The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-09-23


with substantial correctness.
II, however, there DO somebody believing
that in spite of these facts, the characterization
of silver by the act of 1873 must in some mys-
terious way have done something to depress
prices meet him with the affirmation that
the silver dollar was practically demonetized
long before 1878. To judge from the speeches
of our free coinage orators the American peo-
pie must before 1873 have fairly wallowed In
silver dollars. What is the fact2 President
jefferson stopped the coinage of silver dollars
in 1906. From 1888 to 1873 aside from fraction
al currency-whioh since 1853 was only limited
legal tender-only about 80o0.O 900 of silver dol
lars were coined. They were SO scarce that
you would hardly ever sec one except in
curiosity shop rs a rare coin.
There was constant trouble with the legal
ratio between gold and silver, which could
not DO so hxed as to keep tho two metals TO-
gether in circulation. Once one Of them would
be driven out of the country and then tho
other. Meanwhile over 81, 600 900, 600 of gold
coin was coined, and since 1858 gold was sub
stantially the only full legal tender money in
actual circulation. And those were excep-
tionally prosperous times Then the civil war
came and swept all our metallic money out of
sight. Paper money took Its place. and in that
condition we were In 1873, when the famous
act of 1873 was passed. What, then, was In
reality that law that has since been SO fierce
ly denounced AS "the crime of 1872" Why, 1t
was simply act revising our coinage laws
and providing among other things that certain
silver coins should be struck to be legal tender
In the pay ment of debts only to n small amount.
The standard silver dollar that had practical
" been out of use since President Jeffer-
son in 1906 had stopped its coinage, was simply
not mentioned in the enumeration. That Is
all The act of 1873 therefore did not create a
new state of things, but simply recognized q
state of things which had existed for many
and many years. 1t did thereby not only NOT
destroy half the money OF the country, but
not single dollar of 1t.
why Prices Have Declined.
But what is It, then, that has caused the do
elmo of prices2 / appeal to your common
sense. Do you think that when one man, aid
cd by machinery, does as much productive
work formerly ten or more did. and when
our modern means of transportation carry the
product from the producer to the consumer
with five times the speed at one-flfth the cost,
and when in the transmission of Intelligence
time Is quite and cost almost annihilated, do
you think that then tho product of human
labor should not In due proportion become
cheaper9 II 1t did not, then modern civilian
ton would in one OF its most important and
benehcont functions BIO q flat failure. For
what Is the inventive genius of the age that
devotes itself to practical objects engaged in
what else than in devising and developing
means and methods by which the things re-
quired by mankind for the sustenanco and
comfort OF life De maze D0CIer ana more etSlly
attainnble-that Is, cheaper2
The farmer In the United States welcomed
the agricultural machinery which helps him
In planting. raising and harvesting his crop.
He Welcomed the railroad, the steamboat, the
low freights. tho telegraph, which shortened
the distance between his farm and the market.
and the banking arrangements required for
moving and selling his product But as near
ly all our farmers had the same encourage
ment SO IL followed quito naturally that the
wheat crop of this country increased from an
annual average Of 8l2, 000, 900 bushels between
1870 and 1880 to an annual average of 475 000,-
900 bushels between 1900 and 1895. But also
foreign countries had the encouraging benefit /
new wheatflelds were opened In Russia and
the Argentine Republic and elsewhere, and,
according to Bradstrect's, o very competent
authority, the wheat product Of the world
grew from 1880 TO 1894 no less than d29, 000, 600
bushels, while the worlds consumption is es-
timated to increase only 100000 TO 1000, 600
bushels annually. When tho increnso OF the
worlds supply thus gains upon the increase
of the world = demand, is 1t wonder that in
the worlds market, which rules the price for
all exporting countries, that price should hive
deolined2 Is not this nm infinitely more ra-
tional explanation of the decline In prices than
to nscribe thnt decline 20 the 80 called do
monotization law of 1873, which practically de-
monetized nothing, but was actually followed
by nm increase Of our currency. nearly trebling
its volume and making the per capita Ear. far
highgI than II ever had been before. and high
er than IL is In any other country except one2
You L.. - at as well nsortbo our civil war to tho
great comet of 1911.
