The morning times., 1896-07-30
Sound Money and Sound Principles.

| Sound Money and Sound Principles.
Notwithstanding the array Of facts and figures that
prove clearly to the contrary sverte leaders exutanty
assert that had it not been for the decentralization of sill
yer in 1873 there would be tramps trusts, hard
times to distress the country. That act which they
designate the great crime, according to their
SUMPTION responsible for all industrial and financial
But in the light of reason their claim falls to
ground shorn of its glitterng plaubty and beref
of the false colorng that renders it favorite verite
argument
! In 1873, at the time when silver demonetized
entire silver coinage of the United States from the
time the first mint established only s94 392
2O-an gnicant amount compared to the present
circulation The that stopped silver coinage did not
contract money single penny, silver cur
rency njured in the least monetary medium But
the mining interests being developed, the
RAPID of silver production threatened to destroy
the parity with gold and force it out of circulation and
that the principal why silver demone-
tized The coin value of silver for the fveyear period
Of 1S661s70 S27S 0O0 and for the fveyear Pc
riod of 1S71-1S75, it $4O9 322, OOO showing In
crease of ~ per cent.
The origin of the tramp pest cannot truthfuly be
attributed to the silver demonetization act The
that gave to trusts also burdened the
try with unemployed people, many of whom have since
lost seIfrespect and become ramping vagrants After
the war; when conditions became settled and cap
tai sought Investment the field seemed nexhaustible,
and the country rapidly dotted with factories OF
every conceivable kind its territory traversed with
railroads all directions and its forests and mines
drawn upon every available locality furnish products
for manufacturing interests Competition became
strong and efforts made to and
otherwise reduce to meet the lowering
Hordes of cheap labor imported from Europe to
displace Americans at essened wages, and about this
time the tramp set in Employers found that
this method of cutting down expenses did not lessen
duced products and they began to organize trusts to
strict their output AS natural consequence
employees discharged to join the army of tramps
and that of recruiting vagrants is still oper
ation
The money agitation of the last six years has also
been active agent increasing the number of ramps
and should have free silver victory in November
the inevitable panic will them the country by the
hundreds of thousands Then will be that tramps
trusts money agitation and free silver go hand in hand
One helps the other, and all unite in converting this
wonderfully rich country into land of
wanderers.
The claim is made that free silver would give en-
ployment to 600 wage in the mining States
and thus reduce the force of unemployed. Note this
fact The silver the country produces the greater
difficulty would have in forcing up its price and
maintaining its parity. This was tried in 1875 when
Congress authorized the coinage of 600 worth of
silver each month. and again in 1890 when act
passed to purchase monthly 45O0 600 of bullion
lsver Under the first act, 1878 168 1913 coined
and under the bullion purchase act S155 930 O40 in
Treasury added to currency, making
total of $500 O9S 33 to place to the credit of two
tempts to prevent the silver industry of the mining
States from declining In 1873 the production of silver
increased in the United States about OOO OOO
its price fell off, and although the output since that
time has steadily advanced the value of silver has fallen
The worlds surplus for 1894 76 6O5 77e ounces for
which there was no marketable Should that out
put be increased by the employment of 900 more
working people, the nonmarketable surplus of silver
would be larger and the burden of free coinage made
harder for this country AS it there no evil
dence show that could successfully maintain un-
tied silver coinage, with the pres ent surplus and