand IN Europe II was the most matt
urni thing In the world that silver should de-
preciate
The amount OF silver In circulation In 1894
\ in Europe.,whoron gold standard has taken the
/ plhcN OF uouDic hthhuAFu, ~ 0inlo,vvuVV"'
and there are now IN circulation Ia the
| United States &0e5 ,000O 600 while IN 1873
wo had not q cent And stiil they claim SO
/ dem0nctized silver How can we demonotlzo
silver when We put Il 81 circulation 90 tiiRt
extont in twenty-five years, ana this silver
passes current with gold'
The senator continued that IL was
necessary 10 have both metals on a par
with each other, and he predicted that
an international agreement was surely
coming.