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THE GAZETTE: TIFTOH, GA.. FRIDAT, NOVEMBER 1, 1895
o
BORROWS’ POSITION.!
THE MICHIGAN SENATOR ARGUES
AGAINST FREE COINAGE.
It Would Expel Our Golil and Gol-1 Paoer
and Cause a Disastrous Panic
MILLS FOR SOUND MONEY.
In an address, delivered at Buy View,
■ Mich., Senator Burrows of, Michigan
vigorously opposed the free coinage fal
lacy and upheld onr present financial
system. After reviewing onr monetary
legislation he said: 1
“In the first place tho free nud un
limited coinage of silvor at 16 to 1
would in my judgment expol from onr
circulation not only our entire volume of
gold, but every dollar ot paper money
redeemable in gold, and cause a contrac- 1
tion of the currency and a resultant
panic the like of which has not been
seen in this generation.
“This would follow as the inevitable
result of that law of monetary science
which where two moneys are issued of
unequal valuo the cheaper will always
expel the dearer from circulation. It
certainly needs no argument to demon
strate the truth of tho proposition tllat
if two dollars are issued, one worth CO
cents and tide other 100 cents, the CO
cent dollar will be the only dollar in
circulation and tho 100 cent dollar will
be hoarded by tho hanks and individuals
until tho whole volumo of such currency
entirely disappears. This law is of uni
versal application nud has its origin in
human nature itself. No debtor owing
$100 would discharge that indebtedness
in the more valuable of two moneys. Ho
would surely make use of tho cheaper
and retain the dearer. It was the knowl
edge of this law that guided the fathers
in fixing the ratio in tho beginning at
15 to 1. ’
“They knew that dollars of unequal
commercial valuo could not bo made to
circulate permanently side by side, nud
so, having ascertained that 24% grains
of pure gold were of equal value with
371% grains of puro silver, they pro
vided for the coinage of those two met
als into dollars at the ration of 15 to 1.
But tho truth of this principle has been
demonstrated over and over again even
in our own history, Tho gold and silvor
coins issued at tho ratio of 15 to 1 un
der the a^ of 1792 shortly became of
unequal cpmmorcial value, the bullion
in tho gold dollar being of greater valuo
than the .bullion in tho silvor dollar.
Thfe'silver dollar becamo cheaper than
the gold dollar, and the consoquouco
was that silver uk/no circulated and
gold gradually disappeared. Indeed,
and for the same reason, tho coinage of
gold declined, for tho 24% grains of
pure gold provided for in tho gold dol
lar wero worfh more uncoined than
when coined, and therefore its coinago
naturally ceased, and silver bullion
alone found its way to tho mints of tho
United States.
•
ru.
“It remains only to bo inquired what
would be tho probable effect of adopting
the silver-dollar of 5713-2 grains as our
single standard of value. The first and
most patent result, as already noticed,
wqpld bo to drivo from our circulation
every other dollar of superior value,
whether of coin' or paper. Our $G00,-
000,000 of gold, constituting one-third
of the entire volume of our money,
would be quickly eliminated from our
circulation by being hoarded or sent
abroad, followed by the retirement of
our $400,000,000 of paper currency re
deemable in-gold, producing a contrac
tion of the currency, unexampled in our
history, of over $1,000,000,000, to bo
followed by a financial convulsion un
precedented in modern times. It will
not do to say that with free and unlim
ited coinage this vacuum would be
quickly suppliod, for it would require
25 years, with the present capaoity of
onr mints, to replace this vast volnme
of currenoy with silver.
“This consideration alone ought to be
sufficient to deter us from venturing
upon such a hazardous policy. More
than this. Tho silver dollar of 371%
grains produced under free coinago and
not maintained at a parity with the gold
dollar, as it surely would not be, would,
as we have seen, at once sink to the level
of its bullion valuo nnd be worth only
about 50 cents. Every depositor in sav
ings, national and state banks, tho hold
ers of policies in life, firo and all other
insurance companies, investments in
loan nud building associations,represent
ed by a great body of people numbering
moro than 20,000,000, would bo forced
to reccivo in return for their deposits,
premiums and investments a dollar of
only one-half the value of that with
which they parted, to tho onormous and
incalculable advantage of these groat
corporations. Suppose an importer of
foreign goods should become indebted to
the government of tho United States in
the sum of $10,000 for customs dues,
what Would prevent him from purchas
ing $5,000 of silver bullion and under
free coinago converting it into 10,000
silver dollars, and with these liquidate
tho indebtedness to tho government?
