Waterbury evening Democrat., 1893-08-19
MonometaIlist and BimetaIlist.


 Two members of the New York cham Der of commerce-one "goldbug," the other a bimetallist-give in The Outlook each the financial situation from his standpoint in thoroughly clear, dispas- sionate manner that commends itself in this time of noisy ignorance and violent, selfish utterances.
 Mr. Louis Windmueller, the mono Inetallist, says the present panic is due ! to the hoarding of gold and paper money by the banks first, then by private indi- | viduals They thus hoard money be- cause they fear that under the continued operation of the silver act of 1890 our currency will depreciate till it is no longer convertiblei into gold or the equiv alcnt of gold. They therefore hide away all gold and money convertible into gold
 9t par which they can lay hands on. MT. Windmueller knows one western banker
 who usually keeps on hand a cash bal ance of $10,0O0. He has increased it till it amounts now to $50, GOO, and that
 sum is lying idle awaiting some possible run or emergency. That is an illustra- tion of where the money has gone in the present scarcity, so that manufacturers cannot get at any price enough of it to l continue their business. A man will not lend another $1,0OO in gold, or gold 1 paper, if there is danger of his getting it back in a currency worth only $500. I Since the failure of the Ohio Life and Trust company on Aug. 23, 1857, it has not been so difficult for the average bor- | rower to get money," says the writer.
 Those who demand more money are the
 infationists and silver miners.
 The sole cause of the present panic is
 fcar-fcar of the further depreciation of
 silver and the disappearance of gold.
 MT Windmueller thinks the only remedy
 is the repeal of the Sherman law and
 no more coinage or purchase of silver
 We shall need no more currency till
 we have re-established confidence in
 what we have already issued"
 In 1860 the production of the two
 metals was 5t ounces of silver to 1 of gold In 1892 it was 24 ounces of silver l to 1 of gold.
 Mir. A. Foster Higgins, the bimetallist.
 tells us that capitalists want only one : | standard, dIlC IIldI t SOlu one,
 the supply of gold is becoming smaller every year, and therefore the metal grows dearer and dearer. The gold basis
 dollars they have will go farther and pur-
 chase more the scarcer the yellow metal
 becomes. They are not averse to in
 Creasing their fortunes in that way nat. urally.
 But this is an injustice to the debtor
 class, says MT. Higgins. The great clas: of borrowers are really the most enter prising and most active citizens. the ones l. upon whom the progress and develop ment of the world depend" This great class demands that the basis of money shall be as near as possible an invaria ble standard, and only by the use of botl gold and silver as money can there b, r. even an approach to an invariable stand a ard. The debtor class plead that lev :. cry measure tending to establish singl, Il gold standard is attended with contrac If tion of the worlds money supply, witt i fall in prices and loss to every mer IS chant who buys depending on a fixet e basis of value"
 r, Mir. Higgins declares that the United e States needs three times as much money s. per capita to transact business as the na n tions of Europe do because of our great )f CT activities, wider distances and differ n ent states. We must have an annua g. increase of $49, ,0O0, ,OOO to keep pac it with our 2,OOO, GOO annual increase il g. population. holding the supply per cap n ita where it is now, $24.50. Before th le demonstration of silver although tn n relative quantities of gold and silver an
 nually produced varied from three time
 as much to less than one-half in case O silver. vet the market prices of the tw Il metals never varied more than 3.3 pc cent from the standard. It was the de " monetization of silver that caused fuC :, tuation in value and disaster.
 All of which shows how easy 1t was to maiI lc tain values, irrespective of the yield of tn a- metals, so long as both were admitted to coir - nGe. It is now well proved that by no posstbilit can these values be maintained except by ad S. mitting both metals to free coinage upon a -o established ratio, and the alternative of this
 to discard silver as a legal tender, and ther' $. fore practically money. If the entire worl If | should agree to and adopt this, 1t would mea
 at once discarding S4,O0On,OOO of money an Ill n contraction to at least large proportion ls | that amount.
 The demonish folding bed has clutche H. and slain another victim. In New Tor al city Mrs. German was cleaning her be IL with naphtha. She had not much sense Se for while she rubbed in the explosiv |" fluid with one hand she carried lighte TT candle in the other. Naturally tn "S fumes from the naphtha foated to tn ID candle and burst into flame, conduct
 ing the fire to the vessel which held tn "' liquid. Mrs. German, stupefed an llS frightened, fell forward upon the bee LII If it had been an ordinary bed, tn Tll might have saved her Rut if was