The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-15

against free coinage by its opponents without
the realization OF the many benefits claimed ty
its friends. The restoration of silver a metal
would at once allsy all fears OF its ultimate de-
nonetization by the nations of the world il
would give confidence in silver as n ssfe me
dium of exchange, leaving no pretext what
ever for tho apIrehensionS now INDUCED in.
There could be no hoeriins OF gold. stocks Of
coined silver that would add to the worlds
money would, in the nature of things, cheaper
gold and reader il less burdensoms to meet
gold contracts than now,
The report then takes up the question OF
the relation of the silver question to India
for the purpose of showing that silver
demonstration operates as a bonus on
Indian exports TO our disadvantage. Ii
SAYS:
The fact that nearly the whole of our exports
OF agriculture go 10 European goid-using coun-
tT1es TO be sold in competition there with couu-
tries on the single silver basis is cited by
economic writers 70 show the disadvantage OF
the American farmer in such competition. 1t is
Claimed, and the history of prices shows, that
as silver falls as compared to gold. so in about
the same ratio prices on farm products fall To
say silver Is low is tsntamoCnt 10 saying that
the price of cotton, wheat and other farm
ports is depressed. The reason is plain. Coun-
tries having silver stand ard avoid. as far as
possible, liquidating foreign debts in
money for the reason that silver Is,
as compared with god, deprecated To settle
foreign balances therefore, in silver, entails the
loss OF the difference in exchange between the
value OF silver az compared 10 gold. Hence the
silver standard country, India. instead OF send
ing her money, silver, to pay Tor balanceson
wheat aud cotton ana other exports. which, in
her currency, have not lost their value az homo
or abroad, this system works as an indirect bonus
upon all such exports frcm the silver standard
countries. Not so with the American farmer.
Free silver is coined emily on gold account. We
are thus tied to a single gold standard. Couse-
quenty when gold goes up compared with
silver, wheat, cotton and other exports fall in
price. In other words, silver falls below gold.
50 also our articles of export trade, especially
farm products, fall in price. These facts were
clearly brought out in the investigation OF the
British royal commission
An explanation further is that the farmer in
all silver countries, who sells his products for
gold, in gold-usng countries, gets gold II.
therefore, wheat is worth 81 bushel in London.
bushel OF wheat sold there will get n gold
dollar This gold dollar will buy enough silver
IN the London market 10 coin into "A dollar and
aqdarter at our ratio. and more at the ratio OF
India. Therefore the iarmer in silver standard
countries really gets Sl.2j for his wheat The
American farmer gets his dollar in gold. but
can not with that gold dollar buy silver for
age is denied him, silver coinage here being
limited to the government account. Free silver
coinage would put silver and gold on practl-
cal parity, thus putting the American farmer on
an equality with Iiindoo and other stlver-using
people. II is beyond doubt that the free coin
age OF silver would thus add at least Il to Is per
cent. to the value Of all farm products.
The report quotes from an article
printed during the past week in a Wall
Stropf na railfnrr ntt - f..f
that silver and cotton were selling at the
lowest prices in history. A telegram from
New York dated February 1 was also
quoted, which stated that cotton tumbled
the day before, and after noting that the
decline was partly due TO large unused
supply, said;
The low price of silver is also a factor in the
decline, as England settled with India with sill
yer and the lower silver goes the cheaper Eng
land can buy in lndia.
Continuing, the report says that bread
stutis are doing somewhat better now than
cotton, owing 10 the failure OF such crops
nearly everywhere except in the United
States. This brings the report up to the
discussion of bullion purchases. 1t says:
Bullion purchases will not restore parity of
the two metals. Hi-metallism does not tolerate
the idea that one metal gold for instance, shall
be set up as standard by which the other
metal, silver. shall be purchased or measured
ms Is gold non-metallism aud fixes gold as the
measuring metal or sale valuator Bi-metaI-
hsm means that each metal shall be standard
within itself The free coinage OF silver means
that all silver bullion of 5l9i5 grains standard
and Soll grains pure silver shalt be worth a
dollar IN lawful payments. IL is a bullion that
IN fact is legally monetized. This being so,
bullion, aga grains of standard silver, is al
ways worth dollar because the law SO de-
clares. Silver cannot fall below the value
which the government gives IL at the mint be-
cause the mint is the open market for all Of Il at
fixed price. Tho same may b. said OF gold,
yet other countries may make such demand
for gold as to make that metal more valuable
than silver. They may in time make such "A de-
mand for silver as to put il above gold. but at
our mints they remain the same in debt paying
power.
The report quotes from a well-known
authority TO the effect that, as the people
want always to pay in cheaper money, the
demand under double standard, for the
metal which falls off in price. results in
raising the value of that metal again and
bringing .he two together.
In conclusion, the majority submit the
report made at the last session by Mr.. Bar
tine, OF Nevada, who, as the leader OF the
free coinage Republicans. made compre-
hensiye, exhaustive and judicial review of
the silver question in all its details.