Owingsville outlook. [volume] (Owingsville, Ky.) 1879-192?, 1896-07-30
Shall History Repeat Itself?

Those who really desire only the
unlimited coinage of legal-tender
silver dollars at the ratio of Is to l
arc not going to attain their object
by the election of Bryan and Sew
all and a silverite majority in Con-
gress. At least that is our opinion,
and we will give you our reasons
for il.
Say that silverism carries the
November election. As soon as the
news is verified those who have
greenbacks and Treasury notes will
exchange them at the Treasury for
gold until the gold reserve is ex-
hausted. Gold will Immediately
after the election go to a premium.
Whether il will go to a premium of
as much as represents the differ
eRce between the present'curreney
value~Rd the commercial price Of
gold and silver is q question. At
least gold will immediately cease
TO be used as a standard MONEY,
and silver will take its place. All
circulating medium will be on a sill
yer basis, and its purchasing pow
er will be about one-half what il is
now.
There are now in circulation Tor
in readiness under favorable condi-
lions to circulated $500, 100000 Of
gold; S4I3,O00 900 of legal-tender
silver dollars; about $50, 600 of
silver change, legal tender TO the
amount Of $40; and enough paper
currency to bring up the total cir
culating medium TO over $780,
000,00c Hence the practical de-
monetization Of SEQ, 600, 90 in gold
by the silverite triumph in Novem-
Der will leave only about $3.50, 000,-
COOS worth OF circulating medium
valued in gold to do the business
now being done by sl,7O0,00o, 000's
worth, causing a practical deficien-
cy of 81, 100000.
The u. S. minis working at full
capacity can now only coin about
10000, 900 silver dollars per year
At that rate it would take nearly
20 years TO supply the deficiency.
Suppose several new minis are
built, it will take not less than q
and more probably five or more
years to build a mint and equip il
with the fine and costly ma
chinery indispensable. At the best
calculation il would take several
years to provide for and coin that
much silver. The only alternative
is the issuance of paper currency.
In whatever form it is issued, and
though it be made legal tender, the
issuance of one billion TO two bill
lions in paper currency viii cause
it to deprecIate below silver. That
depreciation will stop even the
free coinage of silver as certain as
it did gold or silver during the
Civil war era, and will also drive
silver coin out of circulation. Then
We shall be on paper currency ba-
sis, and that resting on the credit
of the Government, which credit
both at home and abroad will be
in a wretched state because of the
unparalleled and unprecedented
act of the sovereign people in vot-
ing nearly fifty per cent. depre-
citation in the standard of monetary
value.
A food Of cheap and fuctuating
paper currency will cause the his
tory in the following to repeat it
self. This reprint is from Collins
History of Kentucky, the standard.
1t is quoted about in full by Smith,
another and later eminent histo-
rian of Kentucky. 1t is the calm,
dispassionate story of one whose
only interest is to tell the truth.
Read and re-read it until you make
it a vivid memory. 1t will free
you from many a foolish financial
notion.
"After the close of the war, the
civil history Of Kentucky is memo
rable by the dreadful monetary de-
rangement, which led TO the passage
Of the relief laws, and gave rise TO the
most embittered and violent conflict
of parties, which has ever occurred
in Kentucky.
ssfn 1916, George Madison was cleo
ted Governor, aud Gabriel Slaughter
lieutenant governor. Madison died
a few months after his election, and
the question agitated Kentucky,
Whether the lieutenant governor be-
came governor during the four years,
on whether new election could be