FREE COINAGE OF SILVER. 505 



notwithstanding the Franco-Austrian war, the Crimean 

 war, the Austro- Prussian war, our own civil war, and the 

 Franco-German war. Wealth and population increased 

 throughout the civilized world more in twenty-five years 

 than in any preceding century. Notwithstanding the 

 destruction of eight billions of property in the war for the 

 Union, and the contraction of more than one billion of the 

 circulating medium to resume specie payments, the value 

 of property in the United States rose from seven billions, 

 in 1850, to thirty-one billions, in 1870. During this period 

 there was a gradual rise in the price of labor and its pro- 

 ducts, which stimulated man to his noblest exertions, and 

 produced these wonderful results." 



"Have prices declined to any serious extent since 

 1875, and if so, why?" 



"Yes, the price of labor and all its products has 

 declined at least 33 % per cent, and this has been produced 

 by contraction. Since 1875, the annual product of gold 

 and silver has been fully two hundred millions. Silver 

 has been refused admittance into the circulation as money, 

 denied access to 'the mints of the civilized world, and 

 forced to find a market in Asia, thereby reducing the 

 annual supply of the precious metals for use as money 

 about one-half. The reduction would be more than one- 

 half were it not for the compulsory act of Congress of 

 1878, requiring the coinage of about twenty-five millions 

 per annum of silver. The annual supply of gold has 

 been gradually decreasing. In 1875 it was one hundred 

 and thirteen millions; in 1887 it was reduced to ninety- 

 five millions, and if silver mining is stopped the reduction 

 in the production of gold will be enormously great, for 

 more than one-third of the entire product of gold is found 

 in combination with silver, and obtained from the silver 

 mines. The stoppage of silver mining will cut off this 



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