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Restoring The Value Of Silver

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A great many people seem to think that the United States government, by restoring the law as it ex isted prior to 1873, could thereby restore to silver its then valué. At that time the silver dollar was not in circulation and had not been for years, for the very good reason that it was worth 103 cents in gold, and was consequently more valuable asp commodity than as money. Neither was gold in circulation for the reason that it had been driven to cover by the cheaper greenback. Now if restoration of the law as it stood prior to 1873 would send silver to its position of those days, viz: a premium of three per cent. over gold, would it not be equally potent to restore gold to its then premium over paper money? Or in other words, would it drive silver and gold out of circulation and again place us on a depreciated paper money basis? If not, why not? If the restoration of the law would be sufficient to restore the valué of silver, there is no reason to suppose it would not be equally powerful to restore the other conditions named. Then again, if the government can by an exercise of its law-making power fix or restore the valué of silver, it can also establish by statute the valué ,of wheat, corn, cotton, steel rails, pig iron, or any other article. By statute also the government could likewise control the price of its bonds and greenbacks. But it is known o all men that it has never been able to control the price of its bonds o greenbacks. It tried to restore the old panty to the two metáis in 1890 by a less dangerous experiment thar the opening of the mints to the free and unlimited coinage of silver on the basis of 16 to 1. This experi ment was known as the Sherman ac and provided for the purchase anc use of y millions of silver bullion per month. Was the old parity re stored? In no degree, but on th other hand the price of silver, not withstanding the increased demand for it, continued to go down until i reached the lowest point of centu ries. The experiment was a lament able failure and a prominent caus of the financial panic of 1893. In view of all these facts it is absurd to argue that the government by re pealing the act of 1873 could restore to silver the value it had at tha time. The free silver sentimen which is passing over the country a the present time is a dangerous de lusion, and if enacted into law wouk result, no doubt, in silver mono metalism, which means a 50 cent dollar. And so long as silver remains at the ratio of 1 to 32 compared to gold, it is not "sound money. " In 1873 we had three standards of currency, of which the cheapest had driven the other two out of circulation. Since then a great many events have happened, in France, in Germany, in the Latin Union and in India, and we have no control over the effects of these events. Since then the world's production of silver has increased from $71,500,000 to $196,459,000, while the increase in ths yield of gold has only been from $90,000,000 to 138,000,000. One of the consequences of all these events has been a fall in the value of silver. Whether this is a loss or a gain to us, we have to stand it as other nations have to stand it. The conse,quence is that as long as silver stands at a ratio of 1 to 32 compared with gold it is not "sound" money, and a hundred cents of it do not make a "dollar," as everybody uses the word. - N. Y. World. Notwithstanding the howl that he opponents of the administrador eel obliged to make upon one and 11 of lts acts, no matter what those ets may be, the Nicaraguan incient seems likely very soon to be ettled and that too without the aborption of territory, the overturnng of any existing government, the iolation of existing treaties or the rampling of the Monroe doctrine n the dust, the Cleveland haters to he contrary notwithstanding. The eading papers of the country have almost witb one accord, while conlemning the bullying attitude of 2ngland toward her defenseles adversary, sustained the course of the dministration and acknowledged here was no cause for the United States to interfere under the Monoe doctrine. Should England fail o get out of Nicaragua on the payment of her claims by that country nd show a disposition to follow the ourse she has pursued in Egypt, he will no doubt hear from this govrnment in a manner that will not )ermit of any misunderstanding. 'he dignity and power of the nation will be fully maintained and that oo without any unseemly swagger or bluster. There seems at present to be a new war cloud arising in the far ast. Japan is in some danger of eing defrauded of the legitímate :ruits of her victory over China. It appears that the Russian bear backed up by France and Germany is howing a fierce mouth full of teeth because of the fact that Japan is by he treaty of peace to secure a footïold upon the mainland of China. The Island Empire seeras inclined to stand pat however and give these nations to understand that it is none of their business. Should the three before mentioned nations show a disposition to crowd Japan too hard, it is probable that England may take a hand in the interest of Japan Knowledge of this will possibly prevent what now seems to be a rapidly approaching cricis in eastern affairs Another Normal school seems to he assured. The house has passed Representative Brown's bill and the senate has passed Senator Shaw's bill and the two bilis are identical. A majority of each house, therefore, has given its assent to the proposition and it may become law by the house passing the senate bill or the senate passing the house bill. The bill carries no appropriation with it for the two years to come as the building and. grounds are donaiedand the people of Mt. Pleasant agree to raise the money for the running expenses. It is claimed that the building and ten acres of ground which are to be given to the state are worth from ten to fifteen thousand dollars. Governor Altgeld, of Illinois, ha been somewhat noisy as an advocat of "free silver." Consequently hi practice has been looked up to see how it squares with his theory. He is known as a thrifty man' of business and a man of great wealth. As a result of the investigation it has been discovered that in his practice he is a sound money man, if not in theory. He is well fortified against any possible change toa silver basis. All of hisleases are made payable in standard gold of the United States. No i6to i silver in his if you please. If today the value of the silver in a silver dollar was worth 103 cents, as was the case in 1873, does any one believe that the great mass of those who want "free silver" would be raising a hue and cry about th "infamy of 1873" by which silve was "assassinated"?


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