Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-08-25
HANsBROUGH's POSITION on THE
SILVER QUESTION.

In reply to an inquiry from the James
town Alert, Senator H%ansbrough gives
an expression of his views on the silver
question, as follows:
at is very difficult to cover this question
in the contents of a letter. l am and
always have been friendly to silver. l do
no go so far as extremists and declare that
a great crime" was committed in 1913. but
l am firmly convinced that 1t was a great
wrong. The effect of the demonstration
of silver has been a gradual fall in prices
of certain articles. That is to say, that the
depreciation in prices of wheat and cotton
has followed closely the depreciation in the
price OF silver. This has been owing.
largely. to the disadvantages our farmers
have labored under as competitors With the
wheat and cotton producers of India. The
fall in prices, however. has not been wholly
due to this cause. Improved methods in
producing these articles have assisted in
lowering prices. You will have noted the
fact that corresponding decrease III prices
did not occur with respect 10 meat or any
into competition with similar products i'll
countries having a silver oasis. These
prices We're regulated by supply and de-
mand at home. The Liverpool price had
not governed the price OF our meats. You
will have observed that factory wages in
this country have not gone down. On the
contrary the tendency has been upward.
This is owing TO the fact that We have had
a protective tariff. which has sustained
American wages.
Now my opposition to the unlimited
coinage Of silver is based upon the theory
that it will be hurtful to return suddenly
to a policy that prevailed twenty years
gradually: we should return to it gradu-
ally. My plan Of returning to it there
fore. is to pass a silver law providing for
limited coinage upon a new ratio with
the understanding that congress shall
change this ratio according to needs OF the
the ratio and the amount OF our coinage.
The advocates of free and unlimited coin
age would rely upon the caprice of nature
the ability of the Rocky and Sierra
Nevada mountains to turn out the guam
tity which shall be coined. l have taken
the ground that, if by the adoption of a
ratio Of POI We could secure better prices
of congress after a time to reduce that
ratio to Is l. perhaps, and if that action
resulted in further enhancing the price Of
wheat and cotton it would be the further
duty Of congress to reduce the ratio again
and ultimately return to the ratio Of l6-1.
thereby getting back to the policy that
was in force at the time OF silver demOne-
tiZation.
Il am unalterably opposed to a single
gold standard. because under such a policy
the monopoi!Zation Of gold becomes a
mere matter OF convenience 10 those who
are in a position to control the gold of the
country. and We would find ourselves, as a
nation. completely in the hands Of those
capitalists in Europe who nOw own and
manipulate our bonds and other securities.
As a matter Of fact the total amount of
gold now in this country does not exceed
ST per capita of population.
The policy OF this country. 1t seems TO
me. should be to encourage our " people
to purchase and hold our OWL securities.
This is the policy Of France, which at this
moment is perhaps the most prosperous
nation in the world.
Il believe bimetalliSm to be the true
policy and the only policy for this nation
to pursue. 1t is moreover good republican
doctrine. As to the remedy, however, |
think that the recognition Of silver as a
money meta! upon a new ratio and limited
coinage will be the proper thing under the
circumstances.
MY experience is that the creditor class
of this country are sufficiently established
to stand upon their own footing and have
reaped sufficient profits in the past to tide
them over a long future. 1t is that other
class OF people, who have been obliged to
travel over rocky financial pathways, that
we feel a special interest in.
Il believe we must keep gold and silver
on a parity. silver sentiment is growing.
Let North Dakota republicans advocate a
double standard for it is right, 1t is justice"
II hope this democratic administrator
will find a way out of the present difficult
ties. 1t will not do so, however, if it fol
lows the policy laid down in the presidents
message. which is wholly in favor OF the
single gold standard.
IL have lost none Of my faith in the re-
publican party to keep this country in a
prosperous condition; l have abandoned
none of my former expressed convictions
that the democratic party is entirely IN
equal to the emergency of successfully
managing this country"
THE CAISE OF