The Monticellonian., 1895-09-13

from Iol to 70 cents per bushel, and thereby re stere the old rotio of Z to 1, there is stronger raSHa far saying that reopening the hints to sltrf #auld restore t to the old ratio of l6 to l. for no man, ip lis sober senses would take 5o or 70 cents fa silver which he could take to the hints and get lIo cents for by simply having | coined into a dollar
 The argument so often advanced by the gold ftaS hfat free coinage at 1Ftot ould make this country simply a "dump.us ground for silver and that we would have perfect "deiuee of siyeT," isutterly preposterous. The Ercatest part of the silver in the world, outside of the United stafes. WAS coined al ths rauaof l5a ounces of silver To l in gold Why would the owners of that silver pay the expense et shipping H here, having il melted and refined to our standard, and then give up I6 ounces If t to ahtaia what they could get for 15.z ounces i'll thcir own conn tryo AS to the danger Of a "Siiver de uge," 1t is sufficient to say uat the e3ai4s annual output ef silver from the whole world, available for use as money, would barely suffice to pay the annual pension roll of the United States
 Whenever goldites say, if we have free coin age, bankers would buy up silver al 5o cents, and in that way pay of tbfir deposors in e5o cents dollars, ask them where they would find the faoi to sell them silver fer 50 cents, when he could get q dollar for il al the hints?
 Whenever they say that at present the silver in silver dollar is worth only 90 cents, ask them to tell you, If gold were demonetizea like silver, what would be the bullion worth If the gold ill that thin disk of yellow metal now ealled dollar" With supply of nearly four bii- lions on hand, and an annual output of nearly twice the amount required for use in the arfs, where would he the demand to make gold worth even 50 per cent of what ii sells for uow2 Ask them also, if the silver in a silver dollar is only Warth 5e cents, why do fheY propose 10 add ta | i 5a cents of fictitious value and make it equal b sotd hy mort l-agas upon the American people i'll sHe shape of government bonds, and the costly wages af syndicate To act as watchmen for the I freasurYa
 fhat is precisely the way af "mantalnlne the faGty with gold as it is at present." to which i auf .sond AIsney' Club say they are "unaterz i abty commftted"
 When eeldtes say that if we have free coin. #se, eHr gold will leave us. ask them if t is not l s'feaay doing that under the single gold stana= afa although We have paid syndicate about .sht millions of dollars te watch over the Treas my for about six months and keep their friends i from raidinE it, It reminds one of stopping Indian ralds by hiring Indian bucks to act as national rolice!
 When goIdites argue that the single gold standard is already fixed fact in our financial system and that a change would iniure ''our business interests" tell them that no legitimate business should expect to prosper upon the sae= rfee If the interests af the many to the few. and that the maintenance of the gold standard has already cost the American people many billions of dollars in reduced prices received for tHeif asPorts and increase iH their indebtedness. When fheytaik about free coinage being simply sin the interest of mine owners, " tell them tbat carefully prepared tables of the approximate annual laSses caused hy tile decline in silver anu the enhanc e1nent of gold. show that such losses an cotton alone amount to ss7, ,50o.ooo al on wheat alone, iii l6 states. to S6s.051.0o0 asg- gFegatiRg, on these tWe products, si55,55a,e4a aEainsf sl3 000 sustained by "western mine asners
 When snldites point to Mexico and China as silver standard countries, ask them what about 1 gold standard Egypt. and Turkey, and Ilherial i ASK them also if Il Is not the standard of man. hoed and race and climate, rather than the standard of value that makes the difference be l tween all those countries and oars?
 When they ask you f you want cheap dollars. i tell them that any dollar k dear enough 10 you, and that cheap dollar Is simply one that you doht have 10 give up such large amount of i labor, or products to gel your hands on it
 Tell them also that whilst silver dollars may l he tmtky very foW of us will need Whcelbarrows i to carry around what Ne get of them, and that a gold dollar is SD lIlte that t gets lost in poor mans pocket, and its legs are too short To % round the corner to pay an honest debt, and 1t always runs and hides in time of need
 When they talk ahout "ruinous innation. and "panes, 10 result from free coinage. tell them i that Nature itself having imposed q lfnit to the output of gold and silver there can be no such l thing as an undue imitation from their coinage l into real money, and that whilst panics may re- i salt from an undue irritation of bank notes. or 1 paper currency issued upon an insufficient me tailie base, no one eyer head of 2 panic result l ing from having too much real money of either 1 silver or gold. When they say, on the other hand, that free coinage will cause "ruinous contraction" by driving your gold out of eircu- ation. tcll them that Your gold has already gone, and that the rest of the gold in this country, is mostly locked up in yants and is practically out of circulation now and that so far as free coin age causing gold to leave Us under the operation of the Gresham law. or the principle that cheap money drives out dear money" tell them that so-called law simply amounts to this, that ! V. will ga where it can get the most for itself. and the gold we have now on hand, we got here by paving more for it than any body else would, under the same circumstances As gold gees where il can get the most for itself, il always graytates to the level of lowest prices, and as "eontraetlon' produces fall in general prices cur g6ldite friends should explain the inconsist. ent idea of of a "ruinous contraction" going on m this country, and gold going out al the same time!
 Mr Carlisle, in speaking Of free coinage in his Memphis speech said the immediate effect of such policy would be q contraction to the extent of fully one third of our present volume of currency by the expulsion of about sGez Goo.- 0o0 in gold, " bu, in few sentences afterwards. he virtually contradicted that by saying, "The | introduction into the currency of a country of aHy kiud Of money about which there is the least doubt, will always operate to drive out the i same amount or about the same amount, of bet ter money" This latter statement contradcts the first. but is nearer the real truth, and is based on tha So-caIled "Gresham law, already referred to; and the answer to it is:
 1st That as the opening Of the hints to silver 1 on equal terms with gold, would naturally lft ID silver and lower gold, the legal ratio wonld be established, and gold dollar would nol be any 'belter money than d silver dollar, and the "Gresham law" would have nothing towork on.
 2nd. That granting the correctness of Mir. Carisle'S proposition that free coinage would not put silver and gold upon an exact parity. and that gold would be q httle the 'better money, still as the cheaper money. T Silver, could only drive out about the same amount ot gold, no contraction could take