The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-05-01
PERTINENT QUERIES.
rank i. Stacy Seeks Financial lnfor.
! nation From the Leading
Newspapers.
|" Editor Forced to Acknowledge
. the Correctness Of His
Reasoning.

ciate editor and editorial writer on
finance for the Minneapolis Tribune, re-
Gently sent to the editors of the morn
! ing dailies in Minneapolis, st. Paul and
4 Chicago, few queries which show that
he holds monetary views radically diff
ferent from those at present preached
tn the Tribune sanctum. Asked as to
|lthe result of his catechism of the morn
Ing press, Mr.. STACY tells the Penny
PRESS"
1.-The brief note of inquiry addressed
tothe morning daily editors of the three
cities, covered the following facts:
First, that for each of the nine years,
1873-lsS1 inclusive, after the stoppage of
the free coinage in Europe and this
country, the value of the worlds gold
product exceeded even the coinage val
he OF the worlds silver product, and yet
silver fell 16 cents an ounce. The silver
product fer the nine years was $147,-
6js<6, less than the gold product. or
neeyly 20 pc. cent less and yet the daily
rspcatsc .sssmptio4, .. the organs CT the
gold sclA::ni IS that the decline Ia silver
was QU -. oVcrli OduCllOc-
'SecoS.a during ths, first So years of
free co.rag, IT, t5's country, 1792-1849
Inclusive, the value of the worlds sill
yer product was approximately double
the value of the gold product, and yet
the price of silver under free coinage dur
ing that 56-year period was practically
the same at the end as at the beginning
Of the period. The silver product for the
56 years was 81 500, 217 900, and the gold
product only $843 100000, and yet the
commercial ratio of gold to silver had
changed only from 1917, to l in 1892 to
1876 to in 1849.
'"rhird that from 1873 to 1898 the coin
ng value of the worlds silver product
las only per cent larger than that OF
The gold product and yet the CONNER
|cial ratio fell from 1882 to l in 1873 to
26.74 in 1898.
ITO the several editors l then put this
query: In the light of these facts can
the gold monometallists. in your opinion,
logically maintain that silver overpro-
duction, and not the repeal of free
coinage caused the depreciation of sill
yer since 1872"
what reply did the morning editors
baker"
"The St. Paul Pioneer Press and the
Minneapolis Tribune did not publish the
article or refer to it. Some OF the dali
Mes published it without comment. The
Chicago Tribune and st. Paul Globe pub
lished the article and gave 1t editorial
discussion. Both of these papers very
frankly admitted that silver over pro-
duction was not sufficient cause to ex-
plain the fall Of silver since 1873.
1.-THE Chicago Tribune admitted with
e0l1i - liable frankness:
DGably very few OF the friends of
D4nest money believe the decline to have
been wholly due to over production Of
silver, and in 10 degree to the action of
Europe III this country. The gold mon
ome:all:sts could not logically maintain
the position stated, If they wanted to do
60
"Tbe Globe, in speaking Of the effect
Of the acts of 1878, in closing the great
money markets of the world to silver as
. standard coin, says with equal frank
ness: When those markets were closed
by arbitrary edict, cutting off so much
Of the demand, the price was as sure to
fall as would be that of any commodity
denied of half its consumption
"These damaging admissions on the
Dart Of dailies which have been loud in
their opposition to free coinage, are en-
couraging evidence Of the fact that the
educational campaign for which Pres
j1ent Cleveland and Secretary Morton
elamor is making excellent progress"
"How do you look upon the recent in
terview which DR.. Folwell, professor of
political science at the state university,
recently has given the public on the coin
age question:" the Penny Press" asked
1T appears to me-" replied Mr. Stacy
"that DR.. Folwell theoretically gives the
gold organs harder blow than he does
the author of Coins Financial School,
He Endorses Mr.. Harvey in the statement
that from 1892 to 1873 silver was the
standard unit of value in the United
States. He comedies that considerable
part of the fall in prices since 1873 is the
result of gold appreciation, due to the
fact that the gold supply has not kept
pace with the inopease Of population
wealth and business He cites such au-
khorities as Giffen, Soctbaer, and Walker
~ proof that the gold contraction period
Of the past 20 years has been marked by
an unusual fall in prices, which has beer
severely felt by producers, dealers an6
debtors. DR.. Folwell significantly says
THE debtor class is under great burden.
1T is true that he does not champion
free coinage or express great confidence
In international bimetallism; but at the
same time he denies that he Is so hope
less in regard to the money question a:
to be willing to rest satisfied with the ex
listing gold contraction program and tn,
adjustment Of prices to the relativ,
smaller ana smaller supply OF gold.
!. Realizing the danger of the single golt
! standard, he contemplates. as the unit o
value for the future, 6, multiple STANDARD
based on the average prices Of thos,
staple articles Of consumption in univer
sal demand In the battle of tn
y American people, therefore, against tn
gold monometallism of the Rothschfld's
Wall street, and the Washington admin
istration, DR.. Folwell is clearly on tn
side of the former. His recent interview
is we'll worth the consideration Of loca
champions of the British creditor sys
tenn"
'sMr. Stacy what do you think of tn
argument that this country must clinI
to the gold standard because Englan'
does?"
II think there are 10 reasons VIII,
Great Britain should follow this countr
in adopting money system, to one rea
son why we should initiate Great Britain
The United States, the first nation o.
earth in wealth and industrial develop
ment, is not dependent on Great Britai
for prosperity. On the other hand
Great Britain is dependent upon us 70
the staple necessities Of life, the mater
" ials Of manufacture, a large slice of 1t
a 1or -