Southern standard. (McMinnville, Tenn.) 1879-current, 1891-03-21


yer by the United States, while the
other great nations pursue an oppo-
site policy, would invite all the own
ers of that metal throughout the
world to exchange 37ll grains of pure
silver, worth about SO cents, for 90 %
grains of pure gold, worth every
where 100 cents. Nearly all the ma
tons of Europe are anxious to eX-
change their silver for gold, and they
would at once accept so tempting an
offer.
The mint statistics of the Treasury
Department show that the stock of
full legal tender silver in Europe
amounts to 81, l0l, 400, 900, and that Of
this amount, the banks of France,
Germany, Austro Hungary, the
Netherlands, and Belgium hold
1928, S66,665. 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 it to the Treasury, in order
that with the proceeds the owners
might buy gold exchange on Europe
before our stock of gold should be ex-
hausted.
Would our own people await the
arrival 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 command, and
then join the panic-inspired process
sion to the Treasury, each and all
anxious to be in time to grasp the
golden prize before it is 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 companies, to
be brought out only by high prem
ium for expectation.
This sudden retirement of $780,
O0O,0 OF gold, with the accompany
ing panic, would cause contraction
and commercial disaster unparalleled
in human experience, and our coun-
try would at once step down to the
silver basis, when there would be nc
longer any inducement for coinage,
and silver dollars would sink to their
bullion value.
+ When the silver dollar ceases tC
have more value than the bullion il
contains there will be little induce
ment to coin our own silver, and the
cost of transportation will prevent its
, coming from abroad. How then
will Unlimited coinage either expand
the circulation or enhance the value
of silver?
AS if determined to omit nothing
which might accelerate these results
the advocates of present free coinage
insist that it shall not await the slow
process of mint operations, but tina
the printing press shall be set to work
providing certificates to be issued fo
f silver bullion at $l.00 for 37E grains
r When this cOnsummatiOn shall bt
, reached, as surely it will be if unlim
. tied coinage be adopted under exist
ing circumstances, the too ardent anC
impetuOus lovers Of silver will sadly
realize the truth uttered by the wis,
. King of Israel, "He that IOreth slice
, shall not be satisfied Nth SiIver."
| Mr.. President and gentlemen, my
t subject has tempted me to impOs
t upon your patience. l will close by
: calling your attention to one othe
e thing which deem very impOrtan
both to our commercial and financial
: interest, viz, the passage of the bill
g now pending in Congress for the es
Enlistment of an international banl
to facilitate our exchanges witt
Mexico and Central and Soutl
! America.
6 New York is destined at no distan
day to become the financial as wei
as the commercial center of tn
world, and such an institution would
= in my judgment, be long step to
!, ward that end, as we'll as most val
+ liable fundamentally for the promo
- ton of commerce with those coun
y tries. Give us direct land ampl
- transportation facilities, under tn
. American flag, and controlled b.
10 American citizens a currency SCUM
). in quality, and adequate in quantity
| an international honly 70 foo;I;toko nv,