Every pensioner would find his meager
stipend lessened onc-haif, and many of
them would bo reduced to beggary. Not
only this, but all the recipients of fixed
salaries, every clerk, teacher, railway
employee and receiver o f a stated in*
eomo would be forced to .ako a money
which in proenriug tho necessities of
life for himself and family would pos
sess only one-half of its former purchas
ing power, for it must bo reipembered
tho price of everything would advance
as tM value of our money declined,
oat. it wont a ce an enoiess tasx to at
tempt to catalogue the disaster which
snch a step would be sure to entail. ”
He Refuses Longer to Bo Counted With
the Sixteen to One People.
Senator Mills of Texas has heretofore
been classed as a supporter of free coin
age at 18 to 1. If be ever believed in this
doctrine, he has been convinced by study
and thought of its lolly and dangers.
That there may be no misunderstanding
he has just written a letter'to the chair,
man of the Democratic state committee
of Texas, in which he states his position
clearly and forcibly. Here are somo ex
cerpts from his letter of Sept. 10: ,
“I object to the silver standard being
adopted in lien of the existing standard
becauso it will defraud all creditors out
of one-half the value of their debts. Ev
ery debt contracted since Jan. 1, 1879,
wgs contracted on the gold standard.
The debtor honestly owes' the valuo of
23.22 grains of gold for every dollar
promised, and tho creditor is honestly
entitled to receive it. When it was pro
posed years ago to demonetize all the
coined silver of the world and suppress
the further coinago eff that metal, I
joined with other friends of silver in
denouncing tho monstrous proposition,
because it was an attempt to double the
debts of tho world, and to bring all
debts in this countr^ contracted on a pa
per standard, much of it at less than 50
cents on tho dollar, to par with gold. Is
not tho proposition now to substitute tho
silvor dollar on the Eilvcr standard for
•that gold dollar tho samo that wo all
condemned, excopt it is tho creditor now
who is to be tho victim instead of tho
debtor then?
“No persons would recoivo tho least
benefit from tlio change of standard to
silvor except the man who owes 100
cents and wishes to pay it with 50. Ho
would under the silver standard be able
"to discharge his debt by paying one-half
of what ho promised. This would bo a
scheme to onrich onc-lialf of a commu
nity by despoiling tho other half. Wher
ever thero is a debtor thoro is a credit
or, and hc^ is entitled to tho samo pro
tection as tho debtor. Congress has tho
power to disclmrgo insolvent debtors by
a bankrupt law, but tho adoption of tho
silver standard now would discharge all
solvent debtors from oue-half tho obli
gation of their contracts, oven though
as a class they might bo tho wealthier
part of tho community.
“I object to the silver standard again
because it is not the standard of tho
country with which wo conduct our
largest commorco. Mr. Jefferson says,
(To trade on equal terms the common
measure of value should bo as nearly os
possible on a par with that of its corre-
I spending nation, whoso medium is in a
j sound state!.’ Tho reason for it is, as ho
i says, ‘being of universal value, it will
keep itself on a general level, flowing
out from whore it is loo high into parts
where it is lower. ’ Gold is tho common
measure of valuo of tho peoplo with
whom wo carry on nino-tonths of onr
foreign trade, and, according to the
principles enunciated by him, gold j ,iear Hie '
should bo our standard, as it hits, been
sinco the days of Jaolcsou, Van Buren,
Polk, Pierce and Buchanan, except dur
ing tho war period from 1801 to 1879,
when paper was tho standard. If we
supplant gold with silvor, then wo have
two standards of valuo for all the arti
cles that wo export. Cotton nnd wheat
will bo bought in this country by the
silver standard nnd sold in Europe by
tho gold standard. There must bo be
tween these standards constant fluctua
tions. Two-thirds of all our cotton must
be exported and sold by gold valuo. Tho
price of tho whole crop at homo and
abroad will be fixed by tho gold stand
ard, bnt every pound of it will be sold
by American farmers by the silver
standard. When tho American farmor
sees cotton qnoted at so many cents or
ponce per pound in Liverpool, be knows
that it is so much in gold, but ho does
not know how much the silver will
bo worth with which ho will be paid
for hiB cotton. Instead of legitimate
business exchange, where every one
knows with what value ho parts and
what he receives, our products will be
sold by a system of commercial gam
bling with a fluctuating standard by
which the producer must in evory in
stance bo defrauded.
“Believing that the silver standard
would prove injurious to tho people of
(ho United States, nnd especially to
that part of them engaged in growing
cotton, I nm unwilling to tnko any
steps in legislation calculated to imperil
that great industry upon which tho wel
fare of my constituency so greatly de
pends. ”
Tho
CHEAP MON£Y DELUSION.
False Doctrines Spread Abroad by Dema
gogues In Times of Depression.
