Marietta daily leader. (Marietta, Ohio) 1895-1906, 1896-08-25
Why SILVER IS CHEAP.
u rs suffering the Penalty which Fol-
lows Oxsrproduckion.

1 '''' ~''-''''
u r. SUFFERING the Penalty which FOL
lows Ov.rproducfion.
In reply to the public statement
which ex-Secretary Whitney recently
put forth, Ex-Governor Boies reiterates
the preposterous fallacy that the depre-
citation of silver is due to the crime of
49," and demands that the claw shall
be made to restore to the people of this
union what the law has taken away
from them" Let as see just how much
the law has had to do with the fall in
the price of the white metal.
From l792 to 1879, inclusive, period
of so years. the total silver product of
this country was 1854, tb0,0 900. From
1873 to 1894, inclusive, period of only
22 years, the silver product reached the
stupendous total of 81 ,0l2, ,699, 600. Dur
ing the former period the average an
nual product was less than $4,000, 900.
From l792 to 1850 it was less than $780,
600. During the period of lS73-94 the
average annual product was over $780,
100000
In the two years Of 1892 and 1893
| alone we produced more silver than
| during the whole 80 years of the exist
ence of this republic prior to 1873. In
| 1872 the total silver product of the en-
| tire globe, the United States included.
was about $S0,0D0,000 In 1892 the sill.
yer product of this country alone was
millions greater than that of the entire
world 90 years earlier On the other
| hand, the gold output Of the United
| States was practically the same in 1894
| that it was in 1878. Between 1859 and
| 1900 ha domestic ci1uor n,tppf 1aopal
from Sl2, 900, 900 to $50, 900, 900 per an
| mum.
More significant still is the change
which the commercial value of the
| white metal has undergone. In 1873
the market ratio of gold to silver was
to 1892. In the face Of this single
fact, what nonsense it is to assert that
the free coinage of silver maintained
the value of that metal. In 1871 less
than 300. 900 silver dollars were turned
out of the Federal mints. An ounce of
silver in 1878 was worth S1.30. Today
it is worth about Sc cents. The bullion
value of silver dollar in 1873 was
81 ,0004. Today it is about half that
sum
The only law concerned in tine de-
probation of silver is the economic law
of supply and demand. Silver, like
any other commodity, is suffering the
penalty which universally follows over
production. and no fiat of government
can make the result otherwise New
York Commercial Advertiser
What Free Silver Coinage Would Do.
"In case free coinage of silver should
be established in this country presume
insurance companies and all other in
stitutions would continue to make their
payments by checks and drafts on
banks as heretofore in my opinion the
whole volume of our currency would
sink at once to the silver basis, and
these checks and drafts would be paid
in silver dollars or their equivalent, in
stead of gold or its equivalent, as is now
the case.
Il presume no one supposes for mo-
ment that it would be the duty of the
government to attempt to keep the
standard silver dollar, coined free for
private individuals and corporations,
eqal in value to gold dollar or, in
other words, that it would be the duty
of the government to attempt, under a
system OF free coinage. to maintain the
parity of the two metals. The dollars
would be coined on private account and
delivered to private individuals and
corporations as their own property, the
government having no interest whatev-
er in them, and being, therefore, under
no obligation to sustain them by guar
anteeing their value.
"Under our existing system all silver
dollars are coined on account of the
government, and are issued by the gov
ernment in payment of its expenditures
and other obligations, and it would be
an act of bad faith, therefore, to permit
them to depreciate. John G. Carlisle.