St. Paul daily globe., 1892-02-15
| TO RESTORE SILVER.
Continued From First Page.

| No HOarding of Gold.
| Fhe stocks OF coined silver that would
| add to the worlds III ouey would in the
nature of things cheaper gold and rem
der it less burdensome to meet gold
contracts than now. To take $50. .000,0 900
of gold circulation Immediately and be-
fore the vacuum could be supplied by
free coin would necessarily lower
| prices to such an extent that gold would
buy more of the commodities than now.
Consequently gold investments here
would be more remuneratlve 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 demonetization operates as
/ bonus on Indian exports to our disad-
vantage. 1t says:
| 'The fact that nearly the whole of
our exports of agriculture go to Eu-
| rOpean gold-uSlng countries to be sold
in competition there with countries OH
the single silver basis is cited by eco
nomic writer's of this country and the
world to show the disadvantage of the
| American farmer in such competition.
| 1t IS claimed, and history of the prices
shows, that as silver falls as compared to
gold. SO in about the same ratio the
prices OF our farm products fall. To
say that silver is now drug is tanta-
mount 70 saying that the prices of cot
ton, wheat and other farm
Exports Are Depressed.
| 1.-The reason is plain. Countries hay
ing the silver standard avoid as far as
| possible foreign debts in money for the
reason that silver is, compared with
gold. deprecated. Free silver is coined
| only on gold account. We are thus
tied to the single gold standard. Con-
sequently when gold goes up as COM
| pared to silver the lower farmers
| wheat, cotton and other exports will be
| iii price. In other words, as silver
| falls below gold, SO do also our arti
| cles of export trade, especially
farm products, fall in price. These facts
| were clearly brought out in the inves-
tlgation of the British royal commission.
1t, therefore. wheat is worth dollar a
bushel i'll London. bushel of wheat
sold there will get gold dollar. This
GOLD dollar Will buy silver enough now,
IN the London market, to coin dollar
and twenty-five cents at our ratio and
more at the ratio Of India. The farmer
IN sllyer-Standard countries gets for his
wheat sutfciency of silver to coin it in
his home mint into dollar and quar-
ter. or in other words he has in reality
got dollar and quarter for his wheat
-'Oe ~ WIN tiiO ahiCiiCQH IlilSI. liz
gets his dollar in gold, but he cannot
with that gold dollar buy silver
For Coinage at Home.
for the reason that free coinage IS de-
MED him, silver coinage here being linn
tied to government account. The Amer
lean farmer gets dollar for given
amount of his wheat, meats and cotton
products. whereas the farmer i'm silver
using countries gets dollar and quar-
ter for the same amount of his product"
On this point the majority quote from
an article printed the past week in a
Wall street paper calling attention to the
fact that silver and cotton (ot the
latter Of which we exported in 1891 Sa76,-
Cos, 029 against S231. 49,. $50 of all bread
stuffs) are selling at the lowest prices
in history. A telegram from New
York dated Feb. l, is also quoted. This |
telegram related that cottoQ- had tum-
bled the day before, and, after noting
that the decline was partly due to the
large unused supply, said: 1.-The low
price is alSa a factor in the decline, as
England settled 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 noy
than cotton, owing to the failure of such |
crops nearly everywhere except in the |
United States. Yet, notwithstanding |
this unusual feature, Our food products |
are now selling too low for any profit, |
They are also falling, and will suffer the
same as cotton unde liker conditIOns.''
This brings the report UP to discus
sion of
Bullion Purchases.
Bullion purchases" ;" it says, Twill not
restore the parity CT the two metals.
Bimetallism does not tolerate the idea
that one metal. gold for instance, shall
be set up as the standard by which the
other metal. silver, shall be purchased
or measured. This is GOLD mOno-metal- |
lisin, and fixes gold as the measuring
metal or the sole valuatOr. Bi-metallism |
means that each metal shall be stand |
ard with itself. Free coinage of silver
means that all silver bullion of 4l2L |
grains standard and 3S11 grains pure
silver shall be worth a dollar in lawful |
payments. The stamp of the govern |
ment is affixed to it solely for the pur-
pose of a guaranty of its weight |
and fineness. 1t is the bullion |
that i'll fact is legally mon
etlzed. This being so. the bull |
lion 412H grains of standard
silver. is always worth a dollar because
the law so declares. Silver cannot fall |
below the value which the government
gives 1t 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 countries may make such a
demand for gold as to make that metal
more valuable than silver. They may
IN time make such a demand for silver
as to put it above gold, but at our mints
they remain the same in debt-paying
power" The report then quotes from
we'll known 20 81
that as people want always to pay
I'm the Cheaper Money
the demand under the double standard
for the metal which falls Off in price re-
suits in raising the value of that metal
again and brings the two together. The
report of last year. giving an exhaustive
review OF the way in which France held
the two metals together, is cited with
reference to the ability OF the United
States TO maintain each metal at par.
and also as showing that the minority |
then the free silver mem predicted that |
under the present Conger bill the di- |
vergence between the two metals |
would increase instead of diminish. |
The majority then go on to |
show that free coinage would |
put more money into circulation. be-
sides doing what is of prime Importance.
viz. raising the status of silver the
world over. In conclusion, the major |
Ity submit the report made last session
by MIR. Bartine, of Nevada, who, as the
leader of the free coinage Republicans
on the commiitee and in the bnuse. |
made 4 comprehensive, exhaustive and |
judicial review of the silver question
IN all its details. In this document Mr.. |
Bartine went into the cry that free
coinage would flood the United States |
with cheap silver, showing by a con
SIderatIon OF the financial conditions LII
Europe and in India that it was not to
be apprehended. The quotations from
MIR. Bartine's report also 20 with more
elaboration into most of the points out
lined in the first part of the report to be
submitted tomorrow.
Il
COLORADO LIKES 1T