Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1892-02-04

money offered for it.
The expectation of over $40, 900. 900 o
gold iii the six months ending with july
last is admonitory of what may happen in
a larger measure whenever the conviction
becomes rooted that gold is to he superseded
md that silver is to have the primacy in thu
money standard of the United States.
Formerly IA considerable amount Of silver
was annually exported, the excess of ex
ports over imports being for the last Il
years over 3tli, 900, 600, but now, with G
largely increased product, exports have
greatly diminished, and the government
under free coinage would be in worse plight
than it is in now whom only bound to run in
debt annually for, and to hoard and keef
out of al! markets, 54 900, 900 ounces of sill.
yer. The result of free coinage must be al
annual decrease of the aggregate amount OF
our exports, and any deficiency Of exports
must be supplied by gold.
There are also more or less millions OF
American stock and securities generally
heId abroad, though far less at this time
than formerly, and any war panic or none
tary pressure abroad or any dstrust OF tha
American standard of money and credit
cannot fail to send such stocks md securi-
ties home to our markets by the swiftest
| 'greyhounds of the ocean" to be sold for
Whatever they may fotch
The 90, OO0 to 1J 900 of cur American
travellers abroad probably require annually
about $40, 600, 900 OF gold for travelling ex-
penses and other disbursements especially
| those for the usual brc-a- brac to be brought
home. This is a large and sorry drain
which finds some, but rather diluted, com
pensation in the reciprocity of foreign
travellers in the United States, and it may
be added that Of the 900, 900 immigrants
annually arriving not all are paupers, lepers
or anarchists, but some portion of them
doubtless bring with them funds amounting
ing IN the aggregate to several millions OF
| gold The balance against our country
may be moderately estimated, however, at
not less than $4,000, 900.
About two thirds OF our foreign carving
trade is done under foreign flags, and the
cost OF the freight to be paid out of Amsri-
can funds is supposed to exceed 500, 900, =
OV0. This too, is a serious drain upon our
resources, but it may not cease until some
other industries on land shall be compare
lively less remunerative, and certainly not
until ocean mail service shall be treated
with equal favor to that on land.
The nations formerly belonging to the
Latin Union, together with Germany and
Great Britain, after the advent of free coin
age, could no longer be asked by us to unite
In an international compact to resist the
further decline in the value of silver but
would find their interests perhaps better
subserved by the gold standard. Free sill
yer coinage by the United States means not
only the absorption of the worlds surplus
OF silver, but the REIMBURSEMENT of our
stock OF $3.50, 900, 600 of gold, as we'll o. our
annual product, which would at once find a
European walcono and relieve several ma
lions there Of a financial dilemma.
With free coinage of silver once estab-
lished there can be no hope of future escape
from it There will be no road left open for
retreat. Whatever the degradation Of our
condition may be we shall have no allies
volunteering to lift US ont of the Serbonian
fog. The government could not afford to
reform its millions Of silver currency by re-
dsnption or by its replacement with any
thing better. Nor would 1t Do just to our
people, after all debts were based upon a
deprecated standard, TO compel payment in
a higher standard. The descent is easy, but
TO return, that is work.
Should We at any time fiud the silver
standard disastrous and an insupportabe
impeiiment 10 the prosperity of the great
American republic, what could be done
with our vast stock on hand OF silver? II
we did not want it, who would take it ?
Not having been able to bull the market,
we might doubtless succeed better as the
great bear In the market, and by unloading,
oven some modest part of our ponderous
burden, make big break in all silver
markets. Were any great exigency to
arise in our national affairs that should
compel us to throw even a tenth part of
our millions of silver upon the cloysd
markets of the world, the price would go
down from morn till noon and from noon
till dewy eve, when, instead of the ratio OF
IL TO Of gold, it might drop to no more
than its miuing cost, show relative
value Of only 30 to Of gold.
Legislators may draw wisdom from the
past and show somo prescienco Of the future
but must not be unmlndrul OF the existing
condition OF affairs. Measures that once
might have been helpful, by changed condi-
tons may may now be very harmful. Years
ago We had large preponderance in the
product of gold aud little or no silver. To-
day there Is large preponderance OF sill
yer, and bayond our annual product of
about S33, 900, 900 Of gold we have no avail
able resources to compete with our uulmit-
cd production of silver Until 1873 our
law provided that all duties on foreign i'm.
pOIts E!ust DC pulI III pO!u ana Cuat source
annually yielded q most useful and import
ant supply; but all that ceased as legal re-
quircmont with tho legislation of 1873, and
silver became as much legal tender as
gold. Whenever silver obtains tho supremacy
any balance OF foreign trade against US
would go out in gold but when in our IA
vor it would como in silver. No one but u
chronic dreamer can believe that it would
be possible, with resources 80 slender and
crippled, to maintain our silver coinage on
parity with gold. On the lower standard
Of silver all tho oXportlho surplus OF our
staple crops would Of course be paid for in
silver, and therefore the balance of foreign
trade would not ofton be in our favor.
have attempted to demonstrates, first
That the depreciation of silver is both so
great and universal that unlimited coinage
could not he maintained on the present
standard with gold, but would suddenly
wreck the country by silver revolution.
Second. That unlimited coinage would in
terdict all International silver compacts
Third. That there is no scarcity of money
in circulation, but instead the amount is
twice as great as it was in 1873 and is in
creasing on cantsr
Fourth. That silver standard would be-
eQui yalant ia n horizontal ra1,ction oP A.