Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-08-06
GOVERNOR ALTGGLD'S ERRORS,
fried to holster Up the silver Gauss with
UnfOunded Assumptions.

OuIOunOeO AAsuH1 pIIOnA.
Governor John p. Altgcld of Illinois
recently delivered at the Auditorium in
Chicago n long and carefully prepared
address, in which he cndeavorpd to
bolster up the failing silver cause with
bold assertions and unfoundcd assump-
tions. Starting out with the statement
that the civilized world is suffering
from bankruptcy, ruin and misery, he
claimed that the one cause Of this state
of affairs is 1.-THE great reduction in the
volume Of money in the world incident
to destroying silver as q money metal"
The rest Of his two hours speech was
devoted to an attempt to show that free
I'll business and industrial ills.
There is only one objection to the rs.
sertion that the volume Of money in the
world has been greatly reduced by de-
stroying silver as Il money metal. 1t is
not true, and Governor Altgcld is very
ignorant of the question on which he
assumes to teach the people of Illinois
if he does not know that 1t is not true.
The official figures show that not only
has the actual value Of money greatly
increased during the past 25 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 dnring that period. The United
States has increased its volume of specie
and bullion by over 81, 900, 600, 900 in
the same time. Even the silver using
countries of Asia and South America,
as well as Mexico, have now far more
money than in 1873. The worlds pro-
duction Of gold and silver is now more
than $500, 600, 900 per year. OF this
great amount it is estimated that less
than me half is used in the arts, 80 that
over $3.50, 600, 900 is available for
money. Ut this ut least $40" 600, 600 is
gold, of which the natural 1pase in
ten years alone will DO 81, OOL. 90, 600.
The alleged evil which Gover1 .r Alt
geld wishes to cure by free coinaA ',av-
ing thus been proved to have no G. :
ence, it follows that his remedy
equally imaginary. The grounds O
which he argues for the silver sranda,
are only echoes Of Coins Financial
School, which is ever outdonc in some
respects. Thus he says, ''Tor some
years during and after the war we were
on a paper basis, and our paper dollar
was worth only 40 cents in gold, but
u people prospcred:1' If this prosper
ity was the result Of cheap paper money,
why Goes not Governor Altgeld advocate
o return to fiat 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 il M
other error Of fact. Free silver Mt 10 {
/. or 15k to l, which Governor Altgeld
thinks may be the best ratio, would not
be bimetallism, but silver monometal-
lisln. This has been proved 80 often that
1t Is no longer a question for discussion.
No reasonable man believes that gold
would be used as money if silver worth
90 cents were made legal tender for a
dollar, for it il certain that free coinage
would drive gold out Of circulation and
put the country on the silver basis. The
issue ia therefore between silver mono
metallism and tho gold standard. No
believer in IN honest dollar should be
deceived by the false pretense Of obi
metallism. "-Whidden Graham.
E.E.tFZ Il N