Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-12-20

Mr.. r. NJ. r. Hunter, in report
(lS52) to the United States senate,
says:
human society by the discovery of America
there were prob IDLY none SO marked as
those plought hpouJ by the great lniluN OF me
precious metals from thu New World To the
Old. European industry had been declining
under the decreasing stock ct the precious
metals, ana an approaching stand ri OF
values, human ingenuity grew dun under
the parHlNling influences of declining profits
aud capital ansorhrd nearly All that should
have been divided between il and labor
But an increase in the precious metals, IN
such quantity rs TO check this tendency,
operated rs "a new motive power to the ma
cninrrN 81 commerce. Production was stim-
ulated by finding the advantages Of a change
in the standard on its side. Instead OF being
repressed by having to pay more than IL had
stipulated tor the use OF capital, it was slim
u'ated by paying less Capital, too, was
benefited, for new demands were created tor
IL by the new uses which u general move
ment in industrial pursuits had developed :;
so that II if lost II little by a change in the
standard, it gained much more in the greater
demand for its use, witch added to lis CT
pacity Tor reproduction, and to its real value
The mischief would be great, indeed, # all
the world were To adopt but one of the
precious metals ~ the standard OF value.
. rp adopt ld alone would diminish the
specie currency more than one halt: urd the
reduction the other way, should silver be
taken rs The only standard, would be large
enough to prove highly disastrous to the
. human race.
The Encyclopedia Britannica, 1853.
/ (article Precious Metals. by J. X. Me
/ Culloch). says:
\ fail i'm the value OF the precious metals,
caused by the greater facility of their pro
/ duction. or by the discovery at new sources
/ of supply, depends IN no degree on the
theories OF philosophers, ~ the de .iSiOu ct
| statesmen or Legislators but is the result OF
circumstances beyond human control; and
although, Ike a tall OF rain after Il long
q Il flastV flffaiar
/ to certain Glasses. II is benc ic1al to an IN
| compaWnv greater number including all
who are engaged in industrial pursuits, and
is, speaking generally, OF great public or
| national advantage.
Ernest Seyd, 1865 Bullion, page 6l3),
says:
Upon this one point all authorities ON the
subject are agreed, to wit, that the large iu.
crease in the supply of gold has given "A uni
versal impetus to trade, commerce and in
dnstry, and to general social development
and progress.
The American Review (lS7G) says:
Diminishing money and falling prices are
not only oT pressive upon debtors of whom,
! in modern times, states are the greatest. out
they cause stagnation in business, reduced
production, and enforced idleness. Falling
markets annihilate profits, and rs ii is only
! the expectation oil gain which stimulates the
| investment of capital in operations, made
quate employment Is found tor labor, and
! those who are employed can only be so upon
! the COnultlOn OF diminished wages. An IN
or asing amount OF money, and consequently
! augmenting prices, are attended by results
precisely the contrary. Production il slim
uated by the profit resulting from advancing
prices; labor is consequently in demand and
| better paid and the general activity and
huoyancv insure to capital IL wider demand
ana higher remuneration.
Leon Fanchet OS43), in Researches
upon Gold and Silver, says:
Itall the nations of Europe adopted the
system OF Great Britain the price OF gold
would b. raised beyond measure, ANA we
should see produced in Europe a result lam
cntable enough.
Before Il French monetary convention
in 1869 testimony was given by the late
NJ. Wolowski. by Baron Rothschild, and
by NJ. Rouland, governor of the bank of
France.
NJ. Wolowski said:
The sum total of the precious metals is
reckoned at fifty mlhards, one.half gold and
one halt silver. II, by "A stroke OF the pen.
they suppress one OF these metals in the mon.
etary service, they double the demand tor
the other metal, to the ruin OF all debtors.
NJ. Rouland. governor of the bank of
France. said
We have not to do with ideal theories The
two moneys have actually co existed since
the origin of human society. They 60 exist
because the two together are necessary, by
their IN nifty to meet the needs of clrcuia
ceased tn nxisf5 Il il pstobitsLn1 th,t th,
quantity OF actual nnd prospective gold is
such That we can now renounce the use oi
silver "l'nout "'Saslcr'
Baron fothSchlld SAID
The simultaneous employment of the two
pIo',"us Iiv1t,H sH ~ 4nu Eivr~
dominatrs Tor The limo bnin@ il is .l,yoN.s
true that the two metals concdr together in
i"rHlhs NE monetary circulation OF the
world ana 1t is the general mass OF the two
IRE OF the value OF things. The suppression
OF liver would amount to verilablr de.
f ft'i,'''"' % '"'''' "''"""' ""9 COMMUNIST
Nt the session (Octobor 70 1S73l of
the Belgian Monetary Commission.
Professor Inveleve said.
n,n,or. .,n,.,,, t,o,, r,.s..,,. ,,..,.,
the right to BAY in gold or SILVER. ana thi.
right cannot he taken away without disturb
ig me ttit,ioh OF 4entors an credit"rs, to
parha,. one hat certainly Of onc.third, r."
increase All debt. ata blow ,bru"7pemcnD, is
a measure 20 violent, SO reyouionaiy: that
propose 1t, or that the Chambers viii vote it,