Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-05-16
MONEY.

Among the several reasons offered
by the gold standard advocates fol
maintaining that standard, their frs
is that there has been an enormou
overproduction of silver; so great tina
it has rendered that metal SO CHEAP
that it is no longer precious metal
The fact is that by reason Of the com
bined efforts of the moneyed powers
they have caused the demand for ell
yer TO be checked, and its value to be
measured in gold, consequently it has
declined in price; not, however, to
such an extent as to put it out of the
rank Of precious metals.
Again, when it is conceded that the
amount of silver in the world availa-
able as money is now 50 So per capita
and the amount of gold 50 available
is So so per capita, it certainly APP
pears that there is room for much
greater production and silver sti be
a very precious metal. The amounts
of the two metals per capita are
shown by U. S. Government Stats
tics, and in view of the attitude Of
this administration, and all the others
since 1873, on the question, the gold
standard men will no doubt admit
their accuracy.
1t is true that these statistics fur
Their show that the United States is
producing more silver bullion than it
ever did, or was until very recently.
But the balance of the world is pro.
ducing much less than ever before.
We produce two thirds of the silver
output of the world. The result is,
that while we are producing the bulk
of the worlds silver, the European
countries are valueing our silver and
taking it from US at their own price.
The report of the director of the mint
shows that since 1890 the world has
produced less silver than gold, while
during the fifty years just before that
time, the world produced three-tourths
more silver than gold.
The most convincing statement of
the relative quantities Of the two me
tails IS taken from table compiled by
Mr.. Marshall, the London statistician
recognized the world over as authori-
ty. The table gives the quantity OF
gold and silver of the world, both
coined aud uncoiDed, at six periods.
1t shows that in 1900 there were ~
tons Of silver to ton of gold. In
100 "a tons of silver to l Of gold; in
1913 81 tons of silver to Of gold; in
1880 Is tons of silver to of gold; in
1890 Is tons Of silver to of gold.
So instead of their being an over
production Of silver it has in reality
become less plentiful.
Notwithstanding these variations in
production of the two metals, the
rates between them, fixed by law, re-
NAMED unaffected. During long
period of years preceding 1873, almost
every kind of disturbance that could
b. any possibilit. have interfered
with the relative value of gold and
silver, occurred in the monetary world
Still throughout it all the relative val
nc of the two stood practically I'M
changed. The ratio of l6 to l exist
ed during long period when silver
was annually produced to three or
four times the value of gold, and du-
ring another long period when gold
was annually produced to three or
four times the value of silver, and
yet during all these commissions the
tie between gold and silver was not
broken, and scarcely shaken.
Gold bugs sometimes argue that
the relative value between gold and
silver is fixed and regulated by Gus.
tom and commerce, and that all laws
heretofore attempting to establish q
legal ratio have been a nullity and
mere surplusage; that the unwlitten
laws Of custom, trade, and commerce
are memorable, and were unaffected
by any legal enactments bearing upon
these relative values. 1t such be the
case, upon what grounds can they
object to repeal Of the present law
fixing the ratio and standard of value
and a re enactment of our former
coinage law? Upon their reasoning
such change oflaws would certainly
be harmless. No one, however, car
disprove, with any pretenss to logic,
or facts, tharthe adverse Legislation
since 1873 has caused the gradual de.
cline of silver. On the contrary, ev
cry fact bearing upon the question
verifes this, and shows beyond doub
this adverse legislation on silver i
the cause of its decline. This beini
true, would not repeal OF this legi'
lation restore silver to its former posi-
ton. the controlling medium of mon
etasy saaira Internationally favor