The cheap money delusion wily flour
ishes in time of depression. These are
not times of depression, nor is thero
that prospect ahead. In time of depres
sion domagogucs caiYnlwnvs find a con
stituency for tho wretched dolnsion that
to make good times it is only necessary
for tho government to set a lot of print
ing presses at work turning out paper
money or to ret ail the mints at work
cqjuiug Silver dollars. Somehow or oth
er the idea prevails among tho dupes of
tho deruagoguo that when tho govern
ment has printed or coined money it is
going to make n ( present of it to tho peo
plo. Nobody gets mouoy in that way.
Money has to circulate before it can
get into peoplo’s pockets and to make it
circulate there must bo business, trad
ing, commercial activity, tho invest
ment of capital,' tho opening of now en
terprises, nud be.foro (hero can bo such
commercial and financial activity thoro
must bo confidence in tho future that
legislation will not destroy tho value of
investments made. Thero must bo an
assurance that when a dollar is lot out
for uso it will oomo back wholo and not . .
clipped of half its valuo, In no other ! ’ ’ 0 furnish the
way can peoplo got money in their pock- j
ets. No government has attempted such
a foolish thing as to givo tho peoplo
mouoy, and tho mere manufacture of
money at tho mints would do nobody
nny good.—St. Joseph Herald.
Newton J. Etheridge,
-DEALER IN-
Wines, Liquors, Cigars, etc
O'UR SPECIALTY:
famous Lewis ’60, Small Grain and
Land of Flowers Whiskies.
O ’ All jugs furnished FREE and mail orders given personal attention
410 POPLAR STREET,
MCON.
novl-."m
W. POWERS. -3-1— * R. I.. SUTTON
Powers & Srutton,
—PROPRIETORS —
THE CITY MAR
or
-:o:>
¥
ET
best-
Ulcats. Beef, Cork, Mutton, Park Sausage,
Fish Oysters, Fruits, Vegetables, Etc. We arc do*
mg a good business and will coneinue to GIVE SATISFACTION.
— Wo .Deliver Anywhere in the City.—
v5n26tf.
Chargeable to the Silver Agitation,
Every holder of land, bonds, not®
securities or property of any kind
has decreased in value since
1893, can justly chargo the greater part
of this loss to the “friends of- silver."
Every laborer thrown out of employ
ment during this time, or who has suf
fered n reduction of wages as a result of
this panic, can justly chargo his loss of
wages to the samo source.
Theso disasters are made nono tho less
cruel and oppressive by tho fact that the
silver party did not intend tho result.
This country has suffered as much and
perhaps moro from tho “free silvor”
movement than it would lrnvo sufforod
from a great foreign war, excepting
tho loss of life. The losses of a war in a
just canso might not only bo borne with
fortitudo, bnt bo considered glorious
sacrifices. Tho losses of property and
wages which have come from an “hon
est” effort to “holp silvor” nud tho sil
ver miners are as roal as (lioso of war
and must ho homo under tho conviction
that they are tho result of an inconceiv
able folly.—R. Woissiuger in “What Is
Money?”
mro eqrge is the Old Market Hustler.
£*! Mitchell’ W. Gaskins,
—Dealer Is—
Dry-Go ods, Notions, Clothing,
Hats, Sll03!>, SNliL’icS,
il'Tdware, Crockery, Woodware, Etc.
Ccmr.
Bot’rp.i and. Sold.
Goo
ami polite altei'i
P'
s lire ad In*
I.nw prices, fair dealing, prompt
mu
ini 111 lllLi’,
l It TON, OA.
Drill
W. Davis,
A Good
Anyone desiring
rjiinj.
a good invest
ment, in fruit land, within live
of Tifton, on the lag Union
S. & E. Railroad,
two never failing springs, GO
of land under cultivation, and
acres in all, should apply lo
Baldridge & Fulwood agency
once. ,
This property, can be bought for
the low price of $3,500, for the next
30 days only. One of the best fish
ponds can bo Constructed by utilizing
the springs.
miles ,
road,!
with ;
acres j
037 i
the j
at i
HO r i
SAD;!'.
Tifton, Georgia.
EST'I’nmipi and , ol o' mu lee ut utl liiu.o. Open until 10 u. m., Sundays.
Our Flubbing List.
The Gazette offers the following pa
pers at reduced rules, lo cash subscribers,
sending both papers one ye»r at the
prices named:
Tho Gazette nnd the
New York Tri-Weekly World, lyr$1.00
do. Atlanta Weekly Constitution. 1.05
“ Atlanta “ Journal, 1.25
“ The Yankee Blade, Boston, 1.90
“ Rural New Yorker, 1 75
8nv. Nows twice a week, 1.(15.
