The Yale expositor., 1896-09-04
PERKINS ON SILVER
The Only Eli Tells the Hollow
Tale of Free o
Silver.
HE SIZES UP THE SITUATION.
Good Reasons Advanced for Being
on the Side of
Gold.

-3
"Are you in favor of both silver and
goldT' asked a Populist of ELI Perkins.
Certainly" said Eli, "every civilized
nation uses the two metals-gold and
silver-but the United States is the only
nation that has coined as much silver
as gold. We have been rank bimetal-
lists. We have stood by silver too long.
We have coined S625. 100000 worth of
silver and $626. 600, 900 worth of gold"
What have the other great nations
coined?' asked the Populst.
why, they have coined less than half
as much as we have. England (the
United kingdom) has coined and has on
hand $112,OOO.0O0 worth of silver and
$3.50 100000 in gold France has $493-
100000 in silver and $50, 100000 in
gold; Germany has only S215,000, 900 in
silver and $625, 100000 in gold; Russia
has only $4S,000.000 in silver and $685.
100000 in gold"
'"Then we have coined about as much
silver as all of them together
Not quite. These four great nations,
with population of 249000,000 people,
have on hand $S16.000, 900 in silver,
while we, with 69,0O0,000 people, have
$625.000,00O in silver"
Where is our silver now?" asked the
"Why, $5os. ooo. 900 lies piled up in
the treasury. 1t is rusting in the vaults,
paying no interest, and dropping in
value. Carlisle is begging the people to
take it. freight free. but he can only get
S56,OOO,OO0 in circulation. The people
won't have il. They sling il back to
the banks, and then the free silver men
jump up and cry, we want more silver!
They say, The poor people are dying
for silver. Coin more!
nd how pnrnh nf cvOlI ic Ia, dir
culation?"
'Why. every solitary dollar-$626, 600 =
600 worth of it. The banks only hold
$12S,000.000
you don't say the nation has no gold
at all?"
S20O,OO0000 from few Americans at
per cent. and spent that running the
government-and we've got to pay il
back. Then Cleveland borrowed $780,
100000 more from the Rothschilds and
the English at per cent, while our own
people were crying for il at per cent,
and that we've. got to return in gold.
To tell you the honest truth, this nation
has got just $90000.000 worth of bor-
rowed gold in the treasury. 1t isn't
ours. 1t is borrowed to prevent run
on the treasury, with $100,000000 i'm
gold due the people besides. Oh. if we
had bought gold when we coined that
$5OS,OO00OO worth of silver now lying
idle in the treasury, as England. France,
Germany and Russia did we would he
on top today. We wouldn't be the
laughing stock of Europe then"
did England and the other nations
stop coming silver?" asked the Popu-
list.
'Of course they did. They rang the
bell and put out the red light against
silver years ago. Since 1890 England
has coined SAG. 100000 in gold and only
S14.0OO.OOO in silver: France has coined
$13,000,OO0 in gold and not a cent of sill
yer, and Germany has coined $4,000
600 in gold and only S4.500.000 in silver.
They have been hugging the shore. while
our miners and POpulists have piloted us
into deep water"
"How much silver Is there for each
person in the big nations?"
I'VE have 50 in silver for each person
in this country. but the people only take
40 cents. They kick SIS back into the
treasury. England has s.. So per person.
Germany has $4.35 and France SD. but
50 of 1t lies idle and all silver coinage is
stopped, and their red lantern hangs
out"
''Some nations have free coinage" sup-
gested the Popuist.
"Certainly-and look at their condi-
ton! They are bankrupt. Our silver
dollar is still worth 100 cents in gold
age nations, like Mexico, japan. China
and India, where free coinage has bank
rupted those nations their dollars are
worth 80 cents. They have no gold.
Gold fled. with free coinage. 1t will do
SO again"
China has no gold at all You saw"
None at all. China has $3.50. 600 600
worth of 5O-cent silver. hut no gold
India has $150,000, 900 in silver. and no
gold Spain. wrecked by too free coin
age of silver, has $166, 0O0, 900 i'm silver
and S4OOOO,0OO in gold, and Mexico has
S5O.00O,OOO in silver and $5,000,O00 in
How much money to the person cir
euiates In those free coinage countries q
asked the Populist.
China has 1926 while the United
States has $50; Mexico has SIS; India
your
WHO suffers from free coinage
Everyone. Every man has lost half
his wealth.; A man in Japan, Mexico,
emma or India who was worth $1,000
tnirty years ago is worth $500 today.
Ihe pay of the laborer has not been
changed, but man who gets 10 cents a
Day IN China, japan or India really
gets ..
When | went to China" continued
Mr.. Perkins, my letter of credit ,aiiod
for $500 in American dollars, when 7
got there l found 10000 TO INV credit
in Mexican or Japanese dollars NV
who has ever lost anything by the Amer ro~
lean doliarp Not a man. Ii Is ma COL
as gold. Our good government has ny,
gold under il. But free coinage r,op ~,
break the camel's back. Ii wonld h y;n.,
us to the level of Mexico and India
What would be the first result ~
free coinage| Vi
"All gold would hide away. Tbep ro
are now exporting annually $40 600 200
worth of commercial silver and seII;n, :,
enough TO make a dollar for 10 can.s
That is 30 TO /. The free siIveritos
want their silver coined like our co;nad
silver, is to 1, and handed back TO them
With the government paying n double
value for silver expectation would cease
and the government would pay the min,
ers SSO.0OO.000 for what they are
now selling for $4O,OOO.O00 Then
the output would increase. We
mined So, 100000 worth of silver
in 1892. In 1896 we would mine
500, 100000, with the price dou-
bled. We would have TO take il and