Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1896-07-29

~.'S bNohshb oOth ihCtdi6 ullht.
And who will be benefited by sixteen
to one? The silver mine owners only,
who will get double the price of their
product they could sell it for in the
market. And who will stand the lossY
The wage earners, who will have to ac-
cept fifty three cent silver dollar in.
stead of the one hundred cent dollar he
gets now. 1t is the quality of money
which a country has that makes it
prosperous, not the quantity.
Patriotism and Gold Against Anarchy and
silver.
This country has been on gold ba.
sis since 1S79-that Is, every dollar of
silver, greenbacks and national bank
bills in circulation have been equiva-
lent to and exchangeable for gold.
From 1870 to 1890 we enjoyed an era
OF prosperity greater than we have ever
known. For six years the export price
of wheat was above 81 and of cotton
ten to eleven cents. Our foreign trade
was enormous. This was the direct
result of the restoration of our financial
credit by all the currency of the coun :
try. being again placed on gold stand.
ard.
over niuety five psr cent of the busi-
ness of this country is based on credit
and less than five per cent. is settled in
cash, which shows the Importance of
maintaining our credit at the highest
possible point, as credit plays more
important part in our business than
cash.
Beginning with 1890, the agitation in
favor OF more extensive use of silver,
which finally led to the passage of the
Sherman Purchasing Act as q com.
promise measure, has proved disturb.
ing feature, has created distrust in the
stability of our currency and doubt as
to the ability of the Government to
maintain gold standard. This dis
trust has increased in proportion to the
increased use of silver, and finally
reached point where the depositors
in our savings banks and other institu-
tions became alarmed, drew out their
money, and, by the contraction which
followed such actions produced the
panic of 1898.
The continued agitation in favor of
silver has prevented the employment
OF capital in new enterprises and has
acted as check upon all established
business throughout the country. Peo
pie were not willing to invest their
money to engage in any new under.
takings until they felt sure that the
attempts which were being made to
force this country upon a silver basis
would not succeed. They knew that
the owners of silver mines had much to
gain by enlarging the market for their
product, that they had millions of dol.
lars at their command to put in litera
ture whi ch would make converts to
their cause, and also to be used in in.
fluencing the opinions of politicians
and delegates to conventions. They
could well afford to pay out millions OF
dollars to win their fight.
The contest before the country today
is not between Democrats and Republi-
cans, but between patriots and anar.
chistS. The patriots are uniting with
out regard to party to sustain the finan-
cial honor and integrity of our country,
to maintain the Constitution of the
United States, and to uphold our Judi.
ciary in the decisions in favor of law
and order. The anarchists are work.
ing to debase our currency, TO flood the
country with dishonest money, by
coming an unlimited amount of fifty
three cent dollars and reducing the
value of the silver now in circulation
to its bullion value, so that its purch-
asing power will no longer be equal
to that of gold. They are to change
Constitution of the United States and
attack the Supreme Court of the Uni.
ted States. They tell the wage earners
that with free silver prices will 20 up.
Yes, they will 60 up. Bread which now
sells at five cents loaf on gold basis
will go up to ten cents loaf on sill
yer basis; coffee which now costs ten
cents per pound would cost twenty
cents; sugar would advance from five
cents pound to ten cents a pound: !:
tea, from twenty five cents to fifty
cents per pound; coal from 50 25 per
ton to $40 90 per ton. The prices of
the plough, moving machine, the farm
wagon, clothing, would be doubled.
But wages would not be doubled. Our
working people understand this. They
want their wages in the best kind of
money, that kind which has the great
est purchasing power, and that is money
which is issued on q gold standard.
The anarchists tell you gold is Eng
lish money. So it is, but it is also
American, German, French, Spanish
and Austrian money; while silver is
the money of India, China and Mexico.
In all these silver countries are paid
the lowest wages in the civilized world
and should the United States boone a
silver country, S6OO,O0O,O0O of gold,
which is now in circulation, making
nearly one third Of our total currency,
wOuld paaa out of rirpul n tinn apd ha-