Birmingham age-herald., 1895-03-24
New millinery at Caheen Bros. & Co.'S Monday.
 READ AND PONDER.
Shall .Alabamians Indorse Free Silver? Logical Discussion of the Subject
 by Capable Authority.
To the Age-Herald:

by Capable Authority. To the Age-Herald:
 h view of the early publication in this
 city of u thew paper,' whose policy as l
 am informed will be the advocacy of "iree
 silver, o beg that you will reproduce in
 your columns that part of an interview
 sent me this morning between Col. A. H.
 Belo and Dr. John A. Wyeth, the distin- guished surgeon of New York, now visit- ing Texas. Colonel Belo is the owner of both the Dallas and Galveston News, and one of our most successful fnanciers. l commend the words of advice most cordially to the thoughtful men throughout
 the state, regardless of political creed or trend of opinion. The position taken by the doctor is as true of Alabama, where he
 has now large investments, as of Texas, and how or why such ''crLZs' as that of
 "free silver" should find aGyocates in the
 south, and especially in Birmingham in the present juncture of our affairs "passeth all understanding. The state of Alabama,
 like Texas, is possessed of wealth of un-
 developed resources and capital will not go
 where capital is to be contiscated, or even
 intimidated.
 Nor will the tide of emigration flow where
 poverty holds high carnival. What possi- ble benefit is to accrue to any man south from the doctrine of "free silver?' Is the argument alone to be found in the fact that the debtor class can discharge an honest debt contracted for at 100 cents in the dollar with silver worth 52 cents today? Would the free and unlimited coinage of silver give us any more money in fact, or appreciate in any way the value of our property or values in generai7
 In my opinion 1t would be the death
 knell for many years to come of all south
 ern enterprise and industrial advance. Let
 us then cease as people this constant
 agitation of all such impracticable ques-
 tions, at least until tue conditions are re- versed.
 How few of our people understand the elementary principles of economics; and dare say tbat half oozeu could not be found learned in the science of political economy.
 neither gold, silver nor paper money, | and if it were as plentiful in the north and | east as ''leaves in the forest," how many of us have anything to give in exchange for ii2
 Why could not the "gold bugs'' corral all the money regardless of such sophism, in whatever form or shape it might be, 1T they so desired?
 Money, it would seem, by some natural law has it's home in the north and east, and the earlier that fact is recognized, in my opinion, the better for the south. Therefore the policy of the southern people, and especially the citizens of Bir. ming ham, should be to engage their minds | in legitimate channels, cease to imagine that we have, in our ambitious political | aspirants to Ctfice, infesting every village, | town and hamlet, a typical Adam Smith
 or even Ricardo in finance. If 1t must | continue, this agitation o! abstract ques- 1 the vigorous methods of economy produced l by the war until we become independent of l the moneyed centres of the world. | The octopus bill of our late legislature,
 the advocacy of free silver as popularly in- terpreted ty the masses of the people, l l fear, will stand out on the great ocean of | finance as beacon lights to frighten away | the wary capitalist of Boston, New York | or abroad frtm the land of the sun and | flowers. Let us learn wisdom from experi- | ence and cease pursuing 'ignes fatui, '
 whether in finance or legislation. For we | are and will ever be borrowers of money. Here is the item to which refer: "Dtctor, what, In your opinion, does | Texas most stand in need of 3' "Ihe investment of capital to develop it's l illimitable resouTces.'
 "ln view of the possibilities of this state will not capital from the east aud from | abroad seek investment here?' "Not while there is a demand for experi- | mental legislation with a liability or ten- | dency 10 ontiscate capital. As soon as 1 Texas says she will only have an honest measure of value, by which mean honest money, then and not till then will capital cutIuSb iteeii tO 4cAne, auu tutu " VIII | flow here in a current of enterprise such as never was witnessed anywhere. The | only argument advanced by people who | would stamp a false value upon base metal | is that there is not money enough in the l country to do it's business. That argument | does not stand on solid foundation. You can today borrow any amount of money | you may want in New York at per cent interest. In the early part of last January l l made an investment which compelled me
 to borrow sS0, ,000. l was eagerly sought | after by two wealthy syndicates offering to
 lend me the sum at per cent, and l bor- | rowed it at that rate of interest. Let Texas pronounce in favor oi honest money and do away with this free silver craze as Ala Lama, my old state, nas done, and 1t will | not only have all the money it needs at a | low rate of interest, but northern capital | will pour into the state to tue great profit | of the Texas farmer. There is DO more em- l phatic rebuke to the advocates of wild cat | currency than the sale of per cent gold bonds at premium, and why the people | oi T. .xas wLo have no silver mines that
 they want to boom through the artificial | process of legislation should side with Financial theories that can only bring dis l aster upon Texas is a mystery that one | would not expect to encounter among such
 an intelligent peopie.'
 l (HAEI Es WBLLAN. Birmingham, March x3, ls.5.