The commonwealth. (Greenwood, Miss.) 1896-1923, 1898-03-04

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sherman and his co~-conspirators had
aimed at the interests and liberties Of
our people But the several secretaries
Of Che treasury since that time have
all been inimical 10 silver. and have 90
exercised the discretion reposed In them
by the Law as 10 coin the minimum,
rather than the maximum, Of standard
silver dollars hereunder But the ad
ditiou TO The volume Of currency was
not large enough % accommodate the
increase IN wealth, population and
business and the liberalization Of
labor also required a larger increase IN
the volume Of currency The adoption
Of the single gold standard by other
countries in the meantime intensified
the demand for gold, and under the
inevitable law Of supply and demand
tho value Of gold, az compared with all
those things for which money rs ex
changeable, was gradually increasing
with the increase ina the value for
purchasing power Of gold, Of course
there WINS O corresponding increase In
the purchasing power Of all paper
money TINT was payable In gold, For
the paper money carried on It's face a
promise Of redemption, and as gold
was the only redemption money IN
many countries each paper obligation
constituted but another demand upon
the limited supply of redemption
money md while serving az a tempo
rary convenience, had the natural
effect Of still further enhancing the
value Of gold by intonsifying the do,
mnnd ufon the money Of Gunal pay
ment But under our laws the stand
ard silver dollar was redemption
money, and as such the five hundred
millions we had In actual or construct.
i've circulation had the effect of lesser.
ing the financial shock here but, also,
by adding that much to the worlds
stock Of redemption money, Of staying
the rise In the value Of gold
throughout Che world It was to get
rid Of the obstruction to the apprecia
ton of gold which our standard silver
dollars offered that the efforts OF the
gold couspirators were turned II
must have been with q deliberate view
to this end that John Sherman secured
the passage Of the law Of 1890. Gun
ningIy devised as / have shown. to
accomplish that end II must have
been with q view to this end that Sec.
Rotary Foster awaited himself Of the
opportunity to practically demonetlze
silver in the way that Shorman's law
proyiued 10 must have been with a
view TO this eud that Grover Cleveland
declared that the ruling Of Secretary
Foster had made the greenbacka and
treasury notes gold obligations 1t
must have been with a view to this
end that Secretary Carlisle, at Bar
Harbor announced that it would be
the policy Of the administration to re.
deem silver dollars with gold. II must
have been with q view to this end that
both President Mckinley and Secretary
Cage, in their message and report to
Congress in December, 1907 distinctly
referred to the standard silver dollars
rs part Of the currency Of the country
that is payable in gold. It must have
been with a view to this end that Sec
Gage in stating to a committee
Of congress what his plans for currency
reform contemplated BADLY asserted
that n Of his chief objects was to
more thoroughly commit the country
a single gold standard. Il was with
q view to this end. no doubt. that at a
recent Winning and dining in New York.
President Mckinley assured the assem-.
bled millionaircs that whatever the
language Of the government bonds
be with reference to payment in
gold or silver regardless of the
terms of CONTRACT stipulated in the law
under which those bonds were issued,
and plainly set forth in the face OF the
bonds themselves they should be paid
In the very best money on earth
meaning gold,
From 1870 to 1900, although the linn.
tied coinage of gold and the p~reserva-
tion OF the grecnhack legal tenders In
active circulation took the wire edge
of Of contraction yet the insufficient
addition to the volume Of money re.
suited in gradually lowering the prices
Of commodities, which Is but another
way Of saying that there was a gradual
enhancement Of The value Of money.
During the ten years ending with 1890
the MORTGAGES on real estate increased
from s.. t05, O00, 600 to & 5000, 900. O0O
From the compendium Of the eleventh
census, page 1910 / find the following
summing up Of the increase Of mort
gage debts as compared with the in
crease in the value Of real estate and
the increase Ia population in this coun
try
The real estate MORTGAGE debt In
force in the United States increased
t4lt2S per cent from 1850 to 1890, and
the population increased st80 per cent
The mortgage debt therefore increased
about twice as much during the decade
as the true value Of real estate and
untaXed mines, about three times as
much as wealth, and about six times