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A Vein for Silver and a Place for Gold. 25
shall not be subject to the risk of money being made artificially scarce or dear, by laws which may restrict the metallic basis of currency to a single precious metal, the hoarding of which may be promoted by such laws, gold being a metal the production of which cannot be greatly and promptly increased by labor. The Bible says: “Surely there is a vein for the silver and a place for gold.” From the earliest historic times there have been known veins where the supply of silver could be at any time largely and promptly increased. It has been always a question of cost of mining, milling, and smelting. But all great increases in the production of gold have come from new finds, which were generally soon worked out and are less to be expected now that the world has been more explored. The great difficulty in solving the question of the safe, honest, and proper metallic basis of our currency comes from the want of general, adequate, and impartial study. The newspapers are best able to promote this study, and this alone can save us from fiat money and from money panics. It is unfortunately true that in this country of peace and freedom, of abundant land, and unrivalled resources, among a people of general education and unexampled energy, there is to-day much suffering on the part of many able and willing to labor for their daily bread. This suffering is directly traceable to unwise legislation caused by the want of adequate study of economic science.
EDITORIAL ARTICLES IN THE Evening Aost, OF MARCH 30, 1894.
Mr. Anson Phelps Stokes has a currency plan called “joint-metallism,” by which “gold and silver together at ratios always based on their relative market values may be made the metallic basis of currency.”
The reason why Mr. Stokes proposes this plan is, he says, that the general demonetization of silver, and the great reduction in its purchasing power, “have caused a general decline in values, and an insufficient metallic basis of currency, making manufacture and trade both uncertain and dangerous.”
Now, this central or basal proposition of Mr. Stokes's is totally denied by the monometallists," and that is why they will
* See Appendix pages 90, 91, 94, 95.