Cincinnati Enquirer, (weekly) $1.00
Home and Farm,semi-monthly, $1.00
American Farmer, monthly, $1.00
Womankind, “ $1.00
Farm News, “ $1.00
Until Oct. 31st, we will present a year’s
subscription to the weekly Journal with
each cash yearly subscription, of for
each settlement of oyer eight month’s
arrears.
1,000,000 People Wear
TIFTON
ILDouglas Shoes
Mi's
HAND
SEWED
PROCESS
$5.00
81IORTHAND.
ThomuHVille, - Georgia.
Hook-keeping, Telegraphy, Typewriting, Fon*
mamdiip ami Arithmetic. Students assisted to
position. No vacation. Tor full particulars,
address <i, W. II. Stanly, President.
Wear W, I*. Dougin* shoes nm) save from
*1.00 to *51.00 a pair. All Hlyh's nm)
Widths. Tlir*" J
Width*. The rdvnnoo hi leather hns increased tho
price of other ninken, hut tho quality nnd prices of
W. If. Dougin* remain tho snmf.
Take no siibMluite; «ee that name n ml price is stamped
, npe<
on sole. )V. JO. Dougins, JIhockton, M ass. Hold bj
Mine Owner* Versus Colton Growers.
Two-thirds of onr southern cotton
crop, valued at $300,000,000, is sold in
Europe to gold Standard countrios, and
theprico is mainly fixed in Liverpool ou
a gold basis. If tho United States adopts
free coinage without international agree
ment, tho gold standard prico for cotton |
would remain exactly tho same. Tho
southern farmer above all others Is vi- !
tally interested in sound money, or tho
dollar that ha# the largest purchasing i
power, for his cotton is “good as gold”
j iu Europe or America. There Si 100 per >,
cent profit in free silver to the western
i mine owner and 100 per cent loss in it j
! to the southern cotton farmer.—West j
Tennessee Whig.
cc
w
s-4
fir.
if / ;
}fe J'
W
tTJ
©
$
gD
3
P-
J. Z. Elliott, Sparks.
GEORGE W. REX,
FRESCO and SIGN
triiDl
TJ I ’TON, GA.
SALE STABLES.
Pi
>1*
n ,r
fun
TIFTON,
GEORGIA.
A. WILLIAMS, Proprietor
All only;
ami sMtsftte:
rii
rll'l Jiii Con
'rirrox, gkorgia.
Trees
for
any,
" t. ;
Sale. W:
D. A. FULWOOD
The Victoria Hotel,
J. W. G0LUCKE, MAN’G’R.
Nos. .10 .'13 .‘M South Pryor Street,
lllook From Cur Shod,
lluir
ATLANTA,
A UK you goin
- - GA.
ItK you going to the Exposition ? 1C so,
stop ut the lauding Hotel, where accom
modation* are to he hud for 1,000 guests ner day.
* cnargltig
The only jlrst-elasa Hotel iu tho city \
only $2.00 per day.
Burglar proof wife for valuables, cars pass tho
door every live minutes for Exposition Grounds.
Iv\ci>ihijig first-rltiNM. The nest beds in tho
citv.* Tin* best table iu the city. Telegraph or
wrile ahead for accommodations. Komemlver,
we will treat yon right, and charge yon only
jjcj.oo per day for board and lodging. Porters ut
ad tmins.
} ■
A SUrer Monomaniac.
They say a fellow iu Henry county, PfjUitS cJrlld
Mo., is so cranky on tho silver question ;
that ho digs up all the goldenrods anfl .... ... , , , . . ■ i
marigolds, raises white com add won’t ; Acres m Nurseries anc. Orcnar&s. |
speak to his wife because she has golden ’ li» law”’; friwwr<tf Triwmph j
lmir, is forever denouncing the gold 1 - 5.•«...« iwh ...tfce I
TJ i
Mm,
KR,
cure, won’t keep the golden rule and
doesn't want, to enter the golden gates.
HBStl FOR
fATAlOO V 15
JIPI
STATION
File Confectionery,
Tobacco ami FiRars.
PADR1CK BROS., General Merchants,
Lbam. 11 u lusive side of these celebrated
el-i-.-e.-i ?:i Tifton. Ga. From the factory
tif Kciliim & Moore, the only complete
optical plant in the South. Atlanta, Ga.
jySMIra.
-AN IDEA? Yhocaa * lt0t
WANTED—hih ii/t* of some simple
thinir to patent? Protect yonrideas: they.may
bring you wealth. Write JOHN WKDDKR.
BURN * C- “
J
I
CO., Patent Attorneys, Washington.
1>. O., for their $1,9)0 prise offer.