The Caucasian. (Clinton, N.C.) 188?-1913, 1896-07-30
HClEAR STATEMENT.
Judge Walter Clark Answers Some Gues-
tions on silver, Letter worthy Of
Care fuI Reading.

Judge Walter lark Answers some eues-
tions on silver Letter worthy Of
Careful Reading.
Some time ago certain citizens of
Thomasville. desiring information
upon the financisl guestion, wrote to
Judge Walter Clark. asking several
questions in regard 10 the effect of
free coinage upon the price of pro-
duets and the effect Of the present sit
uation upon debtors and taxpayers.
His letter in reply is a clear and sim
pie statement of the whole question
and is worthy of careful reading.
1t is follows
"Raleigh, n. C.. July 1G, 1896.
"Dear Sir:
1.-THE Superintendent Of the United
States Mint reported officially in the
last statement sent in to Congress by
the Secretary of the Treasury, accom-
panying the Presidents message,
that the yield of gold throughout the
world for the year then ending was
$l97 100000, and OF silver $lO6, ,0O0,-
900. so you see the yield of silver is
not keeping up with the yield of gold.
The total stock of gold and silver
throughout the world, by the best es
Inmates, is llttle less than lG of sill
yer to one of gold. When silver was
demonetized, ~ 1873, it was 3 per
cent. above gold, and II was debated
by the syndicate which should be
demonetized. Their object was not
a preference Of gold over silver so
much as to strike down half the re-
demption money of the world, and
! this doubled the value of the Nation
al, State, and others bonds the mil
lionaires had invested in.
LAS the principal use Of silver was
as money, to demonetize it would be
! to sink its value as compared with
/ gold-and it is absurd. after destroy
! ing the principal use of silver, to say
it has deprecated. 1t has only de-
! preciated when measured in gold,
which has appreciated. An ounce Of
silver will buy as much cotton, corn,
wheat, etc, as it ever did. The ap-
parent fall in the value Of cotton
wheat, corn, silver, etc, is really on
ly appreciation of gold which is
double It's former value by bein G
made the sole redemption money.
Gold will now buy double the forme,
amount of produce, silver, etc. The
point is this-(and which was the
object of the demonetiZatIOn) gold
being double in value, if the Gov
ernment could be induced to pay its
bonds in gold, the holders Of GU,
National debt would double THEN
property. The swjndla is SO simple
we are astounded at its audacity.
"Silver, as you see above, from the
report OF the United States Super.
intsndent of Mint, is not now being
mined as much as gold, and as tc
past accumulation of the metals
there is less than 16 pounds of silver
to one of gold. If both were on The
same footing, as prior to 1873, the
price of silver would be, Gas it wa.
them, little in favor of silver, a.
gold would cease 20 be a 2O0-cen
dollar, as it has been artificially
made.
"The effect Of the present situa
tion upon debtors and taxpayers i
! precisely the same as if you bat
promised to pay 1000 bushels o
. wheat and the creditor had induced
; the legislature to pass law maxim;
q bushel of wheat 120 pounds, an,
he claimed his 1000 bushels. w
have promised to pay our Nationa
| and lndividusl creditors in dollars
and those creditors have procure
. legislation which makes dollar 90
: cents, thus requiring double tn
: cotton, corn, wheat, etc, pay ou
I taxes and debts.
y Yours truly.
, WALTER CLARK.