The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-10-09
MANUFACTURERS WANT
SILVER QUESTION SETTLED

address by James A. Hickman, N.
Y, secretary. merchants and manufac-
turers board of trade of New York, on
|''The Proper Settlement of the Silver
Question of Vital Importance to the
American Manufacturer
Mr.. Hickman took up the proposition
of credit currency, based upon a gold
reserve, and showing that much of the
paper, or credit money, has no reserve,
aud could not be taken up or demand.
He shows that this is one of the rea
sons for financial panics, and is always
a menace to the manufacturer. Then
he SAYS: We have seen
that in nine years, or from the date of
the passage of the currency bill in
March, 1900, our paper credit currency
has grown from two hundred and TWEEN
ty-fve millions to six hundred and
ninty-eight millions, or over fifty.two
millions a year, and in the same period,
including the year 1900, the gold coin
age has amounted to 1888 ,l70,3l5. So
that the expansion of our credit cur
rency has fallen but little short of the
gold coinage. Now if there has been
a real demand for six hundred and
ninty-eight millions of paper money,
and we are bound to believe there has,
and this belief is further strengthened
by the fact that congress felt impelled
by the necessities of the country to pass
an currency law, which pro-
vides for an addition of five hundred
millions more to this credit paper cur
reney. This thought naturally and pow
erfully presents itself. Why should not
silver have been used in the place of
this six hundred and ninety-eight mil
lions of paper. The strongest clam
that the most rabidly anti-silver men
has ever made was that the silver dol
lar was a fifty cent dollar, but none OF
them is prepared to say that even a
fifty cent dollar was less valuable thar
a not cent dollar. Our National bank
circulation is pure credit money.
In 1873 the Chinese tael
WIS worth about 1925 gold, today it is
worth about 40 cents. This tremendou:
fan in the value of his money has
raised the prices of foreign goods to the
buyer in China more than 100 per cent
and here effectually prevented any ex
p~ansion of our trade with that eoun
try. Is it not a surprising statement
that Cuba with a population of a lit
tie over 1000, 900, buys over $s0,o0O,0 o'
a year from us, while the 400,00O,000, o
China buy less than $4,000 900. Gu
) government is making strenuous effort
TO maintain favorable trade condition
5 in the east, while apparently indifferen
e TO the fact that by its action the powe
t to buy the products of American fact
cries has been destroyed. Somethln
must be done to enhance the purehasin
! power of silver, if these Asiatic eoul
i tries are to be secured as customer
1t, therefore, behooV'
d the silver adherents to begin their worl
in order that advantage may be take
of the vioissitudes of the fray. Ii
d our motto be, "A metallic reserve Il
all paper issues. and let that reserve
o Of gold and silver" and then resi-
k every attempt to make national, stat
$ county or city bonds or other forms
e debt a security for unlimited pap
credits.
1t may be a long road back 70 sonr
lie fundamental principles, but the resu
10 be attained is worth the effort.