The Caucasian. (Clinton, N.C.) 188?-1913, 1893-02-02

y CIV in the United States as eompar'
y with Europe, prices would fall he
l. below the European level and mon'
# flow back. Property could be bong
t cheaper in the United States und
If such circumstances than elsewh her
J. aud gold will always go where it WI
q buy the most property.
d If the United States could obtai
silver enough for business purpos,
z in this country, we conld spare
portion of our gold to relieve th
: necessities of Europe. Who woul
Y be injured by such IA transaction
e Certainly not this country, becaus
I We would have plenty of money t
!. sustain prices and stimulate produc
t ton. Europe is the market for on
surplus farm products. If none
were plentier in Europe prices woul,
2 rise there and our farmers would re
ceive more gold for their wheat ant
cotton. Would they be injured b,
plenty of money at home to aid pro
ductlon, and plenty of gold abroad {,
secure good prices for their surplus
products
NO DISASTER To BE FEARED FROM
PREMIUM ON GOLD.
Bnt the contractionists predict
that free coinage will advance gold
to premium, and assume that ruin
would be the consequence. Gold rose
to premium during the war. Were
the producing classes ruined? Gold
is at a premium today in Mexico over
the currency of that country which
is silver. Is Mexico suffering on that
account? On the contrary, has she
not been able, against all predictions
and expeditions, to pay her vast rail-
road subsidies without default. and
did she not a few months ago borrow
$3.O0O,00O in Europe without the
slightest difficulty? Is not her credit
better today than it ever was? Next
co has become manufacturing coun-
try. She is doing her own work and
using her own money. Cotton mills
are being erected, vast reduction
works for treating the gold and silver
ores OF the country are being estab-
llshed by orr own citizens, because
enterprises can be prosecuted to d
better advantage in a country where
money is plentiful. What is the
cause OF this unusual prOsperltv of
Mexico IT 1T is not free coinage of
silver?
INDIA BENEFITED BY THE SILVER
STANDARD.
Has India been ruined by the silver
standard? The Royal Commission
which investigated that matter decid-
ed that cheap silver had benefited
India. While silver was at par with
gold India depended upon England
tor manufactures, and was unable TO
export either wheat or manufactured
'extile fabrics in any considerable
quantities.. She now manufactures
'extlle fabrics extensively for home
and she exported du-
II ing the year ending March 81, 1892.
550, 100000 in value of textile
aDrlcs of her own manufacture.
md S53,OO0,0OO IN value of raw cot.
on. She also exported during the
anne year 56,566,4OO bushels of {
wheat. If there is any suffering in
adla In consequence of the low price ]
Il silver, it is certainly not among q
ne producing classes of that coun- !
ry. =
The persons who are most affected +
y cheap silver are Englishmen en- \
loyed In India who are paid in sill C
er and compelled to suffer a discount q
I 50 or 40 per cent in transmitting +,
helr savings to England. Indian h
redlt IS benefited in one way and Il
1Jured IN another by cheap silver II
n d owes very large foreign debt h
aYable in gold. Her revenues are Fl
IN silver, and she is COM N
elled to suffer the discount in buv- .,
e gold to pay the interest on that II
ept' 1t was argued that such dis. n
'unt was disastrous. +,
d PERSONS BENEFITED BY CHEAP sc
SILVER. n,
but Others contended before the re
oyai commission that it was easier r,
II INDIA to raise the required re.e-
nc Win silver at discount than if
as before the price of silver depre. a,
ated, and that the increased obliga- ga
"a OF the foreign debt created by the s 81,
vance of gold was more than com J di
'nsated for by the increased prodnc. p,
On caused by plenty of money. Tbe r,
e are not the only persons n
melted by cheap silver for India. h. h.
perators who buy silver in the eli
n y States at the market price fr'
"a exchange it at par in India for do
,es cotton and other farm pro- co
'cts make enormous profits. One sill
the principal arguments of Enc s;l
nm mn, against the restoration Of 90
yer Is that cheap silver liberates 1 %.
Gun from paying tribute to the nm
plled States and enables them to H.
ocure cheap food and cheap raw arr ar
iterlal from India. ~" ai'
Inc great advantage which India ny ny
1aihs over the United States in FRI
ppiying Europe with wheat and ta ao
L1on Is illustrated by the fact that ~,
!, many years the average price of rs.
pushel of wheat in the Livernooi "''
'rket has been an ounce of s;I Por' TIL
IL "ho inaian farmer exchanges his
snei OF wheat for an ounce of sill ;,
IN that market and CONS his mi
lce OF silver into $1.37 in India thi
Us IS because the ratio of silver to thi
!, IN the Indian coinage is Is to val
which is about $1.37 an onuo ~ red
l ~