The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-05-04

Every intelligent man knows that when
the mines OF California and Australia
vastly increased the production OF goli 1t
became cheaper, measured by silver. than
IL was before. So II is now with silver. II,
during the past twenty-five years, silver
had been. In the estimation OF the world,
as desirable for money as IL was before,
and II IL had been admitted to the minis
as freely as gold. its increased production
would probably have caused only slight
decrease In valre as compared with gold.
But, coupled with the decreased demand
for silver, its increased production has
contributed powerfully to its fall In value.
The writer has no hesitancy in asserting
that he has given the two chief causes for
the low price of silver; namely, the fact
that nations with an aggregate popula-
ton OF over 600. 900 900 have, since 1871, shut
on. almost entirely. their demand for sill
yer as money. and the fact that for the
last forty-flye years there has been a vast
increase In the production OF silver with
no corresponding increase in the produe-
ton OF gold.
II this is SO, then II is utterly unreason-
able 10 believe that the unfavorable effect
upon the price of silver produced by these
powerful causes could be counteracted and
nullifed by the favorable effect upon the
price of silver produced by its remonetlza-
ton by this country alone.
In 1851 Germany and Austria demonetized
gold and established silver as the standard
of value 90. How much did their action
Increase the gold price OF silver bullion?
One hundred per cent? No. Thirty per
cent? No. Three per cent? No. Then
why should reconciliation of silver by
the United States greatly increase the gold
price OF silver buiiion7
In 1875 England demonetized silver and
established the gold standard. How much
did her action increase the price of gold
hat he
the two meals was not affected" by Eng
lands action QS. Then why expect our
reconciliation OF silver to greatly in
crease its price In gold?
The fact Is that the effect upon the value
Of either metal resulting from its rernone-
lzatioh or oemonetization by a single
country Is slight The causes regulating
the relative values Of gold and silver are
worldwide, and far more powerful than
the influence Of any one country
since our reconciliation Of silver would
but slightly advance the price OF silver
bullion. the result, Of free coinage would
be- practically, silver mono-metaIlisp,
with our standard of value decree e;
about one-half
TO say nothing OF the fearful financial
disaster caused by the sudden cbanga
from the gold basis to the silver basIs !,
Is far better 10 have gold as our STANDARD
OF value, with large amount Of aiIver q,
49, tisaA 10 nave sliFer as RI
OF value. with no goad coin IN use.
l-"Coinage Laws Of the United S,a...
i.ss 70 ls9." D. i05; Report Director q,
Mint, 1888. p. 70 2--F,ongresslonaI pecors
Vol p part 3. appendix. r. s25. s-cony
record, March "a, 1892, p. 2alz. Al Do Vol
o part ;. appendix. p. ssi. s-sta,i..,cai
Abstract OF United States. 1894, p. 27s. g.
senators Jones and Ccckrell Cong Roc
ora. Vol e. part 3. pp. 20. sSI; senator
stewart do. September s. 1883. p. .2gs =
Mr. Leech. ex-director Of mint, Cong Pee
ora, August 30. 1893. y. l.ese s-Repor,
Monetary Commission. 1876 p. 10: Iairh-
ans History OF Bi-metaiiism" D. IA a.
Senator Cockrsll. Cong. Record. Vol *
part 3. appendix. p. rs; LsughIin. D. ia
lo-Rsport Monetary Commission. .1s7s n
II: Langhlin. .. III. 12-"Colnage Lava"
etc. pp- 50. 90. l3-Laughlin, y. iss: cong
Record, August 80. 1890. o. LON "a
LauEhlin. p. i5S. 15-Report Director OF
Mint. 1883. pp. 303 ag7 i7-Speech of sena-
tor Jones in senate. May Il, 10, 1:.-s. prsn.-
ed In pamphlet form. p. %. ls-"FinancfsI
School," .. AZ
HERMoN ". CRAVEN.