| Show PLEA FOR THE WHITE METAL t Tho Relationship It Boars to Cold In tho Financial World Tho Hntlo as Found In Nature Dobts of nil Natlono and How Thoy aro Pnyablo Intorostlng Co mparatlvo Statistics The following Is n full report of a I speech delivered by K W Sloan before the members of the Utah Democratic club on Saturday evening July ijth In zoo years up to 1860 there has been produced l In all the world 10355 tens In gold and In silver 191000 ton Taking It at actual weight there has been produced a trifle less than iSKllmes u much silver as gold If rolls metals ire to be recognized as moneyls not the logical way to make the ratio as III Is found In nalureobout 8X ounces of silver to one ounce of gold The latest statistic I hive been able to find disclose that there was In gold moneyapprojlmaielyfj 600000000 and In silver 900000000 or In all the world l IS money about one tw cllfUi more silt cr than gold sllmillng I the value at 16 of slier tot of gold 1 this makes a differ ence of one and one third So lint on tint basis as money there should be In every dollar of silver t7s onto tot of told From 1849 California gold da > sand op to IhiO Ihe United States produced Jsjo ooo oao more In gold than In silver The production of silver has I < however I In the last few years rapidly gained on gold In the United Mates It Ins also gained on the production ol gold In all the world From 1793 to iRor the value of gold coined In I the United States was tH < ajl6w of lIver foot 574324 cunslderablr over fa In gold for every dollar t In diver l despite the fact that there has been an Increased production of Ivcrln later years us compared with gold The United Mite hat flank in gold and fSJS In silver for each Inhabitant Inhabi-tant It 1 has already I been shown thai I of money In the world there Is one taut more silver than gold vet the United States hat s more cold money than silver The question Is suggested How contrail then that ours ol all nations the only one whose I financial suffering are lobe charged to rla coinage rIver r-Iver when others necessarily have mote liter than gold do not suffer from this cause France has to Ji In gold and practically practic-ally JIB co In silver per head of popula lion bin has totter cent more gull Unit I silver while we have is per cent more void thin titter We do not hear that r 1 r n rice Is perishing because of the slltcr I she owns It l must also be renumi breed In this connection that Prance I has coined alt the silver at i ratio of 15i 01 rf silter to t of gold whereas the United Slates has coined at isi and 16 on of silver to one of gold l or given more silver for gold than France I Yet we BIO In the throes ol ruin while France I with fro more per head of silt er I It I pursuing her even course If I Ihe theory of antl sllter men Is correct then France I should be Irredeemably ruined ruin-ed for she his more sliver per head of population than any other nation on cat Hi and r barring reo Netherlands die has practically twice as much as ony other nation on earth The United 1 Slates coined for Iho fiscal vear tiding June 1891 over 136 I 000 ooo In gold And about fi ooo ooo In silver or Ir8 In gold for each fi of silver et the production of gold In Urn United i Slates furoa was but t 1845 ooo while ol silver It was fjoouo 5w Impoitcd gold for coinage and we left Jf > coooooof the native silver product to bear the market and become a dragon drag-on the world halts own destruction livery I man In this country who borrows money from n regular loan agency I signs n yn l payable In gold livery corporate state county or rnunlcipil bond Is I pi able In gold The national debts of the world aggregate j 500000000 It 1 has been roughly I estl rL tooted that ote other debts banking private corporations States territorial county city I railroad etc amount to at least four times as much I hive no knowledge tint would enable me to ouch for these list figures but certainly thin debts other than national must aggregate a vast dent 1 more than the national 5 I3ertas livery 1 dollar of all this money Is I payable In gold prlnclpil and Interest In all the world Ihcro U I not over 13700000000 In oldthat I is In et 7ifOOI Indebtedness to money If the Indebtedness I of the world were dltidcd evenly and the gold were own1 evenly U might be conceded con-ceded I that the frightful Indebtedness referred re-ferred tit could Tie liquidated by this f 700000000 in gold Hut of the national Indebtedness referred to So percent per-cent or fiSooua It