The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-04-11
VIEWS or TEE SILVER oHrxr.
Nr. Warner ssy. sh.t tss B.-s.,. 90 shs
silver ssie-tersgs Is IN As-uraity.

views or TEE SILVER CHIEE.
NJ. Warner ssy. thst tss B.-s.,- 81 shs
silver ssie-iersEs rs an As---sity.
To THE EDIToR OF The suN-Ssr; There
are things as impossible In the financial world
ss in the material world.
One Of these IL the accom- pllshmsnt Of what
IL IL said will be recommended to Congress By
the President and his Secretary Of the Treas
ury. namely; . bill 10 provide, on the one
hand for coming the silver seianioraee now In
the Treasury. In order to Increase the supply
Of currency TO keep up prices and stimulate
business. and. on the other hand. TO sell bonds
to buy gold TO maintain the gold standard.
These two things can no more be done at the
same time than one can raise himself from the
ground by his boot straps.
I.
We are . debtor nation, and besides paying
for what We import We must pay something
like q million dollars q day as interest on
debts held abroad. to say nothing Of the gold
otherwise expended In foreign countries.
These sums must all be paid with commodities
or with gold. The only way We can par with
comm ODDITIES is to keep prices Of the things We
export low enough to induce other countries
to buy OF Us instead Of buying elsewhere. and
to bur enough more than they sell Us to cover
II by Increasing the volume OF currency
prices are raised so that exports are checked.
then gold must and will 60 out Of the country
to pay balances. The situation. then. 10
this: more currency to raise prices and send
gold out OF the country; more bonds to buy the
gold back. How long can that 20 on7 II the
President 10 impervious to the facts and the
logic OF this condition. his Secretary. one
wsuld think. ought to see the situation he II
putting the country In.
or course. We can for time par interest and
balances with new bonds. but that IL the policy
OF after US the deluRs." What have said Of
force TO the Issue Of redeemable bank notes. or
Of any other form Of currency to act on prices
How ridiculous. then. to propose. while at
tempting to maintain the single gold standard.
to repeal the state bank tax and food the
country with bank currency redeemabls In
gold II the basis Of our money system were
bimstallic. the case would BE- very different
but the discussion Of that subject II not the
object Of this paper.
Another one OF the impossibilities We are
trying to achieve 10 to keep down prices Of all
articles Of export. chiefly agricultural prod
ucts. In order with such products to nay debts
abroad and keep gold enough here to main
By tariffs. trusts and labor organizations. keep
up prices and wages in the protected and Or
eanized industries.
Wheat at 80 cents q bushel and cotton at
cents q pound to the farmer and planter do
not afford to exceed so cents o day for agricul-
tural labor: and rs wages and prices In this
field Of labor must be kept down In order to
enable US to export what 10 necessary to pay
for imports and for interest due abroad. IL
comes at last to this: Can half tho people
producing at So day exchange their products
with the other half who get but so cents . day
II one man cannot exchange the product Of
his labor ct 50 day evenly for the product Of
another at 80 cents . day. . thousand. or .
million. OF ten millions cannot
In order to enable one man to exchange the
products Of his labor at 81 day with those
earning but 90 cents day he must ind four
such mon to exchange with. or he must limit
his own labor to one day out Of four II he
would keep his wages up to 81 By the same
law. In order that one class may produce al
higher wages and keep themselves employed.
such class must have much larger number
working In other fields at lower wages. But
this disparity In the number Of workers In diff.
fsrent lines OF industry can only DO psrma-
nently sec ured By restricting the number Of
persons allowed to enter such fields: In othsl
words by monopoly Of labor as we'll as Of cap
ital. Such Is the law Of the equalization Of
wages and prices.
Is It not plain. then. that In going to gold
basis there must be scaling down Of wages
| In all industries and reduction OF all earn.
inGs. for earnings are but the product Of wagsi
| and timer
The railways OF the country are now strux.
| Cling to keep up their earnings. and. at tn,
a. a.
Of wages. This can no more be done on oul
| railways than In our industries generally
| indeed. much less. because railways are nc
| more protected by tariffs than agriculture IL
| The bonded debts Of railroads will remain tn,
same Whistler our money standard 10 GOLD
| alone or is bin etallic: but rates and earnings
must 60 down with svsrythinR else. and with
| them the wages Of labor. Railways can nc
more resist this law than they can the law o.
gravity. Gold prices are not only low priees
but necessarily reesdinx prices. for gold. I'M
der present conditions. must continue to ap-
prseiAts indefinitely. and when everything
else has been tried It will be found that tn,
| only way to maintain the gold standard is Il
restrict currency and credit bring pricsl
down. and keep them down TO the rseedina
level OF gold. In that way alone can gold b,
kept here and the gold standard DO main
| tanned. Prices depend upon what things ar,
priced IN. and II We insist on having thinRI
priced In gold only We must ACCEPT the results
We can't enact that bushel Of wheat shall
hereafter weigh ninety pounds and at th'
same time that no more wheat shall be 70
Quirsd for bushoL
But where doss this road lsadf To ruin. o
course; but We are In It. and while We stay II
it Il 10 better 10 know what IL before uk
| WARRINGTON. April o. u. WARHkA
TIE DsAss.'s Mathematics.