The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-05-29
gTLvER COINAGE PRIOR no ISIS


It is claimed with endless reiteration
that the demonstration of silver in this
country did no harm, because up to that
time only about 100000 standard dol
lars had been coined. That statement
in its substance is utterly false. 1t is
true that only about 100000 dollars"
in silver had been coined, but there had
been just about s77,OOO,OOO in smaller
coins struck, which were all of full
weight and of full legal tender up to
1853. The exact amount of full legal
tender silver in the United States from
the opening of the mint until silver
was demonetized in 1873 was s84, 7O9,-
8945O, more than ten times the coinage
alleged by the gold standardist These
figures can be found in detail on pages
2O6, 2O7, 2O8 and 200 of the mint report
Of 1894. Besides all this, up to the year
1857 the Mexican dollar, the Spanish
pillar dollar, the Peruvian dollar and
other foreign silver coins were full le-
gal tender in the United States, and
were largely used. Exact figures are
not obtainable, but it is not unreason-
able to believe that these coins in use
from first to last amounted to S75,0O0,-
900. Perhaps more. These foreign coins
were just as much part of our money
supply as if we had minted them our
selves.
The reader can draw his own infer
ence as to the honesty of the argument
that We had only coined 100000 silver
dollars prior to 1873.
But if it were true in substance, it is
immaterial. Our people had the right
to coin silver at all times, and if they
did not do so it was because the metal
was in stronger demand elsewhere.
That stronger demand came from Eu-
rope, silver being coined there latter
1884 at a valuation 8 per cent higher
than it had at our mint. After it was
coined it became a part of the money
supply of Europe, and sustained prices
there. In doing so it sustained prices
here. The fact must not be lost sight
of that prices of the great staples are
international. The prices of wheat,
cotton and petroleum, etc., are the same
in England as they are in America, al
lowing, of course, for transportation
charges and hurries caused by specula-
ton on both sides.
Suppose that all the money in Eng
land we're to be suddenly destroyed
Prices in that country would at once
fall heavily, and they would do the
same here. England would immediate
ly begin to draw money from other
countries, and prices would settle to g
lower point in all.
On the other hand, if her money sup
ply we're do1bled prices would rise
there, more foreign goods would bc
rushed in to get those higher prices
which would also have the effect o.
raising them in the countries from
which the goods were sent. Therefore
in ali civilized countries closely con
! nectsd commercially, average prices o.
commodities viii settle to very neal
a common level, making allowance fol
! local conditions of a temporary char
aeter, transportation charges snC
tariffs.
Hence, it viii be seen that when GU
silver went to Europe and increase,
the money volume there, it afectet
prices here also in q marked degree.
That which goes to India, China AM
Japan has much less effect, bscaUs
the conditions are so different. None
sent to Asia is virtually buried 50 IA
as American and European prices ar
concerned.
In ans, our silver vent abroad b