Is alleged Is due the hank of England and the Kolhchild of frankport on Ihe Maine and of Amctrsdim These lenders Ills asserted own frooootuooo of the I fj 700 uuoouolir iDl constitutes the w hole gold currency of lie world The United States has fjooooouo In gold and but f573000ooo In sitter She owes ns a nation approximately frooa 000000 In ruxl sa > lnr I nothing of State territorial county and city and private Indebted nesw payable I mgotd If the thank of 1 ngland nnd the Kolhschlld s could demand de-mand their money today the United I Stilt would be Insolvent II the money lenders of the world should force upon Amerlci her gold payable and Is not gold gold I Interest enough bearing In all securities time world there out i > Uleof what thane money lenders themselves them-selves own to lake up I Ihe ceurille Yet financiers assert that to reserve our II II j rUI ohuligntions credit we must enter Into obligations to mike pa ments which cannot be met Authorities l I declare tint 95 per cent of all the business I done In this country Is transacted l on credit If wo remove silver lie destroy nearly 4 of our value measure and In order therefore to transact the same business would be necessary to Increase the credit transac r = still r J rillf ae dons still 80 per cent more or for every dollar in cash Iraniaction we would ft73 buainesa In credit Dan a promle to pay III a monet lhat we have not and of which In all the world there Is not enough 1 here will he found no one to dispute the statement that confidence decrease and fillnies Increase In business Inexact In-exact ratio with the extent of credit We call It by thai seductive appellationS appellation-S I Ills over speculation or boom or Inflation I I we r told that protokes panics Panics arc followed cro protracted periods of liquidation willed result In Induslrlal distress often In financial ruin The greater Ihe circulating circu-lating medium the less I credit there 10 I and the less credit the less llabilitv 1 lo r1 i t lllta failure Those win hold lo John Run dotphs llosophers stonepay as you JO arc never ruined Ihcmielven and what is I more lo the point never comas the ruin of other beeaus0 un I able i o pay i when called upon fto better evidence ol the lack of wisdom riot tu say InhumonltIn proposing an Increase In the credit system by destroy hog half of bur circulumg medium need be shown than now finds dally Illustration Illustra-tion Men ol large wealth arc forced to Iho will because they cannot liquidate their obligations In what use call money There arc but Ihree things that a people In our condition can dofirst inn crease the slock of money or second Increase the amouut of credit or third decrease the volume of business To Increase credit Is I to augment the opportunities oppor-tunities for more frequent panics and attend ml ruin and to jlve monty gam blcrsaddillonal opportunity amassing still greater wealth than legitimate trade transactions nllord lo decrease the tolume of business halo bong about like results by oilier methods And whit would I I bo the tiled of Increasing the volume r rnone It would eal both Increase business and decrease credit Does not the proposition thus considered presents very simpe 1 solution and an attractlte aspect It must be borne In mind 1 that the supply of gold or sliver fllrt Ifold will cannot be Increased I at will bet I me recur to Ihe condition of Prance In the sense tint Great llrltaln 1 Gernnny and the United States are commercial unions France I may not fairly be Included France has f4050 of money for ever y man woman and child I I In ereor population Ol this I amount 109 Is niper or government promise I to pay The United Slates Ins I 12515 per capita and of this amount ouilmmh or ff tt Is I Internment ere HI 35 per cent 01 our circulating medium is I paper only 5 per cent of money In I I mice Is I paper As Ins been MI I In I fore Iranco has twice the niter and twice the gold that we have while the has but one fifth the I paper current lllmI PJ JIIi lllm Ito Despite thl llt calamitous condition we do not hear that aho Is on the verge ol kenernl ruin Prance I has a national I debledneis of about five times I ol that of the United States for n population of about one half that of the United Mates The national indcbteilne of Hit United Stiles is f 14 63 per capita wlulr that of Prance I Is I f 116 per capita Ie pile I1 Prance I I Is I today nc the belli r linn rial condition The United Stale to l v ling with the agricultural vttalth of IIRC lither lit-her