The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1895-07-18
THE MONEY QUESTION
Sdpposing That All Of Our Gold
Should Go Abroad.
Senator Jones Shows That Sucll
Result Need Not BE Feared.
Baneful Effect of an INSULT
cheney of Money on the
Interests of the TOilers.

It is admitted that we have $780,
100000 Of gold in this country. How
long would it take for that gold to go
out and 5000, 100000 Of silver to take
its place, and what would be the effect
abroad and at home while that opera
tion was taking place? .."s. ..
Suppose that according as portions of
the $60O,O00,0 ,0G0 went the monetary
supply of this country We're maintained
at a steady level by the issuance of a
number of silver dollars equal to the
number Of gold dollars that were sent
abroad. Suppose the gold to go out
gradually and silver gradually to come
in to take its place. Suppose that ulti-
mately-say in year-$100, 900, 900 of
gold should go and 500, 100000 Of sill
ver We're coined and issued to take it's
place. Gould any change take place on
that account i'll the prices of commodi-
ties? If so, how? Can any citizen an
swer? And if that question cannot be
answered let me further inquire, IF
prices do not rise, how can our importa-
tions increase sufficiently to take out
any moro gold? But suppose that even
t77ally all our gold left the country and
went to Europe, would the gold stand
ard of Europe be the same that it now
is? There is, according to the report of
the treasury department, $4,000, ,00O,-
900 of gold in Europe. An influx of
5000, 900, 900 would be an addition of
90 per cent to that stock Of money. Is
it to be contended that that amount add
ed to the volume Of money in European
countries would not raise the prices Of
commodities there? Would the gold
standard Of Europe be then the same
gold standard that it is now? Manifest
y not.
The gold standard simply means the
range of prices consistent with the avail
able quantity of gold money. When our
gold had all gone and entered into the
circulation Of European countries, it's
place being supplied here by silver,
would not the gold standard Of those
countries be altogether different stand
ard from that of today? Would it not be
@ much better standard, more benef-
icent standard? Would not the range Of
prices i'll Europe be materially increased
by the inflow Of so large an amount of
gold: Would not a halt be called to the
unjust increase in the burden of debt,
and would not our products exported to
Europe command much better prices
than they now do? To what better place
could our gold go than to the markets
in which we sell our wheat, cotton, pc
troleum, tobacco and meat products?
Meanwhile as each dollar Of silver
took the place in our circulation of each
dollar of gold as the gold went out our
prices could not alter. twill surely not
be contended that dollar of silver could
have any more effect than a dollar in
gold.
Suppose, as have said, that $780,
100000 Of gold should go out every
year. Of this amount we should have
$35, ,000,0 900 from our own mines, which
would leave $65, 900, 900 of our accumu-
lated stock to be sent out. Hence it
would require ten years to send out all
our gold, even at the rate of $1O0,OOO,-
900 year, and even if that amount,
when sent to Europe, had no effect what
ever on prices of commodities in the
countries to which it went
But no one doubts that it would raise
prices there, SO that long before one-haf
Or even one-third of our gold could go to
Europe the range Of prices would be
such as to establish an equilibrium be-
tween the two countries. This would al
together stop the outgo of gold. No man
with any capacity for reflection can for
moment doubt that this is precisely
what would occur. Hence the demand
for our gold would stop very far short of
exhausting the quantity in the country.
There is no country in which the up
per classes are more luxurious than in
Russia. They are the most lavishly ex-
travagant people in the world in the
purchase Of all sorts of foreign luxuries.
Yet they have had practically no money
but paper money for 100 years. They
simply purchase the necessary gold by
means of the commodities they have to
sell. Does anybody suppose that we can
not get in like manner the few things
that we need abroad-for we need, in
to our population and wealth,
less things abroad than any other people
in the world?
All the articles of prime necessity,
the articles required for the daily living
of the masses of our people, are in sur
plus in our own country, SO that we do
not need to buy them abroad The same
is true Of the larger proportion of our
luxuries.
High Priced Money and the Working
@e..~e Glasses.
Some advocates Of the gold standard
inquire, with sneer, how it is that free
coinage Of silver is going to put money
into the pockets Of the workingmen.
They say that men must give labor for
money. To that we agree. In advocat-
ing the free coinage Of silver men do
not attempt to put money directly into
anybody's pocket. What we are at
tempting to do is to secure the adoption
If national policy that will enable
business to be conducted on steady prices
for the products Of labor. If employers