Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1892-06-09

gold before it is too late, they are calm,
in their stocks ard securities in this coun
try. SO that a steady stream of gold in
stead OF pouring in upon our shores is go
ing out into the greedy hands of Europe
which is firmly established upon . golc
basis. The relative merits of gold anC
silver seem to be determined by Natur,
herself. The greater value OF the more
precious metal is not merely an arbitrary
distinction but solid and indisputablt
fact, laid down as firm as the foundations
of the earth. Surely any one must see that
to lower this standard, to place our II
nances upon meaner basis, would brine
inevitable panic and ruin. England il
1919 established her currency upon firm
gold basis, and has never fiuctuated or de-
parted from that standard. To-day she
with London at her head, is the CONNER
cial center of the world. II we should a.
dopt the gold dollar, which is much more
convenient than the English pound as oui
basis and stick to it, there is every reason
to believe that England's supremacy
would soon be rivalled. In such a case
our credit and solvency would be SO tirm-
ly established, that in any time OF need
we might draw from the markets of the
world. But who is going to have conf
dence in a nation which day does bus
mess with a hundred-cent dollar and to-
morrow drops to a seyenty-cent basis?
Let us glance for moment at the results
which would inevitably follow the unlim.
tied coinage of silver and the "demonetiz-
ing" of gold. The silver dollar is now, as
well known, worth about seventy per
cent. OF the gold, or seventy cents where
the gold dollar is worth one hundred.
The first consequence would be to withd. aw
the 5000, 100000 of gold now in circulation
and in the National Treasury. This would
cause a great stringency in the money
market, and, working the mint to its full
est capacity it would be long before
silver enough could be coined to make up
the deficiency. 1t would be almost i'm
possible to borrow money except at very
high rate of interest, and lenders would
wish all loans to be paid in gold. As Eu-
rope is on a gold basis, in all our foreign
we should have to pay the
difference between gold and silver, and
articles would rise correspondingly in
price. For instance an article which now
costs s4.S6 or one pound sterling and is
sold by the retailer at s6.6s, would then
cost s6.32 and be sold by the retailer at
IS SO. Manufacturers in this country
would not be slow in raising their prices
to correspond and the cost OF living would
thus increase. The contraction of the
currency would be followed by the cessa-
ton of many kinds of business, throwing
men and women out OF work and thus
lowering wages. The reduced wages
would be paid in reduced money. The
savings OF the working people, invested in
savings banks, loan associations and life
insurance would be reduced one-third. All
salaried men throughout the country and
all who work for fixed amount would
have this amount reduced one-third. One
Of the greatest sufferers under such reg
me would be the farmer, who is always in
, time OF trouble at the bottom OF the
heap. Last year his unwonted prosperity
called back gold from over the seas and
,welled the nations Golfers, but now un-
Ter the financial cloud which is hanging
over US. wheat and all other farm prod
lcts are falling in price. Whatsoever
,rings disaster to the farmer affects, f.
lally, the whole nation, for the mass OF our
people are farmers and those who are not
must eat and drink, though they dress in
ags and grow up in ignorance. Even
low the presence of millions of dollars in
Washington and the purchase OF $780, |
90 silver bullion per month is having a
most disastrous effect. Our immense
IRONS here and small ones abroad last /
ear ought to have brought in a stream
f gold, but the mischief which the Bland
mi and the other free silver agitations |
ave made has had just the opposite ef-
ect. II we do not at once stop coming
Iseless silver and return to a gold basis,
air crops in Europe this year will bank
upt the United States. Is not this sub
ect which ought to be discussed and
understood by every citizen
4 our country 1t affects our immediate
vell-being and prosperity more than any
hers, and it remains for the voice OF the
,eople to say whether our Ship OF state
hafI be wrecked among these financial /
hoals, or sail on in prosperity trlum- !
,hant.