loin and In her mountains lie boundless mineral resource This cannot can-not be said of Prance 1 Our country had a war It Is true Jet 1 ranre since I that I time has lost large territory and i paid l f 1000 ooo ooo indemnity to Ger nun > and still has more than ft In clnulillim for every one thai Germany his France I has the largest per capita of 1 circulating medium hi the would When it comes lo the I per cuplli of paper el In circulation the United Sates In I In Ihe society of such hlkhly commercial nations R1 Greece Spam HHglum I Switzerland Austria I Hungary Netherlands I land South America landn tuba and llattl China has neither paper 1 1 nor gold She Ins 5175 per capita ol silver fii clrculatlonthe per capita I piper circu laden of Great Hrilaln 11 i about one fifth that of Ihe United Slate of Germany about d yet both nations have nearly the same specie circulation I I nay n nothing i about the fart that there has been a reduction 111 necriiry commodities com-modities corresponding with the pur chaslug power J ol silver Undoubtedly I ic deer edition ol silver li pattiilly responsible for this condition as would hate been the case had gold been demonetised It Is however equally undenlible tint labor living nnchincry has aided to produce wheat and cotton at less cost than In former cars lust as labor saving machinery has aided to reduce the cost of producing both gold and kilter Nor cm I sec that to destroy de-stroy one half the circulating I medium of J the United Stales I Is 1 equal tu destroying one half the national wealth I cannot believe that statement true were the money of the whole would destroyed Instead of the friction of It n pre rnti d by the silver coinage of the lulled rlocaol lhlia rIeWr rlo Stilts which Is a blue less 1 than one seventh of Ihe whole The wealth ol the world Is its surplus production In all pursuits that tine civilisation of the rice lias nude necessary to the convenience and existence of man Gold and silver of themselves arc only Intrinsl ally valuable as they arc necessary to satisfy Ihe i desires of the race lor centuries however these metals have been hives led by mankind with snadditlonalvalue 1 They have been established as ameasure lo accommodate the demand time race for an easier cxehinge of products If all the gold and silver of the world were destroyed there would be nu fewer buildings the productive capacity eb tlinrue rd Bc of the I soil would not necessarily be diminished steamboats r railroad cattle and so on would remain every particle I of the surplus production eZr Ihe human family Hie accumulation of ages would remain R1 before The only direct loss would he the amount of human I hu-man labor Involved In Ihe production of Ihe articles In metals destroyed Thera would ol course be consequential damages dam-ages All producers would I suffer and suffer materUII just as we are now suffering because of the design lo den trot half ol our money or rather oI rob half Ihe measure of Ito measure character charac-ter Mankind would soon establish another Thera would not long beam representative of the wealth which was subject lo harmer Hut this wealth Ihe surplus product of the ages would remain r J y b 1 Ii main less valuable of course because more dispose of verythlng I thai facilitates trade promotes pro-motes values Confidence promotes trade Therefore It measures values this Is I the chief argument of the des ciplo of a gold 1 fttandard lie argues lhat the United States alone of all the advanced nations I ins commercial sense cannot force bimelilllc standard S and 1 that as other nations would distrust our securities the ellect would be 0 loss or confidence and consequently a decrease in domestic values I rime I I argument Is well taken and were It not overcome by other conditions would be Invulnerable Invuln-erable I urope might reject 1 our I < < url tie yet our Inherent wealth would remain re-main Jut the same the argument as lo confidence would apply with more horse did I urope not nlread largely own our securities Suppose we do declare that a lcinl lender fur all debts i t 11 lea shall llel ro dL In this nation be cither I gold or silver at it fixed ratio And suppose Lurope does ol > ject and declare that we hate agreed lo pay In gold 1uropc will not part with our securities under these clrcunutinces as many timid bondholders bond-holders anprclien I I I for the simple and ctelfecllte reason that lo borne these securities upon this nation under the conditions that a metallic standard must establish