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This is a definitive study of the phenomenon known as Silver Mania. The conclusions can all be stated in a few pages but the underlying facts are carefully presented to provide a basic under standing and to substantiate the conclusions. Most of those afflicted with silver mania are undaunted by facts; they don't want to be persuaded of the reality of things. Speculators do not learn from history, so this study is not for them. It is for the masses who have been innocent victims of silver mania, and who are able in a democratic society to correct injustices. Silver and gold and copper have a chemical as well as historical relationship. Both silver and gold were scarce until the discovery of silver in the Americas in the 1500's, and the scarcity ratio from pre-1500 is cited by silver bulls as a 'natural price relationship'. During the period that silver was becoming overly abundant it also came into wide usage as a monetary standard and this led to inflation. This was solved by demonetizing silver and the world was thus oversupplied with an attractive metal that was useful only for jewelry and tableware. Silver mines in the United States were the major source of newly-mined silver in the world and the mine operators were able to lobby successfully for legislation to support the price of their product until industrial use started increasing during the 1950's.
In this highly original study, Gregory Downs argues that the most American of wars, the Civil War, created a seemingly un-American popular politics, rooted not in independence but in voluntary claims of dependence. Through an examination of the pleas and petitions of ordinary North Carolinians, Declarations of Dependence contends that the Civil War redirected, not destroyed, claims of dependence by exposing North Carolinians to the expansive but unsystematic power of Union and Confederate governments, and by loosening the legal ties that bound them to husbands, fathers, and masters. Faced with anarchy during the long reconstruction of government authority, people turned fervently to the government for protection and sustenance, pleading in fantastic, intimate ways for attention. This personalistic, or what Downs calls patronal, politics allowed for appeals from subordinate groups like freed blacks and poor whites, and also bound people emotionally to newly expanding postwar states. Downs's argument rewrites the history of the relationship between Americans and their governments, showing the deep roots of dependence, the complex impact of the Civil War upon popular politics, and the powerful role of Progressivism and segregation in submerging a politics of dependence that--in new form--rose again in the New Deal and persists today.