People's Pilot, Volume 3, Number 18, Rensselaer, Jasper County, 20 October 1893 — SILVER IN DEMAND. [ARTICLE]

SILVER IN DEMAND.

Every Economic Luw Demand* the White Metal a* Money. “Every successful victory of the monometallists over silver increase* the economic necessity for using silver by making gold more inaccessible to labor,” says a writer in the New York Press. “Gold represents capital invest* ments and wholesale dealings. Silver represents the distribution of wealth made by capital in effecting its own accumulations and the disintegration of wealth for consumption. The vapor* that rise must by physical law always equal in weight the waters that descend, since the one is the other. So the sum of all investments and whole sale dealings must equal in value the sum of the retail and labor dealings in which they begin and end. Hence the values of the aggregate gold and silver currencies must always be equal by economic law. “One of the chief agencies tending toward the demonetization of silver hasbeen the success of the United States for nineteen years in doing almost wholly without both gold and silver, and since 1879 in keeping our paper money at par with coin without any system of actual daily coin redemption by either government or banks. This absence of actual daily coin redemption has been the deceptive element in our situation, which, taken in conjunction with coin, has encouraged inflation both of government notes and bank credit. After years of this inflation in obligations the nearly consummated demonetization of silver threatens to reduce the means of silver specie payment by one-half. This is precisely the catastrophe which, in the judgment of Europe’s best financiers, would bring on a crisis like the present With this diagnosis of the disease the remedy stands revealed by the diagnosis. It would consist in retiring from currency every note, government or private, for which no sch eme of practical daily redemption in coin is provided by law and in fact In such a scheme silver would be found just as necessary a* gold.” A vote taken at Lexington, Ky., on the free coinage of silver, 16 to 1, resulted as follows: For free coinage,. 977; against 53. Of the negative vote* 44 were cast by bankers, money lend* •rs and their clerk*.