, 1891-01-24
aAFEs on ADVEKTIsING
1T NIGHT HAVE EASED THEM

1T NIGHT NAVE e. SEQ THEM
When somebody was pouring oil into
tho ears Of our two astute senatorial; rep
ressutltives st Washington and they, par
rot like, we're repeating the silly cry that
free coinage would make America the
dumping ground of the universe, they
might have come across a letter in the
New York World, written BY George
Rutelidgs Gibson, a New York broker,
which might have tended to allay what
ever fears they pretended to entertain.
The article is not very elaborate but in a
compact space it contains a good deal of
information. After stating what Horace
Greeley said, The way u resume is TO
resume aud 1t IS a question whether II IS
not wiser u have free coinage at once
than TO 90 on as We are now, annually in
jecting iuto circulation as money between
$4,000, 900 and 90, 600. 900 of depreciated
metal. Mr. Gibson continues:
May it not be best to adopt heroic
measures to lit up the value of this
metal to an equality on the ratio of one to
sixteen bY making its coinage free rather
han to discredit it as we do, yet using it
on an enormous scalo2 As it is VIC are
buying enough of it to soon make it equal
10 volume u our gold circulation, but we
do not adopt methods to give it a proper
and decent standinsin its relation to gold.
The tear Of initiation is a common one,
and / know hat the very mention of the
coinage brings a cold chill to nearly every
banker whom [ know, but the same men
we're just as violently opposed to the
Bland act OF 1873, without which sou.e
other provisions for an enlarged currcn
cy the country would have been:in dcs-
perate straits for money enough to con-
duct its commercial and banking affair.
Where Is the silver to come from to
swamp us2
England has 10 silver at home, and
whaC India has is employed there and
more wanted every year. Silver using
countries like China, japan, Russia, Aus
tria, Italy and Spain have no bullion,
while the coin there Is all In use. Ger
many is already on a gold basis and it's
stock OF silver is no larger than necessary
for its small transactions in trade. France
has an eqal amount OF the two metals,
but it is a country of peasant proprietors
Of small shops and minute subdivisions
OF labor and Of a limited credit system
Ittakes silver to measure aud liauidate
this business, and not gold.
II tail to see where, except IRON in
creased mining, any great food OF silver
can be found. aud / maintain that the
natural increase in the production Of the
metals Is more nearly automatic than
any other kind OF issue. and that any
initiation resulting from such an increase
has heretofore not only been not ~prejudicial.
but per contra vastly beneficial to the
commercial world.
Imitation incidental to a d~iscredited
paper currency, such as the assignats of
France. the irredeemable paper money of
our government during the war, and that
recently issued 10 the Argentine Republic,
is dangerous and d~eraDRing in its effects.
But lake the immense golu discoveries oil
california aud Australia ana marx the
mighty influence that this vast influx Of
the precious metals had on TRADE and 10
dustry. 1t stimulated everything and
contributed Immensely TO the
pied activity OF industry everywhere.
AT tina, time fears were expressed BIZ
many economists that this gold would be
come so cheap that 1t would be unsafe to
hold 1t, aud silver Tor a lorg time com
manded a premium The inh'tion due to