Alma record. (Alma, Mich.) 1878-1928, 1894-05-11
Continued from last reek)
PROFESSOR BENJAMIN ANDREWS
The Famous Economist Pleads Ably IT.
Favor OF Bimetallism.
The True Cause of Distress

II
quackery at ALL A true cause of afil
ton TO the industrial body polite hai
been laid. We have greatly reduce
the amount of money in the worlc
which is available for ultimate liquida
ton. We have reduced it absolutely
and we have reduced it far more in re-
latioa to those needs for fundamental
money which arise from the growth OF
population and of business. A distreS
sing appreciation of money per unit
has taken place, bringing in itself u
tremendous drop in prices. This ap
plies break, clog, hindrance, obstacle
<handicap. and difficulty to all produc
ton. 1t does not entirely prevent pro-
duction. Nothing could do that SORT
of killing of the race. But it renders
production indefinitely scant rs com
pared with what it would be but fol-
these hardships.
The logic being clear and unassai
able as far as concerns the disease, tn,
nature of the remedy is equally clear
money; not more bank notes, not more
token coinage, not more full legal-tend
er tokens, but more of the sort of money
that can do everything that any money
can do. We need, | say, a greater bulk
of money that is portable, good in ult-
mate settlements; suitable for bank re-
serves and government boards. Thi,
is the proper prescription for our pa
~tient The only question is whether
the medicine can be procured. Ny
belief is that rehabilitation of silver n
full money for four or more of the
would furnish it. If so, the course is
most desirable.
No Hocus-Pocus Remedy.
The bimetallist's scheme involves no
element of fiat or hocus- pocus, bat
proceeds upon the law OF supply and
demand as truly as recommendation
does. Make the two metals legal ten
der at ratio. just what ratio is "a
comparatively slight matter. If either
metal becomes in the slightest degree
cheaper than is indicated by the ratio
people will buy bullion of that sort
and by getting it coined use it in trade
This will set up demand for bullion
: of the cheaper metal, which will raise
it again to the ratio value. Should it
raise higher than this the extra demand
goes over to the other metal, raising
that and lowering this.
OF course to keep this principle in
play your bimetallic pool must be a
large one. A single nation cannot
work the plan, because there would be
great sources of demand and supply
outside of its control. But let enough
nations combine to have jurisdiction of
all the main sources of supply and
demand, and the thing is done.
No flat value would attach to any
part of the money created in the way
suggested, because bullion of either
metal would be worth per grain pre-
cisely as much as the coin of that same
/. metal
The question as to the political feast
bility of the international bmetallism
reduced to that of securing England's
accession To bimetallic arrangement.
There is not shadow of doubt that all
the European nations would hasten to
accede if England would but lead the
way, though they would not stir a
step in that direction-as they ought
not-until Great Britain mover.
Will Great Britain yield? Not today
or tomorrow, of course, but all signs
indicate that she must yield at last
English Publicists Favorable.
All the able economists in England
believe in bimetallism and urge it as a
practical policy. The farmers and
manufacturers are united in its favor.
The landed aristocracy are rapidly
coming 10 Ine sdine poolIlou, oocihS
that their rents must heavily fall If
present conditions continue. More
Tstriking and perhaps more important
practically is the change to bimetallic
sentiment which is rapidly going on
among the irish. This proceeds
largely from the publication of the
venerable Archbishop Walsh' Primate
of Ireland, who has given carful study
to the question and has shown at
length that, if money continues to
appreciate, the legal rents of Irish land
fixed tor term of years under recent
4 Il Co..