New-York tribune., 1890-01-26

| OpmOnptl2atlin
gentlemen appears 10 have taken into considera-
| lion how the world would he affected j. his argu-
| mcnt were carried 10 legitimate conclusion
and one-haf Of the worlds money withdrawn
| or DESTROYED: but both Of them seem t. have
| great contempt for cheap money" ATy money
| is good. in their estimation. which is dtar; and
| the dearcr the better
CONTRACTION INCREASES THE PEOPLES BUR.
| DENS.
Perhaps these philosophers have overlooked
the fact that the value of gold is only $3.50 per
avoirlupois pound while there are twenty-five
other metals which possess greater value than
/ gold, ranging as high as $4,000 per avoirdlpois
/ pound. which is the value Of the metal known
as vanadium. If dear money is the end t. he
attained in establishing sound financial system,
why not select from among these metals one
which is more valuable than gold?
The producing classes Of this country. however,
are not seeking for dear money. They want
more money and think the legislation to make
money dear has gone far enough. They are not
satisfied with the demonetization OF silver T.
1873 whereby an annual product Of the precious
metals amounting 10 about $2OO,oO0,000
was reduced TO less than $l0O,O0000o, since
which time prices have declined to keep pace
with the Shrinkage Of standard money more than
80 per cent.
The Tribune, in its issue of November 90 $50.
l
Next must he reckoned the important fact that,
with prices. and therefore the cost OF living, at
least 20 per cent lower than in 1881 and 15s2,
the wages of labor are on the whole higher.
The statement that prices have declined 20 per
cent in the last eight years is unfortunately true:
but ! differ from The Tribune to the wages
OF labor. because my information is that thousands
of our people are deprived of employ ucut on ac
count of falling prices. Farmers and manuiact-
urers unable to furnish employment. because
commodities produced by labor and capital Will
coll q
and despair are superscding activity and hope.
How long can this rapid decline Of prices con-
tinue without ruin To our productive interests
and the absolute destruction of the debtor class
Is not an increase of over 30 per cent in the ob-
CATION of every contract. which has already been
secured 10y the war on silver. sufficient 10 satisfy
the lust of the most greedy bOndholdcr? To
what extent must the burdens Of the people be in
creased hv contraction? May not the avarice of
the hondholder end in the destruction OF his
security?
SINGLE STANDARD RUINOUS TO FARMERS.
Dear money in the United States, so much prired
by those who possess it and the owners OF bonds
which Command it, has already prostrated the
farming and producing interests and nearly closed
ali fOrelsn markets against American farmers.
Silver in lndia La, lost none OF It's purchasing
power by reason ot lis decentralization IN The est
eru world. lie average price OF wheat through
out 'he world Tor the last twenty-five years has
been about rupees of silver per bushei. before
silver demoactied in the Western world
rupee OF silver was worth Il cents IN goa, @h4
/ - rupceS Was about tie average price OF q buSheI
/ Of wheat 4 rupee Of silver is now worth IN tae
European market abogt 81 cents in gold and
rupees about "a cents India stu produces
husAcl OF wheat for rupees Of silver. lie Peo-
p q India have experienced no material chhnSe
in tie price Of wheat 4 person who wishes 10
obtain wheat III Ind.a c'n procure enough SILVER
lu America 10 make tVO rupee, for - cents
With D. he can obtain q )usIe. OF wheat III lhalh
10 sell in the European market in competition wlth
the American farmer who must also sell his wheat
.f.rtf |staT a
IS fl.c same thing. G4 ccltsa buShcl m gold.
Ire silver 81 ndlId coWt.i"s have ampe r.
| sources 10 supply the Eui"cah mhrNcV WIN WIN M u"
farm products The producers Of tho~ countries
with cheap money can uulcrscll the American
farmers who are compelled T. usc dear money
The result is disastrous 70 our People.
The Europcdn market fr foreign wheat lS
mainly supplied from the CIiteI states, Russia
india. the arecntue Republic and tie Ansuollop
Colonies IT, 1880 the United States lurnisa ei
. over go per cent Of tie omon1t supplied hy the
coui tricS named. In lsss-'SJ our country fur-
nishcd lcss than % per cent OF The wheat from tIe
| countries above mentioned. Tie Australian Col
oucs are on the gold basis and siilcr equally with
the United States These colonies in $50 sold IN
the European market over l3,OIo,oOo bushels Of
wheat while in lss--'~9 thc.r contribution WAS
reduced . 100000 bushels Why is il that al
the silver standard countries continue 20 increase
their exports Of farm products. while tie gold
standard counties are compelled 20 surrender the
markets Of Europe which they have 80 long en-
| ioycd?
TIE BONDHOLDERs' CONSPIRACY
II gold is 50 much better than silver, how does
it happen that the countries which have TIE
silver standard prosper. while those which adhere
to the gold basis suffer Free coinage Of silver
in tie United States would raise thc price Of
that metal to par with go.d, 50 tIat u.crc would
he 10 cheap silver 10 stimulate pfodur.pn ln the
silver standard countries Tie sidAaa d lu thosr
countries would bc the same as ln tc illtcd
Sirtcs Tie superior skill and enterprise OF our
people would soon rrl4 tie iolei-L markets.
which We lost hy tie legislation against silver.
There is quite q numerous class ol pcrone who
rccoonizc the necessity for the oe of h0u metals
az n f.u LEGAL tender. iu other words, 'lr free
coinage Of both gold and silver, hui cNpicss NE
fear That TIE tinted States is ui"'le '' open ArI
minis T. free coinage unless Europe VII! 10 lhc
same Tie reason rcy ASSIGN Is That tAc ,mt"i
States would hc flooded with che - silver lo"
this would Inlurc our country uct 40 nor st''s
factnrly cXn!ain Mess tie United states IS hJc To
establish an independent financial system 90 l'N
own there is very little hope Of relief. II is Flie
certain that the bonded interest OF Europe, |Acu
is tie ruling interest, viii be very slow I'D 10
movements toward tie demouctzatlou ol sIFc'
Tie twelve cm!ucul Gentlemen who c2Hp"5d
tie Royal British Commission when A"u G]ir.I ]
consideration tie recent changes IN til ItH.h' -
value Of gold and silver regarded tht lact ui-J
ENGLAND is q creditor nation Of debts p.. a'Ic Do
cold rs a paramount consideration. 4hrF Ns 4to
,bat any increase in the standard money Of tAc
world would Necessarily reduce us paIcHahlHE
mower and would. therefore, De injurious 20 ihc
bODdholdcrs Of England. nc me! o't'cs'
bcns debtor nation a wheat ana cotton pro,
dnr;I,g nation. can hardly afford 10 wait until
tLr bondholdcrs Of Great Britain are willing 70
make money cheaper and property dearcf by the
remOnetizatiOn Of silver.
so DANGER or TOO MUCH SILVER
What real danger is there in the free coinage
Of silver From whence Is the supposed 2lut
Of that metal 10 come? There is 10 surplus
silver bullion anywhere in the world. There Is
only 81 I.0U0,0oo,OOO Of silver money IN all
EuroDe Of standard fitness which would have any
market value in the United states. lhis mohcI
Is a full legal tender al the ratio OF 10 u oI
.,lvcr 10 ! Of gOlG, and IS circulating among tHe
rronle AT par. Our RATIO IS lG 10 !, l"ss "t
!, ~ per cent would be incurred III the purchase
~ Lgal tender silver In Europe for sic lh the
I'ujtcd States, besides exchange. In addition 10