The Wadsworth dispatch. [volume] (Wadsworth, Nev.) 1892-1899, 1893-09-23
MonometaIlist and Bimeta,list.

other bimetallist-give in The Outlook
each the financial situation from his
standpoint in thoroughly clear, dispas-
slonate manner that commends itself in
this time of noisy ignorance and violent,
selfish utterances.
Mr. Louis Windmueller, the mono
metallist, says the present panic is due
to the boarding 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 convertible into gold or the equiv
alent of gold. They therefore hide away
all gold and money convertible. into gold
at par which they can lay hands on. Mr..
Windmueller knows one western banker
who usually keeps on hand d cash bal
ance of $4,000. He has increased it
till it amounts now to $3.50, 900, 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
continue their business. A man will
not lend another 81 900 in gold, or gold
paper, If there Is danger Of his getting 1t
back In currency worth only $500.
''Since the failure. of the Ohio Life and
Trust company on Aug. 90, 1867, it has
not been so difficult for the average bor-
rover to get money! says the writer.
Those who demand moro money are the
infationists and silver miners.
The sole cause of the present panic is
fear-fear Of the further depreciation Of
silver and the disappearance of gold.
Mr.. Windmueller thinks the only remedy
is the repeal of the Sherman law and
no more coinage or purchase of silver.
1--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 81 ounces of silver to of
gold. In 1892 it was "a ounces of silver
to Of gold.
Mr.. A. Foster Higgins, the bimetal1ist.
tells us that capitalists want only one
standard, and that a gold one. because
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
urslly.
But this is an injustice to the debtor
class, says Mr.. Higgins. The great class
Of borrowers are really the most enter
prising and most active citizens. the ones
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-
BILE standard, and only by the use Of both
gold and silver as money can there be
even an approach to an invariable stand
ard. The debtor class plead that "ev-
cry measure tending to establish a single
gold standard Is attended with contrac-
ton Of the worlds money supply. with
fall In prices and loss to every mer-
chant who buys depending on q fixed
basis Of value"
Mr.. Higgins declares that the United
States needs three times as much money
per capita to transact business as the ma
tions of Europe do because of our great
er activities, wider distances and differ
emit states. We must have an animal
increase Of $4,000 900 to keep pace
with our 100000 anndal increase III
population, holding the supply per cap
ita where it is now, $94.50. Before the
demonetization of silver, although th-
relative quantities Of gold and silver an
nually produced varied from three times
as much to less than one-hah in case Of
silver, yet the market prices Of the two
metals never varied more than 3.3 per
cent from the standard. II was the de
monetization of silver that caused huc.
tuation in value and disaster. :.
All of which shows how easy It was TO main
tain values. irrespective OF the yield Of the
metals, 20 long as both were admitted to coin
age. 1t Is now well proved that by no possibility
can these values be maintained except by ad-
hitting both metals TO free coinage upon an
established RATIO and the alternative OF this is'
TO discard silver as legal tender, and there
fore practically as money. II the entire world
should agree to and adopt this. 1t would mean
at once discarding $1,000 100000 Of money and