Crawfordsville Review, Crawfordsville, Montgomery County, 23 May 1896 — Page 9

Chicago, 111., May 10.—The following the address on the money question livered by Gov. Jolm P. Altgeld at

Auditorium to-night before a rgo and enthusiastic audience: For a number of years there has extcd throughout the civilized world a lovere depression with a constantly Inreasing train of bankruptcy, ruiu and ills cry. Nature has yielded her barest as bountifully as ever and the inelligence, energy and ingenuity of nail are as great as ever. We must therefore conclude that this sad condition Is due tc some unnatural and extraordinary cause. That cause is the reat reduction in the volume of money the world, incident to destroying silver as a money metal.

The linancial question, in its relat'on the commerce, tjie industry, the en•prlse and the prosperity of the orld is governed by certain funda.'ntal laws or principles. When these followed all is well. One these fundamental laws now uiversally recognized is that ncrease in the volume of money the world raises the selling irice of things while a reduction in the tmount of money in the world lowers :he selling price of things. Another of hese fundamental laws now universally recognized is that with rising prices go increased activity, iu:1ustry, enterprise and prosperity, i'utfiug more money into the world is like putting more blood into the body it

Ives liew life while falling prices 'op enterprise, check industry and produce stagnation and distress because debts, taxes and fixed charges never full with the price of things, consequently more property haw to be sold to get the same amount of money in order to pay the debts, taxes, etc. so that the debtor lias no money left to epend. This soon destroys the market for commodities so that manufactur"rs cannot sell their products and consequently obliged to shut down. his. in turn, destroys the purchasing ,lower of the lalioror. so thai there is Paralysis and distress around the entire circle of business and industry.

Wiien carefully examined it is found that all of the panics we have had in 'his country were the result of a contraction of the currency brought about by one cause or another. Inasmuch as the panic of 1873 is sometimes mixed up in the discussion or the silver question I desire to say a few words in iv"•ird to it, simply to point, out at the bewith it. That panic was local to "it- United States and was due to causes which were local to this country. The panic which struck this country In ISOii was not local but extended over the civilized world and had been "It In other countries for a number of rs before it reached us. yttring our civil Avar the government ^ued paper money in large amounts there was neither gold nor silver •j 'ig it had no direct connee'irculation in this country. Alter war tJie government began to con,7"? tile amount of paper which was ustandlng by issuing bonds with "oli to take it up. In recent y«-ars trf.!'lnrls

ll:m

aiii'1SUI"V

lir.!',?ai

ty-rs

been made to revise the

ll'IK,1',t'

hi order to make it

!lat t!l0

contraction had not

But John .7. Knox, who

j- lor a time comptroller of the treasand is regarded as an accurate

Wageworker, tiie Farmer and the Prosi^dncer Injured by the Single

Gold Standard.

|usiness Depression Follows the Contraction of the Money j, of Redemption—Ratio, International Agreement, Over..r Production, Price, Value, Etc., Ably Discussed—The

Future Prosperity of Our Country and the Perpetuity of jf Our Republican Institutions Involved in the Issue.

authority, published an article in Layer's Cyclopedia based en the treasury reports issued during and after the war in which he gives a, table showing the amount of paper money the treasury had outstanding on July ist of each year for a number of years and the character of each kind of notes. According to this table the largest amount of paper money we had in circulation at any time during and immediately after the war was in ISiJt.i. when a\ had •S1.i.

tll.-I1.",-175

in government

paper and $L\Sl.J7!t.SKiS in national bank notes, junking a total of 1 .r-1Li,Spri,:t.s.'i. By 1S7U the government paper was id ducei" to .S: :)I|.,S!M.-1L'. while there were ?2!l!).7t ,USl of national bank notes, making a total of ,?i!)ii.(l01.ini5. In other words there was a reduction in tiie 1otal amount of p.ipe,. monev onvma(ion in this country from ISO'S to 1S70. of !,S.i .2:w.177. Inasmuch as the enterprise, industry and ingenultv ot our people had loaded everv dollar of tins pa per money which had'been in circulation with as much business as it could possibly carry it was inevitable that a tall in prices corresponding to !Lr)'V

