Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-28

wards John sherman, VINO "de NV
than anv other living person response
bic for the demonstration OF silver n
1872 introduced and urged the passage
of what IS NnOwn as the Sherman ac-,
for the sole purpose of quieting the peo-
pie in their demands for more money.
and as I have shown above that these
two acts added more than S5GO,OOO,O0o
to our volume of money, or about ~
per. capita. would Ike to ask Mr.. q.
or any other person. what would have
been our condition at this time if the
gold standard men had had their way
.nce 1873 and to-day our present in
sufficient volume OF money was cut OIL
$500 600 600?
Since the Sherman act was repealed IN
1893. we have been on gold basis, and
instead Of purchasing and coming four
and 0ne-half million ounces OF silver per
month. or if,y-i0ur million ounces per
anaum. We have not been purchasing
any silver. This alone since 1898 has
taken from our volume Of money about
$50. 000. 900 per annUm. or over S180,GJ0,-
GOO. Don't you think if that amount oil
silver dollars had been coined since 1872
that each person in the United States
would have been able to get some OF j..
and don't you think that It would have
been easier for toiierS 20 obtain money
10 purchase food supplies?
If. as Mr.. G. says, we nave been coin
ing so per cent. OF all silver produced
since 1873. why does his party cry aloud
that our country will be the dumping
ground for all silver if free coinage IS
had? How would that hurt us. when
80 per cent Of all silver is now coined?
Other countries need all the silver they
now use. and as we produce three
fourths of al silver. how could other
countries dump more silver on lis than
We demand and can use. II we had all
the silver bullion in the world coined in
10 money. II would only make about S55
per capita. Does Mr.. G. think that
would hurt us.
Other gold standard countries produce
threa-fourths Of az gold bullion and
North and South America produce three
fourths of all the silver bullion. We
have closed our silver mines. throwing
out OF employment many men and allow
other countries to run their mines.
Free coinage in this country would
simulate mining silver and we would
have more 70 coin into money and hence
enlarge the volume. Of our money. Our
volume of money being large. would l.
not be harder for our capitalists and
money sharks 70 control and manipulate
1t and force a panic?
Our per capita is larger than in some
countries, bu; the fact tina, We are large
" In debt requires that we have large
per capita, much larger than We now
have. Any individual in debt must have
a larger working capital than one not
in debt in order to meet his demands.
The same rule will hold good as 70 the
government. We have TOO little money.
not 100 much
But MI Graham says under free
coinage we viii have a soc. or Mexican
dollar The Bank of England. by law,
pays so much per penny-weight for all
the gold that may be brought, and
gold has never gone below The price
fixed because II IS a fixed market and
constant demand for any supply. Sup
pose the United States says it will take
all the silver brought to our minis and
pay therefor S1.29 per ounce. Would
anybody sell for less than 1929? If
not then we would have gold and silver
upon q parity al ratio of Is TO /. But
Mr.. Graham says there would come
such dump" from all quarters of sill
yer bullion, silver coins, and knives,
forks. spoons and tea pots, that the
business Of our country would not alb
serb all the money they would make,
and as a consequence the price would
go down We don't think there is any
body worrying about the danger of hav-
ing a flood of money, unless it is Mr..
Graham, and for the pace Of his mind
we shall assure him it VIII not come and
tell him why it will not come. Europe
has thirteen hundred millions of sill
yer coined at a ratio of 15l2 10 l. which
they are supporting and circulating
with gold Now, Mr. Graham is capa-
bic business man; would he. as a bust
MSS proposition bring that coin here
and have 1t coined at q 16 10 ! ratio and
lose three cents on every dollar?
Would he not rather relieve any dump
we might have here by taking our 16
20 / dollars over there. and. if possible,
have it recoined at 1872 to l, and make
three cents? Mexico has none to spare.
She only has fifty-fve millions South
America and Central America together
only forty-two millions, and thsy are
taking more as fast as they can get it
and either increasing their circulation
or retiring paper money. India and
China has seventeen hundred millions,
but surely they would not give that 10
US India only has a per capita cirCu-
latlon Of 1881 and China $50. Ger
tainlv they could not afford to con-
tribute to q dump" Suppose they did;
what would they take away for 1t? Not
gold for gold is unknown in those
countries Then. of course. they would
take away some Of our products for it.
Would we have any objections to an
exchange of money for products? We
have been exporters of silver Of from
thir.y-five 10 forty millions every year.
Is il not fair % assume that they need
it and are employing t probably, or
they would not have taken il? As they
have done that in the past. won't they
likely continue 10 have the same de-
mand for T.? He further said we would
hava all commercial silverware to sup
port. The idea that anybody would
throw their s!lverware into the minis
after it had been doubled, trebled or
uuadrupled in value by the addition Of
skilled mechanism, IS too silly to merit
an answer. w would think rather it
would find its way into the pawn shop.
Now. as to production-1S92 was the
year OF greatest silver production in
this country. when it reached eighty
IN, r-,:llinrs nf 1nllars u us assnmh