The morning times., 1896-08-04
, A Question for silverites to Answer

f,se.t A Question for Silverites to Answer
In discussing the silver question thoughtful people
should carefully study its effects and from
the standpoint of former experiences 1t IS too import
ant subject be clouded with doubt defended by
baseess assumption and each feature of its varied
pllcato1 should be thoroughly and consistently nvest
gated Every American. high or low, rich poor wage
employer deeply interested in understanding
the true significance of silverite ascendancy and
Iunsubstantiated assumption unproven declaration
shoude'be given moments consideration. In the at
tempt by sverite leaders array labor against capital
and make 1t appear that every who stands for sound
money "gold bug, it should be remembered that
there is nothing blind prejudice, revengeul
envy and stubborn and unyiedng partisan politics
Therefore the allegations of the silveres should
noticed But effort should be spared to learn the
truth concerning free coinage and proof should be
demanded for every statement made by either side of the
controversy Above all the fact should be constantly
borne in mind that the welfare of great nation is at
stake and that in casting ballot at the No
vember polls result in involving the country in bank
ruptcy and ruin.
It is generally conceded by most siverite leaders
that the adoption of their policy would not result in fore
ing silver to parity with gold but that prices would
rise by imitation and that the volume of business would
be increased by the circulation of money This be-
ing the only real point the controversy therefore,
demands the most careful attention But before
giving that claim serious thought it should be made plain
and clear that change matter how slight has
been made monetary standard without bringing
a panic The United States has undergone three such
their repetition. The first the result of the gold
fever 1917 to $780, when it thought that the gold
discoveries in California would make gold useless
money metal Everybody began to hoard silver expect
ing would value and in short time prac-
tically withdrawn from circulation, and the public was
oehin ond
monetary medium The result of this fight era
Of bankruptcy and repudaton which finally ended in
revision of the currency laws The panic of 1873
originated fear that the remarkable development of
silver mining in the Western territories would result in
overproduction and destroy its money Contrary
the former experiences this time gold forced out
of circulation and we had famine because there
were only about 900 of silver in the hands of the
public. The long debate in Congress the resump
ion of specie payment and the decentralization of silver
greatly disturbed financial circles and almost before the
bill became law another of bankruptcy swept over
the country. Free silver advocates Immediately set up
the that the demonetzaon of silver the
Distress and in response to their demands the
Allison law of 1873 enacted authorizing the
coinage of s. O00 900 silver each month But the
overproduoton of silver continuing caused its constant
decline prices and the disparity of its value with gold
inlpeed every great commercial nation to close her mns
against its coinage Again the siverites appealed for
relief ana again congress responded ne band-Al1SOn
act repealed and the Sherman law enacted authoz
ing the monthly purchase of 450O 600 of fine sill
yer as of bolster the silver industry. This
remedy was as unsuccessful the others. Silver COIL
stany fell in price in spite of this
purchase and the monetary world became pancky that
the country thrown into another convulson of bank
ruptcy in 1893 Notwithstanding these three disasters
brought by attempts to maintain parity by law be-
gold and silver when the commercial value of these
two metals different, the government is again asked
TO make the experiment and therefore bring greater
financial industrial calamity than have heretofore
experienced satpo
No one can doubt its coming if the silver party pre-
walls in November and every who has studied the
question must realize the misery will bring to the
country Thirty days ago there $500 00O 900 in
gold either Treasury available as deposits to
he drawn upon otherwise made medium of indirect
circulation Every dollar of this gold will soon be en-