1 1 1 1

"lOIley

must follow. Senator John Sherman recognized tills fact, and in a discussion oi the currency question In the United Mates senate in LSI!'.). he said: "The contraction of the currencv is a far more distressing operation than the senators suppose. Our own.and other nations have gone throu""h that operation before. Ij is not possible to take that voyage without the sorest distress. To every person except

capitalist out of debt or a salaried offl. cer or annuitant, it is a period of loss danger, lassitude of trade, fan

wages, suspension of enterprises bankruptcy ami disaster. It means i-ip'ti of all dealers whose debts are twice their business capital though one-third less than their total proper! v. It means the fall of all agricultural production withoui any great reduction of taxes What prudent man would dan." to build a house, a railroad, a faeiorv or a barn with this certain fact before him'.'"'

Notwithstanding Ibis warning of danger the government went on"\vith its policy of contraction and Sherman's predictions were more ihan veriiied Universal bankruptcy, ruin and distress with their atfendan: increase in suicides, crime and insanitv constituted Iheprice which the .American poo. pie paid to get on what was then called a "specie basis." I will not stop'here lo ask the question whether the American nation ever received anv equivalent for the awful price which it here paid or not: 1 am only coininentiu" upon an historical fact.

Toward JSSO the balance of trade was largely in our favor l'or a number of years, which fact, fended

crease the volume of money in

O II 1

country. I he productions of our mines wore very large for several years so that including treasury and naiional bank notes there were according to the treasurv tallies in the year is,si) between .•il.HHi.iiiin.don and :?1.::00.(jo0,(ii0 of money in this country, being an increase of from 1)0 lo S!l ].er cent over the sum which we had when the government had ceased contracting the currency and there tollowed a corresponding increase in the price of properly. This was accompanied by general activily and prosperity which was, however, local lo our country and only a few years until we begaD

to be affected by -that general depression which followed the demonetization of silver.

tM)ionctl7iition of Silver.

W bile the subject of demonetizing silver had been .agitated in Kurope for many years, had not been in the l.niied Stales, bui Inasmuch as neither gold nor silver was circulating here the manipulators got our government to take the initiative in striking down silver. Accordingly the American congress, in February. 1N7". by law demonetized silver, so that ii was no longer part of our standard coinage and tvas no longer a legal tender as niotie.v for large sums, thus depriving it ot its function as money. The effect of this was not at once noticed here. In the fall of the same year the German empire not only demonetized silver by law. but gradually threw nearly $100,000,000 of silver quietly onto the market as a commodity. Norway, Sweden, Denmark and some smaller states more or less dependent upon Germany demonetized silver by law Immediately thereafter: Holland struck down silver by law in 1S75 Russia in 1S7(!: France and the countries of (lie Latin union by law stopped the coinage of silver in 1S7K: Austria established a gold standard in 1S70.

In 1N7S congress attempted to remonetize silver but the opposition was able to pariiallv frustrate tlie movement. The Bland-Allison bill was passed, but it limited the amount to lie coined lo from two to four millions per month and it did not make this full legal tender and the coinage was not free as it formerly was and as that of gold is. In 1S!0 this law was repealed and the Sherman law was passed under which the government purchased forty-eight millions of dollars worth of silver every year and issued certificates against it. This added forty-eight miliion dollars to our currency every vear and helped slightly to keep up prices. But Fresklent Cleveland convened congress in special session to repeal this law in ISP.'! and a further dismrhance of prices ensued. The Indian mint continued "coinage of silver until June. 1

Si.and inside of

six days from ihe day it closed there was a fall in prices of nearly twenty-five per cent.

Beginning of tlie Movement.

