The times., 1897-12-26
SILVER FIRST.
TO the Editor Of The Times;


science" Yet it is treated by advocltes
only important because the advocates Of
the double standard OF gold and siiTer
had made it so, and some Of the more
prominent OF the gold monometaliists 'ave
insisted on It's being entirely regarded
from the standpoint of mere borrowers
of money, negIecting the carriers of IN Icy
that is, the producers OF wealth.
At the discovery of America there vas
but little money in Europe. The lDld
mines known TO the world We're practically
exhausted, and the silver mines were 'ew.
The money OF England was almost On
tireiy silver, and the silver was obta med
from the lead ores OF the kingdom. Th.rc
was some gold-mining i'll the 1ead hills
of Scotland well as in the no 1Giains
OF Wicklow, in Ireland.
The opening up To Europe pf The stores
of gold ara silver in America, as wen as
of the mines discovered here, soon began 10
make money plentier in Europe aud
prices rose. Tie world to1k and used al tile
precious metals Of America and the 'esult
was the Increase of prices, the 'yru WITH OF
manufactures and trade, the advance of
knowledge, greater development Of the
worlds resources ana the increase .,f popu-
lation and wealth.
With but little variation the production
Of the precious metals contin- led ~ III
crease, and the money Of the world :n-
creased faster than its population. Prices
increased becaus. the money of the world
increased. Prices continued to inefease
Notwithstanding the cost o the production
and the carrying Of goods decrea sefi, having
the effect to lessen prices. The financiar
of the w6rld knew this when they began
the agitation for the demoaeti "a ion OF
silver.
The demon etiZatiOn OF silver reversal
the policy of centuries It. lessened tile
amount of money in the world and threat
ened onehaif of it with destruction the
effect being to add to the wealth of those
whose wealth was III money OF in obIiga-
tions payable In money and to take from
the welltt of thuse whose wealth was
in lands, manufacturing, carrying, etc,
that is, the wcaIth-Crcating portion Of he
people.
Some Of the economists who saw the
disastrous effects the decentralization Of
silver would have upon tue industries
and the people Of the world, had the
l.
Wolowski, OF France, prot est ed that
there was not gold enough for the use
proposed, ind pretlicte ed that the adoption
of the policy would be follow ed by gen
eral fall OF prices ard wild 1espread financial
ruin" Ernest seyd of England, : aid:
1T is great mistake to suppose that
the adot tion OF the gold valuation by
other states besides England VIII lie len
eficial. 1t viii Cnly tad 10 tie GcstrUu-
tion o. the monetary equilibrium hitherto
existing ard canse a fall in the value OF
silver, from which En2Ia and-s trade aad
the Indian silver valua ton viii suffer
mere than all other interests. griev Gus q,
the general decline OF prosperity all oy er
the world VIII tie.
Prof. lanes f. Thoreld Rogers intinlatcd
what the effect of the demon Onstizatiou OF
silver wouIG lie. In bis lecture Oh prizes,
published ia his Economical Interprcta
ton of History" he says:
Three causes tend to depress 0r raise
prices, one in the course OF economical.
history TO raise them, two others To lie
press them. The depressing causes iii,e
never overtaken the eXalting cause, nX
cept in some Insignificant ca ses, anI
every effort IS made TO prevent so entire
change in relative values as such a re-
suit would effect. II IL did take place
universe lily, it is difficult TO STE how
society W Ould accommodate itself to the
obligations v hich it has created, ~ sIIf
fered tC lie created, in its behalf. II is
miner. but oGly minor. matter, that
II would effect an entire social ravol l.
tior, because il would seriously effect III
who have deprecabl property; i. c,
working capital a nd land and as insv.
itably better those who have that pr0D-
erty ia which a fixed rate of interest :
paid for advances, the fund and debent re
holder. i. e., the man to whom the ear.l-
ings Of the nation, and the earnings Gf
the industrial compa nieS, are pledged at
a given rat Of interest.
The three causes are ~ the plenty
and scarcity of gold and silver; FOR the
last 300 Years the eIevating cause OF
prices Tie two others are (2) diminished
cost of Production: and 90 diminished cost
of freight "
Why has the demunetiZation of silver hal
such a terrible depressing effect upon ths,
world" Bee GUse IL has made money
scarcer. This was the object of tire
policy. for the nlereSt tyre in mo l,tary
scienca knows that to make money scarecr
makesi it ,leare:. Anythingfo for which thlrc
is a universal demand, as there is for mnl.y.
Cannot be scarce and cheap at the sam
time The demand for an article being
practically unlimited, and the supply hcing
limited, the price Of the article must be,
dear.
Before the demonetizat tion of silver silver
and gold could be coined in the Tnints Of the
world on equal terms, the weight OF the
respective coins being fixed by law, The
money unit, made of either metal vas
legal tender for all debts, public or private
Under this policy { he world grew and pros
pered. Insidiously, far as She United
States was concerned. the right of -'oining
silver was taken away, and its full iesaI-
tender pow er also taken away. How could
such a policy be otherwise than tiisa ,troIIs
TO the people OF this country a. Well as
of the world,
The issue now is to restore the right
Of coinage to silver i'll making silver ~ its
of money. dollars, francs, rupees, or what
not full legal tender for all debts public
and private. and start the world again
on career of prosperity and advance
ment There are many ills afflicting Eco
pies that even plenty of money eannot
cure, but as men must be fed and clothed
it is first necessary that there should be
sufficient money to enable them to DO
this. When this is obtained they ma V
apply remedies for the correction If the
other evils. H. NJ. BEADuE
tion for the "Twin Cities d"
(From the Chica TO Tribunel
The project has feen started anew TO
consolidate the twin cities" of st. PAU
nd MiilI ga nnlis Alter he naa nnpr af N.,rr-