Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1896-07-16
GOVERNOR ALTGELD'S ERRORS.
FRIED to Bolster Up the Silver Cause With
Unfounded Assumptions.

Unfounded Assumptions.
Governor John P. Altgeld Of Illinois
recently delivered at the Auditorium in
Chicago long and carefully prepared
address, in which he endeavored to
bolster mp the failing silver cause with
bold assertions and unfounded assump-
tions. Starting out with the statement
that the civilized world is suffering
from bankruptcy, ruin and misery, he
claimed that the one cause Of this state
of affairs is 1.-THE great reduction in the
volume of money in the world incident
to destroying silver as money metal. "
The rest Of his two hours speech was
devoted to an attempt to show that free
silver would be a sufficient remedy for
all business and industrial ills.
There is only one objection to the as.
sertion that the volume of money in tho
world has been greatly reduced by de-
stroying silver as a money metal. 1t is
not true, and Governor Altgeld is very
ignorant of the question on which he
assumes to teach the people of Illinois
If he does not know that it is not true.
The official figures show that not only
has the actual value Of money greatly
increased during the past rs years, but
the per capita circulation also has in
creased. England, France, Germany,
Austria and Russia, the leading COM
mercial nations Of Europe, have added
over $500, 000,O 900 to their stock Of
money during that period. The United
H., 70 n NJ
and bullion by over $1,000, 900, 900 in
the same timo Even the silver using
countries Of Asia and South America,
as we'll as Mexico, have now far more
money than in 1878. The worlds pro-
duction of gold and silver is now moro
than $500, OO0,0 per year. OF this
great amount it is estimated that less
than one half is used in the arts, so that
over $3.50, 900, 900 is available for
money. Of this at least 500, 600, 900 is
gold, Of which the natural increase in
ten years alone will be 81, 600, 900, 600.
The alleged evil which Governor Alt
geld wishes to cure by free coinage hav.
ing thus been proved to have no exist
ence, it follows that his remedy is
equally imaginary. The grounds on
which he argues for the silver standard
are only echoes Of COINS Financial
School," (which is even outdone In some
respects. Thus he says, "For some
years during and after the war We were
on paper basis and our paper dollar
was worth only 40 cents in gold, but
our people prospered. If this prosper
iry was the result Of cheap paper money,
why does not Governor Altgeld advocate
q return to fiat 40 cent or no cent paper
dollars, instead Of stopping half way
with 81 cent silver dollars?
In closing his address Governor Alt
geld asserted that the question OF free
coinage meant an issue between tho gold
standard and bimctallism. This is an
other error Of fact. Free silver ut 16 to
1, or 1917 to l, which Governor Altgeld
thinks may be the best ratio, would not
be bimetallism, but silver monometal-
lism. This has been proved so often that
it Is no longer q question for discussion.
No reasonable man believes that gold
would be used as money if silver worth
90 cents were made legal tender for
dollar, for it is certain that free coinage
would drive gold out of circulation and
put the country on the silver basis. Tho
issue is therefore between silver mono
metallism and the gold standard. NO
believer in an honest dollar should be
deceived by the false pretense of Obi
mctallism. "-Whidden Graham.