The Yale expositor., 1896-08-28

for the oppression of mankind. Now let
me call your attention to one fact. The
free-coiners assert, when they are told
that the increased output of gold is going
TO tend very much and by natural pro-
ccsses to solve this question. that from
one-half to one-third of the gold annually
produced in the world goes into the arts.
This statement il probably an exaggera.
ton. II is probable that one-quarter OF
the gold of the world produced annually
goes into the arts, and il has been doing
1t for centuries. Consider for a mo-
meDt, my fellow citizens, what an enor-
nous sum. enormous aggregate-tnree
billions. perhaps four billions, OF dollars
are lying in the shape of golden orna-
ments, thousands of dollars of them In
this room tonight. Now ! want TO ask
you this question, ii there Is gold 1ain-
Inc. If the power of gold is 50 absolute
and tyrannical as il is claimed, II It's
possession in the shape of coin gives ITS
owner such sway over the destiny ana
fortune of his fellow man. how is IT
that this enormous amount of gold, per-
haps one-third of that which is III exist
ence, has not shown the least symptom
yet of going into the melting pot to be
turned into coin?
But we hear great deal about the de-
monetiZatiOn of silver, and one would
think to hear our free-cOincr friends de-
monetized. that by some malign intlu-
ence the money function of silver
throughout the world had been entirely
ahrogated. and il is very catching
phrase. 1t has been very catching
assumption, for l will not call 1t an argu-
ment.
Now. shy. my fellow citizens, that,
properly considering facts. that state
ment is inaccurate, not to say untrue.
assert that silver has never been demon
etized in the sense in which that charge
has been made. ~(Applaus Demone,
tization means to divest OF standard
value as money, and l say this has not
been done with any dollar of silver coin
that was ever minted at any mint. Zap
plause) 1t is true that many nations
who have approached the danger line OF
which ] spoke few moments ago. when
one metal drives out another, that many
nations have told the owners of silver
which lay concealed in the earth we will
not longer buy it ut a certain ratio ana
ut a certain price. Even that has not
been entirely done. and / repeat my
statement that the assertion that silver
has been demOnetized is one calculated
to mislead. and is not true in fact.
'The Crime of 49,"
All our woes are dated from 1873 the
period when the free-coiners persuade
their disciples that. to use their stock eX-
preston, silver was demonetized. or that
One-half of the aggregate wealth of the
world was struck down at blow. Now
let us bring this statement to the crucial,
absolute test of figures, of what records
and statistics say upon this subject, and
not trust TO the vague defamation of
any person. The value land l will give
you my authority for this statement in
moment), the value of all silver coin in
the world in 1873 was $1.S1I 600, 900.
In 1895 it was $4.1O0, 100000. The
value of all the gold coin in the world in
1873 was $3O45, 900, 600; the value of all
the gold coin in the world in 1870 was
81 DOC. 100000. OF this quantity of sill
yer current in the world in 1895, So, 49,
100000 was full legal tender. Now at
tend to me for moment while the math-
emati deduction is made BY this
statement il appears that the quantity
of gold in the world increased. between
1873 and 1895, only $1,200,O0O,O0O,
while the increase of silver coin for the
same period was S2.2S3, 00O, 000-more
coined in the twenty-three years since
1873 than remained up to that time of
all the coinage of the world since Noah
left the ark. (Applause.) And nearly
double more silver has been coined than
gold since 1873. What becomes, then, of
the assertion of the equal and equable
production of silver and gold from year
to year since time began, and of the de-
monetiZatiOn of silver since 1873, in the
face of this showing that, between 1873
and 1895 the coinage of silver was near
~ twice greater than that of gold? They
talk of the characterization of silver since
1873 in the face of a silver coinage
throughout the world since that year of
over $2,OOO,OOO,OO0 of which $685.
444. ACT was minted by the United
States! ,Applausc.) And of gold the
United States minted during the same
period 1897 ,4G0,633. And here, also, is
cf.. Iv do
and plausibly maintained, and yet erron-
eous in fact, that there has in all this
time been an enormous contraction of
the currency all over the world, yet
these figures conciusively demonstrate
that that statement is not true. Now,
the statistics of any other speaker or
from any other book. l know where the
statistics are gathered with the care
which commands the respect and conf
dence of the civilized world, and on the
Doth of July tOnly a few days ago. l
telegraphed to the director of the mint
regarding information upon these sub
jects. and he answered me:
Hon. c. Il. Davis, st. Paul. Mimi:
The total value of all silver coined i'm the
world in 1873 l estimate to have been
81 SIT 100000 and 1895 81, 100, O0O, 900.
The worlds stock of gold in 1873 is es-
timated to have been S3.O45, 600. 900 and
1895 about 81 200. 100000. X. Il. Pres
ton. director of the mint" And these
figures | have just given you are the fig
ures which l have just read in the tele-
gram of the director. The greatest bust
ness transactions in the way of finance
on the face of the earth are made upon
statements like that, and when what |
have said is discussed the only answer
that will be made to it is probably that
Mr.. Preston and the United States gov
eminent is one general universal gold
bug. Ueuglter)
Now et Inc give You another state
ment. The coinage of the nations of the
world in 1872. 1893 and 1894 was as
follows: Gold. $112,4T3.124: silver.
S155,517,34T: 1893. gold, $232, 400. 517:
silver. $137 d., 500; in 1894, gold. S227..
921 .O32; silver, S113.095.1S3. A total i'm
three years of S1.O''3.3S9, 49S. With all
deductions for recoinage this output of
coined money is of immense volume.
Now l have thrown out these sugges-
tons and will pass from that branch of
the discussion and call your attention to
another assertion of the free coiners: I
alluded to il curs0rily few moments
ago, but i propose to now treat II in
the same manner in which have trent.
ed the last preceding question. The free
cOiners assert that contraction has in
hicted all the financial and economic
miseries that mankind has endured since
1873. Now i say that they themselves
coolly propose to bring about n controc-
ton of currency in the United States nm
IL To-. h. l..