New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-11
AGAINST The SINGLE GOLD STANDARD
VIEWS OF \ WELL.KNoWN BANKER REASONS
FNpR FAvoRING BIMETAI.I.IsM.

VIEWS OF wELI-KNowN BANKER REASONS
fuR FAvonING nIMETALIIsM.
To the Editor Of The Tribune.
Sir. while 1t Is heresy to express an opinion In
Wall Street not IN harmony with the heads OF mon
eyed Institutions and capitalists. | shall venture
my own on our monetary system. IN view of the ef-
feri is wide discussion Is having on the general
business interests 81 the country. In the first place.
in an extensive acquaintance with corporations and
individuals Of large wealth, there few who are
willing % make any personal sacrifice or yield an
opinion FOR the hrnrht OF public good or. In short
to amclioratc the condition Of mankind
The concerns or persons with any real knowicds"
~ the cncct ~ a single gold standard upon hnS''
ness Interests In general usually governed IN
the expression ~ their Vows hy the eject Il has
npon their Individual OF corporate interests, hence
thorr s az opportunity for unbiased opinion. AMI
I shall cndciyor to approach the subject In this
spirit
II Ii certainty An unISputei question In eco
nomics AZ shown by atatls,s In the financial history
% every country, that ~ the value OF gold N ap-
prrcaiel there IL corresponding decline In the
price Of commodities. and It Is used conclusive
evidence In favor OF single gold standard that this
increased purchasing power of dollar enables the
man Of moderate means. or laborlng man, 10 I'VE
So much cheaper that Il more than counterbalances
any reduction I'm the price OF labor which latter
necessarily follows restriction in the volume OF
basis OF all business or personal prosperity Is what
produce.
Ia I, possible FOR any people TO prosper when the
product ~ labor is below the cost OF production?
Ask the cotton planter wha; he has left after mar
keting his cotton At or cents per pound IN New
York Ask the farncr I'm Pennsylvania. Illinois or
California what he has left aiier selling his wheat
at 40 cents per hushei In New-lork II IL claimed
that the serious decline In prices OF all our products
Is due To over-producuon. Is 1t not iack OF abii-
~ to purchase growing out OF the fact that the
producer has nothing lrf. with which To buy; Ii Is
one thing to produce moro than can consume.
but quite another to find W. have no consumers by
reason OF their lack Of means 20 acquire what they
need 10 consume.
Queer can make profit on hs product he is able TO
purchase more. thereby Increasing consumption. ana
aiding his coaborcr 10 that extent In dlsposng OF
his surplus. In order then 20 improve the demand
for what produce. II ~ necessary 10 improve the
financial condition OF the would consumer What
the producer needs and must have Is an increased
volume OF circulating medium more money can
he ever hope to get with gold alone as TIE basis
OF circulation? The world IS increasing daily In
population and commercial importance requiring
more money to represent the value OF the product
OF labor while In transit the consumer, and the
worlds output of gold. after the demands OF the
and sciences have been supplied. when demand
IL also increasing IS not keeping pace with the in
creaslne necessity for a medium of exchange.
The first relief is meiallsm. Ii ia necessary.
ana in my opinion the people Will demand H. There
is something be said even In favor of the free
coinage OF silver While | cannot bring my judg-
ment Into harmony with this view the IDEA OF being
able purchase more than 4 dollar under the sim
gle gold standard than with two dollars under a
free coinage system Is attractive IN feature but the
two dollars under tree coihage sSstern tnan 70
have any part Of one dollar under the single gold
standard. Any monetary system when enables the
rich TO grow richer and makes the poor poorer
cannot be productive OF general prosperity Under
our present system ih. Is the inevitable result trd IL
Of capital into few hands. which condition is
certainly not calculated 70 advance The prosperity
OF the genera public j. l." hoBhRTSoN
New York. June o. 1895.