Year: 1878

Demonetization by Germany, demoneti-
zation by the United States, restriction OF
silver coinageb the Latin union furnish the
grand cause OF the present low prices Of sill
Yer, OF which fact The tables quoted give
conclusive evidence, since they show no ma
terial decline III that metal until hostile
legislation wss brought to bear upon it.


One significant fact attracts my attention.
by law of Congress, at the beginning OF
each year the Secretary of the Treasury
is required 10 report the value of those
foreign coins Tin the money OF account
units or standard coins. He has done so
this year, and reports the Spanish dollar at
99.S, tpo mills below the gold dollar OF our
coinage only. This Spanish coin weighs il6
grains. He quotes the franc at 1913, par
with our gold. Over in the other end OF
the Capitol learned Senator's are urging us
to make silver dollars of 435 grains. Why?
These two coins are full legal tender in the
countries which use them as standards.
Sent home, they possess the same paying
power as the gold coins of the same denOm-
ination. They are quoted then at such a
margin below our gold coin as it will cost
to send them home, and that is all.


The value OF the bullion in the Mexican
silver dollar does not exceed to-day ninety
five cents, yet its value as a coin is 99S
cents. / speak of this to show the untruth
and deception of the following quotation
from memorial recently sent TO members
of Congress by the committees OF the bank
ing associations Of New y 2rk, Boston and
Philadelphia:


A silver standard will be as mischievOus in
the domestic as in the foreign commerce OF
the country. Its value Will be determined
not by the uses to which IL is put at home,
but by the price of silver bullion merchan-
disc in London, the great market of silver for
the world.


The present market price OF the Mexican
dollar stamps the above as utterly false and
gives us a potent argument in favor of our
position, 1. G., that remonetizatIon by the
United States will materially raise the
price and value Of silver coin made 4 full
legal tender by act of Congress.


Now comes thequestion, "Will legislation
on the part of the United States fully re-
store the old price OF silver?' to which no
one not gifted with the spirit OF prophecy
can make sure reply; but when We have
answered in the affirmative two other
questions am satisfied TO risk an afrma
tive on the first These two questions are
!'Can the world absorb the present produc-
ton of silver" and "Will the present unu-
sual yield be diminished"


To the first OF these two subsidiary prop
Ositions | reply: The world mas absorbed
vastly more than production alone would
have compelled it TO. For proof OF this let
me refer TO another table quoted from
parliamentary report by DR.. Linderman,
director of the Mint, in his book Money
and Legal Tender; and since the worthy
director is an able advocate of the single
standard theory, and heartily opposed to
the restoration of the silver dollar, our
friends OF the opposition will, l am certain,
not accuse me of unfairness in this and my
many other quotations from their own au-
thorities:


From 1872 to lS15:


Total production 200, 90
Sold by Germany and scandinavian


kingdoms, (change in CURRENCY S,0O0,O0D
Exports over imports in ltaly.-.-...... s,0O0OtO