The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1895-06-28
AN AID TO PROGRESS.
SILVER THE PROTECTOR OF
WEALTH MAKERS.
A Statistical Roview by George L.
Piumbe Showing the achievements Of
the Nation Under the Timetable
Policy-Ruin In Gold Standard.

fiumDo showing the Achievements OF
the Nation Under the Bimetaliio
Policy-Ruin In Gold Standard.
The United States emerged from the
war of independence with debt Of
about $76,000,000, Of which 81, 100000
was held abroad, chiefly In France,
Holland and Germany. The new gov
eminent at its outset found itself with
out revenues. without commerce and
without credit ut home or abroad. The
circulating medium Of the country
consisted chiefly Of deprecated paper
currency, which was worth In 1880 only
10 TO In silver. At this time sugar
sold for SIS pound and eggs at $12
q dozen.
The question of providing a cur
rency for the country was taken up
by congress in 1881, but 1t was not
until 1904 that the mint went into
operation. and in that year some silver
was coined and the year following
a little gold. the ratio being 15 to /.
The amount of silver coined was in
significant, from the fact that the re-
sources Of the mint were the foreign
coins that came into the country and
the silver plate held by private indi-
viduals which was sent to the mint to
to be Transformed into money. The
total coinage of gold up to 1884 wins
$l4,O00,000, but little or none was In
circulation before 1920 and none after
that date. It being drawn to England.
Subsidiary silver was the only metallic
money except cents In circulation up
to about 1910. The reason more gold
than silver was coined was that as
early as 1779 gold was found In North
Carolina and Alabama, the mines Of
which yielded up to 1873 about 100000
900 worth Of gold. II was not known
that silver in any considerable guam
titles existed in the country until its
discovery In Nevada In 1859. The dis
covery OF gold in California and silver
In Nevada modified largely our finan-
cial theories and laws.
Previous to 1870 silver was the only
money in circulation In the country, ex-
cept the paper issues Of the state
banks.
What did the country accomplish
during the silver period between 1894
and 1S402
First, u paid off Its revolutionary
war debt and by this means estab-
lished its credit the world over. Dur
Ing this period the nation had de-
gree of prosperity that was unprec-
edented In the history Of the world
and our foreign trade and commerce
became enormous. From no COM
merce at all in 1890 we had reached
position where. in 1859, ca per cent
OF our exports and rs per cent of our
Imports were carried In American ves-
sells. 1894 only 10 per cent OF our i'm
ports and s per cent Of our exports
were carried In American vessels. On
the high seas our only rival was Great
Britain. and there was more truth than
poetry In the declaration that our sails
whitened every sea.
Second. silver carried the government
through the war of 1912 with Great
Britain and established our claim that
the American flag protected an Ameri-
can seaman without regard to his ma
tionality. and this has not since been
a subject Of dispute. This war en-
tailed n debt on the government of
nearly 500. 1000, 900, which was not only
Itself paid on but all preceding obli-
cations were discharged. SO that Jan.
!. 1886. the government was out of debt
and had n surplus In the treasury Of
$40 100000 Congress- took action as
to how II might reduce the revenues
Of the government. and bill was
passed in June. 1896. to distribute the
surplus. over s5.OO0.0Oo. among the
states OF the union. and over $2s.00o.-
900 was so distributed.
Third. In this silver period the coun-
| try became one OF the great manufac-
turing countries of the globe. Our cot
ton product increased from $4,000. 900
pounds to 1900 900 pounds. and the
number OF splndles was larger per
capita In the United States than in
Great Britain. In Iron. agriculture,
paper and woolens we were hardly
outranked on the globe. In 1900 the
product OF American manufacturer was
about $50. 900. 900. but In 1910 II reached,
In round numbers, n value Of $500. 000.-
900.
Fourth. the government added
enormously to the extent OF our public
domain. In 1908 the Louisiana pur-
chase was made from France. which
added more than 100000 square miles
to our territory ut cost OF sii ,250. 80.
which tn" French took, so well estab-
lished had our national credit become.
In 1919 the purchase OF Florida was
made from Spain. costing us IS .000, 900
and adding G5.o00 square miles TO our
area. In 1916 New Mexico was pur-
chased from Texas ut n cost Of &c..
100000, by which we acquired l2i .20l
square miles OF territory In lsis, by
the expenditure OF si5.000.0 600. we nc.
CURED. including Texas. $4,000 square
miles OF additional territory. In 1853
the Gadscn purchase gave us an In
creased area OF i5.535 square miles n,
cost OF si0.0o0.0o0 and In 1868 the
Russian cession Of Alaaka added $780,
900 square miles to our country at q
cost OF 100000.
This Indicates that with a timetable
standard we added by purchase TO our
thirteen states i.719.5ii $40 acres OF
land at cost OF 35s, 100000. not In
Guiding the expense OF the war with
Mexico. Such progress In territorial