Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-11-18

| ~ dispute Tie IdCG ludL every IHdu VIM
had debt outstanding in 1898 found
his burden increased by about twenty
ministration finally closed our minis to
silver and refused to treat that already
coined as money of final account. The
editor of the REGISTER, in common with
| the readers of his paper, has his share
to pay of the nations debt left by the
war, and it is not comforting to him to
know that, Notwithstanding the billions
that have been paid in liquidation OF
that debt it will now take more of the
country's products to finish paying it
than would have been required at the
| close of the war to pay the whole.
Does the editor of the AdU0cate think
this entirely fair? Have not the provi-
dent and thrifty gentlemen who have
brought about this state of affairs ex-
hibited that kind of providence and
| thrift that would have landed them in
the penitentiary had it been exhibited
in small way?
Does the editor of the AdUOcdte ad-
NIT that the characterization of silver
added to every mans debt in 1878? If
he does, does he think it was just and
right? If he denies that the demon
citation act increased the burdens of
the debtor, will he kindly inform US
how its resto ration could injure the
creditor? Perhaps the increase of the
burdens of the debtor by legal enact
ment is to his mind only an evidence
of that thrift and industry which he so
much admires, and every effort on the
part of the debtor to repeal such legis-
lation is a revelation of a depth of
moral turpitude and depravity sufti-
cient to sicken the soul of any right
eous man who has bonds.
The claim that the Republican party
is entitled to be called the friend of
silver because it has coined that metal
into dollars which it treats as mere
promises to pay is on par with the
claim it might make to be called the
friend of paper, because it manufact-
ures treasury notes out of that material
He points to the small amount of silver
coined by us prior to 1873. What
need, we ask, was there that we should
coin silver dollars at time when we
produced no silver aud when the sill
yer coinage OF all the civilized world
was full legal tender with US, as also
were the dimes, quarters and half-dol-
lars of our own coinage, and which
continued to be so down to the fifties?
The contention that the demonetiza-
ton of silver did not occasion its de-
cline in value is shown to be false, as
may be seen by comparing the coinage
ratio, the ratio of production, and the
commercial ratio, for the last two hun
dred years. If overproduction was the
reason for the fall in the gold price of
silver, how does it come that in 1913,
when there were in the world 81 tons
of silver to l ton of gold. the CONNER
cial ratio was a small fraction less than
Is to l; while, in 1890, after demon
etization, when there were in the
world IS tons of silver to l ton of gold,
the commercial ration was practically
20 to /? Looking at the U. S. statisti
cal abstract, you perceive that, not
withstanding the varying ratio of pro-
duction, the commercial ratio and the
coinage ratio under free coinage re-
manned practically the same for two
centuries. How can it be possible that
silver was demonetized because of over
production, when at the very time of
decentralization there was less silver in
the world i'll proportion to gold than
ever before, and, commercially, the sill
yer dollar was per cent. premium?
Since 1873 the amount of silver in pro-
portion 20 gold has steadily decreased,
while the value of gold has as steadily
assembled. How does the editor &C
count for these facts? Like all other
advocates of the gold standard, he falls
into a hole when he challenges the
facts. The contention that we could
not have free coinage of silver at the
commercial ratio, because of the fuc-
tuating price of silver, is equally alb
surd, because the purchasing power of
an once of silver is relatively as great
as it ever was. We affirm, without
fear of successful contradiction. that
there has been no falling of in the
purchasing power of silver in the last
five years. Any table of index num-
bers will show that we are right. and
it is most remarkable fact. 1t seems,
however, that the decrease in produc-
ton has rendered silver unstable.
We take it that the editor Is not en-
tirely sincere when he says silver was
demonetized in 1873 because congress
repented of being ''derelict in their
duty Heretofore" When men repent
of evil and resolve to right wrong
they do not go about it like q sheep
killing cur. What candidate for re-
alacfi0u alludad 20 his vota for tho+