The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1896-10-23
SILVER AND GOLD.
No Flood Of Silver Need be Feared.
The Gold and Silver Product of the
World, About the Same for
Fifty Years.
From McMmln's Campaign Book

VI Jn6 OnlJ6u OJdJ6S. III is UIle almost
universal opinion that there has
been, and is, an overprOduction of
silver. This opinion prevails, not
only among the common people, but
is entertained by those whose pro-
fession and training usually indicate
that they are well posted on the pub
lie questions of the day. Even that
great political leader, William c..
Whitney, in an interview in the
New York World, said: "If the
country is not being drowned in a
flood of silver it is at any rate, being
scared to death by the fear of such a
deluge."
Again, Edward Atkinson, one of
the most active leaders of the So
called sound money party, attempts
to brand silver as cheap metal by
contrasting it with cows. He says,
in recent article published over his
name: Cow money is older than
any other kind of money. Cows,
sheep, asses, and other cattle were
money, and did the work of money
for centuries. Why demonetize the
cow?n
These are fair specimens of the
prevailing Eastern opinion of silver,
The delusion probably arises
First. From hearing and reading
so much in public speeches and edi-
torials, during the past three years,
about the HfioOd of stlver,n the
alarming "overproduction of silver"
the "cheap metal,n etc.
Second. From the common, but
very unfair practice of contrasting
the products of silver and gold for
short periods such as one, five or ten
years.
Third. From the equally unfair
practice of illustrating arguments
by giving the statistics of products
of single nation instead of those of
the whole world.
Nothing is more effective in mis-
leading aud deceiving the common
people than an apparently logical
conclusion derived from false
premise. For instance, dema-
'gogue may appear to be veryfair and
logical in the following statement:
F'Overproduction makes cheap
metal silver is overproduced there
fore, silver is a cheap metal" The
logical conclusion is plausible and
apparently correct, but as it is based
on a false premise it is, therefore,
untrue. 8
AS a large portion of the stock-in-
trade arguments of the advocates of
the single gold standard are based
upon allegations of overproduction
of silver, it is of the utmost impor-
lance to ascertain the exact facts by
taking the fairest possible test-the
statistics of the whole world and for
long periods of time.
The fundamental error of taking
statistics of a single nation, or for u
short period like one or ten years,
lies in the fact that the annual pro-
ducts of silver and gold are but drops
in the worlds reservoir of precious
metals which is the accumulation Of
centuries and from all nations.
Silver may be ahead for one year,
or decade, and gold ahead for anoth-
or year or decade, but when we take
centuries, or at least half centuries,
the production of the two money
metals is always nearly equal in
value.
According to Mulhall, the eminent
statistician Of Europe, the worlds
total product of silver and gold for
the 500 years 1880 to 1880 was in value
as follows:
Silver ........ .............., 81, 435,000,0OO
Gold ...-.......'...,...f. i,Z+O,OOO,UOU
Or 500 per cent. of silver and 49.4
per cent. of gold surely no flood of
silver during that period.
During the 100 years, 1892 to 1892,
the worlds products were, as stated
in recent official report of the
Treasury Departments:
Silver. ..,....... ....,.. S5,Ol l,o29,OOC
Gold ,...e...,...,.... ..,...,.. 5,663,2l6,OOC
Or ALB per cent. of silver and ST.
per cent. of gold. Again, no flood OF
Silver, as gold is slightly ahead.
During the past forty-siX years,
1849 to 1895, which period practically
includes the whole products of the
United States, as only trifling
amount of precious metals was min
ed in this country prior to 1919, the
worlds prOductwas as follows:
Silver ...... ,..........., 81, 1l0949,50(
Gold ..,,.....,. 5,3S3,043,70
Or 1873 per cent. of silver and $751;
per cent. of gold. And still we fai
to find that "f1ood of silver"
But perhaps it may be found by
adopting what we have above term
ed the unfair method, and taking
the record of single nation insteaC
of the whole world. ttt
The total products of the United
States from 1892 to 1895 were as fol-
lows in value:
Silver. ..............,.... -. Sl,36S, 9Ol,OO
! Gold e. ............,......... 2,O59,946,I 6'
Or 40 per cent. of silver and go pei
cent. of gold.
These statistics may also be useC
to represent the products of the
transmississippi States and Terrific
ries, as 991s per cent. of the silveI
! and gold of the whole United States
are produced west of the Mississippi
river.
There has, then, been no food o
silver either in the United States o.
the transmississippi country.
! To be generous with the opponent
of silver we will, for the sake of ar
gument, once more adopt the unfai
method (their method), and take the
record of a short period-the pas
ten years, 1t is the period durin,
which the allegations Of overproduc