The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-05-06
THAT "MIGHTl FACT"

THAT "MIGHIl FACT"
Prof. J. s. McCleary. the able and
scholarly defender of gold monometall-
ism. from the Second Minnesota con-
gressiOnal district, presented in his late
famous speech the following as 1.-The
mighty fact which would prove the
''foreordained instrument" for the de-
struction of bimetallism:
up to 1S4S the worlds annual pro-
duction of gold never but once reached
S14,000,000; while in this last half CEN
fury it never but once fell below $780,
100000. The world now produces more
gold every month than formerly in
year: In other words, sir, the world
production of gold in these last fifty
years exceeds by far it's entire produc-
ton for the preceding four hundred
years! This is the fact limited at in my
colleagues chart, but not clearly brought
out. And the annual production of gold
alone is now more than four timea
the production of both gold and sill
yer up to 1910! This is the fact, sir,
which has sounded the death-knell of
the free coinage of silver. This is the
mighty fact partially brought forward
by my colleague as his final reliance
in the controversy but which will be to
his cause, sir, like the mighty sword
carried into battle by Goliath, the fore
ordained instrument of it's destruction"
Prof. McCleary is one of the ablest and
most learned champions who have de-
Tended the gold cause on the floor of the
American congress. It is doubtful if
he is second even to Senator Sherman
in the amount of erudition he has
brought to the cause, or even in the
cleverness of his presentation. The
above is apparently one of the argu-
ments upon which Prof. McCleary chiefly
relies. He speaks of it as the mighty
sword" of gold monometallism; and,
again, as the mighty fact" which" has
sounded the death-knell of the free COIN
age of silver"
Let us, for moment, examine this
mighty fact" Let us do so dispas-
sionately and in the true scientific spirit,
which seeks only the truth.
Prof. McCleary's mighty fact" in the
first place, settles one mooted contro-
versy, and that is, that the fall in the
price of silver was not due to the over
production of silver as compared with
gold. w. H. Harvey presents this fact
in another form, namely, that while dur
ing the first fifty years Of this century
the world produced Is per cent more sill
yer than gold, that during the last 81
years the production of silver over gold
has been less than per cent. Both this
and Prof. McCleary's statement prove
that legislative decentralization, and not
overproduction of silver as compared
with gold, has forced the depreciation of
silver through the appreciation of gold
Now let us examine the gold product
and coinage of recent years, upon
which Prof McCleary relies as the
mighty fact" which sounds the death
knell" Of free coinage.
During the 81 years following the act
which stopped free coinage in 1873, there
was coined by the United States minis
1857 100000 of primary money, gold; and
during the 81 years preceding 1873 there
was coined 6SO,0O0,O0O of primary
money, gold and silver. But the average
population during the 81 years prior to
1873 was 31,0OO,OOO, while during the Fl
years following 1873 the average popu-
lation was 54,OOO,O00. Consequently,
the per capita coinage of primary money
in the former 21-years period was larger
than during the latter period-the form
er being total of $22 per capita, or
$1.05 per capita per annum; as COM
pared with SIS per capita, or IS cents
per capita per annum, during the latter
21-year period. Notwithstanding Prof.
McCleary's mighty fact" regarding gold
production, therefore, we find that the
coinage of primary money has been de-
creased about Is per cent, in proportion
to the country's population; and in pro-
portion to the country's commercial
and industrial demands we shall find
that the coinage has been decreased up
wards of SO per cent
One vital factor which minimizes the
value of Prof. McCleary's mighty fact"
as it relates to the currency question,
is that gold production is not gold COIN
age. For example, of the 1920 200, 900
Of gold which the United States produced
during the Is years, 18S0-92, 1892, COO, 900,
ures and the arts. In 1891, the sum of
$19,6S6,S16, out Of a total OF $685. 900
produced, was used in the arts; and in
1892, there was s19.329.074. out of $780,