Although the subject had been mooted before, (here was no agitation in favor of adopting a single standard until about the beginning of this century, when a number of writers discussed it. In 1S02 Citizen Boronger. who had been deputized by the French government to mak'-a report on this question, reported in favor of a single silver standard. Not gold, but silver. I'erengef was one of the ablest men that have written upon this question, and it is noticeable thai he advanced in 1S02 practically all of liie arguments in favor of a silver standard thai have since been advanced in favor of a gold standard. Like the single standard men of to-day. he took the ridiculous position c.f fiercely contending that the government oould not increase or decrease the purchasing power of a metal—that the whole matter was regulated by commerce—and yet. instead of leaving it to commerce, ho labored for years. In season and out of season, to get the government to adopt one metal and Sirike down 1 he other by law.

In 181(i Lord Liverpool succeeded In getting tiie Knglish government to adopt the gold standard by law, and his principal argument in favor of It was that ihe other nations of the world were using silver almost exclusively, and if Kngland adopted gold and coined it i"i denominations that were not in use in other countries her money would be less liable to be drawn from the island, and that when it was drawn from the island it would have a constant tendency to return. The idea of getting an advantage over other countries by tiie use of gold was not then thought of. This advantage arose later, out of tiie fact that England, having become the great commercial and ship owning nation of the world and London the great linancial center, her people got. the benefit of tiie exchanges and in time got the benetif of all those advantages which are reaped by men who handle large sums of money and are in a situation to compel others to come and deal with them.

There were a number of minor steps taken by some of tlie governments, which need not be noticed in this brief survey, but the advocates of a single standard increased in number and were linaily divided into three classes: One class lliat wanted uniformity of coinage in order to escape the confusion which resulted from a great, variety of coins issued bv different small principalities. This class did not, believe that there was enough of either metal in the. world to do the world's business, and fav/)red the theory of having some countries adopt gold and other countries adopt silver. Another class was made up chielly of professors, who advanced various theories winch they wanted to have put into practice. The third and more powerful branch consisted of the great creditor classes, who wanted to make money dear, and of nearly all the official classes who hold ollioe for life and draw salaries from the government. The charier of the Bank of Kngland being about to expire was renewed by parliament in 1S-1-1, and in the act renewing the charier, parliament provided that the bank must buy up all gold of lawful standard that should thereafter be offered at C) 17s !ld per ounce of standard gold. In other words, it fixed the minimum price for gold by law and furnished the world a purchaser for il. Had it provided by law that the bank must buy every pound of woo! thereafter offered at 30 cents per pound, il is evident ihat 30 cents per pound would have formed a minimum price for wool after that date, especially if it were limited in quantity, and this would have been due not to business or commerce, but to the arbitrary act of government.

About the time of the great discoveries of gold in California and Australia. the creditor and ollice holding class, fearing higher prices, started an agitation in favor of the demonetiz.-uion of gold and Holland, as wi ll as some of the smaller German states, actually demonetized gold for a time. Soon after IS.'iO. when it became evident that the new gold fields were not going to deluge the world, tiie agitation in favor of demonetizing gold ceased, and then became active in favor of demonetizing silver. International monetary conferences were held at different times, at which the ide?i of establishing a single gold standard was strongly pressed, although the folly and danger of it were pointed out by some of the ablest statesmen and financiers of the worid but tiie inlluenee of ihe office-holding and money-lending classes was stiflicient'y potent to quietly carry it out. a ml tina'Iy they induced the American congress to take the initiative.

