The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-07-30
GoLDBUGs COULDN'T ANSWER.

vention met in Saratoga last Thursday
and as these institutions are, In the
main, bound to the wheel of the Wall
street iuggernaut, a resolution was OF
fered in opposition to the free coinage
of silver. In that large gathering the
people had N friend-and that friend
was and is one of the most prominent
and successful bankers of New York
city-Mr. William P. ST. John, presi
dent of the Mercantile National Bank
| Speaking to the anti free coinage reso,
luton, Mr.. ST. John s4id:
"Alone, if not supported, I must op
pose this resolution. Conviction which
antagonizes it, forbids me to acquiesce
in it's adoption.
81 spent six of ten years research
into the worlds experience in eager
pursuit of facts with which to substan-
tiate the assumptions aud allegations
on which this resolution rests. I am
satisfied that truth told accurately
will not substantiate it.
The repeal of the so called Sherman
act" linked the United States practical
ly with all Europe to the untried at
tempt at one time to base the money
of all upon one commodity-gold; to
restrict all increase of money to the
little yearly new supply of gold that
the arts and India do not absorb. On
estimates of statisticians whom my
opponents honor, about one third only
Of the annual production of gold is thus
available for money. Hence, to fasten
this attempt upon the United States
and bind the expansive energies of our
seventy millions of people by such a
restriction upon their money would
seem to me &c welcome peril if not to
court disaster.
Some %recoveries in prices from the
great depression which seemed to cul
inmate last year are reported, and
more seem likely. Nevertheless. my
profound convic lion is that to grant
again to silver the right of transition
into money at the will of its possessor,
while continuing that grant to gold, is
essential to the we'll founded prosperity
of the United States.
The assumption, under present and
prospe tive conditions in the trading
world, that the re opening of the minis
of the United States to silver would
Danish gold is no better founded on
experience than was that identical pre-
diction with which the BLAND Allison
act was threatened in 1878, and which
was put to scorn by the experience of
the United States in the subsequent
twelve years. Instead of our expelling
gold as the result of that enactment
we gained gold, beginning with the fol
lowing year, until the aggregate sum
ofgold attracted from abroad approach
ed $500, 900, 900.
In this connection I am prepared to
prove in detail that our coinage act of
1892 did not demonetize and Danish
gold; that III coinage act of 1884. did
not demonetize and Danish silver that
excessive issues of bank notes sup
planted much of both metals during
both these periods, and much of both
in each period was exported in settle
ment Of our debt balances in foreign
1t is worthy Of note that the New
York State Bankers Association did
not ask Mr.. St. John to furnish the
proof. On the contrary, the members
sat there with their fingers in
their mouths and said moth
ing. Tney said nothing because they
had nothing to say. There was not
one in all that goldbug contingent
ready to challenge st. Johns state
nents or willing to draw out the facts
which he had in reserve. They sat
mute, so far as the challenge was con
;erned, and proceeded to adopt the cut
and dried resolution which had been
.,oncocted in the back parlor Of the
agency in New York.