The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1896-08-27

I nap u pti wv ''h
for the oppression of mankind. Now let
me call yOur attention to fact. The
frcc-cOiners assert, when they are told
that the increased output of gold is going
to tend very much and by natural pro-
ccsSCs to solve this question. that from
OnC-half to Onc-third of the gold annually
produced in the world goes into the arts.
This statement is probably an e%Xaggera-
ton. 1t is probable that O~nc-quartcr of
the gold of the world produced annually
goes into the arts, and it has been doing
II for centuries. Consider for Il mo-
mcDt, my fellow citizens. what an cnor-
nous sum. enormous aggregate-thrce
billions. perhaps four billions. of dollars
are lying in the shape of golden orna-
ments. thousands of dollars of them in
this room tonight. Now ! want to ask
you this question. if there IS Il gold fam
Inc. if the power of gold is so absolute
and tyrannical as it is claimed. if its
possession i'll the shape of coin gives its
owner such sway over the destiny and
fortune of his fellow man how is it
that this amount of gold. per-
haps onc-third of that which is in exist
ence. has not shown the least symptom
yet of going into the melting pot to be
turned into coin?
But we hear Il great deal about the de-
monetiZatiOn of silver, and one would
think to hear our frec-cOiner friends de-
claim that silver had been entirely de-
mOnctiZed, that by some malign intiu-
ence the money function of silver
throughout the world had been entirely
abrogatcd. and it is a very catching
phrase. 1t has been a very catching
assumption. for l will not call it an argu-
ment.
Now, ] say. my fellow citizens, that,
properly considering facts. that state
mcnt is inaccurate. not to say untrue. l
assert that silver has never been demon
etlzed in the sense in which that charge
has been made. (Applause.) Demone-
tizatiOn means to diveSt of standard
value as money. and l say this has not
been done with any dollar of silver coin
that was ever mintcd at any mint. TAP
plauSe.) 1t is true that man nations
who have approached the danger line of
which | spoke Il few moments ago when
II metal drives out another. that many
nations have told the owners of silver
which lay concealed in the earth we will
not longer buy it at Il certain ratio and
at Il certain price. Even that has not
been entirely done. and | repeat my
statement that the assertion that silver
has been demOnetiZcd is enc calculated
to mislead. and is not true in fact.
..The Crime of 80"
All our Woes are dated from 1873, the
period when the frce-coiners persuade
their disciples that. to Use their stock cX-
precision. silver was dcmonetiZrd. or that
one-half of the aggregate wealth of the
world was struck down 1T Il blow. Now
let us bring this statement to the crucial.
absolute test of figures. of what records
and statistics say upon this subject. and
not trust to the vague defamation of
any person. The value land | will give
you my authority for this statement in Il
mOment). the value of all silver coin in
the world in 1873 was $1.S17. 900, 900.
In 1895 it was 81. 100. 100000. The
value of all the gold coin in the world in
1873 was Sf.04J. 600. 600: the value of all
the gold coin in the world in 1890 was
S4.2O0.000 10000. OF this quantity of sill
yer current in the world in 1899. S3.439.-
100000 was full legal tender. Now at
tend to me for Il moment while the math-
cmatical deduction is made. BY this
statement ii appears that the quantity
of gold in the world increased. between
1873 and 1890. only S1.200.o00.U GOO.
while the increase of silver coin for the
same period was S2,2S::.oOO .oOo-morc
coined in the twCnty-thrcc years since
1873 than remained up I" that time of
all the coinage al the world since \uah
left the ark. 'Apllau~"D And nearly
doubt" more silver has been coined than
gold since 1879. What becomes. then. of
th.. assertion of The equal nud ogu4blr
production IF silver ami gold from N'l-
To- year ~inc" tiuIc began. and 81 The de-
mon"tiZatiou of silver since lN1:i. in tho
face of this showing that. between 49,;
and lN!J the coinage of silver WAS near
ly twice greater than that of gold: They
talk of the decentralization of silver since
1913 i'll the face of Il silver coinage
throughout the world since that year of
over $1,000. 600. 600. of which SOS
144.461 WAS mintcd by the United
States. l.Applausc.) And of gold the
United States minted during the same
period S937 1861 :3. And here. also. is
answered Il statement confidently made
and plausibly maintained. and yet erron-
eous in fact, that there has in all this
time been an enormous contraction of
the currency all over the world. Yet
these figures conclusively demonstrate
that that statement is not true. Now.
my friends. | have not taken this from
the statistics of any other speaker or
from any other book. l know where the
statistics are gathered with the care
which commands the respect and conf
dence of the civilized world. and on the
29th of July tonly Il few days ago, |
t~clcgraohed to the director of the mint
regarding information upon these sub
jccts. and he answered me:
Hon. G. X. Davis. st. Paul. Mimi:
The total value of al silver coined in the
world i'll 1873 | estimate to have been
S1.S17. 00O. 600 and 1880 81, 100. 600 coo.
The worlds stock of gold i'll 49,, is cs-
timated to have been S3.O45. 900. 900 and
50 about $1,000. 900. OOO. Il. T.. Pres
ton. director of the mint" And these
figures | have just given You are the fig
urrS which | have just read in the tclc-
gram of the director. The greatest bust
ness transactions in the way of finance
on the face of the earth are made upon
>tatemen like that. and when what |
have said is discussed the only answer
that will hc made To it is probably that
Mr.. Preston and the United States gov
eminent i II general universal gold
bug. G.au@htcr.>
Now lei me give You another state
mcnt. The coinage of the nations of the
world in 1872. 1S93 and 1891 was as
$I:11.311.3l1: 1893. gold. S232.42o.517:
silver. S13I,952.63O: in 1891. gold. S221.-
o2l OBJ: silver. Sll3.O!J. 1S;. \ total i'm
three years of $1.o39.5S9. l9S. With all
deductions for rccoinagc this Output of
coined money is of immense volume.
Now | have thrown out these Su"gcS-
tionS and Will pass from that branch of
the discussion and call your attention to
another assertion of the free coincrs: |
alluded To il curSorily Il few moments
ago. but | propose to now treat il in
the same manner i'll which | have treat
ed the last preceding question. The free
coinprs assert that contraction has i'll
tlictcd all the financial and economic
miScrieS that mankind has endured since
1873. Now | say that they themselves
coolly propose To bring about IL contrac-
ton of currency in the United Statrs nm
examplcd in the worlds history. say
that they propose to bring about n con
traction in the | nitcd States uneXamulcd
in the worlds history and fraught with
more evils than are recorded i'm ,bn nm