Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-06-21


arguments of the monometallic system.
But other arguments showing the dan
gerous effect upon the industries by
dropping one of the precious metals from
the standard of value outweigh, in my
mind. all theoretical objections to the
bimetalic system"
Do they say that we are innovators In
proposing the coinage of silver and gold
at the ratio of 1G to /? We answer that
we kept our minis open to the coinage
of both metals at that ratio from 1892 to
1873. We answer that for 200 years
prior to and including the year 1873 the
commercial value of silver and gold in
the world was never more than l6 % to
|, and never less than 14.54 to /.
DEPLETION OF GOLD NOT FEARED.
Notwithstanding this history these
forgetful heretics say to us and cry out
to the whole country that the remone-
tization OF silver would bring with 1t u
train of calamities. Now, we must
treat these gentlemen soberly and pa
tiently. Some Of them are ignorant
and need education: some are merely
selfsh-and we must try to awaken their
patriotism; some of them are dishonest
and we must expose their pretenses !;
some of them, | grant, are honest mono
metalists, and dc not therefore belong
to our party and cannot get into the
other, unless that party shifts its ground
and changes its policy. But all these
classes unite in predicting that the re-
monetization of silver will drive gold
out of the country and leave us nothing
but silver. From 1861 to 1879 we had
neither gold nor silver, ard yet within
that period we carried on great war,
expanded our industries, peopled our
waste lands and waXed strong and great
as nation.
We can also answer these heretics and
say that our gold nor our silver nor our
wheat leaves us unless we can get what
they are worth in the market. If gold is
worth more to foreigners than to us,
why not let them have it? Certainly no
one can claim that we are going to lose
our gold by conquest or that it will go
away of its own motion. If it goes it
will be replaced by something we need
more than gold.
They also try to brighten us by saying
that the Europeans will buy silver bull
lion at 20 cents per ounce and bring it
over to our minis and have it coined into
dollars. They won't be able to buy sill
yer at that price; but suppose they
could if the Europeans buy bullion and
have it coined into dollars what will they
do with them? They don't owe us any
thing; therefore they can't pay debts
with them. If they use them, they must
use them to buy our produce. Well. we
shall be glad to sell to them-and Har-
tcularly glad to do so if the thing hap
pens that the mOnometallsts predict that
reconciliation will be followed by an
undue rise in prices.
After the reconciliation of silver we
can look without alarm upon the depart
ure of our gold. If it goes to Europe, it
will go there because it will buy more
there than anything else will. If we in
crease the supply of money in Europe
the inevitable consequence will be tC
raise the price of all commodities-not
only of those produced in Europe, but
those which we supply. In the mean
time we shall have an abundance of good
money at home. Probably the first
effect of the re.establishment of silver
will be a check upon the importations
from Europe. For little while our
Republican friends will be consoled tC
find an effect produced by currency
| legislation which they have always
claimed as one of the blessings of pro-
tective tariff. But granting that at first
|
peans, yet as we are still EurOpe's mOst
convenient and largest source of supply
she may buy of us. This state of affairs
will start our factories. give our labor
employment and will enhance prices fol
our products, not only here, but il
Europe, because of the larger supply Of
money.
FIGHT TO BE PUSHED WITH vIGOR.
These prophets say again, as if predict
ing Il calamity, that our securities will bC
sent back to us by the Europeans. Well
If they give them to us, we can bear the
ailliction. Even if they sell them to u,
cheap, some of our rich men can TAKE
advantage of the market. | think W.
can be certain that they will not try
and really could not if they did-Inak'
us take them unless we want them.
AT the very beginning of this contes
let us make up our mind that we won
be frightened by nursery tales, and tina
we won't give up our fight because they
call us names. Let us bear in mind, il
view of the direful predictions of tn,
mOnometallsts, that we haven't mucl
gold at present, and that what little W,
have bought with per cent gold inter
est-bearing bOnds-and that even wha
little we have we keep through tn
courtesy of Baron ROthschld and Mr.
Morgan. Remember all the time we ar
not only depressing trade, but straininI
our financial resources, TO perpetuate
financial system which we don't beleV
in and which we never knowingly estab
lished. We are trying to pretend tina
we have plenty of gold TO redeem all on
obligations, and yet we know-or ough
to knOw-that with any concerted de