The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-09-22
FRBE SILVER NO REMEDY.

The people OF the United States are
running behind in their business with
foreigners fully 200 mil.ion dollars per
year The American value of the goods
we import from other countries, added
to the amounts expended by Americans
In foreign travel and owing by them In
the shape of interest and dividends to
foreign money lenders and investors. ex-
ceeds by more than 200 millions per year
the export value of our produce and 9th
err merchandise that Is shipped abroad.
The difference Is much greater than the
total value of fhe annual output from our
gold and silver mines, so that IL we were
TO Ship out the whole of that product
there would stlll be a deficiency to be
met in some other way. The situation Is
grave one. How shlI the dlsadYan-
tage be remedied?
1t Is Idle to suppose that the case would
be improved by the adoption of free
coinage at 16 to ratio, as proposed
by the sllVerites with the inevitably re-
sultlng silver monometa'lism and a 50
per cent reduced value of the currency
unit That would not enable us to pay
the foreign difference of trade on any
more favorable terms. The foreign bal
ance wou,1 then have to be paid with
our silver money and at the intrinsic
value of the cheap metal for the foreign
ens could not be induced to take 1t at any
other than Its commercial value per
ounce. Instead of 200 millions In go.d
money we should have to pay 400 millions
in silver do,tars. each worth 50 cents
and probably less since the Offering of
80 much extra silver on the markets
Of the world naturally would reduce
the prices which London dealers would
be willing to pay for It, The silver
product of the United States, like that
of Mexico, would be taken only 1t its
commercial bullion value abroad and no
more.
Hence our silver miners would obtain
no advantage from the change from the
gold to the silver standard. They now
are getting the worlds price for their
bullion. They would get not more than
that under silver monometal.lsm in this
country. But the peop,e would suffer
tremendously by the change of standard.
The god would disappear at once, re-
tuslng to circu-nte by the side Of the
vastly overva.ued silver coins, and ther
the sl,vt' itself would have to be eX-
ported at It's real value to pay foreign
balarces of trade just IKE Mexico There
woull be no possibility of relief by the
safe of our bonds and other securities
abroad, because the foreigners would
not want to buy with their American
gc1d securities to be redeemed only in the
dobased silver whlch they esteem poorly
In comparison with god. The silver
wou.u be so scarce here, owing to the
TACT tfat each "doGar' of the reduced
quantity of money would do but hair
the work of the do.ar OF today, that
very soon there wou,i be howl for re-
lief by the Issue of fiat paper money"
on the splan proposed by the Popullsts.
This tr9sa would drive out the remain
ing stvcr, as silver monometa,lism would
previously drive out the gold, and q eou-
PIE OF years or so, at the present rate
OF imports in proportion to exports,
would leave the people OF the United
States with no better currency than a
mass OF lrredeemable trash called paper
money" The experience OF other ma
tions with this kind OF fiat stun indicates
that soon Americans would not be willing
to seG their labor for IT, and 1t would be
foolish 10 suppose they could PAIN It on
on the foreigners for the payment Of in
dtSteiness or In the purchase Of fresh
Cots OF goods.
Free coinage of silver at i6 to l" would
not meet the requirements II adopted
II would prove to be one Of those quack
remedies which kill the patient without
curing the disease, 1t would not avail;
II would but Intensity the trouble