The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-05-01
(Ohio medium, securely held up to IS
and cotton to II.

SuOVluR ncF OlQ silver upon the mar
ket, and sudden fall in the value of
the metal occurred, which in the
United States was then attributed to
the Big bonanza just opened in the
COmstock lode. MOnometallists still
assert that it is the increased produc-
tion OF silver which has caused it's de-
cline, but the truth is simply matter
Of acxh owledged figures. All the in
crease Of those three years amounts
to but a tritling per cent of that
thrown out Of use by the demonetizing
nations, and even now the two meals
are almost exactly equal in amounts,
as tney were in 1871.
In 1875 Holland reluctantly gave
way and demonetized silver, while
Denmark, Sweden and Norway took
Steps to carry out their previous reso-
lutions, and the United States adcIt
law for the resumption of specie
payments on January ], 1879. 1t is a
singular and most suggestive fact
that not one American voter In a
thousand knew that this meant re-
sumption on a gold basis; that Presi-
oent Grant, who had signed the act OF
1913, congratulated the country on tire
TACT thai resumption WGNid be made
easy because Of the increased produc-
tion Of silver, and that in the heated
campaigns CT that year the orators for
resumption habitually spoke for the
Two metals as basis. Early in the
year tne trade dollars, coined for
the trade with China, came into
use quite extensively and were eagerly
taken by the people without the
slightest suspicion that they were not
as good as gold. Nevertheless agri-
cultural products continued to decline
until three years of very short crops
in western Europe brought grain up
again.
In 1876 the Latin union limited the
total silver coinage to $l2O,OOO, 900.
The United States took from the
trade dollar whatever legal tender
power it possessed, and the people
discovered that silver had been de-
monetiZed. The next year the Latin
union stopped all coinage of silver
save for small change and declared for
a gold basis exclusively. In 1878 the
United States began the purchase of
$2,000,00O worth Of silver per month
and it's coinage into dollars, but the
secretary of the treasury discrimi-
mated against them from the start, a
practice maintained to the present.
There was great bank panic In Eng
land, the famous Glasgow City, and
West of England banks failing, follow
ed by prolonged depression In trade.
The next year the United States re-
sumed on gold basis, but farm pro-
duce, after slight advance. continued
to decline.
FAILURES FOLLOW SILVER DEMoNE-
TIZATION. f
In 1881 the Argentine Republic
maEe feeble attempt at bimetallism
on the ratio of to 1873, but both sill
yer and gold were driven out by paper
money, and the great imitation began
there which terminated few years
later in terrific panic. In 1884 came
France, and labor troubles in the
United States, with. great strikes and
some rioting.
In 1890 ROumania demOnetiZed sill
yer, but the United States again be-
gan to buy under the Sherman act. In
1891 the whole paper money system of
the Argentine Republic went to
smash, and the grand panic there was
followed immediately by the greatest
failures ever known in Great Britain,
and those in turn by widespread
bankruptcy in Australia and financial
troubles in nearly every one of the
European countries. The United
States was temporarily saved by the
Russian famine and the failures Of
crops elsewhere, which once more sent
wheat above dollar and for the last
time.
In 1898 Austria Hungary resumed
specie payments on the gold basis.
India made a desperate attempt to
adopt the gold standard. and the gen.
eral panic reached the United States.
The Sherman act was made the scape-
goat, and Congress repealed it. Farm
produce at once resumed it's downward
course.
THE CREDITOR NATIONS GAIN.
Down to this point I have made
prices in agricultural produce, as those
are of most Importance to us, but this
is not quite fair, as the decline in 9TH
er things has not been so great. I find
it extremely difficult to make a satis-
factory table represen ting the average
decline. l think it perfectly safe to
American staples, the purchasing
power of gold is today at least 40 per
cent greater than it was in 1863. In
other words. the value of uncoined
gold has changed four times as much
as that of uncOined silver-a 40 per
cent advance against a 10 per cent de-
cline.
And here is, to my mind, the most
extraordinary fact in the whole busi-
| neSs-that with all the worlds credi-
tors making unceasing war on silver
for quarter of a century, and nearly
| all the lawmakers Of the great COM
mercial nations doing their bidding,
with every possible kind of discrimin-
alton against it and an army of talen-
ted orators and writer's denOuncing it
| as dishonest money" it has declined
in real value but one-fourth as much
as gold has appreciated. 1t is to my
mind conclusive proof that, left to
natural laws only, silver is remarkably
stable, and that if, as goldbugs allege,
a double standard is an impossibility.
then the single silver standard would
be far more safe and honest, far more
equitable as between debtors and
creditors. But England has subju-
gated the world. Practically the gem
eral demonetization Of silver has been
the same as if the world had made her
present OF 81 900. 600, 900, for it has
added that much to the value of the
$12, ZOO, 900 which the world owes
| her. 1t may be a melancholy satisfac-
tion to the victims to know that pres
ent appearances indicate that the
worlds creditors have killed the goose
which laid them the golden egg.
! Great as the robbery of debtors has
been, it is the smallest part of the
evil The loss due to the check on
business and ruin Of new enternriSpS