The Yale expositor., 1895-05-24

our reserve stock OF gold. how is long is
our reserve took of gold. how long Is
are we to replenish 1t? There is only
one way-that is TO borrow II from those
who have 1t, and that means England.
And that Is what we are doing. That
means more interest, more gold annually
TO be paid to England. Where will 1t
end? II means the dismal swamp
and "hell's half-acre" beyond This is
what having a gold standard means"
Closing his arguments. he declared:
THE reconciliation OF silver would put
our manufactures at work. There
Is only 81 400. 900, 900 OF silver in the world
that is not in the coins OF the establish
ed government. 1t would be the very
best thing that could happen to this
country If we could trade what is
claimed to be 5000. 600. 900 OF gold In this
country (but in truth less than $780,
900 000) for all the silver OF the world"
He declared the governments of the
world were waiting for the United
States to act. ready and eager TO fol-
low, in the restoration OF silver TO its
proper position. He closed: IF an UNI
due and unrighteous influence by
schemers and tricksters abnormally en-
hances the value Of gold so a CONNER
cial parity at 16 10 l cannot be main
tanned, then do as our forefathers did,
change the ratio. and make the change
in the weight and size of the gold coins.
Monroe and Jackson did it. They were
not called dishonest for doing so. They
were legislating in the interest of the
people and not in the interest Of the
IN "a
keep the legal ratio at 16 to /; we can
change it to 20 to /, II necessary. TO fix
| the legal ratio to correspond with the
| commercial ratio, but If the change is
made let us make ii in the rich mans
money. To lessen the size Of the gold
coins makes more dollars. To increase
| the size of the silver coins makes less
| dollars. A parity at the same ratio is
| practicable as admitted by the expert
ence of ages. This is what we ask.
This is a question Of capital on one
side and humanity on the other, Of
| sound money-the sound Of the clod on
| the coffln-on one side and sound money
| the sound that has the honest ring Of
the peoples money in ton the other
| side. 1t is a question of an English pol
| icy or an American policy. Which shall
| II be?"
Prof. Laughlin's Address.
Prof Laughlin, in his answering adj
dress, spoke as follows:
Mr.. Harvey has said there was a
greater trade with Europe during the
times when there was freer coinage Of
| gold and silver than since 1873. / have
turned to the statistical abstract OF the
| United States for 1894 and find that in
| 1872 the gross sum OF both exports and
! imports of the United States was eleven
hundred and sixty-four millio rs; in 1894
| fifteen hundred and forty-seven mill
| ions. Certainly that statement is not
| aCcurate.'' Prof. Laughlin also denied
| that we paid for our foreign goods by q
drain on our gold. He made this point:
| "Silver has lost it's stability Of value.
! II is no better than ordinary metal for
! stability. The action of India sends it
! down 20 per cent. The mere rumor Of
| the Chinese indemnity sends 1t up 10 per
cent. The more money there is roaming
about in circulation is no reason why
| any one gets more Of IL. Money, like
! property, is parted with for a consider
| alton. II is only the machine by which
goods are exchanged against one an
| other No matter how valuable 1t is not
wanted for itself. DO we insult any
ones penetration by supposing that the
| congressional kings are going coaching
about the country distributing their
money for nothing? Our farmers are
no fools. They know they can get more
money by producing more commodities
TO be exchanged for it. and for those
commodities they want as good money
as any other men in the country have
| got"
4 - 10 anfA prfa
| since 1873 have not fallen because of
any lack in the quantity of money. Free
coinage of silver at l6 to l, means sin
gle monometallism: 1G TO l is a single
silver standard and we will start with
all the South American countries and
Mexico. Free coinage OF silver then is
absolutely certain TO drive all gold out
Of circulation. The mere hint Of 1t did
that in the panic of 1893 May l. 1895
the first of this month, there were $685.
OO0, 900 of gold in circulation. Since gold
| must be inevitably driven out If free
coinage of silver is had there will be nc
increase in the quantity of money. II
the people who support free coinage
hope to increase the quantity Of money
it is perfectly evident on the face of II
that it will contract the currency by the
total amount of $56S 900, 900. AS free
coinage OF silver would inevitably re-
suit in n rise OF prices II would i'm
mediately result in teh fall Of wages
Its first effect would be to diminish the
purchase power OF all our wages. The
man who gets $500 or 81 900 year as a
fixed rate Of wages or salary will find
he can buy just half as much as now
Free coinage of silver would make al
the articles of the laborer's consumption
cost him 100 per cent more unless he car
get rise in his wages by dint of strikes
/ and quarrels and all the consequent dis
satisfaction arising from friction be-
tween the employer and employee. He
would be able to buy only half as many
articles of consumption as he had be.
fore"
He closed his argument with the fol-
lowing statement:
I'm conclusion, extraordinary as is the
proposal for free coinage. il Is in truth
only huge deceit. 1t was born in the
private offices Of the silver kings, nursed
at the hands Of spectators. clothed in
| aconornio arrOr on hoadlp arpiea1