Evening star., 1896-09-30
Authorities Quoted for the
White Metal and a
Forecast Made Of
the Future.
To the Editor Of The Evening Star:


Congress in 1878 such men as Kirkwood of
Iowa and Mckinley and Foster of Ohio and
Carlisle of Kentucky were in favor of such
restoration, and Congress demonstrated by
a two-thirds vote its decided convictions in
favor of 4121a-grain silver dollar. And
the following recorded opinions Of finan-
ciers of all parties in different localities in
dicates the convictions and trend of opinion
among business men and statesmen Of all
parties, and is orthy Of thoughtful consid-
GRAFTON just at this time.
The British historian. Sir Archibald ALI
son, says:
columbus led the way in the career Of
renovation; when he spread his sails across
the Atlantic he bore mankind and its for
tunes in his bark. The mines Of Mexico
and Peru were opened to European enter
prise. Tire annual supply Of the precious
metals for the use of the globe was tripled;
the weight of debt and taxes
irsensibly wore off under the influence Of
that prodigious increase in the renovation
Of industry; the relations Of society were
changed; the weight of feudalism cast off,
the rights Of man established. Among the
many concurring causes which conspired to
bring about this mighty contamination, the
most important, though hitherto the least
observed, was the discovery of the mines
Of Me xico and Peru" QIistory Of Europe,
vol !. p. 1O)
And again the same author says on an
other page: "If the circulating medium Of
the globe had remained stationary or de-
clining. as it was from 1915 to 1S49, from
the effects of South American revolutions
and English legislation. the necessary re-
suit must have been that 1t would have be-
come altogether inadequate to the wants of
would ha yyo
been everywhere cramped, but the prices
OF produce would have universally and con-
stantly fallen. Money would have become
more valuable. all other articles, measured
in money. less so. Debts and taxes would
have been constantly increasing in weight
and oppression; the fate which crushed
Rome in ancient, and has all but crushed
Great Britain In modern, times would have
been that Of the whole family Of mankind.
All these evils have been entirely obviated,
and the opposite set of blessings intro
duced, by the opening of the great reserve
treasures Of nature in California and Aus
OF that which destroyed Rome and SO sore
ly distressed England, Is reserved for the
great family Of mankind. When the dis
covery OF the compass, Of the art of print
Ing and Of the new world had given an ex-
traordinary impulse to human activity in
the sixteenth century. the silver mines Of
Mexico and Peru were opened by Provi-
dence. and the means Of conduc ting indus
was afforded to mankind"
In the report to Congress in 1871 Of Alex
ander Hamilton on the establishment of the
mint he says: ITO annul the use of either
OF the metals as money Is to abridge the
quantity Of the circulating medium and Is
liable to all the objections which arise from
comparison of the benefits Of full with
the evils of scanty circulation"
And Thomas Jefferson in a letter to Ham,
ilton concerning this report said: Il con-
cur with you in thinking that the mint
must stand upon both metals"
In 1873 law was passed by Congress
containing no provision for the coinage of
the silver dollar. Concerning this piece of
legislation the report of the United States
monetary commission organized under a
joint resolution Of Congress August Is.
1876, says:
The act when passed was not read, ex-
cept by title and 1t is notorious that this
transcendent change in the money system
OF the country. affecting the most vital in
terests. was carried through without the
knowledge or observation of the country.
1t was neither demanded by the resolutions
OF pubic meetings or political conventions
nor asked for in petitions from the people
AS paper money was the actual money of
the country at the time, a coinage act was
not likely to attract general attention In
Its relation to single or double standard
1t was discussed but little in the House and
not at all In the Senate. The press of the
country was entirely unobservant or si-
lent. when 1t was pending and when 1t was
passed, and for more than three years af-
terward If it had been generally known
that any such vital question as the de-
monetization Of silver was lurking in the
bill, it would have aroused the most wide
spread discussion throughout the country.
The most striking evidence per-
haps, Of the public inattention to the ef-
feet of the coinage act Of 1873 Is the fact
that President Grant. who signed 1t. and
who was critically observant of the legisla-
ton of Congress, had no knowledge Of
what it really accomplished in relation to
the demonetization of silver, and was still
uniformed about 1t as late as the follow
ing October"
And in this same year, to wit, 1879, the
London Economist had this to say in refer
ence to the coin money of the nations:
Probably If there were gold enough for
all the world it would be best that there
should be only single standard of value
throughout the world and that one gold,
but this is impossible. Some have doubted
If there is gold enough even for the ma
tions that now intend to use 1t. and there
certainly Is not enough for all the world"
A few years prior to 1876, at a conference
by monetary commission appointed, 1
think, by the French government, one Of
the Rothschilds used these words:
whether gold or silver dominates for the
time being, it Is always true that the two
metals concur together In forming the
monetary circulation of the world; and it
Is the general mass Of the two metals COM
bined which serves as the measure of the
value Of things. I should regret the
decentralization of silver in its relation to
our internal circulation our commercial in
tercourse with other countries, and the al
ways uncertain eventualities Of the future
But should regret 1t even more If our ex-
ample should be followed by other nations:
for that suppression Of silver would amount
to veritable destruction Of values without
compensation"
At q conference of fnanciers, held In
Paris, in 1873. Mr.. Goschen, once a chan
cellor of the English exchequer, and now
a delegate from Great Britain, said:
Il have spoken against the theory of
those economists who argue that the gold
standard should be everywhere introduced:
I have stated that I saw in 1t a great in
convenience, great danger and even great
disaster. To that opinion decidedly ad-
here. believe 1t would be misfortune for
the world IL a propaganda for sole gold
standard should succeed"
In April, 1892, the Bankers Magazine, in
somewhat extensive article reviewing the
history OF the financial world, and the re-
sultant consequences Of different systems
Of finance to trade, commerce and the gen.
eral welfare Of the people. said:
England. for example. has been trying
to live on q gold standard, and that coun-
try has been thinking all along that It was
quite able to transact its business and
make its loans in gold; but the situation
has become more clearly understood. even
nv fha !noltah ond thov aro TO-.