Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1896-07-24
GOLD OR s1LvER-wHIcH?

In these days when almost every one
is discussing the silver question, and
when republicans are becoming demo-
Gratis and democrats republicans, we
certainly ought to be sure of our facts
before reaching conclusions. One rea-
son so many men are accepting the
free coinage idea is that they are not
fully acquainted with the facts.
SOME REF COINAGE CLAIMS.
The silver men claim: That nearly
all our economic troubles grow out of
the demonstration of silver, which
they call the "crime of 1873"
That one-half the peoples money has
been taken from them.
That the s'money sharks" have cor
nered gold, and that therefore money
is scarce.
That gold will buy twice as much as
formerly, and has therefore appreciated
to double its former value.
That silver has consequently depre-
ciated together with the price Of all
products.
That the value of all real and per-
sonal property has deprecated so per
cent. and the principal and interest of
all debts become twice as large.
That the poor are getting poorer and
the rich richer.
That the remedy for all this is to
undo the "great CRIME" of 1873, remone-
tie silver and thus give back to the
people their money.
Now, if the above propositions were
true, and if it could be established be-
yond a reasonable doubt that the ex-
listing financial ills have grown out of
the demonstration of silver, then it
would follow that the remedy suggested
would be the proper one.
But if it can be shown that the above
statements are not true, or that causes
other than the decentralization of Silver
have produced the results set forth,
then it follows that the proposedrem
dy is not the correct.
In order to give a clear idea of the
situation, attention is called to the fol-
lowing historic
). COINAGE AND ECONOMIC FACTs.
That in 1892 congress passed coinage
laws providing for the free coinage of
gold and silver on the ratio that one
ounce of gold should be worth fifteen
ounces of silver.
That under this law gold did not cir
culate because the market value was
1872 to /. Gold was undervalued.
Cheap money always drives out dear
money. This principal is known as
Gresham's law and is accepted by all
economic writer's.
That in 1884, in order to bring gold
into circulation, congress changed the
ratio to 16 15.9S) to L..
That at this time the ratio in France
was 1879 to 1. Our new ratio was there.
. fore unjust TIC silver. Under Gresh,
ans law silver refused to circulate
3 The new coins were exported and melt
ed down at a profit
That very few silver coins are founG
bearing date prior to lS53-thus show
ing that we had very little silver mon
ey.
That tie law of 1884 practical,
placed the country on the gold standard
That in order to hold silver in the
country for change, congress in 1875;
reduced the amount of silver i'll TIL,
half dollar from 2O6l grains to -:
grains and the smaller coins were cor
respondingly reduced. Silver was thu
; d%isgraced, made a token money, til,
coins being actully worth less THAI
they pretended to be, and were made
: legal tender for So only. During TIL
discussion of this bill attention wa
more than once called to the fact tina
the country was then lin 1853 on tn,
gold standard.
That on the outbreak ofthe wal whel
legal tender paper money was issue
gold and silver money both went gu
of circulation, thus showing for tn
Oal1O U1u4O III Jul A4oIOIy Ouc Opcld
ton of Gresham's law.
That the so-called demonetizatio,
law of 1873 was not surrepitiousl
passed. 1t was before congress nearl
three years, was printed thirteen time
and the debates On the measure occu
py LA columns of the Globe.
That up to 1878 this country ha
coined only ss,o31,OOo standard silve
dollars, and the silver coinage-mos
of which had Misrepresentation so year
was only about sl45,O00,OOo.
That there was neither silver nc
gold in circulation and comparativel
little coin in existence in this countr.
That under the Bland-Allisou La
ls7S) and the Sherman LAW $500 W
. have coined, or provided for by issuin
: treasury notes, about s%550,0o0,0oo j
!. silver.