The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-09-19
COLD !! Solid FACTS ]. TOLD.
HE Silver Question Fully setForths
Ia a Practical
Way.
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q REPLIES / TO- ALL QUESTIONS :! 9 Z !.
Attitude of the Newspapers and
Magazines Ex-
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planned.
REPLIES q TO- ALL QUESTIONS,
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The gold press has exploited for their
of Nantucket Mass; which having reach
ed the attention OF Mr.. L. NJ. ,Rumsey,. an
emminent citizen and business man OF 81.
Louis who as usual, has been spending
the summer at sMinnetonka. He mas pre-
pared an answer to the same which IS glN-
en- below. Mr.. Rumsey's views ana STATE
1nents are the more to be weighed. since
they are not those Of a politician but OF
business man, who looks at the questions
involved from a. practical. as Wen az d
theoretical and political standpoint. ne oe-
ing engaged in banking, milling. ana m y,
ing. Mr. Rumseys address is ,Nar 8. WIZ
sTonka. His answer to Mr.. Brady as as
follows:
Will gold go to a premium under Tree
coinage?
Gold is at premium now under the
single gold standard.
Whatever tends to turn the balance OF
Grade against this country will drive golo
out of the country to pay that balance,
and thus increasing the demand VIII
create the premium-so the question so1Ves
itself into this; will the bimetallic or gold
standard do most to turn the balance OF
trade in favor of this country? We know
that the decentralization Of silver mas large
ly increased Inc Celuduu 1OA oSAA o'A|'
largely increased it's purchasing power
when compared with all the leading pro
ducts Of the world silver included. we
know that in Asia, Russia and other Sill
Ner countries that the purchasing power OF
silver has remained constant When com
pared with all the leading products OF
those countries, both factory and farm: w
know that the ounce of silver coined into
rupees or ruples has for twenty years
bought a bushel of wheat in India Or Rus
STA or ten pounds of cotton in lnula or
Egypt and laid them down in LlVeTpooi.
We know that the average price Tor TWEEN
ty years Of a bushel OF wheat or ten
pounds Of cotton in Liverpool has been
the gold price of an ounce OF silver. we
know that in 1890 when the passage OF
free coinage bill in the United States SEN.
ate raised the gold price Of an ounce OF
silver from 80 cents to 123 cents tnat
wheat and cotton went up nearly as much
as silver and our exports rapidly lncreas-
ed even at these high prices and gold rap
idly came back to this country. The Lon
don Times came out in an editorial as fol-
lows: Exports of wheat and cotton from
India and wheat from Russia has ceased
because it takes more gold to buy the sill
Yer rupee and the silver ripple. AS much
as the demonstration Of silver has des-
troyed it's gold price it has destroyed the
export price Of our agricultural products
and decline in the amount exported-de-
creasing both amounts and values or ex-
ports-turning the balance Of trade against
us and the export Of gold or the sale or
bonds or both follow. Under the single
gold standard will continue q decline in
the value and amount of our exports and
more gold and bonds will be required
each year to pay the balance against us.
With free coinage our agricultural pro-
ducts will have their gold value increased
Just as much as the gold value OF silver is
~ nf oil
competing products in silver using coun-
tries be increased and the competition Of
India, Russia and the Argentine be des-
troyed Gold will flow into the country,
and when there is debt abroad that can
not be paid by our exports there Will De
no demand for gold more than silver in
this country for either will be a legal ten
der for all debts-public and private. I
would like to ask the goldites how under
the single gold standard they are going
to prevent this country from going on an
irredeemable basis, except by the continu-
al selling Of gold bonds which all admit
must sometime end. 1t will cost the ma
ton much more to keep paper at par with
gold under the single gold standard than
It will to keep silver, at par with gold
with the minis open to the free coinage
of both When this country says she will
make legal tender dollar out of every
81 grains of pure silver, the silver will be
& worth the uOIidI, anu LOllLlSH SOiu Will
come here and take it for her trade with
Asia, Russia, Africa, the Cape countries
and the West Indies, and you will again
find goldites who will want the minis
closed to silver because it won't stay in
the country at $1.29.
IF so, will it remain in circulation? Not
having admitted the 'if so" am not re-
uuired to answer the question Under
your present single gold standard. gold
is now at a premium, is entirely out Of
circulation, Notwithstanding that in the
last eighteen months the government has
paid out in it's bonds $3.50, 100000 to keep it
at par with it's paper and keep it in cir
culation. N."
With gold at premium will not silver
become the unit Of value?
N Silver was the unit of value until 1873.
Then the creditor class tried to have it
changed to gold, which they knew would
increase the yard stick and measure by
which all of the products Of The creditor
!. class were measured. Cold is the unit Of
value only when the creditor 'class are
settling with their debtors. Silver is still
the unit of value when the debtor class
are paying their debts, as the gold price OF
all their products go up and down with
the gold price Of the ounce Of silver, and
as the gold price Of silver goes down,
down goes the gold price of all their pro
ducts and property. and up goes. the
amount of their debts in the same ratio.
Gold is no unit OF value it is an ANA
conda that swallows and paralyses every
thing that comes near its fetid breath.
With free coinage of both gold and silver
we would have the same measure or
amount of value for both debtor and
creditor. ,>..t -.
MIR. Bryan claims that under free COIN
age silver will rise to S129 per ounce. In
that case will the arts consume as much
silver as now? Will not more plated goods
be placed on the market thus decreasing
the demand for silver in the silver manu-
factories?
Under free coinage of silver the use of
silver in the arts would increase as 1t
would again be crowned and be a. royal
metal and become more fashionable, The
demonstration of silver decreased its pop
Utility for tableware, ornaments and jew
elry, just as the increasing of the output
Of diamonds, cheapened them, and the
cheapening (not the increase) almost ban
ished them. AS there is an unlimited de
1nand for money and limited supply Of
silver and gold, and when one metal will
answer to pay debt just as Well as the
other they both become one, as money
and the demand for both is alike and I'M
limited.
Under free coinage will the price Of sill
yer be determined by the government OF
by supply and demand? The money price
of the royal metals is always determined
by the government, the purchasing power
: IS determined by the combined amount OF
both mtals and their relation to all things
to be purchased Gold has no quality diff
ferent from silver in this regard, and