Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-08-07


the gold standard as against silver at
| that time And yet some of our silver
| friends tell us that all our troubles are
caused by the contraction of the cur
rency. ana glibly generalize as to this
great crime Of 70. There has been no
contraction of the currency, as the sta
tistics will show. In 1873 there was in
the country $lS04 per capita. In this
present year the per capita is $2s,'2, an
| increase in % years of Sl0.6S. Where
! does the contraction come in?
With all the assistance the govern
ment has given silver it has been gong
! down. down. until now a silver dollar
is worth barely 80 cents in gold. The
| trouble is we now have too much sill
, yer in our monetary system Conn
dence in the ability of our government
to maintain the gold standard mas
caused nearly all our troubles since
/ 1893 Previous to 1890 the government
received nearly all of the custom dut-
les in gold Now it receives all in pa
per currency. This places the govern
rlent at great disadvantage in main
! tanning the gold reserve in its treas
ury, as it has no resources except the
gold that is minted. When the reserve
in the nations treasury runs short the
government is obliged to borrow to
maintain gold payments and keep all
4 our currency at a parity with gold.
How long can this state of affairs
{ continue without some stable financial
policy? If the government fails to get
4 cold we AT once come to a silver basis.
and our property and our labor is
scaled down To a silver level, Which to-
day is about % cents on the dollar in
sold. When we come to a silver basis
and the triumph of the Chicago ticket
means silver basis--We win witness
the most severe panic this country has
ever known.
Another argument that our silver
friends use in favor of the free coinage
Of silver at the ratio Of l6 to l is that
there is not gold enough produced to
maintain its standard, and that it has
4 appreciated in value which has caused
! a corresponding decline in farm pro-
/ ducts and other commodities. But the
! theory cannot be maintained by the
/ .acts. The World'S production of gold
! is increasing very rapidly. as the fol-
! lowing figures from the report of the
/ nited States minis will show: From 1872
! Ia 1873 the average yearly production
Of gol: in the world was $44, 233, 1863;
! from 1874 to 1884 the yearly product
vas $114.2 55. 600. From 1854 to 1898 the
average yearly production was $l3S
! 300. $50. During the last three years the
! world produced $603 600, 600 of gold. an
average of $201 600, 600 per year. 1t is
Stimated that in the year 1900 the
average yearly production Of gold viii
reach $300, 900, Gao The foregoing state
nent of the production of gold in the
world proves conclusively that the
statements of our silver friends that
sold has appreciated in value is not
| true. There is no lack of gold in the
world The gold production is increas-
iag much faster than the increase Of
/ population.
| The principal reason why prices are
l3w is the lack of confidence in our
monetary system. If the people of this
country and the world We're assured
that the government Of the United
| states would pay all its obligations in
| sold and that the government would
maintain the gold standard of value.
! confidence would be restored within q
! 1aye. business would receive a great
| impetus, money would flow to this
| country from all the nations OF the
earth for investment, the wheels of in
! dustry would be set in motion through
| rIt our land. labor would he employed.
| wages would advance. consumption of
ur farm products and manufactured
goods would increase rapidly, which
| would increase the price of all commOd-
ities: discomfort would disappear and
prosperity would take the place of
panic and depression.
Now is the time for all the work
in%men throughout this great republic.
| whether they be shoemakers here in
itrockton farmers out West, or clerks
in our mercantile establishments use
their best judgment and intelligence as
! business men. Their labor, which is
their capital, is in danger of being
scaled down about one-half by the
adoption Of the free coinage of silver
ut the ratio of Is to l. Money for pen
aions insurance policies, the savings
| banks and for all labor will be paid out
in 53-cent dollars.
1t is a well authenticated fact that
wages for labor do not advance in pro-
portion To the advance in the price of
necessaries OF life. If they did moth
ing would be gained. Labor is better
! paid in gold standard countries than in
silver standard countries. No silver
! standard country of the world has q
| per capita exceeding s.. while Mexico.
admittedly the most prosperous of all
silver standard countries, has a per
capita of only $4.9i. Look at China,
! Japan. and the other silver countries.
! They have the poorest paid labor in the
| world There is vastly more money
| Der capita in circulation in gold stand
ard Countries than in silver standard
| countries. The interests of the work
| ing people demand that the gold stand
| ard be maintained, and | feel sure that
j majority of your committee will agree
+ with me after a careful study of the
case.
We are entitled to the best none
lary system in the world. a free sill
Yer basis would be the poorest system
for this country. Under free coinage
500, 100000 in silver could be produced
annually. More cheap money doesn't
make people prosperous. More hay
racks don't make more hay; but more
hay neceSstateS more hay racks"
Just SO with money. More cheap
money doesn't bring prosperity to the
people. but more prosperous people