The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-08
RIVER AT s A. \
COMPETITION OF SILVER STAND
ARD COUNTRIES.
40 the Editor Of the Globe

To the Editor OIL the GLOBE.
In the introduction to the Battle of the
Standards" Mr.. Henry M. Teller uses the
following language silver using countries
enjoy practical bounty of nearly one hun
bred per cent upon their exports to gold
using countries. They can therefore under
sell us in the markets of all gold standard
countries. They receive for their product
the same prices in silver as were paid them
twenty years ago and the silver pays their
debt and purchases their product as well
as 1t ever did, but when their silver prices
are expressed in terms of gold with silver
only about half it's former value in gold,
the price of the product is cut in half. 1t
is admitted that whenever we come into
competition with sellers OF goods for use In
these lands, must accept the prices at
which their goods are sold. With the ad-
vantage already mentioned, they can sell
at gold prices below the cost OF production
in this country. Cheap silver bullion in
our country and dear silver money in theirs
will make our competitors rich and ourselves
poor. This cause has been for years FORCING
down the price of wheat and cotton and is
now beginning to operate upon the prices OF
wool and manufactured goods. For balance
above mentioned. Is the above true? If
not, what is the truth? "A huS@er
St Paul, Mimi, Sept. 5, 1896.
Il is not true. The argument that a
deprecated currency stimulates pro-
duction, especially of agricultural prod
ucts, has been used for many years
by the agents of the silver mine own
ers for the purpose of inclining the
farmer vote to their scheme for OBJ
tanning double the market price for the
commodities which they have to SELL
They have built upon the foundation
of low prices for agricultural products,
and have erected upon it a structure
of specious arguments, which they
know that the farmer will find it ex-
ceedingly difficult to demolish; since
the condition Of foreign countries,
especially those Of the distant East
end the fluctuations of exchange are
not commonly within his knowledge.
Covering the broad ground of our
correspondents question, we might
say, first, that the proposition which
MFR. Teller and others lay down is only
the companion piece Of their idea that
value may be created by legislation.
II is another bit of hocus-pocus. By
legislation they aver that prosperity
can be created among a certain class
ditions. In this instance, that applies
to the producers of wheat, instead Of
the producers of silver. Of course, if it
could be true, then it would follow
that all nations capable Of producing
wheat, cotton and other agricultural
staples in large quantities would i'm
mediately resort to the cheap money
scheme in order to enrich themselves
1t would not stop there; for the the
DRY asserts that the same profits ac-
crue to manufacturing in free silver
countries. Therefore, England and all
the rest of the world would instantly
adopt free silver and get rich by it.
1t does not seem to US to need any
other answer than the mere statement
of the supposition which it involves;
that China, India, Japan, Mexico and
few semi-civiliz-d countries of the
world have had a monopoly Of eco
nomic and financial wisdom, while the
great nations of Europe and the Unit
ed States have played into their hands
and made hem rich by refusing to
follow their example Furthermore it
follows, Of course, that if the argu-
ments of Mr.. Teller be true, and the
free coinage Of silver into 0-cent dol
lars has this powerful stimulating eff
feet, the coinage of the amount
int 25-eent dollars would be list dou-
bly, as effective. Still further, the
coinage Of nickel into scent dollars
or of copper irto 1-eent dollars would
multiply by just so much national
prosp arity. All these beautiful flow
ers of the imagination grow upon the
single stalk of the foolish notion that
Jcalth may be created by legislation.
This disposes of the general ;.rgu-
ment. Taking LIP now the particular