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The eagle. (Silver City, N.M.) 1894-1???, June 03, 1896, Image 1

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn92070477/1896-06-03/ed-1/seq-1/

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VOL 2, NO. 41.
SILVEIt CITY. X. J!.. WEDNESDAY, .) I'XK ,'t, utile,
The Governor of Illinois Talks
Free Coinage.
KxtmrtH Knim IIIh Spperh in Tim Auill
turliiiii Which Ar Worth
For it number of yearn there lias ex
isted t liroiiliout the civilized world
a severe depresión with u constantly
increasing train of bankruptcy, ruin
and misery. Nature has yielded her
harvest as hoiintifnlly as ever and the
intelligent, energy am' ingenuity of
man are as great as ever. We must
therefore conclude that, this iiid condi
tion is due to some unnatural and, ex
traordinary cause. That cause is the
volume of money in the world, incident
to destroying silver as a money metal.
The financial (iiestion, in its rela
tions to the commerce, the history, the
enterprise un, I the prosperity of the
world, is governed by certain funda
mental laws or principles. When these
are followed all is well. One of these
fundamental laws now universally re
cognized is that increase in the volume
o money in the world raises the sell
ing price of things, while a reduction in
the amount of money in the world low
ers the selling price of things. An
other of these fundamental laws now
universally recognized is that with ris
ing prices go increased activity, enter
prise and prosperity. Flitting more
money into the world is like putting
more blood into the body ; it gives new
life, while falling prices stop enterprise,
check imliisirs ami produce stagna
tion and distress, because debts, taxes
and lixed charges never fall with the
prices of things, eonsqetiently more
properly has to be sold to get the same
amount of money in order to pay the
debts, laxes, etc., so that, the debtor
has no money left to spend. This soon
destroys the market for commodities,
so that manufactures cannot sell their
products and are consequently obliged
to shin down. This, in turn, destroys
the pin chasing power of the laborer, so
that there is paralysis and distress
around the entire circle of business in
dustry. I saw a statement in a gold standard
V ewpaper to (lie effect that we are now
prosperous, hud about everything we I
needed, and ought to thank the Lord
that we are as well off a? we are. Now,
I have no argument to make in answer
tosiicb wild statements as that. I sun
uly leave it for every laborer, for every
inanufacurer, for every business man,
yea, for every railroad man and every
banker to answer. We have unlimited
resources, have every kind and charac
ter of industry, and the ingenuity, en
terprise, push, and intelligence of our
people are unsurpassed anywhere;
therefore we should be prosperous and
The very (irst thing and the last
thing that labor needs is a market for
its products. You may speculate to a
laborer until he is blind on the beauties
of a dear dollar, and it will do him no
good. His wife will be in rags and his
children will starve. He must have
somebody to buy that which he makes.
If nobody comes to buy the things he
makes, then the factory in which he
works must shut down. If it shuts
down he is in distress and his purchas
ing power is gone. The dilliculiy that
has existed in our country in late years
is underconsumption, not overproduct
ion. The people are not in a condi
tion to buy what they need, ami they
will not be until there is a rise in prices.
When this happens the whole debtor
and producing classes will again be able
to buv, and there will be a restoration
of our home markets.
The immediate question which con
fronts us is: Are we for or against the
single gold standard? There is at pre
sent absolutely nothing to divide those
who favor bimetallism and demand
the free coinage of both gold
and silver. We must first save
the principal of bimetallism, for
by the use of those peculiar and cor
rupting influences which capital always
uses to carry its ends bimetallism has
not oidy been overthrown, but a desper
ate and determined effort is now being
made to drive the last nail into its
colli n.
The question of rat io is scarcely open
for discussion. We must first decide
whether we shall have gold monomet
allism or gold and silver hi me lallism.
If we are to continue ihe single gold
standard, then there in nothing further
to discuss. Every intelli gent man can
see at L'lance n tbnt tho onlliti" rf
the great principal of bimetallism does
not depend on any particular ratio or
nothing. If we ever reach a point
where the government has considered
the question of ratio the battle for bi
metallism w ill have already been won.
And an intelligent consideration of the
financial history of the world and of
existing conditions will readily solve
the problem when Ihe lime (romes. I
will only say it would lie manifestly
wrong to adopt the present market ratio,
which is the result oí giving gold a
monopoly of the money función in the
world and of demonetizing silver by
law. To this world ami of demonetizing
silver by law. To do this would he to
permantly lower the value of silver and
to reduce the volume of money w hich
could lie coined from it, in the future.
It would he a little like making the
present low price of wheat permanent,
and it is probably that the whole pro
duction of both metals will be insulli
cient to meet the increased demands of
the world in "he future. Such an un
just ratio would affect the prosper! y for
all time. I believe that il an interna
tional agreement is ever made il will be
on a basis of I")1., to , as ilia! was
the ratio which formerly existed in
nearly all the countries of the world,
and which worked so satisfactorily tor
200 years. In our country the ratio was
lti to 1 that is, sixteen iiorts of silver
to one of gold oí equal fineness.
Many are demanding a return to the
old standard, leaving the subject then
to be dealt with as necessity may re
quire. They regard this as the tirst
step towards cltiig out ofthe woods
and back to I he great highway. They
would he satisfied with any other fair
ratio, but nothing else is offered them.
For none oí the men who criticise this
restoration of l In old standard has
offered anything. Not one of tin
If any man who is honestly for bimet
allism can offer something better let
him do so, and it will be considered.
I'm the fact is that these critics are sim
ply helping to maintain the single stan
dard. That is the re's u It of their atti
tude. I favor the immediate restora
tion of the free coinage of both gold and
silver according to the old standard,
and I believe if this is achieved the
ratio question will be solved, ltut I
say to all men, let us defeat this gold
standard and make i l "i'l for our

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