The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-09-01
THE WORDS OF PRoPHEc4.

| ing almost in the shadow OF the grave
though there was loss of physical
strength there was no abatement OF IN
tellectual powers, but he looked INTO
the future with the eye of the seer
TX, the exclusion of editorial matter,
we give these prophetic words OF the
great tribune of the people. No pa
tr;otic man. who reveres the memory
of Vance and loves his country, can
read these last words without being
strengthened for the conflict that is
now on:
MIR. Vance said: Mr.. President: The
metallic money of the world is es'ti-
mated at about $500, 100000. About
one-half of this is silver, which is full
legal tender money, and in addition
thereto there is about $550.000,000 of
subsidiary silver in use ia the differ
emit nations of the world This money
is the means by which the worlds eX-
changes are effected and their values
measured. 1t is needless TO say that
the great law of supply and demand
has operation and effect in regard to
this money, as in regard TO everything
else. When money is abundant, prices
are high; when money is scarce the
prices of all products are low. There
fore, he that increases the abundance
Of money benefits production and en-
hances prices and wages. and he that
contracts or diminishes the amount of
this money depreciates everything
which is for sale. including wages,
though by reason of combinations
and defensive measures in many parts
of the world, wages are affected less
than products.
The effect upon the condition and
well-being of mankind which would
follow the destruction of one-half of
this currency, it is impossible accur-
atelv to describe. The imagination of
poet would be required to portray
it's misery: and only he who wandered
through the horror-laden maZes of
the Inferno, or he that eXulting in
still sublimer song portrayed the
Indebtedness of mans disobedienee
and fall, could adequately set forth the
evil, the suffering. and the sorrow
which would come to mankind if Their
wages and the prices of all THEM pro-
duets were decreased in the proportion
that would follow the destruction of
one-half of the worlds money. Yet,
their process of destruction has been,
going on quietlyssinee 1S72~the result
of which swe see in prieess lower in.
many things tnan have ever been
known within the memory of man.
Great Britain led off IN the demone-
tization of silver SO early as 1916, in
consequence, asNis said, of her grea5
debts to the Jew Rothschild, to meet
which she made gold her only standard
of money, reducing silver to subsidiary
circulation. After the great Franco
Prussian war, Germany was induced
to adopt the god standard. So great
then became the pressure upon adJoin-
ing nations that the Latin Union,
which had been formed for the pur-
pose of maintaining silver within the
boundaries of France, Belgium,
Switzerland, Italy. and Greece, were
compelled to cease coming silver and
devote all their efforts to the mainten-
ance of that coming, by fraud In leg
lation. when silver, which at that mo-
ment was at premium over gold,
began TO decline and has continued to
decline ever since.
In 1878 the Indignation of the people
forced it's reconciliation, and under
the operation of the Bland law, coin
age was resumed at rate of not less
than S2,000,000 a month and not more
than $4,000,000. aft the discretion OF
the Secretary of the Treasury. Or
course, this discretion was exercised
against silver, as it always has been,
and only $2,000,000 month was coin
ed: but it stayed the downward course
of silver, and the common people re-
ceived it gladly.
At the beginning of this year, 1898,
it was coined for legal-tender pur-
poses in none of the leading CONNER
cal nations of the European world, to
but limited extent in the United
States, and in India it was coined free
~. 1t is remarkable that in the United
States and Germany in 1873, when it
was demonetized, silver was at pre-
MUM; and in 1916, when Great Bri-
tain demonetized it, it was likewise at
premium.
In June of this year the British
India council, anticipating, as was
said. the action of the government of
the United States in4 repeating the
Sherman law, which it was supposed
would Repder silver next to worthless,
Ssutinlep az stoRpefk the coinage of the
siIyeF 9srSl pee, add 3riheunch ahat the
government would itself coin limited
quantities, as the--El4bIlc needs mlgnF
require. Then the effort vq to
have the coinage altogether
stopped in the United States began,
aided by the influence of the moneyed
power of all the world and our own
Government.
Silver lives now, so to speak, only in
the United States-here amongthe peo-
pie who recognized it as money when
they established their constitutional
form of government, it makes its last
stand. If its coinage is stopped now.
it ceases to live throughout the com
mercial nations of the earth, and drops
out of sight. The repeal of the Sher-
man law, without any substitute pro-
yiding for the continued coinage of sill
yer. is the end of silver money for this
generation, except as subsidiary coin,
unless, indeed, a great revolution of
the people should restore it, as was