The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-09-13
ST. PAUL. Aug q. '93

AS you seem to be giving the silver
men chance to be heard through
your paper, [ would like to PROFOUND
few questions on the subject.
answers to which might also be of
interest to others.
First.-If a farmer had a mort
gage on his farm payable in wheat
and oats on the basis of one bushel
of wheat equal to two of oats, and
he was producing three bushels of
oats to one Of wheat, would it be to his
advantage to have the word "oats"
stricken from the mortgage?
Was not the decentralization of sill
yer a parallel case on a national
scale?
2nd.-By what process of reason
ing do the advocates of the single gold
standard arrive at the conclusion
that with free coinage of silver the
gold would all leave this country and
we be forced to an exclusive silver
basis? In that connection is it not
fact that gold does not leave the
country unless we get value received
for it, or in other words to pay bal
ances against US. and how is the
gold basis going to help our bal
ances:? Is it nota fact that all our
trade balances are, and for many
years have been, payable in gold?
And is it not a fact that nOtWith-
standing our use of silver. balances
are. and have been for a number of
years paid to this country in gold? q
gather this from the newspaper ac-
counts of exports and imports of
specie, noticing that very seldom do
we see an account of any silver being
imported, while our exports always
contain good share of silver?)
3rd.-If as alleged, the present
panic has been brought about as a
result of the Sherman silver law,
exclusively, who can explain what
connection that law has with the
common laboring classes withdraw
ing their deposits from the banks:
with the closing down of factories:
with the general Stagnation of bust
ness for want of circulating med
ium to transact it with; with the
general distrust of our solid bank
ing institutions?
4th.-Is it not fact that our obi
cations to England, if paid, would
more than absorb all the gold of this
country, and that such obligations
must be paid whenever England de-
lights to call Gas evidenced by the
heavy sales of stocks last spring. and
that the payment of them at any
time would force us to silver basis
Tor without silver to fiat basis);
and is not England as likely to call
for gold when we get to an exclusive
gold basis as at any other time. and
would not the expectation of $780,
100000 gold with that as our only
currency basis create greater panic
than at time when we had silver
basis left? In other words is not a
silver basis preferable to no basis
whatever?
5th.-By what process does Eng
land stop the expectation of gold
under what is called advancing
rates of exchange" and could not
this country adopt something SIM
liar to protect our interests? Could
not this country protect it's gold and
silver by levying an import duty of
say 60c, zoe, or even SOC an ounce on
silver, and as tariff raises the price
of goods according to the campaign
speakers) to the price abroad plus
the amount of the tariff, silver
would then always be at premium
in this country?
Then with reciprocity treaties
with silver using countries to adopt
the use of silver in order to hold
trade relations with us?
6th.-Would not the return of the
hundreds of millions of boarded
money to the banks renew conf
dence and move all kinds of bust
ness; and in what way is the repeal
of the Sherman law going to inspire |
any more confidence OF depositors in
the banks?
An answer to these questions will
add another to the list of shouters
for the single gold standard.
J. j. CUSHING.