New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-20
DRIFTING GOLD OU1 or TIE COUNTRY

~
There are humorous features even in the most
serious discussions. No one VIII contend, Tor IN
stance. that the silver question Is not as grave ana
important in its bearings on the National welfare
as any which has been before the country for
many years. and yet it is difficult to consider
with a straight face some Of the arguments so
callcd-which a.c addressed in all sobcrness by
the advocates Of free silver coinage 10 the voters
OF the West II person Of ordinary sensibilities
finds himself in the rocking. filthy air Of second
class railway smoking or immigrant car. he HES
him to a purcr atmosphere, and his explanation
that he was driven out by the bad air finds no
one to question ii. Should one ~ the garlic
tainted unwashed ppc-smokcrs In the car con
tend tina, this man was not driven out by the
foul air inside but drawn out by pure air
outside his method Of accounting for the action
would be received with dcrison and laughter,
because it would be recognized nsiinctivcly rs
an attempt 10 absolvc the condition OF The air
in the ear from nil responsibility In the premises.
But the argument of the advocate Of foul air
would not be whit more absurd than that
which "Thc Denver Republican, uscs in cNplaln-
Ing the movement Of gold and silver under the
operations Of The Gresham law. This budding
authority on finance says: "ict history shows
that they gold and silycr) were so maintained
Eat parIly) for thousands " years prior to 1913
"rhc fact that In some countries only one metal
"clrctllatcd does not affect the truth ~ this
"proposltlon Concurrent circulation Of the two
"mctals is not essential 10 blmctalllsm. When.
"cvcr silver or gold has flowed into one country
"and away from another II has been because II
twas more highly valued in the country 10 which
I'll went than IN the one from which it was
drawn. It always should be remembered that
'in cases OF this kind the undcrvaluod metal IL
mot driven out, but that II is drawn out" Omit
ting any present discussion Of the remarkable
proposition that concurrent circulation Of the
two metals is not essential TO blmctallisln or
Of the false assertion that parity was main
tanned prior 10 1873. we come ut once to the III
tercsting query as 10 what difference ii makes
to this country whether our gold Is drawn out
or is driven out so long rs ii goes out. which The
Republican, admits would be the result Of the
free coinage Of silver at the ratio Of IL TO l..
THE Republican" would notch. no! not for
worlds.-drive gold out Of the country by creating
II silver atmosphere in which gold could not live,
but it would be perfectly content TO have The
gold drawn out OF the country if it could shift
the responsibility upon the purcr atmosphere Of
Europe which gold would find more congenial.
TO clinch its point. "The Republican" declares
that when silver left the United States after the
ratio was changed in 1884. ii did 50 because it
was drawn out by the fact that 1t was more
highly valued at the French minis than at the
american. In France 1Jis ounces Of silver were
equal to an ounce of gold. whereas at our minis
'it took Is ounces Of silver to equal an ounce Of
gold. OF course men having silver sent 1t to
France rather than TO the American mint. The
SILVER was drawn or pulled out 1t was not
driven out Unfortunately for the effective
ness OF this argument the real fact Is that In 1884
the people OF the United States were sick and
tired Of silver. and by changing the mint ratio
they deliberately created gold atmosphere, In
which silver could not exist and silver took its
departure across the sea: in other words II was
driven out-just as the silver men are now
anxious to driv" gold Out-and the responsibility
lay entirely with this country, not with Europe
Another point which this same strange author
| lty makes Is almost too ridiculous to notice 1t
asserts that "the Gresham law applies to worn
''or clipped coins. which, while retaining their