The record-union., 1892-02-06

! The President now recommends the con-
| tlnuance of this sacrifice ON the part of
the producers until the
MoNEYED INSTITUTIONS OF EUROPE
Are deprived of their gold reserves and
required to use silver. He must know
that II we buy gold until we deprive
Europe OF her reserve we must give more
Tor gold than anybody else will give or
we cannot get it. We must sell wheat,
cotton, and other farm products cheaper
| than they can be produced in Europe
ASIA, Africa, or any other Part of the
world to buy gold enough to ruin the
Rothschilds and the other money kings
of Europe.
Is the President aware that European
money-lenders have call on this coun-
| try for several thousand millions, and
| that II gold is the only money to be paid
pondholders the money kings of Europe
! can caIl on US at any time for vast
amount of gold? Does he not remember
| that last spring, in consequence of the
iailure OF the Barings, the reserve of gold
IN Europe became short, and that our
european creditors drew on US for about
Sf5,O00.OO0 of gold to increase their re-
serves? Does he not know that they
nave the power to continue that process
almost indefinitely, certainly until they
have collected the thousands of millions
Which we owe them?
The President ought to consider that
the rejection of silver as real money
eighteen years ago contracted the basis of
circulation and credit nearly one-half
ana reduced the price of property and
| services enormously;
THAT FARMS IN ENGLAND AND AMERICA
Unaffected by emigration, have depreci
! ated In value from 10 to 90 per cent: and
/ that the failure of the Barings disclosed
| the tact that the reserves of the moneyed
! institutions OF the world were altogether
insufficient to sustain the present fabric
| OF business and credit. Every moneyed
institution in the world since that failure
mas been struggling to buy gold to in
crease It's reserves and avoid bankruptcy.
II no other means could be devised to
1 SIop contraction, furnish more money
revive business, and produce prosperity,
II might be necessary to test the question
whether Europe or the United States
| would first be forced into bankruptcy in
| a contest to accumulate gold.
why should we want gold scarce in
Europe? II 1t is scarce there it will be
| Qeaf. europe is the market where we
sell our farm products and buy gold. Ii
gold Is scarce and dear where we buy, it
VIII take more products TO acquire
given amount of it than it would if it
We're plentiful and cheap, and we must
sell our wheat and cotton cheaper than
we Otherwise would. Would il be q ca
iamlty II some of our gold should go to
Europe ana make money plentiful there
II we had silver in its place? Would we
not get more gold for our wheat and cot
ton than we would if gold were scarce in
Europe? differ with the President. I
would not attempt to accumulate gold at
the enormous sacrifice which our farmers
would be compelled to make by being
forced to sell their products cheaper than
Aslatlcs or Europeans. The Secretary of
the Treasury, Mr.. Foster, diagnosed the
case correctly and pointed out
THE ROOT OF THE EVIL
With which the commercial world must
contend, when he stated that there is not
gold enough for use as money. 1t cannot
| be shown that If silver were remonetized
by free coinage, and added to gold, there
| would be too much of both metals for use
as money. Previous to the demonetiza-
ton OF silver, when gold and silver were
practically one money, there was not too
| much real money in the world. Since
that time the aggregate product of gold
and silver OF the world has been barely
suthclent to keep pace with population
and business. 1t was governmental
| action which reduced the basis of circula-
ton and of credit to the insufficient sup
ply OF gold. That governmental action
! must be reversed and silver restored be-
fore the productive forces of the civilized
world can be vitaliZed and put in motion.
! While free and unlimited bimetallic coin
| age is the only remedy for the financial
troubles of the commercial world. still
| the Treasury Department can do much to
advance the cause of honest money Why
not adopt the policy of France? Although
France has stopped silver coinage, vet
she does not seek to degrade the silver
coin which is circulating among the peo-
! pie. More than half OF the silver coin in
| Europe is circulating in France on a par
| with gold, full legal tender at the ratio
| tVnrV N Of
payable In silver or gold coin, at the
| option OF the Government. France paws
her creditors in either gold or silver.
whichever Is most convenient for the
Government. Every obligation of the
United States is also payable in either
gold or silver, but the Secretary of the
Treasury
PAYS IN GOLD AT ALL HAZARDS.
Notwithstanding he has plenty of silver
| at his disposal. The result is that the peo-
pie of France believe in silver; their con-
! fidence in the white metal is not de-
stroyed. But the people of the United
| States are told by high officials that our
standard silver dollar is a 75-cent dollar.
By the agreement of November. lSS5
between the nations forming the Latin
| Union, namely, France, Italy, Greece.
Belgium and Switzerland, each member
thereof was bound to redeem its silver
coin which might be held by any other
OF the contracting powers at the expira-
tlon OF nVe years, upon receiving one
! years notice. None of the contracting
powers gave the notice. The gold-stand
ard contractionists of France insisted that
the Government should give the notice
and require the other members of the
union to take their silver and paw gold
for it at the rate Of 81 80 per ounce. In
1890, when the time expired France held
of the coin of the other contracting DOW
ers over 600,000,G00 francs. which she was
at liberty to compel Italy, Greece, Bel
gium and Switzerland to take at 81 SO an
ounce. She did not give the notice or re-
qulre the other members of the union to
redeem their silver. Why did she not
dispose Of her silver? Simply because she
was unwilling to degrade silver Any
person holding an obligation against
France must take either gold or silver, as
the Government may determine She
keeps her reserves of gold and silver
about equal. Even Germany, who first
followed the United States in demonetiz-
ing silver. pays her creditors in either
silver or gold, at the option of the Gov
ernment.
ENGLAND RETAINS HER GOLD
By raising the rate of interest. The
| Treasury Department OF the United
States, however, comedies that silver is
not good money for bondholders, and
even suggests the purchase of gold to re-
deem treasury notes issued under the Act
of 1890. My advice to the Secretary of the
Treasury is to do the best he can for the
Government; to pay the creditors of the
Government in any money stipulated in
the contract, and to cease discriminating
in favor OF the bondholders against the
people.
1t may be asked, who are the parties in
terested in degrading silver to a commo-
dity? That question is easily answered.
They are two powerful classes who have
! their principal place of business in Lon