Sturgis advertiser. (Sturgis, Dakota [S.D.]) 1887-1???, 1891-03-05


blood. Such currency is bad enough
Hi domestic trade, but it Is absolutely
fatal to the prosperity Of foreign COM
merce. The nation that attempts to
conduct its foreign trade with cur
rency Of uncertain value, or of inferior
quality, Is placed ait q fearful disadvant-
age lit would seem superfluous 10 Inn
press this universal and well-known ex-
perience were 1t not too apparent that
this nation has been In danger OF repeat
ing the costly experiment with just
such q currency. The tendency Of
events has recently been In that direc-
ton, and the apprehension OF danger
created thereby has caused the loss,
since December /, of over 1924, 900, 900
of gold from the treasury and Of proba-
bly, much larger amount from the cir
culation. am happy to say, however,
that this peril seems now to have passed,
and il is to be hoped its evil effects will
soon disappear. The sober second
thought of the people is asserting itself
as usual and signal lights of safety are
here and there becoming visible. Let
me speak very plainly on this most i'm
portant subject
Believing that there is not enough of
either gold or silver in the world to meet
the necessities of business, am an earn
est bimetallist, and concede to no one
a stronger desire than / feel for the free
and unlimited coinage of silver as soon
as conditions can be reached, through
international agreement or otherwise,
by which such coinage shall be safe.
But 1T is my firm conviction that for
this country to enter upon that expert
ment now, and under existing conditions,
would be extremely disastrous, and that
it would result, not in bi-metallism, but
In silver mono-lnetallism. Such an ex-
pertinent would, In my judgment prove
greater disappointment to it's advo-
Gates than to any c-e else. They insist
that it would expand tbs circulation and
permanently enhance the value of silver.
believe IL would produce swift and
severe contraction and eventually reduce
the market value of silver.
Let me briefly suggest some of my
reasons for this belief: Free and un-
limited coinage of silver by the United
States while the other great nations pur-
sue an opposite policy would invite all
the owners of that metal throughout the
world to exchange 37A grains of pure
silver, worth about 80 cents, for 1922
grains of pure gold, worth everywhere
100 cents. Nearly all the nations of Eu-
rope are anxious to exchange their silver
for gold, and they would at once accept
so tempting an offer. The mint Stats
tics of the treasury department. show
that the stock of full legal tender
silver in Europe amounts to ST.
101, 400. 900. and that of this
amount the banks of France, Ger.
many, Anstro-H hungary, the Netherlands
and Belgium hold $428, 500, 1868. A large
part of these vast stocks of silver would
be ready for transfer to us at once, and
the swiftest steamers would be employed
to deliver 1t TO the treasury, In or
der that with the proceeds the own
ers might buy gold exchange on Europe
before our stock OF gold should be ex.
hausted.
Would our own people await the ar
rival of these silver argosies from Europe
| before acting? Not unless the Yankee
has lost his quick scent of danger and
forgotten his cunning. Bank depositors,
trust companies, the holders of United
States notes and gold certificates would
| instantly lock up all the gold at com.
mand, and then join the panic-inspired
| procession to the treasury, each and ali
| anxious to be In time to grasp the golden
/ prize before IL was too late. Probably
before the swiftest ocean greyhound
could land Its silver cargo at New York
| the last gold dollar within reach would
be safely hidden away In private boxes
! and in the vaults of safe deposit com
1 panies, to be brought out only by higt
premium for expectation. This sudden
retirement of 5000, ZOO, 900 Of gold, witt
the accompanying panic, would cause
/ contraction and commercial disaster un
paralleled in human experience, anC
| our country would at once step down tt
the silver basis when there would be ne
| longer any inducement for coinage anC
| silver dollars would sink to the bullion
value.
When the silver dollar ceases to have
| more value than the bullion it contain!
there will be little inducement TO COLI
our own silver, and the cost of transpor
tation will prevent Its coming from
abroad. How then will unlimited coin
age either expand the circulation or en-
nance the value of silver? As IL deter
mined to omit nothing which might &C
CELEBRATE these results, the advocates o
present free coinage insist that 1t shall
not await the slow process of mint oper
atoms, but that the printing press shall
be set to work providing certificates Il
be issued for silver bullion at 81 for 37L
grains.
When this contamination shall b,
reached. as surely it will be If unlimited
coinage be adopted under existing con
ditions, the too ardent and impetuou
lovers of silver. will sadly realize til.
truth uttered by the wise king of Israel
s'He that loveth silver shall not be sat
istied with silver"
Mr.. President and gentlemen, my sub
ject has tempted me to impose upon you
patience. will close by merely callin.
your attention to one other thing whicl
deem very important both to our com
mercial and financial interest, viz, tn
passage OF the bill now pending in con
gress for the establishment of an inter
national bank to facilitate our exchang
with Mexico and Central and Soutl
America. New York is destined, at NJ
distant day, to become the financial a
well as the commercials center OF tn
world, and such an institution would II
my judgment be long step toward tina
end, as well as most valuable instru
mentality for the promotion of commerce
with those countries. Give us direc
and ample transportation facilities unde
the American flag, and controlled b
American citizens, a currency sound i
quality and adequate in quantity, an In
ternational bank to facilitate exchanges
and system Of reciprocity carefully ad
justed within the lines Of protection, an
not only will our foreign commerce agai
invade every sea, but every American In
dustry will be Quickened and our Who'll