The Canton times. (Canton, Miss.) 1893-1906, 1895-05-24
Madi son, Sta, Miss. May Fl. 95,


In discussing the Currency question
the advocates Of free unlimited and In
dependent coinage of silver 10 to !
seem to forgot. or ignore the fact that
such measure would place us on
silver basis: M s
Where as history and the experience
OF the past teach us that the cheaper
money will run out and take the place
of the dearer money, this law was
first pointed out by Sir Thomas Ores
ham, three hundred years ago.
The financial history of our own
country proves this, for when the sill
yer in s was worth more than the
gold in a $. all of our silver left us, the
U. S. was really on gold basis from
1884 to 1859, made so by the under
valuing OF silver; after 1862 coin DIS
appeared from general use. when U. 3.
treasury notes took its place, these
were worth only 70 per cent proving
that the more valua BILE money will go
out of circulation when it comes in
contact with baser money. So II We
have both gold and silver as basis.
Silver being the cheaper metal will
run over $685., 900. 900 in gold out, and
we would 60 to a silver basis.
Deny this and you disregard past
experience and the teaching of history,
from this it follows that we must select
one of the two metals, as a standard OF
value, and by safe guards of legislation
regulate the use of the other. under
the Gresham law we are not at liberty
to select silver, at the present ratio as
a basis for all of our gold would go
out of circulation.
Some say, let us go to silver basis,
but let us see what would be the
result.
LIST. All of the 6?5 million of gold
would 60 abroad, reducing the 'cir-
culation that much. 9. The money left
would fall to the intrinsic value of the
412.5, grains OF silver in the dollar.
3rd. Our circulation consists of BAG
million greenbacks, goo millions Ma
tional bank notes, 495 millions silver
and silver coin certificates, in all
one billion Al million held to parity
with gold. this will of course fall in
purchasing power to the intrinsic
value of the silver in dollar.
4th. In the report Of the comptroller
of the currency Dec. 1894. 1t is estim-
ated that the deposits in state Banks,
and trust Companies amt to 81, 129, 000,-
900 Savings bank deposits Sits. 0O0.-
600. Individual deposits in national
banks 81. 72s, 200, 900 private bank depos-
its $3.50 ,OO0, 900. total debt of the banks &
trust companies to the people, payable
in lawful money. billion, TOT million,
of this amt would also fall to the value
of the money it would be payable 10.
Hence the former class of people, who
own no tbanks, no bonds. and no
securities redeemable in gold would be
the loosers, of the 3 Billion, $50 Mil
lion 8, caused by going to Silver
basis.
The only possible foundation for
denial of these conquences and re-
suits, rests upon the possibility. that
the free & independent coinage OF silver
at the ratio l6 to l. will raise the com
mercial value of silver from 6Oc per OF
it's present value, to $l.29 per OF.
which is necessary to make it equal to
IS to of gold. And even admitting
that in time this adjustment of the
ratio should be brought about. there
are none who contend that it could be
done at once, hence we would for
time at least, be on Silver basis, and
during the time that we are under
going this change, prices will be un-
settled, securities for future payment
fixed value, and the business
IF the country demorlized to . greater
extent, than IT, is claimed demonetiz-
ton has caused.
HENCE