The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-25
Believes i'm Free
Coinage of Silver.
Ex-Judge ncConnell of Chicago Explains His
Position ON the Currency Question.

swers to some extent the proposition that
the ratio should be established at the pres
ent gold price Of silver. That would be
perpetuation Of the injustice already done
through the demonstration OF silver.
The proposition Is made without any rel-
erence to the value which will be given 10
silver by the new and increased demand
for 1t. As l have said before. gold has
value now apart from its intrinsic value,
growing out of the demand for 1t as money.
1t has seemed to me that the ratlo pe-
tween the two metals must be estapisheo
with reference to the history or money
the relative quantity OF silver and goio III
the world, and in view Of the wealth ana
strength of this nation-its population and
resources, and of other nations either now
coming silver or likely to follow our ex-
ample in doing SO.
History shows that for fifty years after
England had demonetized silver ana down
to 1878, 1t passed current without discount
the world over, at n ratio OF lb13 TO 10 10 l.
In some countries 1t was selling at a prem
ium. The relative quantity of silver 10
gold is less now than at any period prior
to 1873, and Is about Is 2-3 to l. There IL
larger demand for Its use now in the me-
chanical arts than at any previous time
in the history of the world. These con-
leau Ine u DeleNc thas We N''AA
safely open our mints to the free coinage
Of silver at the ratio of 16 to l.
II am unable to foresee any calamities
which would follow such action. 1t Is
easy to predict panics. and sometimes
easy to precipitate them by prediction.
In the midst Of an area Of falling prices,
in the very throes Of crisis brought on
by the demonetiZation Of silver 1t Is
rather absurd to predict another panic to
ensue upon our getting rid OF the cause of
the present lamentable condition. And
again, 1t must be remembered that IS per
cent of our commerce and business is
among ourselves. The s per cent. We
transact with the outside world IL divided
between silver nations and nonometallic
nations. Our relations with silver using
countries would probably be made some
what closer, and our commerce in that
direction increased. do not apprehend
that our trade with monometallic coun-
tries would be sensibly diminished. Neither
they--nor others-buy from us anything
they do not need, and they only pay for
what they get, the prices which the supply
on the one hand and the demand on the
other fixes.
The MonOmctallists' Theory.
"The monometallists seem to think, at
least they say that If we adopt the policy
Of the free coinage Of silver at the ratio
of 16 to 1 then by some kind Of financial
legerdemain the Europeans are going TO
be able to get our wheat and cotton for
even less than they do now. do not think
sensible men are to be frightened by any
such bugaboo. From 1861 to 1876 We had
only a deprecated paper currency, and
yet the Europeans were obliged to pay
full and adequate prices for all they took
from us. The monometallists also say
that the European capitalists Will buy
silver in Europe for 10 cents per ounce
and bring 1t over here and have 1t coined
into dollars and buy our products with 1t.
II think they reckon without due consid-
Grafton of the most important factor in
this problem. After a nation Of &C, 900, 900
people, the greatest producing nation in
the world, has remonetized silver, silver
cannot be bought in any market for 70
cents per ounce. After reconciliation
SIN grains of pure silver will pay dollar
of debt and buy dollar of produce in
America, and then 371h grains Of silver
will be worth dollar in gold In London,
Frankfort or Paris.
"The monometallists also think-or say
that the Europeans will buy silver at 10
cents per ounce, and have 1t coined by us
into dollars, and then take our gold dollars
away and leave our silver. They cannot
get our gold much more rapidly than they
have lately under the fatuous monometal-
lie policy Of the present administration
Now they are able. about every ninety
days, to take 500, ,OOO, 900 of gold out of our
treasury at a profit of from 10 to 20 per
cent.
"A sufficient answer to the suggestion
that all gold would leave US in case we coin
silver dollars at a ratio Of 16 to to gold
is that our present system doesn't prevent
our gold from going, therefore the sugges-
tion ought not to frighten us. The present
trouble grows out Of the opportunity
which is always offered under gold mon
ometallic system to bankers. They see the
chance to make money out of the situation
and they do 1t.
But think there is a still better answer
to their threat of a gold famine consequent
upon the coinage Of silver and have al
ready in part suggested 1t. There is not a
surplus Of coin metal In the world. There
are no great stocks of silver on hand, ready
to be rushed to the mints. Such silver as
has been mined has been put into use. The
demand for 1t which will follow from free
coinage, and the value which will be given
to 1t by it's adoption as legal tender by the
greatest producing and most resourceful
nation of the world, will put silver on a par
in Europe, just as here. The probability,
too, is that other nations will promptly fol-
low our example from necessity. They are
already calling for international confer
ences upon the subject. France is strongly
inclined to remonetize silver, and has al
ready suggested 1t would open Its mints
to silver II we would. There is in England
a very decided and growing sentiment in
favor of silver. The thinkers there are all
with the movement; the debt-holders there,
as here, are against It,"
Next Saturday we shall print an able
argument of Professor J. Lawrence
Laughlin. professor of political economy
at the University of Chicago, made be-
fore the Waubansee club, in behalf of
gold monometallism.