The advocate and Topeka tribune., 1892-12-21

bl6g l1HRlHuU WOuIu VS QOW LuS Voly y
poorest country IN the world if the silver
standard abroad had been kept up, and !,
gold had not been generally introduced. !
Gold would otherwise have been very
much reduced in value, and we should
have had all the gold poured INTO Eng
land. All the debts owing to US would
have been paid in the deprecated cur
rencY; and, therefore. believe that Eng
land ought to have taken the lead in the
introduction Of gold currency abroad.
We ought to be very thankful that it has
been introduced, and we ought to give
every facility to it's circulation.
The activity Of the advocates in this
country Of the gold standard has relieved
England from the necessity of openly
taking ''the lead IN tho introduction of a
gold currency" into the United States.
The resumption of cOin payments.
A transition in this country from pa
per to coin involves a struggle for the
needed coin with other countries, no one
Of which has any that is not all urgently
needed for It's own payments, prices and
necessities. The United States will be
at the disadvantage Of struggling for the
coin Of which other countries are in pos
session. 1t can be successful only by q
reduction Of prices in this country, not
merely to the present level Of coin prices
throughout the world, but to that lower
level to which they must descend under
such new and great demand for coin
as the resumption Of specie payment in
this country would occasion. This crash
in prices cannot be avoided by con6nlng
our demand for the metals to the pro-
duct Of our own mines. That product
is part Of the current supply of the
world, and to subtract from that supply
is the same thing in its practical effect
as subtracting from the stocks of the
world, because the entire current supply
is not more than sufficient to keep the
existing stocks unlmpsired. 1t cannot
be avoided by borrowing coin abroad
upon our bonds. No such borrowing
will be permitted to reach the gold OF
the great European banks, and must be
confined to the small quantities floating
in commercial hands. But the decisive
consideration is, that even il gold should
be obtained in that way, it could be kept
here upon no other condition than re-
duction Of our prices to or below the
coin prices of the world.
The difficulty Of obtaining gold in that
way was pointed out in the senate Of the
United States, January %, 1874, by Gov
ernor Boutwell,, who had been recently
at the head of the treasury department.
He secuted the proposition that it was
possible to obtain even $1O0,0O0OO0 in
gold by the sale of bonds for resumption,
or for any other purposes. Referring to
} proposition to transfer to this country
from London only S2l, 100000 in gold, he
said:
rhe Bank of England, foreseeing that
there would be an accumulation Of
coin to the credit of the United States
} which might be- taken away bodily in
specie, gave notice 10 the officers of the
treasury department Of the United States
that The power Of that institution would
be arrsypd against the whole proceeding
, unless We ave pledge that ths coin
should not be removed, ard that we
would relnvest it in the bonds Of the
United States as they were offeredln the
I markets of London. We were compelled
> to comply. 1t WIS in the interest Of the
government that we should do 30, be-
cause we did not want the coin, and va
did want the bonds. But it shows thC
feeling that anlmstea that central fnsn
D cial mower of Great Britain, and il shows