The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-05-27
A FEW FACTS FOR THOUGHTFUL
PEOPLE


The main argument OF the ignorant or
nl-informed free silver advocate Is that
the supply OF gold is insufficient to make
1t a correct standard. and its scarcity
viii tend to depress prices. The average
annual output OF gold OF the world for
the first half OF this century, in round
numbers. was S5O.OO00oO. From 1851 to
1855. covering the gold boom in California
and Australia, the yearly average was
NSo.oOo.ooo. The output for 1885 was si55.-
10000. and for 1884 $lsl.Ooo.OoO The birth
rate among gold using countries is not
increasing. while the production Of gold
is on the increase. as here stated. This
answer ought to satisfy even the ex-
treme Is 10 l people-the per capita"
Populist-especially in view Of the fact
that improvements in power and ma
ehinery are being applied to the produc-
ton Of gold, while the genius Of lnvea-
ton finds no inducement offered nor field
for operation in the population business.
Another answer to this absurd PROPOSE
ton is that the more highly enlightened
the world becomes, and the greater the
improvements in business methods, the
less necessity there is for the use OF
actual money of any kind. Steam ana
electricity have so knitted civilized peo-
pie together that they are practically one
community. Business men speak TO
each other around the world as If they
were assembled in the same building.
Their business is done on a system OF
credit without the use Of money ex-
cept for ultimate settlement Nor is this
method confined TO business men. It is
broadening with the evolution OF man
from lower to a higher plain Of lntelll-
gence.
The farmer may now live for a whole
year on the fat of the land and never
handle dollar in money during that
time He may receive checks for his |
crop, deposit them TO his credit with the |
bank, and draw checks on the bank for |
what he owes and spends. Neither he |
nor the men who buy his crops need
have a dollar in the bank. They need |
only to have credit there The bank
owns the money in it's vaults, and its |
customers simply have the banks obliga-
tions Bank credits perform precisely !
the same work that gold and silver do, |
and they perform It much quicker ana
more conveniently, The Scots are the
most conservative people in the world,
and they have had the best banking sys-
tenn Of any people for 800 years. On a
gold reserve OF 125.s52,OOO they support
bank credits to the enormous amount OF
~. .1Ss,OOo. The best authorities esti-
mate that only one bill OF exchange in
s0Oo 900 is ever paid in money in England.
Gold, silver. and other money perform
ane per cent Of the exchanges In this
country, and credits, in the shape OF bills,
notes. checks. etc. do the other % per
eont The business OF the world could
DO more be done today with gold and
silver than its inland transportation
sould be done with OK wagons.
The Is to orators, in denouncing the
Let Of 1s7a. assert that half the money OF
he country was destroyed. and hold out
he idea that our money has been con-
racted to that extent In 1872 our popu-
alton was 4O,596,OOO, and our per capita !
4 money was &1S.79. In 1894 after the (
ountry had been suffering, as they say,
With the gold standard for twenty-one :
ears, our population was 6s,275,OOO and :
ur per capita of money was $S5.A, ana b
re have much better money now than we I
-andard as a measure Of value did not +