Iiatio Iii'Uvccii GoIj! uiifl Si Ivor, As each little country had its own system of finance the greatest confu

sion prevailed until about two hundred years ago, when some of the governments of Kurope provided by law that silver and gold should be coined at the ratio of iparts of silver to one of gold of equal fineness: in some it was 1 to 1 while in our countrv it was lo to 1 until is: and then 10 to 1. This constituted tlie legal ratio or mint price and it is remarkable that for two hundred years after the establishment of this legal ratio or mint price the market ratio or price remained substantially the same as the legal ratio, the difference being chiefly the cost of exchange, and the market ratio op price was uninfluenced by (he lucre:.se or decrease In the production of either metal from time to time. The statistical tables giving what is called the market gold and silver for two hundred years prior to 1 S7* show that there was practically no variance of the market ratio of fifteen and a half to one during ail that time. Sometimes one metal would he a little more plen-t-ful than the other in a particular country, but this did not matter the ratio or price of each remained the same and the sum of the two metals taken together and treated practically as one constituted the measure of value of things throughout ihe world. During a.l that time commerce never lifted Its finger in favor of the demonetization of either metal and the contention that the business of the world discriminated against silver is not true.

Comniercc Obey* Statutory !.n\v.

^The history of these two hundred, .enr« show that, instead of commerce dic.'iung. it always adapts Itself to the established law* in fact, the theory of I tariffs it*i 1 of protection rests entirely' upon the idea ihat the business of the world adjusts itself to positive statutory enactments. At present gold Is proteeted it is given a monopoly through the act of government.

W Ii.if Arncrican ami Fnrnprun Sliitcsmon l-Iavo Sail! on tlio Siil.jrrt of a

Stanilard.

Attempts have been made to bolster this dir.*honest smiile standard movement up with the names of distinguished statesmen and lo make it appear that ihey favored that which in reality they denounced. In 17'.i"J Alexander Hamilton wrote upon this subject:

I pon the whole it seems to be most. ad\isable as has already been observed. not to attach the unit exclusively to either of 1 lie metals, because this can not be done effectually without destroying the oflice and character nf one of thetn as money and reducing it to the situation of mere merchandise. annul the use of either of the metals as money is fo abridge the'quantify of circulating medium and is liable to all tiie objections which arise from a comparison of the benefits of a full '"'i'U'

1 1

i' of a scantv circulation."

Jefferson wrote to Mr. Hamilton in T'ebruary. 17PL

these words: "1 concur

wuh you that the unit, must stand on both metals." In William TT. Crawford, secretary oi the treasury, reported to congress as follows: "AH intelligent writers or 1 he currency agree that when it is decreasing in amount povertv and misery prevail." In Isr.L" Air M. T. Hunter, in a report to the United St,ales senate, said:

""f all the great effecls produced upon human society by the disooverv of America there were probablv none so marked as those brought about bv (lie great influx' of the precious metal's from the new world into the old Furopean Industry had been declini'nupon the decreasing stock of the precious metals and an appreciating standard o| values. Human ingeuuitv grew duH under the paralvzlng influences of declining proiits and'capital absorbed nearly all that, should iv(! boon divifloil hotwnon jf labor 'I'he mischief would be great indeed if all the world were to adopt but one of the precious metals as the standard of value To adopt gold would diminish the specie currency more than one-half "and should silver be taken as the only standard. the reduction would be iai-'-o enough to prove highly disastrous 'to the human race."

In February. 1S7S. Mr. .Tames Blaine said: "On the much vexed ami long mooted question as to a bimetallic or monometallic standard mv views are sufficiently indicated in the remarks I have made. I believe the struggle now going on in this countrv and in other countries for a single gold standard would if successful, produce widespread disaster in and throughout the commercial world. The destruction of silver and establishing gold as a sole unit of value must have'a ruinous effect upon all forms of propcrtv except those improvements which vield a fixed return in money. It impossible to strike silver out of existence as money without results which will prove distressing to millions and disastrous to tens or thousands. I believe gold and silver coin to be the monev of the constitution indeed, the moiie'y of the American people anterior to the constitution, which the great, organic law recognized as quite independent of its own existence. No power was conferred on congress to declare either metal should not be money. Congress has in my judgment no power (,7 monetize silver any more than to demonetize gold."

