Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1894-05-02

81. 90 an ounce England can not buy
for less, and the trade of South Ameri-
Ca and Mexico would flow TO this
country, where their surplus silver
would exchange for more goods than
in Europe. This would compel Eu-
rope to pay them about the same price
as we do for silver, in order to hold
the trade of all the countries south of
us If Europe did not take their sill
yer at 81. 90 an ounce in exchange for
| goods, it would come to us in ex-
change for goods; and we would ex-
change it again for tea, coffee, spices,
and other products of Asia, where sill
| yer is dearer than here, and make q
profit on the silver of about per cent;
| and American merchants would con-
troll the trade of Eastern Asia and
South America, as long as Europe re-
fused to take silver from the latter
and exchange it for goods in the
former
There is much more that can be said
in defense of America debating the
price of silver to the world. Such as
the benefit to the American farmer in
prices of what he sells at home. The
general prosperity which is dependent
upon the rewards of agriculture and
mining being adequate. The building
up of American commerce and the
restoration of q commercial navy, as
the result of increased trade with Asia
and South America.
But as these are all matters over
which there might arise discussion and
controversy, it is enough to show that
we can not ignore silver without
great financial loss and that we must
either coin or buy the worlds surplus
| every year to prevent it depreciating
the price of all the cotton and grain
| we send abroad. That any ratio
greater than sixteen to one would
perpetuate the depreciation of silver,
and consequently the value of what
we sell abroad. as long as our Asiatic
competitors value silver at the rate of
fifteen To one and will exchange their
products for it on that basis.
To prevent the export loss of value
of 200 TO 400 million dollars annually,
which must exist as long as silver is
worth 20 cents an ounce in America
and 1.37 in India, it would be a good
business transaction for America to
expend 500, 900, 900 annually, If neces-
sary, in purchasing silver at s1.e9 per
ounce, even il we buried every ounce
in the deepest waters of the Atlantic
ocean, for the investment would yield
over 500. 600, 900 annually to the pro-
ducers of this country.
No good business man would furnish
a customer with the means 10 buy
from a competitor at about half cost
and thus compel himself to accept
lower prices. That is what we do
when we let silver be sold at 20 cents
an ounce, which our competitors will
accept at Sl.37 an ounce. A policy
which is iuinous for business inan is
ruinous for the nation, for we lose
double the whole value of the product
of our silver mines annually in the de-
probation of value in wheat and cot
ton sent abroad. We might close the
American mines by paying the miners
wages and the owners profits Ior re-
naming idle, but we should yet have
the surplus silver of Mexico and South
America to take care of. Free ami
unlimited coinage will do it without
spending a dollar of government
money, but if there is danger of such
a policy making money too abundant,
as many suppose, and congress can
not agree on a free coinage act. there
should be no difficulty in providing a
substitute which will prevent Europe
from buying silver at less than sI.2g
per ounce.
Such action should be prompt and
take immediate effect before Euro
pesn spectators anticipate the rise in
value and buy up food and cotton at
present low prices to secure the ad-
vantages of the rise in values which
should go to the producers and mer-
chants of America. The immediate
effect of any action which ~ill in
crease the price of silver must be to
cause European money TO flow to this
country at once to secure our products
while low; and the greater the ad-
vance in silver the greater the adj
vance in wheat and cotton which must
follow, and the greater stimulus to
the flow of gold to this country in ex-
change therefor.
This will bring immediate relief
from the money stringency by restor-
ing confidence, which always comes
with rising values, bringing into cir
culation the money now boarded in
vaults and stockings
Those who object to silver coinage
on the ground that it will not main
tain the parity of the metals will not
deny the ability of the American PEG.
pie to buy and pay for the entire an
nual output of silver which Europe
takes every year, which would not re-
quire over sl0e, GOO. 600 to do, and such
a course would compel Europe to ac-
cept the price we may establish. Why
should we hesitate to do what is so
manifestiy necessary that We should
| do to preserve our independence
and at the same time SO profitable
from financial standpoint? America,
as y producer of Staples and money
metals, can dictate the financial policy
of the world. But to do so it is nee
essary that she should at all hazards
preserve the parity of both metals 50
| that they can neither be used TO de-
preciate the price Of her great staplss.
+. W. GRAHAM.
dubuque. Iowa