The Union times. [volume] (Union, S.C.) 1894-1918, 1896-05-15
T!iE. ,.ENl. ISSC r..


stayYv.,s. h, Ia. ij;cS That we are will
ing To admit thai the free coinage OF
silver in Il ;cli. las IL, necessary cumuec-
ton with l..c il" ~ fall of prices.
Price - DIVA ~ you lessen the
quantity'o. :H'.!'y. and go up as YOU iu
crease it,
If this il t.r ;!ur principle, then the
free coiuaGC uT silver would increase
! prices. wi'T ~nr:' frcy coi,e,-'e, Increased
the amount of ;,ioncy. iiut otherwise.
Suppose the guvcrnmel. was retiring
the greenbacks Willie il was coming
silver, could prices 80 u, if the amount
Of paper money called in Wis greater than
the amount of silver put out!
Certainly not. In such Il case free coin
age of silver would mot mean more money;
therefore, prices would sink in spite Of
free coinage.
Did we not have an illustration OF this
in the scvcnties?.
While the law hul partially denone-
tized silver and had dropped the standard
silver dollar from our list Uf coins, yet it
is literally true that the mints were run
ming full tilt coming standard dollars hy
the million. And while under the law
these dollars Were not legal tender for
luore Than five dollars in amy one payment
! yet we I'LL remember that in practice,
silver circulated freely, for Very few knew
that il had been partially denunetized.
But prices steadily went down. Why?
Because the volume of currency grew
constantly less. For every silver dollar
; issued by the government. three OF four
paper dollars were called in AMI burnt up
However, there is Il still iHtlrr way to
illustrate the fact that free silver, by
itself, docs not necessarily raise prices.
In 1878, the Bland Allison net was
passed; silver money was fully restored
TO its legal tender powers, and the mints
authorized to coin some SIS, ,0UO. 900 of it
per alnum.
Now if the decentralization Of silve. in
| 1874 was the sole cause of prices going
down, why was it that prices did not rise
again to the 1870, 1871 and 1872 mark,
after the reconciliation Of silver?
The act, of 1873 and 1874 were vii
liinous in the extreme. Thcy We're
stealthy steps in the general scheme of
construction. But, ;ES Il matter of tact
it WAS the tremendous destruction of
paper money Which mainly brought
prices down.
Extreme tr,e-SilNcritcs SAY that the acts
of 1873 and 1871 were the sole cause Of
decline in values Then why did not
values rise again To their old position
wien the acts uT 1873 and 1874 were IT,
pcalcd?
The truth of the matter is that the
government had burnt up about $4,000
600 of our paper money, and prices fell
because the amount of currency grew
smaller, although the amount of silver
money grew larger
During the entire period in which
values were falling the United States
!, |
money than We had ever known before.
Then why did not prices fall?
Because, while 500. .00U. 900 in silver
dollars were coined and circulated, 81
0OO, 100000 of paper dollars were called
in and burnt.
Whenever free silver means more
money, up goes priccst but not otherwise.
Mr.. Carlisle ll,, retired about SSu, ZOO
) UuU of CrCcnhackS from circulation with
in the last twelve months, lie violated
} the law in so doing, hut has done il all
; the same
: Free coinage oI silver during those
twelve months would have given us
about S6O. 900, 600 in silver dollars
Will some cNtrrmc>t on the silver
question tell me how prices could have
gone up under Carli>lcs system of rctir-
ing $50 coo, ,0OO 600 of Grcenhs,ckS while
the minlS were coming only $50, ,0OO, 600
Can values rise under Il contractio of
S20. .OOO, GOO in one year?
If so, upon what principle?
We hear il said by Democrats and Re
publcanS everywhere that the grecnlackS
must he retired from circulation.
suppose YOU cancel grcenhackS Us fast
rs YOU coin silver. can prices go up?
If 81. how?
To retire paper money in The interest
Of silver. would benefit no one except the