The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1899-12-23

ndSlt money Is NOFEtCis 4 ne /
in the production Of gold |
for 1898 is more than the COM
bined production Of gold and sill
yer for any period prior to the |
year 1891. That is to cay, il at
that period and prior. gold and
silver had been freely coined at
the ratio Of Is to /, il would not
have been as great as the pro-
duction Of gold for the year oil
1898, Again ! repeat for empha-
sis that the production Of gold for
1898 is greater than the produce
ton of both metals at any time
prior to 1891, and eight times the
average production Of both met
ais during the first forty years of
the country, and one and a half
the average annual production of
both from 1860 to 1880, and more
than the average annual produc-
ton OF 10th from 1880 to 1890.
From this statement Of statistics,
which | presume no one will deny,
one clearly sees that it is the vol
ume of money in circulation that
the country needs Ipresume all
will admit that the increased out
put Of gold has had something TO
do with the prosperous times,
Then to admit that is to admit
the quantity theory of money.
The output Of yield for the year
1899 is estimated at S400,0 GOO, 600.
Think Of it. This nearly twice as
great as the production of both
metals for any year prior to 1891.
Prior TO and since that period,
one Of the chief arguments Of the
gold standard men to the free
coinage of silver was that it
flooded the country with too
much money. Now behold you
see that the combined output Of
both prior to 1891 was less than
the output of gold at present, and
for the year Of 1899 it will be far
less, by over 100000, 600. II
that overproduction argument
was good then, ii is good
now. But in the name of justice
and facts, do .you hear anyone
row crying out that the country
is flooded with gold? Do you
hear any one warning us against
the rising flood of gold for this
year, which is about pouring
itself into the lap of the world
| No; but it is welcomed by all. II
does seem TO me Mr.. Chairman
il any fair and contemplative
mind will analyze these facts, he
must conclude that the bimetalist
theory was correct in the past
and is correct now. Well it may
be said that as gold, in such
quantities had been discovered
and put in circulation, then We
do not need more money now
that is to say free silver. My
answer to that is, would it be safe
to rest the monetary system OIL
the world for all time upon the
accidental production of one meta
for year or dozen Of years?'
| say no. But contend further
that with the increased popula-
ton and business OF the country
that if the production OF gold
should continue, indefinitely, al
the present annual output, then
with free coinage Of silver, the
two combined metals now, would
not swell the volume Of money toe
great.
"Again there is another potent
factor in making times apparent.
| ly good, ! say apparently good
for to the toiling masses they are
not as good and prosperous tc
them in proportion to the money
Never within the history Of this
country has the money power hac
such supreme command and con.
troll. They are driving with 9
free rein. 1t is the trust Of trusts
IL has created a kind OF false
prosperity. 1t has cornered near.
| ly every manufactured article anc
thereby ran prices up. In doing
80, ! admit it has put in motor
all kinds Of factories, giving EN-.
ployment to all. While It hal
j done this, yet it has raised alsC
the prices Of nearly All nnanufac.
tured goods and articles to an ab.
normal point, thereby compelling
all consumers, and especially the
toiling masses to pay unnecessary
yet exacting tribute to them. The
passage Of this bill increases theil
power, and decreases the liber.
ties Of the people. To place thu
power in the hands Of the secre.
tary Of the treasury and that 0,
the National Bank to issue anl