Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1896-10-15
Every One of Them Against
Free Coinage of Silver.
THE LESSONS OF HISTORY.
Fundamental Truths Which All
Would Do Well to Memorize.
WORLDS PRODUCT OF WHEAT.

with the Repeal of the Mckinley Tariff
and the Enormous Purchase of Silver by
the Government the Story of stagnatIon.
Ruin and Disaster Regan.
l. The suspension of free silver coina ge
by the act of 1873 did not demonetize sill
yer. From the foundation of the govern
ment up to 1873 less than $3.50, ,000, 900 in
silver of all kinds had been coined, and
none of it was in circulation, silver being
at a premium over gold. Paper money
backed by gold, was the circulating me-
dunn in 1878.
q Since 1878 more than $500, ,000, 900 in
silver coin and silver notes have been is
sued, and practically all of 1t is in use
g. Existing hard times date from 1S93
when the enormous purchases Of silve by
the government caused Europea holders
of American securities (for which they
paid gold) to sell them through fear that
the United States would go upon a silv n
basis, in which case they would get for
their securities flfty-three cents worth of
silver for every dollar in gold invested
The subsequent passage of the Wilson
tariff act, which enabled foreign pro-
ducers to sell their products in the United
States lower than American manufactur-
ers could afford to make them, extended
the depression into commercial and indus
trial channels. The renewed silver agita-
ton completes the story of stagnation,
ruin and disaster.
T. The term 'l6 to u means that sixteen
ounces of silver worth the world over but
sixty-1ve cents an ounce, or $40. 56 for six
teen ounces, shall be the equal of one
ounce of gold, worth everywhere S2o.67
). The silver in a United States stand
ard dollar is now worth about fifty and
one-quarter cents in gold.
s. The metal in gold dollar, coined or
uncoined, is worth everywhere 100 cents In
gold.
T. Up to 1878 the United States govern
ment had coined only S,03l, ,23S standard
silver dollars
8. Since 1873 the United States has
coined 431, ,S52, ,041 standard silver dollars.
Nevertheless, the commercial value of the
bullion in the standard dollar has de-
creased from about s1.01 In '73 to about
fifty-one cents. This answers Bryan ar
gument that the increased use Of silver
will enhance its value.
O. During tho first eight months of '96
the government of the United States coin
ed II ,2l2, 4l2 standard silver dollars-ex-
actly IS, 1Sl, ia more than 1t had coined
from the foundation of tho government
down to '73.
10 In August, '96, the government Of
the United States coined 2,650,000 stand
ard silver dollars. The seigniorage on
these, or, more plainly speaking, the diff
ference between their bullion and face
value, is SS22, OF. This, under free coin
age would be the mine owners profit.
IL. From the foundation of the govern
ment up to '73 the coinage value of all the
silver produced in the United States was
1854, 10000.
12. From 1873 to '95 the coming value of
all the silver produced in the United States
was 81 PA, ,751 900.
10. The foregoing figures show that dur
ing the twenty-five years from '73 to '95
the silver produced in the United States
exceeded twelve times over the product Of
the United States for the eighty-one years
from 1892 to 1878. This explains why sill
yer has declined in value. 1t likewise
crushes the Bryan theory that nothing
has been done for silver.
H. In 1878 the total amount of money
in the United States was s7S7 500, 1903, or
about SlS for each inhabitant.
10. In 1896 the total amount of money in
the United States Is 5000, 109,0O6, or
about $25 for each inhabitant.
16. On Aug. /, '96, the actual amount Of
money in circulation was 81 ,5l4, 903, 142, or
SCI 10 for each inhabitant.
II. On Aug /, '96, there was, including
silver notes, total silver circulation OF
s537, ,26s, ,56l.
Is, Under the act Of July IA, 1890 (the
Sherman bilD there was purchased 1884,
GA, esq ounces, or 5000 tons, of silver, at a
cost Of Sl55, ,93l ,003, and treasury notes to
that amount were issued on that account
the silver cost from $l.21 an ounce to 68
cents, the average being about 80 cents.
If the silver were sold today the govern
ment would lose about $43,o00,0oo. If
coined into standard dollars the silver
would produce nearly S2lS, 100000.
10 The silver product Of the world from
1881 to 1893, in coining value, was 5000
S2l 900
20 Tho silver product Of the world for
the year 1895, in coming value, was $226-
100000.
81. The silver product Of the United
States in 90, in coinlng value, was s72,-
05l 900.
20 In round figures, the United States
produces one-third Of all the silver an
nually produced in the world.
g3 These are the silver standard coun-
tries, and the amounts of money they have
in proper ton to each inhabitant: Russia,
g.. 40; Mexico, g. IL; India, 1888; Japan,
$500; China, Il. 0S; Central America, $3.50;
South American States, Sl722. No adj
vanced nations have tho silver standard.
"a These are the leading gold standard
countries, and the amounts Of money they
have In proportion to each inhabitant:
United States, $2l.l0 Great Britain, $40. rs;
France, $35. rs; Germany, $3.50; Belgium,
so7.se; Italy, s1o.17; Spain, tle.b5; Meth
erlands S25.67; Denmark, sl1 Greece, sl2;
Switzerland, 1914; Austria Hungary,
$i0.6s.
25. The public debt of the United States
in 1878 was r., 1o5, ,46a, 900, or about 500 for
each inhabitant.
20. The public debt of the United States
in '96 is s055, ,26 ,253, or about sl6 for each
inhabitant
"a. In 1870 wages averaged $3oo for the
year the country over.
2S In 1890 wages averaged $iS4
20. In 1870 commodities were consider
ably higher than they are today, and liv-
ing was consequently more expensive.
30. In 1870 the wealth OF the nation
averaged for each inhabitant $3.50.
81. In 1890 the wealth of the nation
averaged for each inhabitant 81 ,036.
3D. In 1870 the acreage OF improved
farms In the United States was lss, 0o0, 600
3d. In 1890 the acreage Of improved
farms In tho United States was 357, 600, 600 |
"a The worlds product of wheat In 1871
was i33, ,0oo, 900 bushels.
3D. The worlds product of wheat In
1894 was 2,6i5, ,ooo. 900 bushels-a skiold |
increase within Ave years. This explains |
the accompanying decline in price.
30. For the year ended juno 80, 1873 the /
United States exported s522, 479, ,a22 worth |