would be to depreciate enormously their ow II holdings I More over our contracts as has already been show can never be filled Gold enough dues not exist for this nation alone lo meet Its ohllgitlons with livery I gold debits paid by contracting another If not a larger gold l debt Chi Is I not alone true of the United States It Is true ol all nations and all people Those that demand a tingle standard are plan log on their children and their child rens children for untold Lcncrttion a burden from which they can escape only by death or by repudiation In that Jay repudlitlon will be enshrined In loyal hearts as the highest type of p 1 itrotlsm The farther wo depart from a double standard Ihe nearer tte approach ap-proach tint condition when mankind nt I large will be the slate ol a few In the stronger nations of the earth Confidence Is I a great factor In human affairs Hut the absolute and unques Honed ability ol n man to keep his contracts con-tracts Is I vastly belter If we sacrifice Ihe confidence of Europe I nnd by reason of the high intelligence foresight Intention In-tention and Industry of our people I we I still produce a rJlfiII It will serve us In macs better stead than the t wealth uf usurers who lend tout tint they may own us Tills nation Is too rich to be destroyed her people too Intelligent and Induslrous to rcman unclothed or hungered because n few 1 uropean 1II0neylende have lost confidence In lit for Ihe reason that we will Insist on ecognlting I the value of two measures for ftI ft wealth tint I under the blessing of God we have produced and sated to he world Yet were It true that the loss of con lidence would leute us to go naked and without food 1 whit worse then than lIowl Holiness today Is arAIled bo cause we cannot pay what we owe Has I he nation done too much business or lust it I gone too much in debt ne U has I done too much business then to curtails Is essinllal to a eUbllshment of confidence and to curtail means n continuance con-tinuance of existing condition of enlorced Idleness to men and perhaps starvation If I We have not done too much business then we hate gone too much In debtwe hit e ho1 I too much speculation The volume of business Ming I legitimate the debt was necessary because the circulating medium w at In suwclent and because the cr nl wise and l the unwise i one alike in the east lias been for a destruction of one half I the representative of our wealth Are we then to secure a return of I uropean confidence ybr continuing In the stay tint ol Inevitably t leads lo distress and non lly an Increase nf eight per Lent In the credit transaction above what they were during these times when we are suffering through excess of the credit system already While confidence enhances vAlues money enhance values also Hut there Is I this advantage tu InoneyIt keeps I values enhanced Of nil qualities Ihal seem generally adtanred nnlid lIce is I the most noted Yet It is the most un grateful calloused and treacherous In all the Infamous list of attribute iiecu liar to liunnn 1 affairs I ofT I much should i alw a she home In mindthat 1 urope ol lohle II lo r rI lo Is I unable lo feed herself I or her animals She cannot produce Ihe clothes she wears Independently of the world and she h I dcwndenton the other continents for her money Doe It not seem that the Is I designed for a servant And yet America line voting giant ttllh locks of wool bone of Iron and steel veins of gold and silver and a soil to produce food for billions Is I told by her own degenerate chll Iren who love money truer thin freedom that she mutt bow lo the demands nf a country that would seem doomed to ultimate pauperism Europe 11 I as Ihe old nun ripe In year whose productive days are well I nigh l past vUlh descretloil I he wl has saved and can exist now by lending to the younger nations The more money the younger nallon i mess lime less thep will I nred to borrow and thin lower oil r be the rites rfOl Interest until the I aged lender must ultimately consume hums prlncl > otl l or ttarv e To prevent this money must be kept scarce and the I only kind of money thai shall anywhere be recognlied as a standard must be lho IA the gold which the veteran usurer and usurper alone possesses I Thus the ales of Interest are inilntilned and wealth can be exchanged only by the medium which I urope has eslabllshed So long At the strength and Ignorance 1 uf the Western hemisphere continue there will rt be underlings hollowing the wake of European sentiment to hold till I theory