The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-07-06
VIEWS OF COSMOPOLITAN BIMEI-
ALIIST.
Tho Prospects OF Free silver and the Presi-
dentlal Veto.

The Prospects OF Free silver and the PresI-
| dential Veto.
To THE EDITOR OF THE SUN-Sr: King
Charles the Second is res onsible for the state
| ment that every man has his price," and if
| have read the London Times to any purpose.
the votes OF Congressman for fifteen years
past have been bought and sold like cotton
| futures or grain. with the silver dollars OF
| your mine owners: while such has been the
recent appreciation OF gold that the purchas.
Ing power Of the dollar measured by the votes
OF Western Senators has been phenomenal.
| May ask. then. with profound respect. What
| is the price OF q Republican President? Be-
| cause circumstances are likely to arise which
| would enatle the present tenant Of the White
| House to retire from his high Office a million
| aire many times over. The Senate Mas pa -sed
| n free coinage bill: the political portents fore
shadow that the other chamb Der within ten
days will have followed suit: iuterposed then
against the free coinage OF silver at the
mghtiest mint in the western world there will
be shortly only the veto OF the President
l invite your attention to the fact that the
Government Of India has borrowed nearly
ninety crorcs OF rupees mine hundred millions
OF rupees. or say four hundred million ounces
OF silver. and have agreed to pay ana ~
por cent. interest on these vast loans.
Now. the sterling price. that is. the gold
price, OF 4 per cent rupee paper is to-day ~.
With the rise in the gold price uf silver which
free coinage would bring about the gold value
Of the ,tuiee would rise from it, present price
from 10 to - pence. 20 tlat tbs one silver
stock would jump from - to II out 100. Two
years since. when tho sherman act was about
~ to 80. the agEregt'e Increase in the gold
value OF this ,nn silver security being nearly
or quite 500 OUuO,W.
Assuming then that tho House of Rcnreson-
o. tho tEIed states Is In this rcmtrkahle
position: Rupcn paper can bo bought and
carried ~ Tho banks on II margin o! per
cent. 50 hat lcpost OF two million dolIars
TN" stock. or calls ot the stock. wtthou,.I
t4lnG; raising IT. iiicc more than from ~ to
70 The Presidential signature miGht tlen
boom the price t" loo. and tbs OCCUPANT Of
lions OF pro I. and with the bles,i OF u ma.
Jority Of Your nation.
it is interesting tn recall that the effect OF
your demonet. zlng act Of 1873 WAS Ia produce
fell IN great lumls some 2ti points. which tl!
mHde tho fortunes Of n nGmh"r of inHncial
nou 'cs IN Europe" wnerr sro ~ It"rs seemed
TO be extremely Wise and cutiIcl, CON ldent OF
event. Indeed. they were Iu"Tn to have he"n
selling enormous lots 1f - Yer securities, rely
Ing implicitly upon leg att n here. vrn'urs
I pass no indgmrnt On '''n Con: "ss OF $50.
9lution; II is letter. ~ least pl"asanter. 10
leave such things to- tho historian. inors.T
assert that luGt ~ tn" l'r, i"nt'S signature
to-day to n free culn!G" ~ ull brin. nto''
prize OF rUr"r Iaror. Austrian silver rent.
AMI Mex iran ruI-. - the act 81 1873 email 4
the ears o' silver - 81 H. furoir 70 walk 7
with the ~ 'l.'s. Otherwise unrrailzallc uf 10
Yours m.,.,tnliy. '''''''' M3ianroos FafwLs.
WAsIIsGluN. July j. 1872.