Our Recent Silver Laws.
Cowod by the uproarious cutlery which was
started by the silver minerS and taken up by
the ''ohoap money" men, congress passed two
laws one In 1873, the other in 1890, in pursu-
anco OF which over d20 900, 600 Of silver dollars
wore added to our currency, more than 80
times MS many dollars as had ever boon coined
before, besides large addition 60 our sub
sdiary silver coins. Our paper money was
largely increased, so that while in 1873, the
year in which the American people were said
TO have been robbed Of half their monoy-whilo
in 1873, say, we had STA, 600, 600 Of money in
tho United States, we had 81 2l7 600 600 In 1905,
nearly three times as much, and whiio In
1873 tho circulation was $l80i per capita, IL
5000 per capita In 1B05-ffty times AZ
many silver dollars and many times more
money Of all kinds than this country had ever
had In its most prosperous days-and yet the
prico OF silver in the market kept on falling,
and tho prices OF many commodities, agricul-
tural staples included. continued In their do
clning tendency Now analyze this case.
Upon what ground do the silver advocates as
sert that the 30 called decentralization of silver
depressed prioos9 According to their own
reasoning, because there has not been sufficient
money TO sustain prices. Sustain what pricesP
Those prevailing before 1879 But there Is
now three times as much money as thore was
In 1873 and much higher per capita circula-
ton. Well, what becomes Of their argumentf
Some OF the silver philosophers have invented
a more mysterious phrase~that prices have
gone down because by the net OF 1873 the "mon-
ey Of ultimate redemption" had been curtail-
3D. only gold being available for this purpose
But, according to the treasury statistics, we
had In 1873 only S25, 900 of coin, including
subsidiary silver. In the country, and now we
have much over 5000, 900, coo Of gold alone, or
more than "a times us much money of ultimate
redemption as In 1873. And yet prices are
low. Tho man whom such facts do not con-
vince that the decline of prices cannot have
been caused by any offoot produced upon our
currency by the act of 1873 must have skull
so thick that trip hammer would not drive n
sound conclusion through 1t.
How the Act Was Passed.
But hear myself asked, II this X 80. why
was this act Of 1873 passed secretly, surrep-
titiousIy, stcalthily? For silver orators have
been Professionally dining into the popular ear
for many years, until millions believed 1t, the
story that tbs silver dollar was 'as9assinated"
through tho law of 1873 by some dark, corrupt
plot. This fable has been 30 often and so au-
thoritatively disproved that am unwilling to
take IL up again In detail. Senator Sherman
did that recently in most conclusive manner.
/ will only add that was member Of the
senate at the time and know whereof affirm,
and emphatically pronounce all the stories
about tho act of 1873 being passed surreptitious-
ly; about senator's and members being some
how hypnotized. so that they did not know
what they were DOING about some English
man being on the ground with much money to
promote tho characterization Of silver, and 30
on, as wholly and unqualihedly false. wish
to be scrupulously courteous TO my opponents.
But as a conscientious student OF contempora-
neous history am bound to say that in the 10
years during which have been an attentive
observer of public affairs / have never wit
messed nor heard of such interruptions, shame-
less persistent, audacious, cumulative, gtgan-
tic lying rs has been and is now done with re-
gard to tho act Of 1873, Its origin, its nature
and It's consequences
What Would Follow Bryan's Election.
Consider now what tho immediate conse.
quences would be II Mr.. Bryan were elected
president with congress to match. MIR.
Bryan would of course DO anxious to have
his free coinage law enacted, but that could
not be, even II he called extra session Of
congress, until some timo In April or May
Ave or six months after the day Of election.
But as soon ON the 4th Of November as the re-
srlt of tho election was announced everybody
would know that the parity Of gold and silver
would not be maintained.