Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-20
would be disastrous in its consequences and
disarrange our whole financial system"
EFEECT Upon JARoRISG MEN

tne pr1ce OF every commodity OF lie Just In
the ratio, and perhaps in a greater one, that
| the purchasing power of the silver dollar
become less in the markets of the world.
The farmer who gets few more cents a
| bushel for his wheat with a debased cur
rency will not quickly realize that the in
creased price for the fruits of his toll is
more than eaten up by the decrease in the
purchasing power of Il silver dollar. The
wage Garner will be still greater sufferer,
because he is the last element of our active
life the compensation of whom responds to
an increase in the cost of living. In fact,
he is the last one considered when an in
hated currency marks up the price of goods
in the store or products in the market. II
there is any human being who has deep
interest in preserving the standard of our
values 1t is the farmer and the laboring man
TO whom this appeal for more money has a
very seductive sound"
"What is likely to be done with our
large surplus of silver 90
WOULD ISSUE PAPER ON BULLION.
'As said before, I think that our people
are in favor of an increase in the volume of
our paper currency, but not in the free coin
age of the silver dollar. This increase can
he very readily accomplished by the deposit
of gold or silver bullion in the Treasury of
treasury notes direct from that department
npon the market value of the bullion. In
fact think paper to be the coming cur
rency of the land, and believe it to be the
best for practical purposes when based upon
a gold standard. Government bonds held
by the national banks as guarantee for the
redemption of their circulation will soon be
all withdrawn and treasury notes will take
their place. In other words. the Govern
ment will issue the currency and the banks
and bankers distribute it to the people on
some such plan as is pursued by the Bank
of England. Not upon the basis of a
fuctuating currency, but upon the deposit
of gold or silver bullion at its market value
instead of a fictitious value, as proposed bv
the free coinage act. Let that measure pass
and we would soon have saddled upon us
the silver from Latin American countries at
81 90 an ounce, instead of a little less than
81, as is now paid for it by the trade stand
ard of the world.
THE EXPORT OF GOLD CoIN.
1--WE have exported since January 1 about
81, 900, 600 In gold Under such heavy ex-
ports do You think the silver dollar would
have deprecated to its bullion value if free
and unlimited coinage of silver had been in
operation?"
81 do not see how it could have been
otherwise. The immediate effect of the
passage of that law would have been TO
largely increase the expectation of gold.
While have no doubt that the boarding of
gold has been going on for some time, if
free coinage should pass 1 think any bust
ness man will agree with me that gold
would leave our shores more and more un-
til alarm and uneasiness would bring about
most serious results. 1t would also have
the effect of increasing the importation of
silver, and we would get from every civil
lied country where silveris the dominating
millions of dollars of that coin or
bullion. That is perfectly self-eVident
fact that has been proven in the past. We
exported silver up to something like year
ago, but by the act Of the last session the
law was SO changed that we imported more
than we exported, and to add to that free
coinage would be to turn the tide to our
1ismay."
"Why does Europe always draw gold
from this country instead of silver"
WHY EUROPE TAKES GOLD.
'tFor the simple reason that gold has a
liked standard of value in all centers of |
commerce. 1t regulates the price of every |
hing, and it is quite natural that those |
countries where the bulk of the business of |
he world is transacted should draw the |
,nly recognized standard of value, instead |
# a metal which must be subsidiary to the |
table coin, that is, if it has any fixed value |
outside of its own locality"
eff we had a fixed international ratio of !
liver to gold in common with England, |
France, Germany, or Italy, would not the
LANCER from and the demand for free coinage
lisappear?"
"Most assuredly. Gold and silver will no
loubt remain the money metals of our coun-
ry, and there is no difficulty in maintain
ng them in perfect union so long as the
wo metals are kept congenial with the
market value of the world. 1t is not diff
ult to change the ratio when it is dis
overed that one metal is going down. The
elative measure of gold and silver varies
Z many countries, and we have plenty of
'recedent for using the simple, plain
emedy when an emergency arises, and the
wo coins part company in their market
alue."
"What do you think of the Treasury sur
lus?''
THE MONEY SENATOR FOSTER HAS
''I think that Secretary Foster has plenty
means to retire the maturing bonds and
axe care of the business interests of the
ountry without difficulty. 1 see no reason
0 lear strlngency IN business circles, for, |
s our bountiful crops begin to move, money
ill begin to circulate and everything will
ssume most prosperous hue. With the
etirement of the bonds the necessity of
mixing fund. ceases, for the Government
as already over paid that fund $500, ,00O. .OO0
o far as the surplus affects immediate con-
itions | can see no reasons whatever, for
nding any concern in relation to it. So
ing as it is ample for current purposes we
.av be assured that it will be strengthened
cry considerably within the next two
lonths as exports increase and internal
,venue taxes come flowing into the treas
ry"
"Why is it so difficult for the United
tates to get foreign nations to pay their
ebts to us in gold?"
There is no difficulty when the balance |
trade is in our favor, and no fear exists
lat we will resort to the silver standard
one. When the balance is against us we
Innot prevent gold being sent abroad, and
hen it is in our favor it will as readily
me to us. Any fear of the adoption of
e single standard of silver will cause our
curitIes to be returned to us for sale
stead of gold, and this fear is more i'm
,rtant factor than the balance of trade"
SATURDAYS SAD FEATURES.