Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1896-08-11

| utrt>sItuu SlhNN tttu 'ass' ''t.'s
no trouble with her money system. On
the cchtinent the situation was similar.
Franc had a coinage ratio OF ID IL to |,
and ltst her gold and silver alternately,
as the real ratio varied. Germany was
single silver standard nation, and could
only leep light weight foreign gold coins
| I'm circulation. Otner nations had SINH
lar experiences, and gradually. one by
one, taey followed the lead OF England
and tile United States, and closed their
mintsto the free coinage OF silver. a
partial list now includes England, the
Unite} States, Germany, France, Aus
tria, Sweden, Norway, Denm irk, Turkey
and Pbrtugal; In fact, all the CONNER
cial nJtions Of the world. Russia Is pre-
parinL formally 10 adopt the gold stand
ard, aid Austria and Chilli have recent
ly do1e so. The silver men say this
whole ale change was dictated by Eng
land abd the money power. Common
sense laws IL WAS dictated by natural
laws sbd enlightened self-interest.
IA lIas been shown, the gold standard
was, fbr all practical purposes, adopted
in the nited States in 1891. For ~
years from that date there never was a
day when the silver dollar was not worth
more L. bullion than as coin; therefore,
no sil,Irr dollars circulated. In 1851 n
reforW In the coinage laws was proposed
by th.ldireC ,or OF the mint, who recon-
mend.u dropping from the coinage the
silver bollar, or making IL subsidiary
coin. but Congress had no time then to
bother with the coinage question, ana
shortlt after spe' 10 payments were sus-
pended; so that IL Vas not until lStb.
a hen M. country was looking forward
10 the resumption Of specie piymen's,
RI { tiIe subject was taken up again.
The dlector of the mint At that time re-
pcateol the recommendations of his pre-
decessIr. For four years the matter
Sas iu allowance. la 1870 oiil was
drdftet revising generally the laws re-
lntingto the mint. and dropping the
silver lolar from the currency. ltplss-
eI thJ Senate In January, 1871, but
never tame to a vote In the House. II
came do again in the next Congress, waa
debatM. explained and revised, and on
Nav ID. lS.a, IL passed the House by avote
Of llO}o l3. In the following January
IL passId the Senate without dissent
ing yole. This was the "Crime Of 1873.
Not a Iword Of complaint was heard
about II until .he price Of silver fell be-
low ihI former coinage ratio. Sni II
uouldlhaye been profitable nj las, af''r
81 yeals, 10 coin silver collar. Sen ~
Stewst, now one OF he III ST de-
nouncjrs OF tie bill, was In the Senate
then ald voted for II. His views at The
time ale well set forth In sp~ 'ch he
dcliyejed In the Senate year later, on
Feb. II, 1874, when he ssid
Let a 10 ~ all the people ot the world hove
been dlirg from the beginning. melsurc oar
values H. god. I want the golI standard. aud
NO papsI no, lc .emabc Ia go,i. Gold Il tde
uniyersk 4 nds-l OF the world. Fyei ybody
knows hat = 10 Lr In gold Is worth.
On Ire rt ,umption Of specie payments
gold btgar to circulate once more In this
countrE. ard The amount has steadily
risen rIn,. now II IL over $500. 600, 900.
silver TOO, has been added Ia the crcu-
lation ky purchase and coinage on gov
ernmelt r, count. Until now the coun-
try's stpply OF silver money i $40, ,uO,-
ON cohed into dollars and ltO,OOO,OD
ounceJ still uncoincd, but represented
in cir}u'T ton by treasury notes. In
spite n these enormous purchases, per
haps lprtly because Of them, the output
has cottinued 20 increase, md the price
of silylr has continued to decline, until
now tie commercial ratio Is - TO !, but
still tib silver men cry for .ree coinage
At Ii tb /. They say that that would
raise the price OF silver 10 its old level.
The gdld Standard men reply that, far
from that being the case, the inevitable
result would be the expulsion OF all
gold frbm circulation, in accordance With
J;resh,im's law, which has never yet
been known to fail in its operation, and,
OF cou ise, cannot fail. The silver advo-
Gates skv there IL not enough gold in the
world Tor use as money, and in the same
breathladd that there l. not enough sill
yer pr4duced to cause the expulsion OF
gold. IThe gold men retort that the an
nual aierage output Of the worlds gold
mines tt the beginning of this century.
when ltngland adopted the gold stand
ard, wLs 361 ,957 ounces OF coinage
value ,if s. 7.G0j 900; and that the aver
age ANNUAL silver output then was l1,-
3S5. .!5j ounces of coinage value OF
So. ~ 900. In 1884, when the United
states went upon the gold basis de
facto, Ihe average annual output of gold
was 65l .29l ounces a Of coinage value OF
sl3, isl 600; and he average annual
silver output was l9,l75,S61 ounces of
the coinage value OF s2i, i,193,000. Ey
the tiule OF the "Crimc OF 1879 the gold
ou.putlhad increased TO 1891 ,0li ounce.
annually of coinage value of sll5,5I.-
600. auH the silver output To 63,3l1,Oli
ounces OF coinage value of ssl ,S6i, 900.
Ia ls9 the output Of gold WAS s,'O5,s3G
ounces OF coinage value Of sl79, 800,
aud The silver output was l66,6Ol, 800
ounce, ,of a coinage value at the ratio OF
lG To llof s2lj, ,I0i, 900.
The gold standard men think this
shows tonclusively that the worlds sup
ply oil gold il not shrinking TO any
alarming extent, and that the output OF
silver l. not so small that il may be
Ignored In the light OF history's teach
ings al TO the movements Of the pre-
Il