The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-07-01
GOVERNOR ALTeELD's ERRORS.
Tried to Bolster Up the Silver Cause With
Unfounded Assumptions.

Unfounded Assumptions.
Governor John P. Altgeld of Illinois
recently delivered at the Auditorium in
Chicago long and carefully prepared
address, in which he endeavored to
bolster up the failing silver cause with
bold assertions and unfounded assump-
tions Starting out with the statement
that the civilized world is suffering
from bankruptcy, ruin and misery, ne
claimed that the one cause OF this state
of affairs is "the great reduction III the
volume Of money in the world incident
to destroying Silver as money metal. "
The rest of his two hours speech was
devoted to an attempt to show that free
silver would be a sufficient remedy for
all business aSd industrial ills
There is only one objection to the as
sertion that the volume of money in the
world has been greatly reduced by de-
stroying silver as a money metal. 1t is
not true, and Governor Altgeld is very
ignorant of the question on which he
assumes to teach the people of Illinois
if he does not know that it is not true.
The official figures show that not only
has the actual value of money greatly
increased during the past rs years, but
the per capita circulation also has in
creased. England, France, Germany,
Austria and Russia, the leading COM
mercial nations of Europe, have added
over $500, 600, 600 to their stock Of
money during that period. The United
States has increased its volume OF specie
and bullion by over $1,000, 900, 900 III
the same time. Even the silver using
countries Of Asia and South America,
as we'll as Mexico, have now far more
money than in 1878 The worlds pro-
duction of gold and silver is now more
than $500, 100000 per year. OF this
great amount it is estimated that less
than one half is used in the arts, SO that
over $3.50, 900, 900 is available for
money. Of this at least 500, 600, 600 is
gold, of,which the natural increase in
ten years alone will be $1,000, 900, 600.
The alleged evil which Governor Alt
geld wishes to cure by free coinage hav-
ing thus been proved to have 10 exist
ence, it follows that his remedy is
equally imaginary. The grounds on
which he argues for the silver standard
are only echoes Of "Coin's Financial
School," (which is even outdone in some
respects. Thus he says, "For some
years during and after the war we We're
on paper basis, and our paper dollar
was worth only 40 cents in gold, but
our people prospered." If this prosper
ity was the result Of cheap paper money,
why does not Governor Altgeld advocate
return to flint 40 cent or no cent paper
dollars, instead Of stopping half way
! with 81 cent silver dollars?
In closing his address Governor Alt.
geld asserted that the question Of free
coinage meant an issue between the gold
standard and bimetallism. This is On,
other error Of fact. Free silver at 16 tc
/, or l519 to l, which Governor Altgeld
thinks may be the best ratio, would not
be bimetallism, but silver monometal
lism. This has been proved so often that
it is no longer question for discussion.
No reasonable man believes that gold
would be used as money if silver worth
80 cents were made legal tender for 8
dollar, for it is certain that free coinage
would drive gold out Of circulation and
put the country on the silver basis. The
issue is therefore between silver mono.
metallism md the gold standard. NJ
believer in an honest dollar should be
deceived by the false pretense of obi
! metallisln "-Whiddcn Graham