The San Francisco call., 1896-09-27

impossible with perpetual motion and an in
ternational agreement as a chimera. Yours
truly, w. G. SUMNER.
From Professor Henry J. Emery of Bow
doin College, Maine, came the following
clear expression of opinion:
BRUNSWICK, Me-, July %.
believe the free coinage OF silver at 16 to 1
would be disastrous TO all business; that 1t
would be an outright depreciation of the
standard and result in silver monometallism.
H. j. EMERY.
Professor T. w. Garner of Oberlin said:
Independent free coinage by the United
States would be unadvisable, therefore the
thing for US to do at the present time is to
come over unreservedly to the gold standard
and stay there. independent free
coinage would put US on silver basis. So far
as know this is not disputed by any econo-
mist of scientific standing, and even If it is
disputed it is capable of pretty clear demon
stration. OF course we could get along on
silver basis, but think the single gold basis
preferable TO the single silver basis, because
the bulk of our commerce is with gold-using
countries. The great objection to going over
to the silver basis is the difficulty of making
the change. 1t would greatly unsettle credits
and, in my opinion, pIecipitate us in such
panic as this country has never experienced.
Those who would be benefited by such panic
would be, as is always the case, those whose
business is speculation and who make their
money by taking advantage of fuctuatiug
prices and uns teady markets.
This class would come out of such panic
greatly enriched at the expense of legitimate
producers; besides business would be para
lyZed for time and q great waste of produe-
tive energy would result. All this could be
borne if the end to be secured were worth it,
but do not believe that we would be as well
of on q silver basis on gold one, and the
cost of making the change would therefore be
more than waste.
Professor Arthur J. Collier of the Ore
gon University said among other things:
Ny conclusions are that the safest course
for this country is to maintain the gold stand
ard or to continue the present policy.
Professor Holmes of the University of
Virginia declared himself in favor of the
present system, referring to a number of
volumes In support of the system and con-
Guiding as follows:
So long as the silver con ntroversy is agitsted
there can be no restoration of business pros
perity. Free coinage of silver at 16 to 1 would
soon drain the treasury, bankrupt the Nation
and nearly every debtor and creditor in it.
The following from Ann Arbor is one OF
the most conservative letters received:
ANN ARBoR, July 49,
The formal instruction in the science of
money in the University of Michigan is given
by Associate Professor F. NJ Taylor, and he
advocates very strongly single standard gold
basis. Personally l believe in international
bimetallism, because think that a gradually
depreciating monetary standard is necessary to
continued prosperity. HENRY C. ADAMS.
The following from Brown University is
another conservative reply:
PROVIDENCE, r. l., July 13. 1896.
I believe the attempt on the part of the
United States to carry through free coinage of
silver at 16 to L would probably, it seems to
me, drive gold out of circulation and leave US
on silver basis-a most undesirable result
and temporarily al least result in very seri-
Gus business depression. The United States
would make grave mista If it should act
alone. Yours truly, HENRY B. GARDNER.
From the Vanderbilt University, Nash
vile, Tenn, came the following:
NASHVILLE, TENN, July Is.
believe our present business depression is
due to many other causes besides possible
defect in the gold standard, silver agitation
and threat OF change of standard. l believe
that such a change of standard as would be
precipitated by the Tree coinage of silver at
any ratio less than the market ratio would do
serious and immediate damage from which we
could not recover in a decade. doubt
whether silver would ultimately make as good
a standard as gold; feel Ger tain that chang
ing viii be far more disastrous for the imme-
diae future than retaining the gold standard
l believe the silver agitation ought to be
stopped at once. Then we might hope TO i'm.
prove our banking laws aud remove the
''other' causes of depression and perhaps dis
cover whether we really do need to change
from gold to bimetallic or silver monomet-
allie standard. While 1 doubt l am open to
conviction on this point believe we ought
not to change unless it is necessary. do not
think the necessity has yet been proved or can
be proved while we are agitating for a change
While 1 very firmly believe in Democracy
and in submission to the dictum of the ma
jority of intelligent voters, beg to inquire
whether you believe the voters of the United
States can, next November, dtspassionately
and intelligently decide to fee from the ills
we have to those we know not of? Respect
fully, FREDERICK w. MOORE
Professor Winthrop More Daniels of
Princeton is opposed to free coinage, and
he gives the following, among other rea-
sons, for his opinions:
PRIMO EToN, July 2.
In reply to your inquiries 1 would say:
First, am opposed to the free coinage of
silver at any ratio by the United States Gov
ernment alone. Second, / am opposed to any
law embodying the principle common to the
Bland-Allison and Sherman acts of bulfing
the price of silver by Government purchase e.
Third, while admitting the possibility OF sue
cessful international bimetallism, provided
number OF favorable circumstances chance to
occur, / am skeptical OF the possibility or
utility OF international bimetallsm at the
present time. Fourth, believe the fall in the
value of silver-relative to gold-is due both
to conditions governing the production OF
silver and to the demonetization of that metal.
Fifth, while admitting that in circumstances,
such as oebts of long standing, the general
fall in prices has prod duced hardship, believe,
in general, such hardship has been grossly
over-estimated, and that the steadiness or rise
in money incomes-measured in gold-has
fully Offset losses occasioned by the fall OF
prices. Yours very sincerely,
WINTHROP MORE DANIELs
Here is shot from the "blue grass re-
gions" of Kentucky, showing that nearly
all the professors, though Democrats, are
for sound money. 1t is from Bethel Col
lege and is as follows:
RUssELLv1LLE, KY, June 80.