The Delta independent., 1896-02-12
Shairoth Talks for Silver.

WASHINGTON, ID. q, Feb. 5.-Repre
sentative Shairoth tonight made short
speech in the house on the bond bill
He was limited to half an hour. but he
made good use OF his time and his ad-
dress was very well received. Among
other things he said:
There is one fact that we can all
agree upon, no matter what our views
may be upon the financial question, and
that is that there is not and never has
been sufficient primary money in the
world. What mean by primary money
is money OF ultimate payment or ulti-
mate redemption. This is truth as
in order TO relieve the necessity for
money, have resorted either directly or
through their banking instutions to the
issuance OF credit money. no govern
ment would undertake the hazard OF
maintaining credit money unless there
was an imperative necessity for the
same. There is an existence at the
present time in the world about
81. 100000 OF such credit money and
as silver is treated as a token or credit
money by those nations that have adopt
ed the single gold standard there is in
existence in the world s6.O0O,OO0.OO0 OF
credit money. This amount OF credit
money represents the shortage in the
world OF primary money.
Previous to 1873 two metals formed
the base upon which all the credit and
commerce OF the world was built These
metals were designed by nature as money
destructibility, their compactness com
pared to value and the difficulty with
which they are extracted from the earth.
so evenly has nature stored these
metals in the earth that Notwithstanding
free coinage OF both metals existed in
most nations for centuries, yet the
amount OF gold and silver coined in the
world previous to '73 was practically the
same. By the demonetization OF silver
by the various nations OF the earth. one
OF two metal moneys was stricken down
as money OF ultimate payment. the bur
de. which both metals bore was shifted
onto one. The burden upon that one
was therefore doubled. Doubling the
burden OF that metal doubled the de-
mand for the same. and doubling the de
mand doubled the value thereof. 1t is
mathematically certain that il the de-
monetization OF silver had taken place
~ sho NJ hA
the doubling OF the value OF gold would
have immediately followed as sure as the
principle Of supply and demand is true.
1t is true that demonetization Of silver
has taken place gradually. One nation
after another at intervals has adopted
the single gold standard. The result has
been the gradual shifting OF burden that
both gold and silver bore on to gol.i
alone. thus making the gradual increase
of demand for gold. and consequent
gradual increase in the value thereof.
' 1t is also true that characterization
OF silver has not yet taken place through
out the world as there are still some ma
tons that relieve the strain on gold by
holding their mints open to the free coin
age OF silver. The coinage OF silver on
government account does not relieve the
strain on gold because the governments
do not make silver the money OF ultimate
redemption. The only way such govern
ments maintain the value OF their silver
money is by practically offering to re-
deem it in gold. The silver coin then
becomes simply promise to pay gold.
The coinage OF silver in that manner
makes that many more obligations OF
government redeemable in gold and
hence that much more burden that gold
as tho money Of ultimate payment must
bear. As the gold dollar is the unit Of
measurement in this country. this in
crease in value cannot be estimated in
dollars and cents, but only in its incrcas.
cd purchasing power and its increased
purchasing power can only be estimated
in the decline in price OF everything that
money could buy.
1T gold were only a commodity and
not standard measure OF value it's in.
crease in value would be OF compare.
tiveiy little consequence, but as the debts
Of tho world are increase by the increase
Of measure, doubling the value OF meas
ure doubles the size OF the debt determ.
ined by that measure. The man who
has his wealth invested in securities
awakes to the realization that his wealth
invested in anything that gold will buy
finds that by the doubling OF value OF
gold what no has to sell will only bring
onc-half as much Us it formerly did.
That legislation is indeed pcrnicious
that in its effects doubles one mans
wealth and cuts half in two that OF
another. But what is the effect upon