up to approval and when time load of debt grows Irksome nnd the oung nations Increase in other wealth there are not wanting A class lo w arc us hat we are destroying confidence and mperlllng our future snit existence by pursuing a course Ihal will lead Ihe usurer to fear us Of all the gold money In the world She U S Mexico Cuba lioyll > Canada and South America own fuoi O uu > one fifthChina India anct Africa have not a dollar Japan has f90000 ooo all the I rest ril I In Furope Vhy should noli urope a Ihe owner of four Ilfihsof he worlds gold I want a gold standard so hat she miy control absolutely I the only measure yof values and so dictate terms lo all the world The gross production of gold In I V > was 116000000 Of Ibis the Unite I Slates supplied Ijlojnooo and all Ilia rest of this continent < itouo ooo In nil bout f 13000000 fills leaves lo Afrle rostra and Australia I and the balance of he world f73a > ooo Herein r It becomes be-comes evident why i the Interests of these nation liein Ihe maintenance of cold is a single standard l If we nUo ulely degrade silver vte cut olf so far as thus continent Is concerned In n mining sense the production of gold and lead because these metals are found III conjunction and Are seldom mined separately Ilia estimated that our silver Icid ores carry from J3 10 66 percent per-cent of gold If by the complete de monetization of silver 1 therelore we stop the production I of sllter we also reduce re-duce the output of gold say toper cent This would leave the gold production of this continent at about fit 500000 its against I J13 cooooo nawor about a3 per cent H the world gross product S is against nearly 40 per cent heretofore Of the worlds product of 5166000000 In silver Intteter In the same yeor this I continent coritibutellftgolsnoou 140000000 lln iIUrk or user five sixth I Take the tLtal 1 value of gold and III vcr produced by all the rt of the world in 1890 leaving out this continent and It aggregates about fioo ooo ux > The combined gold nnd silver product ul this continent was over Ji8ouu no In the light of the contest now aging I agiinsl silver surely these figures are significant let I silver once rehabilitated by nil the nations Anti what would be the I result The financial sceptre following the Inevitable Inevit-able Kr civilization i would depart t for the west and tills continent blesl ol God In agriculture and boundless In mineral resources would nol alone be the producer ol food and clothing and Injuries for all the world She would also be the banker for all the world Who can blame Europe In fighting or a mono metallic tandard she contends con-tends for financial existence In contending con-tending fur the rehabilitation of sllter the men of the west are fighting for the early ntnlnment of that destiny whim h this nation In the economy of Ihe Creator was designed lo fill It Is contended by papers and speakers speak-ers In the east that silver Is I cheap money The Intrinsic value of gold and silver I I I take to lie I their actual cost Ihe human labor put Into their production If this Iw I the true explanation there is not i silver nor a gold 1 dollar In circulation that has not cost vastly more than any legislative value ever given it Of alii luxuries our money ttandird is I Iho costliest III productions Involves a constant loss to the human race Mint Ignorant 1 of the methods by which gold and titver are produced believe ll Is simply neceMary to go out and get gold mrl 1 Ar n or tilver at option I by dlgtlng The lory of our race Idle a different tale The history of the conquest of Peru and the subjection of Mexico describe partially I tially l the lengths to which mankind will i go for recious metals Trails of blood < over lIe west at a result of Ihe fight 1 for gold and tilver The year 1849 Is I not so far removed that there are not null heavy hearts and broken homes for the gold of California Die frequent uncovering of the skeletons of men once full of hope and courage who tuffered death through Privation or disease dis-ease or fell by the hind ol the red man In the search for the metals that meant money reveal a condition that Is I not wholly In harmony I lolhI1Ie unenlightened eoJlrdI al coed Ideas of many at to the way gold Men have and silver are produced I given up everything for these metals fur the tame reason that men have naked their all at cards Where one man wins In the mining lottery hundreds fall lnl rn odrn f Where there Is one mine showing tlgns of activity and betokening