The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-21
GORN6RED.
Questions Which Horr and the
New York Tribune Could Not
Answer.

(From the Record Review.)

| (From the Record Review.)
| The New York Tribune lately es-
tablished a school of finance, and in
vited contributions on either side of
the money controversy. In this de-
partment, which is preceded over by
ex-senator Horr, men of straw have
been set up for this distinguished
punster to knock down, but it con-
tanned genuine communication the
other day, from thoughtful and
earnest citizen of Colorado, who asked
some questions that yet remain un-
answered. The Tribune's financial
editor, of course, made an attempt. a t
a reply, but only scored a miserable
failure-so weak and puerile, in fact,
as to give greater emphasis to the
truths enunciated by it's correspon-
dent, who is none other than Mr.. J. J.
Hagerman, of Colorado Springs. This
letter contains SO much substantial
food for serious thought that we give
it to our readers in its entirety:
"SIR: / always read what the Tri-
bune says on the silver and currency
questions with much interest You
are very kind to answer correspon-
dents seeking light, and | venture to
hope you will answer the following
questions, which continually bother
me, as l know they do many others.
sit is conceded that the metallic
money Of the world is about equally
divided between gold and silver, there
being about 81. coo, 900, 900 of each. Up
to twenty years ago they were equally
good money for both national and in
ternational uses. There was then no
silver question in the world; and, SO
far as | can learn, there was no dis
content caused by the joint use of the
two metals. Broadly. The silver mon
ey OF the world is owned by the peo-
pie Of moderate means. It is mainly
used for transactions of small
amounts in the daily business Of life.
1t is the sum OF these transactions
which makes the large ones. They are
as indispensable a part of the COM
merce or the world as the blood is to
the human body.
"Speaking broadly, gold is the mon
1 ey OF the rich. 1t is used in large
transactions, boarded by governments
in their reserves and to redeem paper
money.
For the first time in the history of
the world, by various acts beginning
in 1871 and ending 1898, the great ma
tions OF the world have denied the
| right OF free coinage to silver on Sa me
ratio with gold established by agree
ment or usage. By each new act of
outlawry silver has dropped lower and
lower, until now it is worth in gold
only about 46 per cent of what it was
worth in 1873. 1t cannot be said that
the law, or the change of old laws, has
had nothing to do with the fall. l
we'll remember that when the law was
passed closing the India mints to free
coinage of silver, silver dropped 20
| cents per ounce. That clearly shows
the efficacy of law in controlling the
gold price OF silver.
II think the Tribune will agree
me that the total destruction of silver
as precious metal is the only logical
outcome of the fight against it if it
continues on the present lines. The
practical destruction of half the
metallic money of the world by legis-
| latiOn is, in it's far-reaching effects,
one of the greatest events the world
has ever known. 1t ranks in impor-
tance with the introduction of Chris
tianity, the fall of the Roman EN-
pre, and the discovery OF America.
Probably it affects for good or i'll
greater number of human beings than
any event OF which history has left an
account. No unprejudiced man can
truthfully assert that the effects thus
far have been beneficial to the ajor-
ity of the people. 1t has brought
idleness, want, misery, disappoint-
ment, and endless loss in it's train.
| Cart toi ~ iv M cncI uroa oh n ra cbnr,l1
have been initiated without the
strongest possible reasons. 1t should
have been only after the fullest pub
| lie discussion, and after complete
proof that the change would be for
the good OF the many, instead Of for
| the enrichment O.. few. Nothing
except the cleareSt demonstration
that the change would be for the pub
| lie good could Justify the initiation of
it, and nothing except positive proof
that it is doing good to more people
than it is doing harm to can justify
the continuance Of it. The low price
of silver could not have been rea-
son, because from 1871, when Germany
demonetized silver, to 1873, when the
United States did the same, the bull
lion price of silver was fully UP to its
coinage value. In 1873 our silver dol
L L
| fore the change could not have been
made because silver was cheap, for it
was not one cent cheaper than it had
been for the previous ten years.
''It could not have been because Of
over-production and the fear Of
flood Of silver. The worlds produc-
| tion of gold and silver in 1871 was
| $61, ,O0O.OOO The worlds production of
gold and silver coin combined in 1871
was $l68, 100000, being $2S,000,00O less
than it was in 1873. In the meantime,
the trade of the world and the need
of more money to do it with had ex-
| panded at a more rapid rate than
probably ever before in the same
time. The change therefore, could
not have been because too much gold
and silver were being mined and too
much money being coined.
s"Mr Horr seems to be acting in the