The state herald., 1895-08-09

cuss the question OF the re establishment
OF bimetallism IN this country by the in
dependent action OF onr own government,
he could offer no better argument in op-
position to 1t than the stale, fiat and oft
exploded fallacy that it would drive all
OF our existing stock Of gold ont Of CIR.
cnlation md cause complete collapse
OF credit. This would bring on the great
est panic ever known, according to Mr..
Horr, because he claims that nowadays
% per cent. Of all business is done with
credit, and II all credit should be de-
stroyed every interest and industry in
the United States would be ruined.
When the first attempt To reopen our
minis to the free coinage OF silver, after
the demonstration act OF 1873, was made
tho same pretense was put forward by
the gollites. They said then that il We
should coin 100000 OF SILVER all the
gold would be driven out OF circulation
and out OF the country, credit would be
destroyed aud most disastrous panic
would ensuc. When tho Bland AlIison
oct was passed, over the veto OF Presi-
dent Hayes. they repeated these gloomy
predictions with all the confidence of
dTinely appointed prophets When the
s'o,ooO,"o mark was reached and passed
without causing the evil elects they had
foretold, they raised the limit to $1,000
ooo, aud they kept on raising 1t by do.
grees Us long MS the government con
tinued to purchase and coin silver under
the Bland-Allison law.
When the Sherman bill was enncted in
1890 We had more than sio0,ooo.oOO Of
silver in circulation on equal terms with
gold in this country. Not only had none
OF our stock OF gold been driven out, but
We had added about 1850, 10000 TO The
amount We had on hand when the Bland.
Allson act went into effect, but that did
not prevent the gold,ea from again fore.
telling that the Sherman law would sure.
ly drive oil our gold out Of the country,
destroy credit aud bring on u most de.
structye panic.
Instead OF doing 80 II is n matter OF
history that the country enjoyed greater
prosperity during tho period OF the Sher.
man law than ever before in It's history
aud II was not until the conspiracy 10
utterly domone'izo silver was made GER
tain TO succeed, by the election OF Grover
Cleveland in 1892, tina, the destruction
Of credit on large scale began in this
country.
There ia no more reason now to be-
li.'e that the reopening OF our mipts TO
tho Unrestricted coinage Of both gold and
silver ut tho ratio Of 10 TO would drive
gold ont Of circulation, or curtail credit
ar bring ON panic, than there was when
the golditcs predicted similar disaster.
M u consequence OF tho limited coiuag,
provided for by the Bland Allison law ,oi
the larger purchase Of silver bullion de
creed by tho Sherman law, aud tho bos
judgment Of tho wisost students Of mon
otnry science reject that theory com
plctcly.
Suppose that gold should 70 out o
circulation in this county, where woult
II lind better market than hereS Ever
hit should go TO u premium IN the Unit
cd States as compared with Other form
Of money. That would not force II TO
premium In my other country, and II
any event 1t could only 60 abroad IN CT
change for other things Of rqnal valu.
10 That ws would no, be losers by its do
parturc.
Tho claim that while all our o1,stipl
stock OF gold would DO driven ont Of ID
country the value Of our silver at tn
same timo would be- reduced 80 per cen,
10 too absurd for serious discussion.
We should lose our entire stock Of gol,
that much additional money duty woul,
be put upon the remainder Of our cur
rrncy, which would naturally incfcns
Instead Of lesseD iis value. Neither silyc
nor treasury notes could deprcoiste r-li,
lively TO gold 10 this country IN consc
quoBoo ~ the withdrawal oi gold iron
circulation. until npillcicnt supply o
other legal tender money. either siiy.
or paper, bad been provided 10 take ,b
place Of tho retired gold
MIR Horr's argument Is utterly uyniena
bic and We have NO fear that II will mis-
lead any large number Of in,elligcn
American ciiizeDs Denver Republican
john Olson living IN the north wcsi
ern part Of tho county raised good cfoI
81 small grain this year. Bc broueb
some samples 10 Holyoke that are yer,
good indeed for this year. Joho Ia
good farmer and alssys fais.s ciop !
an, body does.