The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22

perhaps Of capitalists, hoard aud gather
for the oppression Of mankind. Now let
me call your attention 10 one fact. The
free-coiners assert, when they are told
that the increased output OF gold Is going
10 tend very much and by natural pro-
cesses 10 solve this question. that from
one-half TO one-third of the gold annually
produced In the world goes into the arts.
This statement Is probably an exaggera-
ton. IL is probable that one-quarter OF
the gold Of the world produced annually
goes into the arts, and IL has been doing
II Tor centuries. Consider for mo-
meDt. my fellow citizens, what an enor-
nous sum, enormous aggregate-three
billions, perhaps four billions, of dollars
are lying In the shape of golden ornn-
ments, thousands Of dollars OF them In
this room tonight. Now / want 90 ask
you this question. If there IL n gold fam
Inc. IL the power of gold Is 40 absolute
and tyrannical MS IL is claimed, II its
possession i'm the shape of coin gives its
owner such sway over the destiny and
fortune of his fellow man, how is II
that this enormous amount OF gold, per-
| haps onc-third of that which Is I'm exist
ence, has not shown the least symptom
yet of going into the melting pot TO be
| turned into coini
But we hear n great deal about the de-
monetization of silver, and one would
think 10 hear our free-coiner friends de-
claim that silver had been entirely de-
mOnetized. that by some mnlign intu-
ence the money function OF silver
throughout the world had been entirely
aDrOgated, and IL is n very catching
phrase. Ii has been n very catching
assumption, for l will not call II an argu-
ment.
Now. ! say. my fellow citizens, that,
| properly considering facts, that state
i mppf Is inarcrrnfa not ia saw untrue.
assert that silver has never been demon
! etized i'm the sense in which that charge
has been made. (Applause) Dcmone-
| tizatiOn means 10 diyest OF standard
value as money, and | say this has not
been done with any dollar of silver coin
that was ever minted NJ any mint. TAP
] plause.) Ii il 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 or silver
which lay concealed in the earth we VIII
not longer buy IL at n certain ratio ana
nj certain price. Even that has not
been entirely done. and repeat my
| statement that the assertion that silver
has been demOnetized is one calculated
10 mislead. and Is not true in fact.
"The Crime OF 49,"
All our woes are dated from 1878. the
| period when the free-coincrs persuade
| their disciples that, 10 use their stock eN-
preston, silver was dcmonetized. or that
one-half of the aggregate wealth of the
world was struck down NJ a blow. Now
let us bring this statement 20 the crucial,
absolute test Of figures, OF what records
| aud statistics say upon this subject, and
not trust 10 the vague defamation OF
any person. The value land | will give
you my authority for this statement in n
mOment), the value of all silver coin in
| ltn In = ~
| In 1895 il was 81. 1OO,OOO.OOO. The
value of all the gold coin in the world in
| 1873 was S3.0f5.OO0.OOO. the value OF all
the gold coin In the world In 1895 was
! 81. 200. 600 OF this quantity Of sill
yer current i'm the world in 1890, S3,430,-
| 100000 was full legal tender. Now Mt
tend 20 me for a moment while the math-
ematical deduction is made BY this
statement IL appears that the quantity
Of gold in the world increased. between
| 1873 and 1895. only $l,2OO. 100000,
while the increase Of silver coin for the
same period was $2,2S3, 900, OOO-mOrc
coined in the twcnty-three years since
| 1873 than remained up to that time Of
/ all the coinage of the world since Noah
| left the ark. (ApplauseD And nearly
double more silver has been coined than
! gold since 1873. What becomes, then, of
the assertion Of the equal and cquablc
/ production of silver and gold from year
TO year since time began. and of the de-
monetization of silver since 1913, in the
face of this showing that, between 1873
and 1895 the coinage of silver was near
! ~ twice greater than that OF goldf They
talk Of the characterization of silver since
! 1873 i'm the face of silver coinage
J over $1,000, 100000 of which S53S,-
444 46T was minted by the United
| States. (Applause) And of gold the
United States minted during the same
period $03T ,4G0633. And here, also, is
| answered n statement confidently made
| 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 conelusiycly demonstrate
| that that statement is not true. Now.
my friends, | have not taken this from
the statistics OF any other speaker or
| from any other book. | know where the
statistics are gathered with the care
which commands the respect and conf
dcncc of the civilized world, and on the
| Doth Of July (only few days ago)
| tclegrap hed 20 the director of the mint
regarding information upon these sub
| jects. and he answered me:
Hon. G.. *. Davis, st. Paul, MINI
The total value of all silver coined in the
| world in 1873 | estimate 20 have been
S1,S17 100000 and 1895 $1,000 900.
| The worlds stock Of gold In 1873 is es-
| timatcu To nave hecu ND.OiD, ODO,O O and
1895 about 81 0O,000OOO. X. II. Pres
ton, director Of the mint And these
figures | have just given you are the fig
urcs which | have just read In the tele-
gram of the director. The greatest busi-
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
TINT will be made TO il is probably thsf
Mr.. Preston and the United States gov
crnmcnt is one general universal gold
bug. U.aughtcr)
Now let me give you another state
ment. The coinage of the nations of the
world I'm 1892, 1899 and 1894 was Ms
/ follows: Gold. S1T2,4T3.12I: silver.
S155.517. 3l7: 1893. gold. S232. d2O. 5i7:
silver. S13T .O52 $50: IN 1894. gold. S227
| g2l ,O32: silver. Sll3.O05.TS3. A total In
three years of Sl,O3D $50, 9gS. With All
| deductions for rccoinagc this output of
coined money is Of immense volume.
Now | have thrown out these suegcs-
tons and will pass from that brnncb of
the discussion and call your attention to
another assertion Of the free coiners. /
alluded 90 il cursOrily n few moment !