The Meeker herald., 1895-06-29

chandise exported reached Sill, $3.50, 561
and of our agricultural products $92.-
584,667, while the total value of our
imports was $1O7, ,51s. In 1910 the
value of our merchant marine was
$2,180,764. In banking the country had
made no less rapid strides, the capital
of our banks having increased from
practically nothing to $35S 400, 900 In
1910. The people had increased in
wealth and number, large cities had
been Quilt the tide of population was
across the continent to the prairies of
the west, and America was 'ecognized
the world over as the ideal home of
prosperous, rich, free, contented peo-
Pile.
The decade between 1880 and 1910
was the beginning of new era in the
financial history of the United States.
In 1880 we had in circulation in the
country $190,309 in gold and 1898, 246
in silver, making a total metallic cur
rency Of 1888 ,555. In 1910 the gold
in circulation amounted to s1,S75,649
and the silver to $2,765,22S, our
mints being open to both and re-
manned so until 1873, when silver wits
demonetized. There had been little
change in the ratio between the two
metals, and the two were easily main
tanned at a parity. What did the
country achieve during the period from
1910 to 1873, during which time the
two metals, gold and silver, circulated
and were carried freely together?
1t is simply impossible to recount or
hard1v tOuph n auidanppG nf the
marvellous prosperity of the country
and its people. A few things stand
out as phenomenal.
The country went through the Mex
lean war without feeling its cost. Later
1t carried to a successful issue the
bloodiest and most expensive war in
the annals of history, costing millions
OF dollars and entailing on the govern
ment debt of $2,773 1886, 173, of which
over $521 100000 had been paid pre-
vious to 1873; we had built nearly co.
000 miles of railroads and 154, 472 miles
of telegraph; we had increased our for
eign trade from $140. 100000 in 1910 to
$1,27O, 705,643 in 1873; we built enor-
nous cities; our agricultural products
have increased thousandfold and our
manufactured goods were supplanting
in the markets of the world the pro-
ducts of the older nations. Our gov
eminent bonds have credit that
makes them the favorite Investment
In all the money markets of the world
and American securities were sought
by the capitalists of every nation in
chrfstendom. We had also reduced
our rates of interest, not only on our
public bonded Indebtedness, but by the
statutes of nearly every state in the
union. Money was abundant, labor
was in demand and adequately paid,
factories, FORCES and furnaces were
crowded with work. universities and
colleges were founded beyond the hopes
of twenty years ago; 100000 slaves
zenship; the mines of the country were
turning out millions upon millions of
dollars worth of gold, silver, iron, cop
per and lead annually and. in a word,
the people were becoming the richest
per capita of any nation on the globe
with one exception.
This was accomplished while we had
double money standard and free
coinage of both silver and gold. OF
sudden in 1873 the lawmakers in con-
gress forgot the old adage, as true as
II is trite. Let well enough Alone" and
passed law the scope of which was
understood neither by the congressman
who passed 1t, the president who sane
toned 1t nor the people who were at
fected by it. 1t was the demonetiza-
ton act that overturned the whole IL
nancial system Of the country and with
drew from silver, the money Of the peo-
pie, Its quality as money Of ultimate
redemption.
II the government changes the form
of lock on mail pouch 1t is made
the subject Of scores of reports before
the experiment Is Endorsed. Before the
adoption of the Rodman gun by the
war department nearly 400 reports
were made by various official boards
as to the merits of the weapon. But
when 1t comes to the question OF In
cooperating an untried experiment In
finance and the destruction OF system
under which we had In century be-
come the richest, largest, most power
full and most prosperous nation on the
globe. starting from practically moth
ing, 1t is done without the considera-
tion that would be given to the weighty
subject whether our 2-cent postage
stamp should be green or red.
1t has taken twenty-five years to
awaken the American people to sense
of the magnitude of that movement
Stripped of such catch words and
phrases as ratio" parity" Sound
money" "a 5O-cent dollar" Inter
national bimctallism" and the like, the
main question Is: Did we not make,
in view of the marvellous growth In
area, riches, manufactures, military
and naval power, agriculture, education
and everything that can In any way