prosperity J S yea will find hundreds of aboundoned claims In the alluring development ol I which I counties thousinds r dollars I his been Irrevocably lost If the price to be paid lor money Is lobe lo-be governed by the cost ol production Indicated by the few properties tint pay then gold should be cheaper than silver There Is one eclne the Black I Hills that produces a dollar worth of gold for about thirty one cents Who knows of any IIrlllr produces silver to cheap There Is I only one cheap money and thai It the paper money Issued by the government lit Intrinsic I value It I but hIm fraction of n cent though it represents a thousand dollars I Yet U It taken by those that I would not accept a silver dollar because tome eastern paper diving Into the reports of half dozen plying mines and Ignoring the hundreds that while contributing t lo the I aggregate I production of silver do to at a continual declare the cost of silver averages about tlxty cents an ounce I am reminded of an account lately published In Ihe New otk llorllol I the meeting of the New Yurk city chamber 01 commerce held for the purposa of urging the repeilot the bhermin law and to send a delegation lo Washington to fight silver 01 about 150 mcmlwrs present only three had a kind word to say for silver One of these directed the attention of this astute body ol fininclers to which all In Ihlicuuntry I are tupposed lo defer or be guilty l of a rr I disrespect not far removed from blat I phemyto the fact that In IHSD the Enemy government I hsd appointed a t commission to enquire Into the financial conditions Half I this commission reported re-ported chtrging Ihe depression lo the demonelltation of tilver The N V chamber of commerce claimed that the Sherman law was responsible for the troubles here W I St John a banker In New York a gentleman who for eight years huts studied the subject six years of thai time on hit own decliratlon I combining the western Idea 1 and then becoming converted to its rlghteousncsi by the force of reason soil in direct opposition his prejudices this gentleman gentle-man challenged any of those present at the meeting to lake up I the Esunllet and discuss lInlo subject with I hfnn All bul three voted lo light agilnst silver when they knew 10 hole auoutll that I they could make no answer to the I challenge of one ol their own number I thai had l devoted lo the subject year of research and patient study They would not even near ll discussed Hut I we are told that the voice ol New York U the I voice of reason and t limb I what I he I gao eoaoght for New ork be gomh ioooght foe tim whiolecountry t Ills to this intelligence I that we are directed I when a bimetalhst advances nn argu i men Truly little wonder can bo Icll I at the extreme utterances of western men when they are pitted against I the dogged prejudice and vindictive density II of eastern business men and bankers on this subject We are not compelled la recognize business men generally or bankers as necessarily possessing occult know ledge on tim subject of monetary standards which the test of the world may not also acquire One may be skilled In the business of endorsing Interest on notes clipping coupons and book keeping allowing credits and I cellectltiK accounts and still know absolutely nothing on the question of monetary stan lards As a rule I these I to called r financiers I have as little knowledge I I knowl-edge of money measures as other people One man charge our Ills too certiln tprclhc cause and because no other solution It I apparent or because self Interests prompt a ready assent we all rush around crying this Is I lIme causal I this Is I Ihe cause remove It Dili It not thin voea of wisdom Ills I the cry of ignorance Foe that reason I da nol grow uneasy or alarmed because an I ageregitlon ol men calling themselves a chamber ol commeree resolve tint tin Shermm hw I has caused such fimnclil unrest that Iicy can charge and obtain I readily ten and twelve per cent Interest In the city uf New York These are tacIt In this Issue When these fact are made plain to tho producer Ihe design of the creditor who U I generally anything any-thing but a producer will become appireut Hie New York World and I plead guilty baa faithful persual slits columns in the now almost forlorn hope lint I will mote day find therein an nrguinent declired on the silver tint question 1 ieglthtlon I has Ins repeitedly been per slstcntly accorded silver miners against the best Interests ol the country to as to maintain the price of