The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-09-08
CAPT. ASHES BOOK
- ENTITLED "a DAY WITH
THE PROFESSOR AND
HIS FRIENDS ,,
FAMILIAR CHATS ON FREE COINAGE

mas Been Pronounced by a PrOmi'
nent Public Man Who Has Read Il
Carefully ssMore Interesting Thar
Coin. the Very Best Argument l Have
heard on the Subject. There Il
Nothing Heavy or Dull About Ii. II
Is Sprightiy and Interesting Through
out,
The new silver book from the pen o.
oapt Samuel a. Ashe, of this city, men
tlon OF which was made some days ago
appeared yesterday from the presses o.
EdWaids Il Broughton, Raleigh. 1t /;
neatly and attractively gotten up, and !:
SOLO at % cents copy. On the attrac
i've cover is the picture of big silver
dollar, over which is the act Of 1899
making the Spanish milled dollar OF
81 grains fine silver the unit OF
value. This act was unchanged by the
acts of 1884 and 1886. The plan of the
discussioni is conversation between the
Professor" and bis three friends, the
New York drummer, who is an ardent
gold bug, a Kansas Populst, and the
Major, who is free silver man.
The book, being a series of familiar
chats, IS desultory rather than a close
logical arrangement of the argument.
Yet it is not devoid Of method. Appa
rently realizing that the advelS position
OF the President and of Leading bankers
constitute in themselves formidable argu
ments against free coinage, the author
indicates by we'll known facts connected
with the tariff bill that Mr.. Cleveland Is
not infallible in his judgment, and seeks
to show that what may be called the in
teiiigence of the financial men of the
North affords no just standard for the
Judgment of others. In preliminary
way, he also discusses the element OF
prices, laying stress on ability to buy as
being an important factor in demand.
There the conversation turns on the fall
In prices, which, it is argued, has been
caused in great measure by the apprecia-
ton of gold. To the suggestion
that gold is supplemented by
large issues of paper currency, the
answer is made that while this paper
currency is very convenient, in the end
it constitutes an additional strain on gold
and tends to its appreciation, while gold,
rising, carries up with it all silver coins
and paper notes that are maintained on
par with it by artificial devices. Thus,
the argument is that gold and all cur
rency rise in value leaving commodities
and property behind; although the vlsl-
BILE effect is stationary money and fall
in prices. Decline in values, the author
urges, is disastrous to trade and pros
perity and produces unhappiness and
multiplies crimes aud social ills
a discussion then follows on the sub
ject of free coinage, and what its opera
tion on the value of the metals is. Tables
are given OF the amount of gold there il
in the world, and where the docks arr
located, and statements are made show
ing how Europe contrives to absorb not
only all the annual gold production
but makes inroads into the ex
listing stocks Of other countries
Last year for instance it is stated tina
Franc, Germany and Austria, alone
took s54, 600, 600 Of gold from that ole
stock.
Europe it is said has nearly billion
and half of uncovered paper note:
which she is seeking to cover with gold
and the United States is indebted 60 En-
fOpe in, an enormous amount obtainet
by our railroads and other companie:
years ago. So condition exists b.
which Europe can always take from u
our gold at pleasure On this an argu
ment is based that as long as this con
dition continues we can never amass- Ii
this country any stock Of gold for ou
paper currency to rest on. We will con
tinue for an indefinite period t.
be the plaything of European bankers
and our government will have to issue
an indefinite amount of bonds, vastly in
creasing our interest bearing debt Il
keep up appearances. For these reasons
It is argued that the system Of golt
monometallism which has been triet
now for twenty years has proved fail
ure. It does not answer proper purpo
ses. There is not gold enough. Score
tary Carlisle's Memphis speech is exam
ined and comments are made on his va
Iious positions.
The amount OF the precious metals al
legged to be in existence is compared
with the amount stated TO have besr
produced, showing that at least ten bill
lions have ''gone to Davy Jones
locker and that enough gol does no
remain to perform the functions 0
money, and resort must be had to tn
supply of silver.
The effect of the demonstration anc
decline in silver on the values of cottol
and wheat, is shown and it is alleged
that this step of Cbristerdom's puttini
itself on the gold basis, leaving the Eas
IN the silver basis, is one of the P5sr
important in the worlds histe-., anC
tends to cripple trade with t2fesst Will,
stimulating those counfrn smat in
nnder tSs al 81 lD. IN, / to 'b ba1
been continued until 1878, while III
first gold dollar ever authorized wa
coined III 1s49.
The fall in silver is ascribed to tn