The oasis., 1894-12-06

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 selves to drift can be had until this
 dominating fact, the great apprecia-
 tion of gold, is fully realized. The fall
 in prices will go on in all gold-money
 countries until the appreciation Of gold, now the standard money in all
 such, is stopped. The only possible remedy is in full restoration of silver to it's place as a money metal. There must be again unlimited coinage Of both gold and silver and the unre- stricted circulation of both as money. The restoration of silver to it's place as money must be brought about, if possible, in a way that will not cause suspension of gold payments, for such suspension would in turn produce contraction of the volume of money to an amount equal to the total sup ply of gold coin and bullion and cred its based on gold. l desire to restate to you a plan for the re-establishment of silver in our coinage, which l be- lieve the only safe one for the United States to adopt without international agreement. This is set forth in an open letter addressed to President Cleveland July l2, 1893, and is restat- ed in an open letter addressed to the senators of the United States, dated September Is, 1893, which letter was indorsed before presentatio to the sen ate by nearly 200 prominent manufac- turers of this city.
 "The proposal is as follows: First, that the United States shall admit silver bullion from American mines to coinage in it's hints upon the payment by the owner of seigniorage absorb ing three-fourths of the difference be- tween the market tLondonl price of tue bullion and its value when coined. Second, that foreign silver shall be ad- mitted only for coinage purposes, at seigniorage absorbing all of the diff erence between the market London) price and it's value when coined.
 nThis plan would re-establish at once a bimetallic monetary system for and by the United States. It recog- nizes and meets the dangers that be- set independent action by the United States, and 1t would soon reestablish the equality of the legal and commer- cial value of gold and silver and pro- vide q proper regular addition to the money of the country. Under this plan foreigners could not take American gold to the disadvantage of the United States, nor could producers in the United States have an undue profit. At the same time it would give our own producers moderate protection.
 If l am right in my belief that the unrestricted use of silver as money would soon cause an advance in the price of silver to parity with gold at the ratio of l6 to l, then this seignior- age charge would disappear and the question of bimetallism would be set | tied by the independent action of the United States. If am wrong in this opinion, and if silver should not ad- vance, then foreigners could not take our gold except at premium equal to the difference fixed by the price of sil- yer in London, and the United States could not be driven to the silver mono metallism except by the sale of Ameri- can securities in American markets too fast for us to pay for them in mer chandise.
 "The establishment of bimetal lism on the plan propose could not fail to support prices, encourage com mercial and industrial activity. The wage-earning classes would find work and have money to spend for better