Fiuted States Senator

Mills, in discussing this quest" .|j '|". "But the crime Ihat is now 'hi' tie perpetrated on more Ihan iTg ii lions of people, comes neither rYon, the camp of the conqueror, the hand of Ihe foreigner nor Hie altar of tor. it conies from the phlegmatic, marble heart of avarice that seeks to paralyze labor. Increase the burden of debt, and fill u,,. with destitution and suffering t„ tr,'.,, fy the lust for gold. fj mands of congress nn ant (hat will paralyze all the forces of production Shu: out labor from all ••mploymem' increase the burden of debts and i.-ik-ation. and send desolation sufVeriiiLr to .all the homes of the jnjr

In 1S7S Jehu G. Carlisle, whiie discussing hisMMiject in the A moriea congress. said: "1 know that the world's stock of precious metals is none

0 0

large and I .ve n« reason to apprehend that iv will ver become so. .Mankind will be fortunate indeed if the annual production of gold rnd silver coin she. 11 keep pac with the annual increase of population, commerce and industry. Aceoiding my view of the subject, the conspiracy which seems to have been formed here and in Kurope to destroy by legislation and otherwise, from three-sevenths to onehalf the metallic money of the world, is ihe most gigantic crime of this or any other auc. Tin. consummation of such a scheme would ultimately entail more misery upon the human race ihan all the wars, pestilence and famine that ever occurred the ntsror.v of the world. The absolute miu instanta

neous destruction of half the moveable property of the world, including horses, ships, railroads and till other appliances for carrying on commerce, while it would be felt more sensibly at the moment, would not produce anything like the prolonged distress and disorganization of society that must inevitably result from the permanent annihilation of one-half of the metallic money of the world." Contrast those words of Carlisle with the sophistry ho Is now uttering.

While secretary of the treasury. Mr. .Tohii Sherman wrote to W. S. Groesbeck. of Cincinnati, Ohio, saying, among other things: "During lie monetary conference In Paris I was strongly in favor of the single standard of gold, riml wrote a letter which you will find In the proceedings of that conference stating my views. At that time the wisest of tis did not anticipate the sudden fall of silver, or rather the rise of gold, that has occurred. Other arguments showing the dangerous effect upon industry by dropping one of the precious metals from the standard of value outweigh in my mind all the theoretical objections to the bimetallic system.''

I have lime to notice only a few of the utterances of the great men of Kurope who were familiar with this subject. I will first notice the results of the researches and observations of the Historian 11 time, expressed as follows: ''h is certain that since the discovery of the mines in America industry has increased in all the nations of Kurope. Wo tinil that in every kingdom ill which money begins to How in greater abundance than formerly everything takes a new faith. Labor and industry gain life, the merchant ltecoines more enterprising, the manufacturer more diligent, and skillful."

Mr. Krnest Scyd, a high European authority, wrote years ago: "Fpon this point all authorities upon the subject are in accord, to-wit: That the large increase in the supply of gold has given a universal impetus to trade, commerce and industry, anil to general social development and progress."

In ISt.f Leon Fauchet. in his work entitled "Researches Fpon Gold and Silver," says: "If all the nations of Kurope adopted the system of Great Britain, that is. single gold standard, the price of gold would be raised beyond measure, and we should see produced in Kurope a result lamentable enough."

In while the ngitation in favor of demonetizing silver was In progress, tiie French government appointed a commission to inquire into the subject. A number of distinguished financiers appeared before this commission and gave their views. M. Wolowski said: "The sum total of the precious metal is reckoned at tifty milliards, one-half gold and one-half silver. If. by a stroke of the pen. they suppress one of these metal* In the monetarv service thov double the demand for the other metal to the ruin of all debtor

M. ltnuland. the governor of fhe Bank of France, said: "We have not. to do with idle theories. The two moneys have actually co-existed since tiie origin of human society they co-exist, because the two are necessary, by their quantity, to meet the needs of circulation."

