Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-07-10
FRIDAY. JULY 1896.
Mr. Salisbury reply to Mr. Rayner'

Mr. saIsbury's reply to MI. Rayner'
Hon Jno. +. Salisbury, OF Delaware
in his reply to Hon. lsldOr nay n'''
~hos. able article upon the. currency
Question was published in the Baltimore
Sam last week. says Mr.. Rayners al
tiele has placed him before the amer
oon reonle in the position OF a deino-
cocne who states nothing fairly anu AZ
,emnts 10 keep the truth from the A'ne,'-
,.oonle - MIR. salisbury, like nearly
al the ,ilverites, assumes certain 'h'DsS
- be true then bases his argument upo"
rronndless assumptions. 1t wou'u Oe
I'LL to examine some OF them
ia assumes that the parity of silver and
I'D would have remained the same 10
~ limo habit not been disturbed by
,ho LEGISLATION OF '73. This is popular
a.sumntion of the silyerites which they
oorrot sustain bv either facts or argu-
ment He SAYS that the gold mines VI
the world have produced and are TO-DAY
Drodncing a greater per cent oil go'u
when compared with silver ina" '"eS
ala when silver was demOnetized, III
,s-2 Statistics teach us that from lS'l
70 1875 there was / times as much "lNer
as gold produced and that from 1870 70
1sqo there was % times as much siiNei
.nold and the statistics OF 1894, the
Iote.t we have. show that the word =
production of gold and silver Tor ina.
wear WAS S.7O6,S36 ounces OF gold anu
le6 col .g95 ounces Of silver.
Mr. salisbury assumes that to the
single gold standard is attributable TIC
facts that the labOrers are WITHOUT
work and that the farms are heavily
mortgaged. An investigation oil 'lie
tacts viii show that farms were PlasteFeu
over with mortgages before the solu
standard was adopted, and every III
t.Ilipept man knows that products OF all
tinds have been affected by other sgen-
cies than the standard of money Such as
supplyand demand, improved machinery
decreased cost of production, &c.
Mr. Salisbury further says; 1.-The
money in circulation in this country, ae-
cordinp TO the report of Secretary Car
isl. amounts to 81 sos, 100000. "nen
We take into consideration that 1t taxes
about sllOO.OOO,OOO to pay the taxes
;mposed on the people by the federSl'
state. county. and municipal govern
m.nts. we see that there is left Tor 'ie
use of the people unrestricted Oy the
t.xgatherer about five hundred m''iiO"
dollars with which TO carry Oh the COM
- and business of this country
When we take into consideration t""'
u per cent. Of this five hundred hllill'"
: hv law heldiu the banking institutions
and insurance companies, &c. az &c
serve it reduces the money Necessary
4,
,or h,s;ness nurposes to 4 minimum lar
helow the need. wants and necessi'les Vi
the people" He might have auueu 'n"'
Of the s425. OOO, 600, left to the people
tho full amount Is expended for whisky
o,d one or two other liquids, th"s requir-
inc the people Of the United States 10
purchase all their food and clothing,
conduct their churches, educational anu
charitable institutions. pay for impoI'eu
goods and carry on all the business Oh
the country. without one cent oil cur
rencv. The absurdity of his position "
thus clearly demonstrated. 10 prove
that this country would not be HOODED
with foreign silver" he says: HE 'Nr'
Ravner) also knows that nearly all ioi-
zion Governments have coin, and nave
coin in circulation at a ratio of l54 to
and he must know that no sensible man
and no government governedby men OF
sense would attempt to export TO TINS
country their silver when it Is worth
more at home than it would be here'
A sufficient answer to this assertion Is
that silver is to-day selling in the mar
kets of the world at % to !.
He saws after the act of 1875 par
tally restoring silver, wheat went up III
nrice TO one dollar and fifty nine cents
Statistics show that the price OF wheat
ono wear before the passage OF tie act
Of 1878 was higher than it was at any
time within ten years after the passage
Of that act. and that in only one year
since the passage of that act has wheat
been As high as it was the year before
in 1877.
He saws "France for years and to-day
floats nearly as much silver as gold al
Isl TO one" What are the facts: France
has $3.50. 900, 900, Of gold sis7 .9OO,OOO' OF
silver. The United States, s6ls, 100000
Of gold and cops, 100000 Of silver, and
in both countries the coinage is Limited
NV which the gold standard is main
tanned. A close examination OF ia2l'
and statistics shows that the Hon. j. r.
salisbury has utterly failed to answer
the able and conclusive arguments O'
Mr. Rayner.
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The arguments, advanced by silverltes