The midland journal. (Rising Sun, Md.) 1885-1947, 1891-11-27


uing his speech says:
"But under free coinage silver would take
the place Of gold in settling balances. II
the price Of silver we're advanced from ST TO
$1.29 per ounce, all Of the silver for sale in
the world would be attracted to this coun.
try. We would then have hundreds Of
millions Of silver dollars added to the
100000, 900 we now have, and that, TOO, as
fast as the minis could coin them. To
maintain the parity under such conditions
would be task requiring more than our
Immense resources, and the exercise Of
unusual power TO the last degree, could
supply. But with $4,000 ounces of silver
only Ter month, purchased at its gold value,
the task would be easy.'
Notwithstanding il has been proven over
aud over again that there Is no silver worth
mention other than silver money in Europe
for sale, and that it is utterly impossible to
buy the silver money in circulation amongst
other nations, yet driven to the last resort
this same old chestnut is produced by the
gold ring as their only stock argument
against the free coinage Of silver. Mr..
William P. st. John, member Of the
Chamber Of Commerce, and the only man
among them who seems able to grasp the
question, has demonstrated by an array Of
the most irrefulable statistics and sound
arr,,r,ark ,,con.-arod an1 pnarowarahla
that the above imaginary dangers aud dis
NAL prophecy of evil omen Of the Secretary
is the most baseless myth, yet ii is again
and again repeated Till the lugubrious mo.
notony becomes painful. The Secretary
finally tells his hearers that for Congress TO
repeal the present law would cause decline
in the price Of silver bullion SO great that
it would be impossible TO maintain the
parity" Of the two metals, and that he is
very. certain that Congress will not accede
to their wishes. Having stated his former
surprise at the government ability to main
tain its silver dollars at par Notwithstanding
silver bullion is at discount, he fails to see
the logic of his facts. If the government
raises the bullion to par with gold by
coming all that is offered IL would be much
easier to keep the coin at parity with
gold, then when the deprecated bullion ii
is coined from tends 10 drag il down, and
continues:
Believing that the good sense Of the
business world must, in the near future, be
brought into harmony with US in the prop
osition that gold alone is too narrow base
upon which to build the worlds financial
structure, ] have much hope that the best
Judgment call concerned will agree TO a
better and more extended use of silver, to be
followed by international agreements, by
which the parity of the two metals upon an
accepted ratio may be maintained"
The Secretary's audience did no: and d.
not think that gold is "too narrow basis
and their object is to have that narrow basis
and none other on which to rest their struc-
ture of credit finance. They then can con-
tinue to control the money of the country
and through that power, the government
and all the property of the country. The
producers Of all wealth would soon become
their wage slaves and they are now in that
condition TO large extent. This inter-
national agreement on the silver question
ever 10 the mouth of the gold ring is in
the Secretary's opinion the only road to
maintaining that much talked of "parity"
between the metals. 1t will never be con-
sumniated while the bullion traders and
spectators of England can prevent ii, for
while they can purchase American silver
and make % 10 so per cent prof. on it in
their Indian trade they will not permit the
English government to enter into any such
agreement.
Mr.. Foster admits In bis speech that there
is no prospect of The balance of trade being
against this country and while this remains
true there can be no possibility of gold be-
ing drawn from this country and until this
could occur the ''parity" between the two
metals as money could not be disturbed.
The iactsrefute Mr.. Fosters theory in both
regards. Gold IS constantly being drawn
from this country by two sources indepen-
dent ofthat mares nest of the banking class,
balance Of trade. 1t is being drawn, it ia
estimated, 10 the amount Of little if any less
than hundred millions annually by the
stream Of travel from this country to Europe,
and much larger sum to pay interest aud
profits on the debts, stocks, manufacturing,
mining and other industries owned by for
eigners. The much talked of ''pariiy''
does not depend upon the drain of gold
from this country, but upon the decree OF
the United States governmet. 1t has said
that one of its silver dollars shall pay a
much debt as one of its paper or gold dollars
and 1t has ever continued to do SO. And
those who ship gold must exchange its value
with its owners before they can ship it. and
ifthey had every dollar of gold now in thes
United States, we would have received its
value in something else. and would be just
as rich with out the gold. And again how
is this magic gold TO be kept away from US
five have goods TO sell and they Of Europe
have only gold money to pay for them? A
little rejection with the exercise Of com.
mon sense will satisfy any one that this
everlasting talk about balance of trade,
gold leaving US, and dire calamity presaged