St. Paul daily globe., 1893-08-19
81 WANT TO KNOW, YOU
KNOW"
TO the Editor of the Giobe.

To the Editor of the Giobe.
First-Wiii you please inform me
what will be the beneficial effect of the
unqualified repeal of the Sherman act?
Second - Under that act 4,500,000
ounces of silver. represented by silver
certificates, are thrown into circulation,
thus increasing the Volume of currency.
Will not the repeal of the act make
money Scarcer, and times harder?
Third-Do European countries having
double standard have any difficulty in
maintaining the equality of the two
metals?
Fourth-Is it not true that France has
$3.50. 10000 of gold and over 100000, 900
of silver. and that they are interchange
able?
Fifth As rule, do not the emigrants
from the old world come to us from coun-
tries having gold standard. and does
not this show that money is Scarcer and
times harder where they have only one
standard?
o!Xtil-Lastly, did not all of the polit-
icai parties last fall declare in favor of
double standard? ENQUIRER.
F'irst-The beneficial effect of the re-
peal of the SHERMAN silver purchase
act will be to remove the doubt of the
ability of the government to meet its
consequent result of inability of our
railroad and other stock and bond-issu--
ing enterprises 10 pay their interest and
principal in the same metal.
Second-It will stop the increase of
currency from that source, of course;
and, so far as this increase has tended
to impair confidence in all the currency,
the cessation will be beneficial. Pos
sibly the fact that these treasury notes
have been presented for redemption in
gold may be taken as indicating that
the silver producers themselves shared
the growing want of confidence. The
hard times are not caused by the lack of
currency ''in the country" but by the
lack of it "in circulation" 1t is the
hoarderS who are giving us the "hard
times"
thlrd-No European nation has the
double standard" They all use gold
| and silver, but the silver is used as
tokens, or counters. and free coinage OF
| it at the mints is denied.
Fourth-The director of the mint
credits France with S700.000 coo of sill
| yer and $500. 900 of gold. She has
per capita of S20.52 gold, S17.95 silver
and S2.09 paper, a total of $40. Sc. France
keeps her coins at parity and inter
changeable by denying free coinage to
silver. She closed her mints to that
metal twenty years ago, fact on which
! our silverites and POpuliSts maintain
discreet silence always.
Fifth-No. If "Euquirer'' were to
! oil irryo Re In fI,ax
| here, he would be told that they mad
heard that land was SO cheap here
that they could get farm for almost
nothing; that they were told that this
was country where the great powers
of the government were used to secure
| to workingmen very high wages; that
they couldn't get land at home, and that
| there were so many to do the work that
| wages were low. Italy, which is Just
| now sending US the greater number Of
| Immigrants, is only nominally on gold
basis, and really Oh all irredeemable
| paper one. She has a currency per
capita composed of $500 gold, S1.62 sill
yer aud 1927 paper. Mexico, which is
not model OF prosperity, has silver
standard, with per capita circulation
of .43 gold, S4.3l silver and II paper.
Sixth-No. The Democrats declared
for the coinage of gold and silver with
the dollar unit of coinage OF both metals
of equal intrinsic aud eXchangeabIe
| yalue,'' which means single standard
if it means anything. The Republicans
said about the same thing in other
words with the same meaning. The
Prohibitionists demanded money of
gold. silver and paper issued by the
| government. The Populists demanded
the free coinage of gold and silver at
the present ratio of sixteen TO one, which
means a single silver standard. The
Willingness of their representatives now
to accept ratioranging from seventeen
to twenty TO one is an explicit admission
| and recognition of the existence of the
go standard, and of the impessibaity
nf there being TWO STANDARDS il opera