The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1896-02-26
s'Sound Money" Replies.

would have answered to show dates, if b
~silverites had env, but as usual the i'd
Uocate has not said anything outside of
SANDER and abuse, which is the weapon
of the Populist.
He brands our claim as false in regard
to silver, asserting that silver was worth
8 per cent. more than gold, when the re-
port of the Secretary of the Treasury for
1872 (prior to the crime of '73 according
to Coins Financial School and the editor
Of the Advocate) proves the contrary.
Here is what Secretary Of the Treasury,
Geo. S. Boutwell,, says in his report in
December, 1872:
"In the last ten years the commercial
value of silver has deprecated about 3
per cent. as compared with gold, and its
use as currency has been discontinued by
Germany and other countries. The
financial condition of the United States
has prevented the use of silver az cur
rency for more than ten years, and l am
of opinion that upon grounds of public
policy no attempt should be made to
introduce it, but that the coinage should
be limited to commercial purposes, and
designed exclusively for commercial uses
with other nations. The intrinsic value
of a metallic currency should correspond
W us ICldl fdlu6 VI ulOlol oaooiN
be used only for the coinage OF tokens
redeemable by the government at their
nominal value. AS the depreciation of
silver is likely to continue it is impossi-
BILE to issue coin redeemable in gold with
Dat ultimate loss to the government; for
when the difference becomes considerd-
BILE holders will present the silver for
redemption, and leave it in the hands OF
the government to be disposed of subse-
quently at a loss. IF the policy should
be adopted Of issuing silver coin ire
6eemable, but whose intrinsic and noml-
nal value should correspond to gold, the
time must come when the country would
suffer from the presence of q deprecated
silver currency, not redeemable by the
government nor current in the channels
Of trade" &c. &c.
These were the words spoken by a man
Of foresight, sagacity and q thorough I'M
Outstanding Of the needs of our nation,
for Populisim was not thought Of theL.
The editor of the Advocate, like all
other advocates of Coins Financial School,
are constantly talking about the detnone-
t~izstior of silver in 1873, losing sight of
the fact that it was the only remedy to
reduce the agio or premium on gold,
which huctuated between AZ and II per
cent. above par from 1869 to 1872 inclu-
sive. Why the free silverites should so
howl over the alleged fearful results of
the Act of 1878 is something incompre-
hensible to the average reasoning being.
From the foundation of the United States
mint in 1892 to the demonstration Act OF
1873 tho whole coinage of silver was
about SI40, 600, 900, of which only SS5.0OO,-
600 was full legal tender and hut So, OOO,-
600 in dollar coins. Between 1873 and
the present time (nearly % years. we
have added 600, 000, 0O0 in silver o: which
over $500 0OO. 900 is in silver dollars.
This is the period of horror of which the
free silverites are talking. Just from an
ordinarily honest, sympathetic view sill
yer does not appear to be suffering 80
terribly as to evoke our tears, much less
any hysterical manifestation. It seems,
indeed. to be doing very well, even in
this hard-hearted country, which does
not yet utterly belong TO certain prosper
| GUS gentlemen who own silver mines
| along q great mountain range. and whose
| great fad is to make United States Sena-
tors of themselves.
American ingenuity and American
| perseverance have resulted in the making
| Of such machinery that this silver can be
| pounded out of the stone in quantities
unlimited and at q cost less than half that
| which the free silverites want to place it
| at as q medium of monetary exchange
throughout the world. These are stub
born facts which the ADVOCATE can only
answer by calling ugly names, slander-
ing everybody unwilling to enlist IN the
| ranks of Populism which is doomed to
| the same fate that met the Greenback
party in 1874. What about the defeat of
the free silver bill in the House, resulting
| in q majority Of 125 against free silver,
the vote standing 2l5 to so on the roll
call? Presumably ell these 2l5 repre-
sentatives voting against free silver, &C.
cording to the opinion of the Advocate,
| are Rip Van Wrinkle cuckoos and should
receive instructions on financial questions
from the editor of the AdUocate, who,
alone, knows or understands thoroughly
the issues Of the day on such matters.
Of course life is zoo short to notice the
sarcasm Of the ADVOCATE, nor have we
the time TO exchange words about any
thing except to prove by figures the fall
lacies of the followers Of Coins Financial
School.
For the information of the ADVOCATE we
will reproduce the following article pub
owners organ) April 30th, 1891: ave
UOliONO vuob NY bhO OAPOholSat - pSotOOO
or $50, 00O. the Boards of Trade of Chicago
and New York, and even Of old goldite
Boston, could be made to pass resolutions
asking Congress to give full recognition
to silver. The silver committee, who are
working for RECOMMENDATION, think that
with a small amount of money used this
year right away, they could bring such a
pressure behind Congress and the Presi-
dent next winter as to secure the needed
legislation. That legislation would make
to the men who produce silver in this
territory a difference Of $780, 900 per
year."
Think of it, trying to bride openly for
the purpose of securing legislation IL
favor of a deprecated metal, which, with
out the gold endorsement of the govern
ment, would to-day only be worth one
half for what it passes.
The theory that we have lately had
bimetallism is as baseless as the sugges-
ton that we had it in the early part Of the
century
III offer my note when my credit is
not good no M will discount it; if I pro-
cure the endorsement of one whose credit
Is good it will be discounted at once. 1t
would be the endorsement, however, and
not the note which would have passed
CuEI0uIs ACtuoily1 ho"oFoi eb0 6Oio
Endorsement of the government that has
been accepted. A silver dollar to-day
consists of half a dollars worth of silver.
With the gold endorsement of g solvent
government 1t passes for q dollar. That
Is, the gold endorsement passes for the
remaining so cents that is not in the coin.
To say that we have bimetalism and that
silver coins pass on a par with gold, is
Just as sensible, aud no more 80, as to
state that my note for a million dollars il
as good as Mr.. Astor's, simply because
that when I have gotten him to indorse
mine it Is discounted at the same rate as
is his.
Now, in conclusion, We will once more
call attention 10 the fact that the ADVOCATE
has not read very carefully our reply
when he states that we took particular
pains not to go any further back than
1873, which is as erroneous as any and all
of its statements. We refer the ADVOCATE
to his own reproduction Of our article,
which appeared last week in the INTEL.
LIaENCER, where we stated very p!a MY,
and it so appears in the ADVOCATE of Feb
ruary 17tb, that "from 1892 10 1872 1t huc-
tuated from 1915 to 1850 to l." And
these figures were not taken from any
German authority but from statistics of
our. own country. Why the AdUocdte
should have to resort to quoting DR..
Adolph Soetbeer on matters touching
and pertaining to our country we cannot
understand, except that he ia afraid of
falling into his own pit. If, in the
future, the editor of the Advocate should
wish more information on sound money,
we will cheerfnllv do so whenever we