Greenbrier independent. [volume] (Lewisburg, Va. [W. Va.]) 1859-1980, 1895-09-12
The Currency Question.
Editor Greenbrier Independent

IutOf pIcc"O'oF INbcp6HttcIN
In reply to my questions my friend
Conservator, makes very importau,
admission, namely That the law OF
supply and demand does regulate
But his application of it to silver Is
manifestly incorrect. He says the
supply of silver is so great as to re-
duce its price one-half, but does not
add that the demand was proportion
ately reduced by closing the minis
against it. Does he suppose that the
free, unlimited and unrestricted coin
are of silver would not add what
ever ratio fixed upon to its value ?
Under these conditions would any
sane man be willing to take less than
100 cents for the silver contained in
one dollar? 1t has been shown by
official statistics that from 1892 to
1850 the production of silver was
about double that of gold, and in
single years three times as much,
and yet its price did not decline
Again, from 1850 to 1878 the produc-
ton of gold was considerably in ex-
cess Of silver, and yet their relative
value was not materially affected.
When analysed and brought down
to its last common denOminator this
cry OF "overproduction" as applied
to the precious metals is nothing
more nor less than a scare-crow and
bug-a-boo set up by gold monometal-
lists. IF either gold or silver could
be produced at will in boundless, I'M
limited quantities there might DO
something in it, but, fortunately for
the world, this is not the case. Let
any one take the highest authentic
estimate of all the silver in the world
and by calculation demonstrate what
an insignificant cubit space it will
occupy. He will then have some
idea of what there is In all this talk
about a " flood of silver" and over
production" AS the supply of sill
Yer will thus be shown to be limited
very limited-what must be done
to restore its former value as COM
pared with gold? My answer is to
restore the former demand for It by
placing it on an exact equality with
gold in every respect. 1t will not do
to put it under restrictions of any
kind. Such treatment would be like
placing two men of about equal
strength and agility in boxing con-
test and tying hand of one of the
contestants behind him. The other
fellow would easily knock him down
and keep him knocked down until
freed from his restrictions.
1t is no more desirable than II il
likely that all the world shall cease
to use gold and take silver as lite only
money metal. That question was
tor the sole purpose of showing the
effect decentralization had on silver.
Will Conservation please be explicit
and point out what greater evils we
are likely to fly to under a true BIZ
metallic system than we have been
and now are enduring under the
present single gold standard policy ?
II 1t is not greatly to the interest of
the toiiing thousands, those who eat
bread in the sweat of their face. to
have their basic money supply
doubled so that few shylocks can.
not corner it, why are these same
shylocks SO bitterly fighting the
proposition? Why was silver de.
monetized without the peoples
knowledge or consent, and advan-
tage taken of time to do it when
they had nothing but paper money
IN circulation, and when silver was
worth more than gold?
Whilst believe that free and up-
restricted coinage of both gold and
silver will give us great, very great,
relief, l am free to admit that 1 do
not believe it will at once and en-.
tirely cure our troubles. Gold mono
metalists will undoubtedly exhaust
their Inventive and inpectire genius
10 hinder its successful operation
And 80 long as men find it so safe
and so profitable to invest their mil.
lions in bonds as basis for national
banks, just 80 long will all this money
be "idle capital 10 the hands of idle
holders" R1nErA1,sr
RAILROAD AssEssMENTs.--T
Board of Public Works has CON-
Dleted and pertiRad 70 49, A,..