The American people have heard much about the Rothschilds. I will quote from one. Baron Rothschild, one of the greatest financiers of the age. said to this commission: "The simultaneous employment of the two precious metals is satisfactory and gives rise fo no complaint whether gold or silver dominates for the time being, it is always true that the two metals concur together In forming the monetary circulation of the world, and it is tiie general mass of tiie two metals continued which serves as the measure of the value of tilings. The suppression of silver would be a veritable destruction of values without any compensation."

Let me stale here that in fhe many books thai have been written on this subject 1 know of no instance in which the essence of the whole matter is given in such few words as is done here by the Bama Rothschild: 1st. The use of the two metals is satisfactory and gives rise to no complaint. -d. Whether otic or the other dominates for the time, it is always true that the two together concur in forming the monetary circulation of the world. I'd. It: is the mass of the two metals combined which serves as the measure of the value of things. -1th The suppression of silver would be a veritable destruction of values without compensation.

Over a year ago the secretary of the Fnited Slates treasury went to New York and in an address to iiie Association of Bankers at a wine dinner in speaking of bimetallism op a combined standard said that he could not understand how there could be a combined or bimetallic standard of values any more than there could be two standard yard sticks of different lengths. Whether Mr. Rothschild would have seen two yard stick's after a wine dinner 1 do not know, but there are men who have seen worse things than yard sticks under such circumstances.

In iS7o the great Prof. Lavele.ve appeared before the Belgian monetary commission and nnioiur other tiling's said: "The debtoiv. and among them the slate, have the right to pay in gold or silver and this right cannot be taken away without disturbing the relation of debtors and creditors, to ihe prejudice of 1 he debtors to the extent perhaps of one-half, certainly of on,., third. To increase all debts at a blow is a measure so violent, so revolutionary. that I cannot believe ihat tiie government will propose it or fhe chambers will vote it."' lit 1N70. Avlien some countries had already stricken dmvn silver and others were urged to do so, the Westminster Review, a standard publication, in an able article on th" subject, said: "One! of the tilings involved is the probable appreeiaiioa of gold. In other words an increase in it« purchasing power thilt consequently prices have seen their highest, for many a long day and that, debts contracted in gold wiil by reason of this movement tend lo press more heavily on I lie borrowers! and that il will be well if litis pressure does not become so intolerable as to suggest a way of solution something like universal repudiation."

In the article on Money in the Kncyclopedla Brirannica. written prior to 1SS.",. by C. !•'. Unstable, a distinguished Knglish writer on finance, from an Knglisii point of view, the writer estimates that from lSI!) to 1Si there was an increase of ::o per cent in the volume of money in the world and that I

Ihis caused a vreneral increase ,f wages iin.l greatly improved the con-i ilition of the clashes living by manual labor. On the question of a Klandnrd he says: "The immediate introduction of a universal gold currency, is by the admission of all parties, eminently I undesirable and this is the only settled I

point In the controversy." Speaking! the fail of silver he insists that can! investigation shows that any increl ti production had little to (io Avithl tint t.iat '-(ho great depreciation of '"o^tilted mainly from its hav| ceased to be monev over a large or the civilized world," and that I is due to governmental action. He lul W't'i I'elniar that what is called cost of production theory," is sound. But on the subject gf rostoj -stner by international agreement claims that as Kngland is a credl nation it will not be 1o her interesl gn up any advantage which I ehtor nations have given her thro| their own legislation.

At the international monetarv cor once held in Paris in 1S7S, .V11' '"('Presented Kngl.L and ho 1/y reason of his experiencl and as cabinet minif naj lie regarded as one of the gre financiers and statesmen in this in the world. In

discussion of

question said:

If, however, other states weH carry on a propaganda in favor gold standard and the demonetize of silver, the scramble to got riil siher might provoke one of the gf est crises ever undergone by meree. •p]

O I 0 W 0 I

tear on the one hand of a depresshl *1!'V ,'"

1 0 1

other of a rise ill

\alue of gold and a corresponding] In the prices of all commodities. American proposal for a univl double standard seemed impossibl Realization, but the theory of a unl sal gold standard was Utopian Indeed involved a false Utopial was better for the world at large! the two metals should continue irl culatinn than that one should bel versany substituted for the other.]