silver and that despite this legislation 1 silver hat as persistently I declined In value Hut it 1 ad also stated a few divtt ago and 1 silted editorially in answer lois correspondent that silver was demonellied In lSj be vaunt that metal t w it O arer than gold IloTI I I in i8j a silver I dollar was u orlh 1016 lime dlclplesof gold declare with a vehement iteration I worthy of a nobler 1 I cause that where there Is a double tundard the cheap metal nluavj driven out the deuer they point to lime r 1 recent export of gold at tfvidenie of hue tact that kteadily cheapening silver is the cause Leaving uiiexplilnetl the fact that in the list two months silver has been lower than ever before mimI yet cold is returning vve are led to mink III F t rII how It comet that our financiers I and ttali smen ol IM7J did not then secure a I iUplyof cheip guld and l to put the United Stilts now in a position lobe a I lender Instead of a borrower of gold If the theory that chuip money Fro out the dear be true th < n speiking I literally Ills said was tin hive our been golden losing opportunity gold all I the time The 1 United stales I hat pro arl rluced more gold than any other union I In the world l Despite the policy adopted adopt-ed In IH7J which hit brought n tithe face of bankruptcy we have < 101000 ooo more gold than ngland I and Sit I coo ooo more thin Germany Neither ol I I these Is I of record as a nation con trlbutlng a dollar In gold halite world s supply Our statesmen demonetised I silver because It was dearer ttun gold r I I l I a II that was then the logical course from n financial point nf view the way to repair the damage hIm demonetise gold and rehabilitate sliver and let gold worry Iota time The proposition will properly be characterized at absurd but It Is as logical 1c as the reason given for Its demonclhnllon In IM7JRor must It bo forgotten lull gold It today produced cheaper than silver Congreturnan Ncwhndsof Nevada Is my authority lor the statement that the tame InteretU which are now clamorIng clamor-Ing for Ihe demonetization ol silver I In ISjo were as persistently and 1 furiously contending that our country would be a financial wreck II we did I not demonetize goldl At that time California was filling the world with the yellow metal and Its production was at much out of proportion lo hat of sllvf 1 as the production of silver te l today out of men iurlionl lo thai f101JUI ll should I rlib apparent from this thai IhcM Interests alway opposed to an abundance of wealth measure ar densely Ignorant and easily alarmed or are Insincere and sinister In their motlvet To Ihe world product of gold In SOD tears according to Mulhall the United States contributed 14oax > ouo under one fillli the cross amount The United Staten bus today f s4 ooo noo out of the f3632938uiro In gold coin In worldor a iractlun i under onefifth Silver hat been the cheaper money for twenty earl If cheap money always drive out the dearer how it i1W1 we have main talncd our store of gold l Intact the proportion of coined gold lo lire production pro-duction of the world J considered Certainly Cer-tainly this cheap argument mutt be abandoned or the ilatnllci furnished by gold monomelallMt mast suffer an Sold ed ono and astounding alteration Accepting their theory we should hae no gold Taking Ihe fart we hold l nur proportion The loss of gold has been to the u > panish American cotonleswhicli hive told theirs fur the products of Germany Enlalld and Trance I The American continent has produced over half the gold In the world andover and-over five sixths of all the silver Tully abets maintaining the proportion as lo silver bolts losing her proportion at to gold producing little more than one third I In other words ibis rail ol the world out of 114075000000 In gold and sliver produced 19960000000 In gold and silver leav Inn me rest of the world to produce f 713000000 or the American continent furnished over two thirds of the crow amount ol gold and silver In the world While Ihe tame nations now have only f i37 > 5 > o ecu In 1 gold and silver coin out ol the aggregate amounl of f7601685 leavinjclo the part of Ihe world winch produced bul one fifth lIme wealth measure over four fifths of hIts money I see no clearer point In tnc whole controversy than this I Having obtained Fnb the 1 money the wise 1 financiering move Hunt it for Europe to fix her prestige by Insisting thai silver shall no longer i be recognIzed at money The question Is Will America sell her birthright a mess of ullage |
