The record-union., 1892-02-15

took place without warning, and at a
Tune when we were looking to the re-
sumption of coin payment, and surely
needed all the specie possible.
w have approached free coinage grad
ually. The longer it is delayed the greater
the injustice done the people. a few
tlmld people and misers might for the mo-
ment hoard gold, but gold in this country
Tor the most part is held by class of citi-
zens too shrewd and alive to their own
interests to drop gold in the sea or bury
IT IN the ground. We are suffering all
the evils alleged against free coinage by
It's opponents without realization of the
many benefits claimed by its friends.
Ihe restoration of silver as a money
metal would at once allay all fears of its
ultimate reconciliation by the nations of
the world. 1t would give confidence in
silver as safe medium of exchange,
leaving no pretext whatever for the APP
pfehenslons now indulged in. There
would be no boarding of gold. The
stocks OF coined silver that would add to
The worlds money would, III the nature
OF things, cheaper gold and make is less
purdensome to meet gold contracts than
now"
The report then takes up the question
OF the relation of the silver question to
lnala, Tor the purpose of showing that
silver demonetiZation operates as a bonus
on indian exports to our disadvantage.
III says: The fact that nearly the whole
OF our exports OF agriculture go to Eu-
fopean gold-uSing countries 10 be sold in
competition Herewith in countries on a
single silver basis is cited by economic
writers to show the disadvantage of the
American farmer in such competition.
IL is claimed, and the history OF prices
shows, that as silver falls as compared to
gold so in about the same ratio the prices
of our farm products 1all. To say silver
is low is tantamount 10 saying the price
OF cotton, wheat and other farm exports
is depressed. The reason is plain. The
countries having silver standard avoid,
as far as possible, liquidating foreign
debts in money, for the reason that silver
Is, as compared with gold, deprecated.
TO settle the foreign balances, therefore.
IN silver entails a loss of difference in ex-
change between the value OF silver as
compared to gold.
Free silver is coined only on gold ac-
count. we are thus tied to a single gold
standard; consequently, when gold goes
up, as compared to silver, wheat, cotton
and other exports fall in price. In other
words. as silver falls below gold so also
our articles of export trade, especially
farm products, fall in price. These facts
were clearly brought out i'll the inveSti-
cation OF the British Royal Commission.
An explanation, further, is that the
farmer, in all silver countries, who sells
his products for gold in gold-using ccun-
trles, gets gold. If, therefore, wheat is
worth dollar bushel in London, a
pushel OF wheat sold there will get gold
dollar. This gold dollar will buy silver
enough in the London market to coin
into dollar and quarter at our ratio,
ana more at the ratio of India. There
Tore, the farmer in silver standard coun-
tries really gets dollar and quarter for
his wheat. The American farmer gets
his dollar in gold, but cannot with that
gold dollar buy silver for coinage at
home, for the reason that free coinage is
denied him, silver coinage here being
limited to Government account.
Free silver coinage would put silver
and gold on practical parity, thus putting
The American farmer on an equality with
the Hindo and other silver-using people.
1t is beyond doubt the free coinage Of sill
yer would thus add at least II TO l5 per
cent. to the value of all farm products"
The report quotes from an article
printed the past week in a Wall-street
paper, calling attention to the fact that
silver and cotton are selling at the lowest
prices in history. A telegram from New
\ 1ork, dated February lst is also quoted.
The telegram related that cotton had tum-
bled the day before, and after noting that
the decline was partially due to the large
unused supply, said: The low price Of
silver is also factor in the decline, as
England settles with India in silver, and
the lower silver goes the cheaper England
can buy in India"
Continuing, the report says: Bread
stutfS are doing somewhat better now
than cotton, owing to. the failure of such
crops nearly everywhere except in the
United States.'
This hrivnc 20 ro,,O,.t ~, - H.
sion of bullion purchases. 1t says: "Will
1t not restore the parity of the two met
ais? BlmetalliSm does not tolerate the
idea that one metal-gold, for instance
shall be set up as a standard by which the
other metal-silver-shall be purchased
or measured. This is gold non-metallism
and fixes gold as measuring the metal or
sole valuator. BimetaIlism means which
metal shall be standard with itself Free
coinage of silver means that all silver
bullion OF 4123 grains standard and 3SlI
grains of pure silver shall be worth a
dollar in lawful payments. It is bullion
that in fact is legally monetized. This
being so, 4l21 grains OF standard silver is
always worth dollar, because the law
so declares. Silver cannot fall below the
value which the Government gives it at
the mint, because the mint is an open
market for all of it at a fixed price. The
same may be said Of gold, yet other coun-
tfleS may make such demand for gold as
to make that metal more valuable than
silver. They may in time make such de-
mand for silver as to put it above gold.
but at our mints they remain the same in
debt-paying power"
The report quotes from well-known
authority to the effect that as the people
want always to pay in cheaper money,
the demand under double standard for
metal which falls off in price results in
raising the value of that metal again ard
bringing the two together
In conclusion, the majority submit the
report made at the last session bv Mr..
Bartine of Nevada, who, as leader of the
free coinage Republicans, made com
prehensive, exhaustive and judicial re-
view OF the silver question in all its de-
tails.