The Forrest City times., 1898-04-08
NO. %.

than double the possible shipments OF
silver from foreign markets to our
mints? Remember that when there il
demand for silver at sIxter. TO one
which is unsatisiied that ii is bound TO
establish the value of the metals at that
ratio. But these are not the only de-
mands which the United States can
make on silver. There are S212. 100000
of national bank notes in circulation.
There is no excuse for the existence of
any of this credit money, except that
there is deficiency in primary money.
A Legitimate demand upon silver for
certificates to take the place of these
rotes can fairly be made. Thus we
have a demand for $1,33l ESQ, ,023 of sill
yer, which the United States can in
crease without increasing the circulat-
ing medium of the nation one dollar.
The demand represents an amount
which is more than the mines of the
world can produce, less the quantity
that goes into the arts. In 13 years,
with such an enormous demand on the
limited silver bullion OF the world, it
could not help but establish and inain-
tain the parity between the metals.
But these are not all the demands that
could be made upon silver in this coun-
try. There are over $40, ,000, 900 900 in
debtedness In this nation, more than
one-half of which are obligations pay
able in lawful money in the United
States. The minute that silver would
get 10 discount of even one per cent.
that minute there would be credited a
demand by those debtors of that money
with whiGh to discharge their obliga-
tions, as.d that very demand would in
crease the value of silver until it
reached parity with gold. 1t has been
assee ted upon the floors of this house
tha. there are credit transactions in the
sfspe of short-time notes, 30-day cred
its, and checks that amount each year
in this country to $150,000. 900. All
of those transactions are In lawful
money and they constitute an exceed
ingly large demand for the money that
circulates. With ali these demands that
can be made upon silver for coin or GER
tiiicates, first, by the greatest and most
powerful government on earth; Sec
ond. by the people in the payment of
the great number of obligations of any
nation; and third, by the greatest COM
merce that the history of the world has
ever known, it seems that the parity
between the metals could be established
with as much certainty as possible to
foretell any future events. 1t must be
remembered that the commercial value
of the two metals would become ap-
proximately equal half the nations in
commercial Importance had she gold
standard and half the silver standard.
1t can therefore be readily understood
what great influence in establishing the
commercial equality of the metals u
powerful nation would have in with
drawing its demand on gold and maxi
ing its demand upon silver When the
parity is once established a brnetallic
Tie acts as an automatic regulator.
When one of the metals becomes more
valuable the demand is shifted from
it onto cheaper metal and shat de-
mand restores the parity. We haze lad
an. experience that ought to teach US
the power of this government in finan-
eiul matters. The senate of the United
States i'll 1890 passed free-coinage bill.
1t was thought that the house of repre-
"
Silver rose, in anticipation of that legis-
lation, until it reached $l.2lH an ounce
twithin eight points of par). not only
in the United States, but in the London
markets and throughout the entire
world. If silver rose to such a height
in anticipation of such legislation. not
withstanding the hazards OF final en-
actment and executive approval, can
there be any doubt that it would have
risen TO $l.2o per ounce under the le-
gitiniate denand that the actual OPP
Grafton of the law would create? The
free coinage of silver in this country,
when once established, would be bound
to succeed, because it would then be
10 the interest of the capitalist TO make
it succeed. 1t is the history of all
deprecated currencies that no class
has been so active in bringing them to
par as the creditor class. We therefore
conclude that the demand which the
United States can make upon silver
is almost unlimited, and that by the
exercise of that demand silver can be
restored as an equal primary money to
gold. The question of the free coinage
VI shfei - III my JUG LleHt, the most
momentous question of the present age.
The terrible effects of the increasing
gold measure have fallen with crush
ing force upon all the people of our ma
tion except the creditor class. Busi-
ness in the past 90 years has been COM
pelied TO operate on falling markets,
which in the long run mean ruin and
disaster. 1t is no wonder that Mr.. John
G. Carlisle, in the house of representa-
tiyes in 1873. said in relation to the
destruction OF the legislation of silver
money that The consummation of
such a scheme would ultimately entail
more misery upon the human race than
all the wars, pestilence and famine that
ever occurred in the history of the
world" The reconciliation of silver
will do more than any other legislation
that has ever been suggested to allie
viate the sutferings of mankind, to give
employment TO the laborer. to permit