The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-04-03

gular and most suggestive fact that
not one American voter in thousand
knew thai this meant resumption on a
gold basis that President Grant, who
had signed the act of 1878, congrstu-
lated the country on the fact that re-
sumption would be made easy because
Of the increased production of silver,
and that in the heated campaigns of
that year the orators for resumption
habitually spoke Of the two metals as
a basis. Early in the year the
trade dollars, coined for the trade with
China, came into use quite extensively
and We're eagerly taken by the people
without tire slightest suspicion that
they We're not as good as gold. Never
theless agricultural products contin-
ued to decline until three years Of very
short crops in western Europe brought
grain up again.
In 1876 the Latin Union limited tie
total silver coinage to S120, 1000, 900.
The United States took from the trade
dollar whatever legal tender power it
possessed, and the people discovered
that silver had been demonetized. The
next year the Latin union stopped all
coinage Of silver save for small change
and declared for gold basis exclus-
lively. In 1878 the United States be-
gan the purchase Of S2,000,000 worth
of silver per month and it's coinagein-
to dollars. but the secretary of the
treasury Disseminated against them
from the start. a practice maintained
to the present. There was a great
bank panic in England, the famous
Glasgow City and West of England
banks failing, followed by prolonged
depression in trade The next year the
United States resumed on a gold basis,
but farm produce after a slight advance
continued to decline.
FAILURES FOLLOW SILVER DEMONETI-
EATON.
In 1881 the Argentine Republic made
feeble attempt at bimetallism on the
ratio of l to 1873, but both silver snd
gold were driven out by paper money,
and the great initiation began there
which terminated few years later in
terrific panic. In 1884 came trade
depression and labor crisis in 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 bankrupt
cy in Australia and financial troubles
in nearly every one of the European
countries. The United States was
temporarily saved by the Russian fam
inc and the failures of crops elsewhere
which once more sent wheat above a
dollar and for the last time.
In 1893 Austria-Hungary resumed
specie payments on the gold basis. In
dia made a desperate attempt to adopt
the gold standard and the general pan
ic reached the United. States. The
Sherman act was made the scapegoat,
and congress repealed it. Farm pro-
duce at once resumed its downward
course.
TUE CREDITOR NATIONS GAIN.
Down to this point I have made
prices in agricultural produce, asthose
are of most importance to us, but this
is not quite fair, asthe decline in other
things has not been so great. I find it
extremely difficult to make satisfac-
tory table representing the average de-
cline. l think it perfectly safe to say
that on the average of 30 great Ameri-
can staples, the purchasing power Of
gold is today at least 40 per cent great
er than it was in 1878. 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 10 per cent decline.
And here is, to my mind, the most
extraordinary fact in the whole busi-
ress-that with all the worlds credi-
tors making unceasing war on silver
for quarter of century and nearly
all the lawmakers Of the great com
nercial nations doing their bidding,
with every possible kind Of discrimi-
nation against it and an army OF tai
ented orators and writers denouncing
it as dishonest money" it has de
clined in real value but one-foursh as
much as gold has appreciated. It is to
my mind conclusive proof that, left to
natural laws only, silver IS rem..rka-
bly, stable, and that if, as goldbugs al
lege, double standard is an impossi-
bility, then the single silver standard
must be far more safe and honest, far
more equitable as between debtors and
creditors. But England has subjugat-
ed the world Practically the general
demonstration Of silver has been the
same as if the world had made her a
present of $4,000 100000, for it has
added that much to the value OF the
$4,000. 600, 600 which the world owes
her. 1t may be a melancholy satisfac-
ton 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 enterprises cannot be estl.
mated. ihave submitted but small
part of the evidence tending to show
collusion among the worlds creditors.
Conspiracy, as said, is hateful word
but in view of such enormous robbery
ruthlessly pursued through so many
years, what are we to believe?
J. H. BROWNING.