The record-union., 1895-05-11
QUESTION OF THE HOUR.
Shall the United States Have Free
Silver Coinage?
Any Country Proposing the Free Use
of silver Must Plan It's Measures
With the Utmost Care.

by President F. Benjamin Andrews in the
Chicago Record.I
Shall the United States attempt the free
coinage of silver alone?
l yield to no man in the United States
in the sincerity of my desire to have sill
yer reinstated in its old Office as full
money. The evils which have sprung
from its loss of this character are not usu-
ally exaggerated in the West or anywhere.
In fact, they can hardly be exaggerated.
The question is whether, in planning to
secure the rehabilitation of silver, it is
best for the United States to proceed
alone, irrespective of the acts and policy
OF other nations. or to wait reasonable
time longer in hope of securing the CO.
operation of a number of the great coun-
tries of Europe.
For my part, I believe in the latter
policy, and should deprecate an effort at
the present time on the part of the
United States alone to accomplish so
enormous task. In saying this l am
fully aware that many of the ablest none
tary students in the world are of opinion
that the United States could, without any
help from other lands, resume the free
and unrestricted coinage of the white
metal without driving gold out Of the
country or out of circulation. Henry
Hucks Gibbs believes this. So does Sir
Gullford L.. MOlesworth. So does More
ton Erewen. There are many OF our own
countrymen who hold the same, aud that
without being, | believe, influenced in
their thought by any selfish considera-
ton whatever. Could | only believe with
these eminent gentlemen | should be as
hna, a,rfy la t,1
wishing our country alone, without wait
ing day. to take up the cause of silver.
But l cannot possibly view the matter as
they do. L am, on the contrary, forced to
agree with Professor FoXwell, that no ma
ton on earth, however great can, after
what has passed, perform this vast work
single handed.
The argument from the success of free
coinage in France between 1893 and 1873,
strong as it is, is not sufficient to con-
vince me, seeing the whole situation,
that we could now do what Franco then
did. Rightly or wrongly-I believe
wrongly-a hostility toward silver exists
which never had place during the period
named. This has TO be reckoned with.
Foolish, baseless and illogical as it is. it
is fact, in face of which it behooves any
nation proposing the free use of silver TO
plan its measures with the utmost care
| have been declaring right and left for
years that there is no great supply Of
silver above the ground except what is
owned by the United States, but my
neighbors do not believe this. Nearly
every man l talk to in the East supposes
that opening our mints to silver would
mean perfect deluge OF silver dollars
within month. A folly will not down
at your bidding. and dangerous opinion
is no less dangerous for being folly in
stead of wisdom. This sentiment against
silver intensifies a rush and strife for
gold which would be hard enough to
deal with in any event.
All the gold nations and all the great
banks in them are looking for chances to
stock up with gold. This procedure is
not the usual provision of gold for the
normal purpose OF Insuring note redemp-
ton, but, from strictly economic point
OF view, is entirely morbid. The process,
in fact shows all the signs of vicious
boarding. The motive of it is largely
military, but even where no such thought
prevails the laying away of gold goes on
from considerations equally uneconomlc
and unusual. Moreover, this boarding
bids fair to increase not diminish. The
new output of gold seems not to check it
at all. Give the gold nations the slightest
opportunity TO get away our gold and
they are certain TO try il. They are un-
der new pressure TO such etfort-a pres
sure which has never existed till recently.
This pressure many of their best people
regret, and a mum ber of the nations would
gladly secure relief from it by general
system of bmetallisn, but if we go for
ward the money classes there, who almost
alone control the press, will certainly
seize the chance to cry down silver still
more, frightening American gold holders
to hide or sell their gold, for which
Europe will then make market.
1t should also be remarked that ma
tions like Austria and Russia, wishing to
get upon hard money basis, who would
gladly join in a general scheme of BIZ
metallism If chance were offered, must
choose gold as their basis it, and SO long
as, Europe as whole continues upon
this basis. And they would be likely to
make final their gold policy the moment
they heard we were taking up silver.
Japan, with vast war indemnity, much
of it gold, might, perhaps, strike into the
same line OF policy, making the retention
of gold by us more difficult still. These
considerations do not, l admit, abso-
lutely prove that free coinage by us
would drive out gold. but is it not clear
that they make such a proceeding ex-
ceedingly risky? 1t seems to me alto
gether likely, almost certain, that gold
would be forced from us, and that we
should be driven after a time to finan-
CIdl DdSlS luuCu llh6 LUdl Oh aC
present. l say much like that of Mex
ico." instead of ''just like that Of Mex
ico," because it is certain that the adop-
ton of silver as ultimate money by this
immense country would good deal ele-
yate the gold price of silver. Still, if
gold leaves US. our monetary basis will,
of course, be silver. however much value
the bullion in a silver dollar may then
have beyond what it has at present.
R,,f
gold does leave us? What harm would
come if we were to go over to a silver
basis? Why wait for other nations? Are
we not strong enough TO have none
tary policy OF our own? Is it not weak
and unpatriotic 10 postpone action until
rival nations please to do what we desire,
when we have no power to influence their
action? ! reply that it is not weak or
unpatrIotic to do what is best for our
country. [ would not wait for other
countries in order to please them if we
were in the long run to suffer thereby.
The question is: What Is best on the
whole for the people of this United States
Is it best for us by ourselves to proceed
freely to coin silver so long as there is
good hope that within reasonable time
International free coinage may be brought
about, making the restoration OF silver
easy and absolutely safe for all Z? think
not.
If we take up the metal alone, and that
course results, as l should anticipate, in
the expulsion of gold, we shall have in
the first place a financial crisis worse
than any ever suffered in the country.
This because we cannot in long time,
even by working our mints day and
night, coin silver enough to take the
place which would be vacated by gold.
Prices would surely fall. Immense num-
bers of failures would occur. Laborers
would be thrown out of work. Alto
gether, dreadful paroxysm in our busi-
ness would be precipitated. Slowly the
gap left by gold would be filled by the
mining and coinage of silver. Prices