The Delta independent., 1895-11-20
ST. JOHN TO THE RESCUE.

The goldbugs did not have the field to
themselves at the annual convention OF
the American Bankers association, held
at Atlanta last month. President
William P. st. John of the Mercantile
National bank OF New York was on hand
to reply to Ex-Governor Merriam, Judge
Aldredge and Edward Atkinson.
Doubtless the advocates Of the single
gold standard would not admit that Mr..
st. John clearly fought their champions
to standstill but from silver point OF
view Of those who have the interes ste OF
the people at heart, the honors were
clearly with Mr.. St. John.
The New York champion Of silver
neatly answered the school OF plausibility
which contents itself with saying that
five double eagles, hammered smooth
are still 800, while silver dollar
hammered smooth is worth but 60 cents.
BY law. Mr.. St. John shows, the amount
of gold named will become 800 for any
owner who deposits it at the mint. We
propose that our law shall bestow upon
silver likewise this right OF transition
into money. Then, and for like reasons,
4121S grains o: silver 9-1O fine will be 81
similarly in the silver dollar, undefaced,
or hammered smooth.
Mr.. st. John expects the following
would be among the achievements con-
sequent upon reopening the mints OF the
United States to silver; the dictation OF
the worlds market price Of silver by the
United States mint; the parity Of the
market and our coming value for silver
established and maintained; the con-
current circulation Of silver and gold
money or their representative certificates
in the United States.
He shows that in 1903 France opened
her mints to the unlimited coinage Of
gold and silver, and kept them open
without break for seventy years, until
the Franco-Prussian war, at the ratio Of
151s to l. The conclusion is irresistible
that the volume of business in Franco
and her trade relations combined to
create such a demand for money that
the voluntary deposits Of both metals for
coming enabled the French coming price
to dictate the market price Of gold and
silver for the world. II France could do
this, why cannot the United States?
The silver champion further showed
that the employment Of money! in Frauce
was by a population Of between thirty
and thirty-fve millions. Our employ
ment Of money is for sixty-seven millions
of people now, scattered over territory
seventeen times the area Of France.
Our population promises to exceed that
of Great Britain and France combined
in ten years. He might have added, too,
that while the industries and resources,
Of France were, by comparison, fully de-
veloped, the industries and resources
and the development OF resources, Of the
Of the United States are yet in their
infancy. France carries SIT OF silver per
capita, where the United States carries
only So per capita.
Mr. St. John showed the evils that
have como upon this country through
the degradation Of silver. and went on
to say: I'VE propose an increasing
aggregate OF all commodities and
services. We propose to thereby stimu-
late, rather than repress, production; to
assure fair prices for commodities and
services when in fair abundance; to
assure the producer his fair share Of the
real wealth which he creates. We thus
propose that law shall attend to the
dissemination, rather than to the
aggregation of wealth,"-Denyer Times.