Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-06-04
GOVERNOR ALTeeLo,s ERRORS.
fried 20 Bolster Up the Silver Cause With
Unfounded Assumptions.

fried 20 Bolster Up the Silver Cause With
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, he
claimed that the one cause Of this state
Of affairs is "the great reduction in the
volume Of money in the world incident
10 destroying silver as money metal. ="
The rest Of his two hours speech was
devoted to an attempt to show that free
silver would be IA sufficient remedy for
all business and 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 25 years, but
the per capita circulation also mas in
creased. England, France, Germany,
Austria and Russia, the leading COM
mercial nations Of Europe, have added
over $500, 900, 600 to their stock of
money during that period. The United
States has increased its volume of specie
and bullion by over $1,000, 100000 in
the same time. Even the silver using
countries of Asia and South America,
as well as Mexico, have now fur 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 ID estimated that less
than one half is used in the arts, SO that
over $4,000, 600 is available for
mopcy. OF this ut least 800, 600, 600 is
gold, of which the natural increase in
ten years alone will be 81, 600, 600, 600.
The alleged evil which Governor Alt
geld wishes to cure by free coinage hav-
ing thus been proved to have no exist.
cncc, it follows that his remedy is
equally imaginary. The grounds on
which he argues for the silver standard
are only echoes of COINS Financial
School,, which is even outdone i'll some
respects. Thus he says, "For some
years during and after the war we We're
on II 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 Goes not Governor Altgeld advocate
u return to fiat 40 cent or no cent paper
dollars, instead Of stopping Lalf way
with 81 cent silver dollars?
In closing his address Governor Alt
geld asserted that the question OF free
coinage meant nm issue between the gold
standard and bimctallism. This is an
other error of fact Free silver mt 16 to
/. or 15lp to /, which Governor Altgeld
thinks may be the best ratio, would not
be bimctallism, 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 rs money if silver worth
80 cents were made legal tender for u
dollar. for it is certain that free coinage
would drive gold ont of circulation and
put the country on tho silver basis. The
issue is therefore between silver mono
metallism and the gold standard No
believer in an honest dollar should be
deceived by the false protense of Obi
metallism "-Whiddcn Graham.