The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-06-05
Bus1Nnss WOULD BE PARALYzED.
Business Mans View OF the Unlimited
Coinage Of Silver.

Coinage Of Silver.
Atlanta Journal Secretary Hoke
Smiths paper: The following letter has
been received in Atlanta from the head
of the greatest dry goods house in the
world .o...
was caused by the fear that the silver
purchases Of the United States were
about to bring the country to a silver
basls. This fear led primarily to alb
normal gold exports and to boarding OF
gold AS gold disappeared the panic
grew. When the panic became general
all kinds Of money were boarded with
out much discrimination, because many
persons feared that all financial lnstltu-
lions might be ruined, and in unreason-
ing alarm they thought that any Kind OF
money would be safer than bank ac-
count. When the bill repealing the silver
purchasing clause OF the Sherman act
passed the house Of representatives by
vote so overwhelming that 1t seemed
certain, that the bill would ultimately be-
come law the panic subslded. The very
day after the vote in the house OF repre-
sentatives the situation changed RADICAL
ly. For the first time In four months
money was offered to merchants, and
the acute phase of the panic was at
an end.
Depression, however, continued while
the senate debated the bill, but signs OF
regeneration were not wanting, and a
distinct Improvement began when the
senate concurred with the house In the
repeal Of the silver purchasing clause.
The Improvement was stopped by the
p p
changes in the tariff. Every merchant
knows the dlscouragements and losses OF
the last two years Of uncertain and fall
ing prices
Now we have reached the bottom;
we have felt the effect Of the tariff.
prices which have been abnormally low
are beginning to improve and the out
look for business is encouraging.
Shall we invite fresh panic by con-
slderlng free silver coinage in the
other nations?
Nothing can be more certain than that
free coinage of silver at the ratio of 16
to by the United States alone would re-
suit In scramble for gold. This would
cause an immediate contraction of loans
and o general financial panic would in
parayzel once more, and another sea-
son of calamity would be upon us.
British, German, French, Holland and
Belgium investors in American coin and
currency bonds, where payment in gold
was not specified on the face Of the bond,
would rush them into Wall street to b.
sold for gold before the free silver
slump to 50 per cent money went into
effect, and this would powerfully help
to sweep away the last gold piece in
the United States.
Those who wish to see better prices for
all commodities must remember that ths
power Of the people depends
on their earnings. The depression which
always follows a panic throws many per-
sons out of employment, and for long
time after the panic many remain unem-
plyed. We are now slowly recovering
from the panic OF 1893; every month the
consuming power Of the people increases.
Let this consuming power steadily grow
and It will soon catch up with any tenn
porary excess of the worlds supply of
commodities and thus surely and safely
produce higher prices. Check this con-
sumlng power by panic and a vast in
crease in the number of the unemployed
will depress prices more than the free
coinage Of silver can raise them.
Free coinage OF silver by the concur
rent action of the great nations would,
we believe, be of decided advantage TO
the world. Since the United States has
ceased to take care of a large proportion
Of the worlds sllver-that is, within
year and n half, blmetalllc sentiment in
France and Germany has increased more
than a decade before, and the silver ques-
lion In those countries now commands the
Of their foremost statesmen.
Let the good work go on; let the Eu>
ropean nations struggle with the silver
question without relief from the United
States, and the prospect of an interna'
tlonal agreement will rapidly Improve.
But II the United States tries to solve
The silver question alone she will at
Dnce relieve other nations of a pressing
problem which they now see can be safe
y met only by concurrent action OF the
commercial powers,
Free coinage Of silver at the ratio of 16
10 by the United States alone would In
yite panic, calamity and disorder II
would put this country onto monometal-
lc silver basis, and by driving gold out
II use would abruptly and dangerously
contract the volume Of our currency.
We write this In view Of the announce
nent by the press that monetary con-
sentlon will be held in Memphis toward
he end Of May. II you should be pres
INT at the convention we hope you win
oppose any experiment which viii be
likely to plunge us into commercial dis
ister and distress even greater than that
from which we are now emerging,
THE II. b. CLAFLIN COMPANY,
John Clatln. President,