In iSS.l, when the demonotizatii] stiver had been practically effeetol most of the Kuropcan nations,! 'Oseheti deliveredjinndilressbefori Institute or Bankers in London, hi] for his audience Ihe most experiil and conservative financiers iu| world.

After referring to the argument] ess money was necessary than fo{ ly because of certain economies! oted in Ihe way of df checks, etc. he siid: "I cef share the opinion the economies efTecled do not coj balance the strain put upon gold. '"creased demands of the latum for pocket money, or fo| I tquida ingof lie enormously itiep balance, of transactions both country and of others. Happy il is for those who have fhe stiver On the other hand, unhappy it those who have commodities le hand and produce which they ha sold.

"It Is true," he savs. "that nol action on the part of Kngland c| cited, but it would not be true il rope generally, because if the fl prices has been brought about if absorption in Germanv. Italy niJ I ni:ed States of nearly £li()0.nl of gold coinage, it is by tiie laws by those governments, and not hi change in production. that serious results indicated havtl caused: therefore, 1 wish lo put] the doctrine that, it is utterly the question for states to act.' Il reply that to my mind the conn] between 1 lie additional demanl gold and the position of prices sei| sound in principle as I believe It sustained by facts.'"

My fellow citizens, Mr. Goschen not only ernmelits can legislate as to raise the price and depress the prices of others, believes that: in this case tlie rise] purchasing power of gold and tl| sequent fall of prices was due cruiental actions.

you nolicl holds thai in such nl of some

In .Tune. ISSr.. Mr. Robert the otliciiii statistician of the Board of Trade, published a reJ bly able article in the Conlem] Review oil the subject of the the prices of commodities t)J out the world. lie savsrL have the facts as to the exfj-aoil demands for gold since 3N72. Inf figures there have been new di| for about. £200.(100.000 of gold, an amount very nenrl\, to the whole annual production] period, although a larger amotta that annual production had necessary in previous years tr, tain the state of prices which t| isfed."

He then points out that 1wel| lion pounds sterling, or sixty dollars. are annually r| fo replace the wear tnil of coin and meet the i| in the demand for caused by Increase of popuIatiJ then adds: Lool| all the facts, therefore, pears Impossible to avoid the sion that the recent course oi is the result in part of the diii| production and the increased dinary demands upon the sul goiu. 11 is suggested, Indeed, t] increase of banking facilities at] economies in the use of gold mf compensated Ihe scarcity, but swer dearly is ihat in the pe tween liS.lo and 1,S7 the inci| banking facilities and slmllail mies was its great relatively! arrangements existing just 1k| anything that has taken platl The same reply may also |J to the suggestion that the nnf tion of commodities accountsL entire change that has oecurrdl is no reason to suppose that. t| liplication of commodities lias ed at a greater rate since P-. iu the twenty years before fhj before 1S7.'t prices were rising standing the multiplication of| dities and since tit,-it date the has been to decline. The .. which bits changed, therefore.! to be the supply of gold andl mands upon It, and to that can] lv we must accordingly user change in the course of prici| has occurred.' ii in a fn commenting on the extra] demands upon gold. Mr. Gif ••Vow the course of the marl ]N7I has been full of stringef almost every year except there has been a stringency o|

nevcriiv directly ascrifl

or aggravated by tiie extr.'iord] mantis for gold and the dilli| supniying them.'

There is one more Americnl it which I lull I quote and tl] cii'eago Tribune. It is perhap.-J rally known th.it the ChicajL gave' to ihe world some of tl arguments yet made in I'av«f renioiicti'/aiioii of silver and single gold standard.

For example, on .Tan. the Tribune said: "Silver dl .''.Tl'/i grains pure were estalf the standard of value or unit ij bv the act of April 2, 1702