The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1895-08-01
.EX GOV MERRIA..M|l[

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GIVES HIS VIEWS UPON.
THE FINANCIAL
QUESTION.
EDITOR WoRTHlNGToN ADvANcE:1
The advent of the book edited by
Mr. Harvey Of Chicago, has served
to renew a. general discussion of the
uses Of gold and silver as money, and
as well the desira bility Of a thorough.
revision of the laws governing the is
suance of a currency suitable for the
purposes of the commerce Of the.
country. The advocates of gold as a
standard with the white metal in use
to the greatest possible extent keep.
ing it either at parity with it's great
rival, seemed to be arrayed on one
side of the controversy, while on the
other the Silver Champion strenuous
ly insists upon the United States adj
mitting the white metal to the mint
upon the basis of sixteen parts of sill
yer to one of gold maintaining in eff.
feet that the unlimited coinage of the
white metal will enhance it's value to
an amount that will result in the two
kinds of money circulating freely at
par. The contest has then narrowed
to simple proposition as to whether
we shall maintain the gold basis
with silver as an adjunct or whether
we are to drive the yellow dollar out
of our commercial life; deliberately
dishonor every obligation for the past
20 years by means of legislative en-
actnicllt. The United States thereby.
b,comes siiver-using nation like:
Mexico, India and China. ~.
First of all, let us consider the OBJ
ject of this constant agitation for the
rehabilitation $50 called) of the white
coin. The silver mine owner, of
course. is in favor oft very natural.
.ly. If by any process Of law he can.
induce the government to pay him
$l.O0 for the product of his mine,
worth in the markets Of the world, So
cents, he has accomplished a good
deal for himself and one can we'll
understand why he is SO much inter
ested in the enlarged use of silver.
It reflects great credit upon his finan-5
cial acumen. i would be equally
proper for the owners Of iron mines,
ii Minnesota and Michigan 70 insist
upon fixed price for iron ore or the
farmer to demand dollar bushel
for his wheat. It is not entertained
as serious reason for admitting sill
yer to the United States mint upon
the basis of sixteen to one, in fact
that the silver producer needs such a
result to add to his own wealth.
Many persons who favor the free
and unlimited coinage of silver, do so
for the reason that they are heavily
in debt, and imagine in some way
change from the present condition of
the silver basis will benefit them by
a possible enhancement of values.
Very few would be- benefited by
change in our standard compared
with the vast numbers who would be
materially injured and others who
would be materially ruined. Let the
country be fully convinced that leg
islation is likely to be enacted that
will do away with existing contracts
and conditions, and the effect will be
at once shown. Commerce will be
crippled, business interests will be
paralyzed, people will endeavor to Sc
cure the more valuable metal (gold)
and the disastrous consequences of a
sudden contraction of the currency of
the country must follow. The with
drawal of deposits from banks will
entail corresponding reduction of
loans, thus cutting off the various
channels of credit SO necessary to the
|uey chant, the farmer and the manu-
facturers. With the lack of usual
banking facilities must come the ina
bility Of employer to pay his laborers
and as result thousands of men will |
be thrown out of work. The panic of |
1893 was a summer zephyr compared
% the cyclone that would follow an
attempt to change from the gold to
he silver standard. It would take
years to overcome blunder Of the
lind proposed by Mr.. Harvey and
. i