The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1895-09-04
FREE SILVER.

that the remedy is free silver
that is, that the free and unlimited
coinage of silver would initiate the
volume of the currency.
The question whether there is an
insufficiency of currency is a ones.
ton of statistics, and of that kind
Of statistics that is within the
reach of every one of average in
telligence. The amount of money
in circulation and the amount that
was in circulation every year since
1892, d be found in the treasury
records bf the United States, as
we'll as in the reports of the com.
mittees which, at various times,
have been appointed to Investigate
questions of finance. These re-
cords show that there is at present
ia circulation $9l2, 179,423 more
than there was in 1873, and more
than at any period of our govern
ment, and much more than in the
period of our greatest prosperity.
More than this, the same records
prove that the expansion OF the
currency has more than kept pace
with our increase of population,
and that the amount of currency is
S32 per capita, which is more per
capita than it was in the days OF
our highest prosperity and by far
more than in any other country i'll
the world.
This evidence proves that if the
currency is insufficient now, its in.
suficiency was greater i'll the days
of our greatest prosperity. There
was no complaint then OF the insult
ficiency of the currency and we
must accept that fact as conclu.
sive that there was a sufficleucy.
Another conclusion must follow,
viz: if there was a sufficiency in
the time of our highest prosperity,
when the currency per capita was
$14.36 less than it is now, there is
no lack of suficiency now.
This conclusion is confirmed by
two other facts, not disputed by
any one. The banks of deposit
are full to bursting with deposits
not with deposits made by mil
lionaires or capitalists, but by the
people. The Rapides Bank in our
midst, has at least S125,00O and per.
hips more, of money unemployed,
deposited by our citizens. The
other fact is one growing out of
the first. The price of money, or
interest, is lower than at any per
iod of our history. Money Can be
borrowed at 4 and 5 per cent, and
in New York at less. Even at this
low rate there are millions upon
millions idle but seeking invest
ment.
In the commercial world low
prices are recognized as conclusive
eridence of snperabundance. The
prices of cotton, wheat, corn, ETC.,
vary with the prospect or reality
of large or small crops. CONNER
cial circulars or price currents i'll
specializing on prices in the com
ing season, never give as the basis
of their calculation the abundance
or stringency OF the currency, but
the abundance or scarcity of the
products to be sold. These CON-
mercial circulars Ut price currents
of sixty or seventy years in this
country. and a longer period of
the great commercial countries Of
Europe, have assigned the same
causes for low prices, superabun.
dance; and for high prices, scarcity.
Every fair, candid mind must
apply the same cause to the low
price of money, unless he can
prove that the experience and ob-
servation of the commercial world
for seventy-and perhaps for five
hundred years-is erroneous.
But there are many who think
that an imitation of the currency,
although it may be abundant, will
increase the prosperity of the far
mer aud laboring classes and are
in favor of free silver because it
will increase the currency. This
opinion admi.s the counter result
that a contraction of the currency
will mjure.
Those who support free silver
seem never to have inquired or in
vestigated whether free silver
would contract tho currency. 1t
seems to them al impossibility,
and yet, if statistics and history
for five hundred years are to be
trusted, free silver at l6 to 1 will
produce the severest contraction
ever experienced in the United
| States.
There is no fact better estab
lished than that gold and silver
will not circulate together as cur
rency unless the ratio of their
values, as fixed by law, CORES
ponds with the ratio of their CON
mercial values. The one underes-
timated will withdraw from circu.
lation and leave the bimetalllsm of
the statute book a monometallism.
~ =. N-