The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1896-09-24

perhaps of capitalists. hoard and gather
for the oppression of mankind. Now let
me call your attention to one fact The
free-coiners assert, when they are told
that the increased output of gold is going
to tend very much and by natural pro-
cesses to solve this question. that from
onc-haf 10 onethird of the gold annually
produced in the world goes into the arts.
This statement is probably an eXaggera-
ton. 1t is probable that one-quarter of
the gold of the world produced annually
goes into the arts, and it has been doing
IT for centuries. Consider for mo-
meDt. my fellow citizens. what an enor-
nous sum. enormous aggregatc-three
billions. perhaps four billions. of dollars
are lying in the shape of golden orna-
ments. thousands of dollars of them i'll
this room tonight. Now | want to ask
you this question. if there is Il gold fam
inc. if the power of gold is so absolute
and tyrannical as it is claimed. if it's
possession i'll the shape of coin gives its
owner such sway over the destiny and
fortune of his fellow man. how is il
that this enormous amount of gold. per-
hapS Oncthird of that which is in exist
ence. has not shown the least symptom
yet of going into the melting pot to be
turned into coin!
But we hear a great deal about the de-
monetiZation of silver, and one would
think TO hear orr free-coiner friends de-
claim that silver had been entirely de-
monetized that by some malign infiu-
cnce the money function of silver
throughout the world had been entirely
abrogated. and it is a very catching
phrase. 1t has been Il very catching
assumption, for | will not call it an argu-
ment.
I F,llo IL.
properly considering facts. that state
ment is inaccurate. not to say untrue |
assert that silver has never been demon
etiZed i'll the sense in which that charge
has been made. tApplause) Demone-
tization means TO divest of standard
value as money. and | say this has not
been done with amy dollar of silver coin
that was ever minted at any mint. CAP
plausc.) 1t is 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 of silver
which lay concealed in the earth we will
not longer buy it at certain ratio and
at Il certain price. Even that has not
been entirely done. and | repeat my
statement that The assertion that silver
has been demonetized is one calculated
to mlsiead. and is not true in fact.
.'The Crime of 3D.
All our woes are dated from 1873. the
period when the free-coiners persuade
their disciples that. to use their stock eX-
preston, silver was demOnetiZed. or that
onp-half of the aggregate wealth of the
world was struck down ut Il blow. Now
let us bring this statement to the crucial.
absolute test of figures. of what records
and statistics say upon this subject. and
not trust to the vague defamation of
any person. The value land | will give
YOU my authority for this statement in II
momentI. the value of all silver coin III
the world in 1873 was $1.S11 100000.
In 1895 it was 81. 100000. 900. The
value of all the gold coin in the world in
1873 was S3.O4o. 0O0. 600: the value of all
the gold coin i'll the world in 1860 was
S4.2t0OO0.GiO. OF this quantity of sill
yer current in the world in 1890, S:.439.-
100000 was full legal tender. Now at
tend to me for Il moment while the math-
ematical deduction is made. BY this
statement II appears that the quantity
of gold i'll the world increased. between
1873 and 1870. only 5000. DOC. 900.
while the increase of silver coin for the
same period was S2.2S:S. GOO. 0J0-more
coined i'll the twenty-three years since
1873 than remained up to that time of
all the coinage of the world since Noah
left the ark. tApplause.) And nearly
double more silver has been coined than
gold since 1873. What becomes, then. of
the assertion of the equal and equahle
production of silver and gold from year
to year since time began. and of the de-
monetiZation of silver since 1873. i'll the
face of this showing that. between 1913
and 1899 the coinage of silver was near
Iy twice greater than that of gold: They
talk of the decentralization of silver since
1873 i'll the face of silver coinage
throughout the world since that year of
" al y
444 461 was minted by the United
States. tApplause) And of gold the
nited States minted during the same
period $937 ,460.633. And here. also. is
answered Il stotement confidently made
and plausibly maintained, and yet enron
eous in fact. that there has III all this
time been an enormous contraction OF
the currency all over the world, yet
these figures cOnclusively 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 ana conn
dence of the civilized world. and on the
18th of July tonly Il few days ago.
tclegra ohed to the director of the mint
regarding information upon these sub
jects. and he answered me:
Hon. c. X Davis, st. Paul. Mimi:
The total value OF all silver coined IN the
world in 1873 | estimate to have been
S1.S17. 10000 and 1895 81. 100.0 900. 600.
The worlds stock of gold in 1873 is es-
timated to have been S3,O45, 600 900 and
1895 about S4.200,000.0 900. r. +. Pres
ton. director of the mint. And these
figures | have just given you are the fig
ureS which | have just read in the tele-
gram of the director. The greatest bust
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
that will be made to it is probably that
Mr.. Preston and the United States gov
ernmcnt is one general universal gold
bug. Q4aughter.)
Now let me give you another state
ment The coinage of the nations of the
world in 1892. 1893 and 1894 was as
follows: Gold S112413. 1874: silver.
155.517.341: 1893. gold. 500 420. 517:
silver. $137 .952 $50: in 1894, gold. 1921
921 .O32: silver, $113.O95.1S3. \ total in
three years of 81 .039.3S9. 49S. With all
deductions for recoinage this output of
coined money is of immense volume.
Now | have thrown out these sugges-
tons and will pass from that branch of
the discussion and call your attention to
another assertion of the free coiners: |
alluded to it cursorily a few moments
ago. but | propose to now treat it i'll
the same manner in which | have treat
ed the last preceding question. The free
coiners assert that contraction has in
III ~. o,.,I "a