Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1896-04-16
the silverites if adopted by

the gov eminent.
If this county should by ad-
verse fortune enter on such a
dangerous experiment., the suf-
fering people would soon rele>
gate the authors of the nations
aclamity to oblivious ostracism
end speedily apply the preventive
remedy SO periodically and de-
liberately recommended in Mr..
Smiths appeal and admonition.
CHILE'S OBJECT LESSON.
The Hon. Hoke Smith very
fortunately had ready at hand
the object lesson SO recently af-
forded ty the republic Of Chile in
regard to the free coinage of Sill
yer, and with that example open
an evident to the world he con
WINGED all who sought conviction
Of the fallacy of striving to make
something out Of nothing. s
[ haved reside in Chile so odd
years of my life and can bear les
timony to the faithfulness of his
statements.
Chile is essentially a silver
production country. She owes
to the silver mining industry in
the first place, the great wealth
that has given her SO prominent
a rank among the Spanish Amer
lean republics. Then follows the
enormous harvests of wheat pro-
duced in her fertile soil. which
also have tended in a great
degree to her prosperity.
Owing to modern improve
ments in methods and costs of
producing silver ores, Chile. in
common with all other countries
that yield the white metal, has
been enable to increase the out
put Of bar silver to an enormous
extent, vastly i'll excess of the de-
mands which unfortunately has
not increased in proportion. In
obedience to the invariabie law
OF supply and demand. the price
Of silver declined.
ABUNDANT MONEY DIDN'T HELP.
While silver was worth 81 per
ounce, it took care of itself and
was a desirable coin, but. if, as
frequently happened, hard times
oppressed the people. this
abundance of silver coin gave no
especial relief. The Chilean gov>
eminent in those times and C
casions ordered the construction
Of great public works. such as
railroads, harbor improvements,
common roads, etc borrowing
many millions of gold from Eur
ope at cheap rates of interest
compared with some rates. In
this manner they gave employ
ment to labor. which was tie
means of putting into circulation
the borrowed millions with mu-
tual benefit to all concerned.
Frequently thereafter, for rea-
sons beyond the control or fore-
sight Of Statesmen or of anyone,
hard times would come to the
front until there arrived a stage
in which great public improve
ments Weren not necessary or uses
full.
WENT TO A GOLD BASIS.
Unfortunately the overpr)-
duction of silver and wheat III
the world caused great fuctua-
tions and depressions of prices
in those commodities. Silver
dollars decreased in value and in
circulation because Of these ma
tural and legitimate reasons.
Their coinage was diminished
and finally stopped. All business
was transacted on a gold basis.
This state Of Things reduced the
enormous profits to which the
rich and powerful owners of sill
yer mines had Heretofore been
accustomed. They began to agi-
tate and sent POLITICAL delegates
among the people, preaching to
them that the misery goldtugs
in Europe refusing to receive
silver in payment for their loans,
we're causing all the distress. ana
also that they bribed the parties
in power in government to ant
gonize silver, ETC., etc.
Now the same rich miners, who
are the bankers, loaned their
money to needy farmers and
others on bonds and mortgages
for 10 and IL per cent per ap~
nun, and still have the cheek to
incite the animosity of the Dor
rowing classes against foreign
bankers who loan their money
at 3 and 4 per cent per annum! 1t
is difficult to give a reason for
the gullibility of the masses, who
+ the great majority of voters
in republican governments, for
accepting fanciful theories, that
needy officeseekers Or hired part
isan delegates impose on them as
universal panaceas.
SOME FACTS THEY IGNORE.
When they reminded them in
their depreeating tones of the
low prices of wheat and other
careals, they r very careful not
to mention the enormous pro-
auctions from other countries
that a few years since did not
compete with US in the markets
of the world, such as the Argens
tine Republic, whose yield of
wheat had increased more than a
thousand fold in the last 10 years
and only an Insignificant part of
her vast territory is cultivated.
Neither do they refer to the jus