The times. (Owosso, Mich.) 1882-1897, 1896-10-23
A Letter Worth Reading.

From the Record.
The following letter to the Philadelphia
Bulletin from John b. Gest, president of
the Fidelity Insurance, Trust and Safe De-
post Co., of that city, and father of A. P.
Gest, of this city. Supt. Belvidere Division
of the Penna r. r., is we'll worth reading
and thinking about:
Sir: 1t is very difficult to say anything
In regard to the ''silver craze" as 1t Is well
called, thaG has not been repeatedly said.
ANY sane person, 1t seems to me, cannot
doubt that the free and unlimited coinage
of silver at ratio of l6 to 1, or at any other
ratio less than the relative intrinsic value of
the two metals, must produce disaster to
the nation adopting 1t.
l submit the following as among the
effects to be produced If the free coinage Of
silver, as proposed. is adopted:
First-Necessarily, as history proves, all
gold coinage will speedily disappear from
circulation, and our only standard dollar
would be silver, worth at the present value,
fifty-three per cent, The owner of the
silver could then pay his debts, or make his
purchases with ffty-three-cent dollar,
which his creditors would be obliged to ac-
cept in payment of all ordinary debts.
Necessarily, the decrease in the value Of
money would increase the cost price of all
articles. The owner Of the silver would
alone be benefited. All other persons must
suffer.
Second-All persons interested in estates,
including widows and orphans, dependent
on receipt of income, would find the pur-
chasing power of their income greatly re-
dueed, and those who are dependant on
fixed incomes would suffer grlevously.
Third-For every article purchased in
Europe twice the amount now requisite
would have to be paid, and for all remit
lance to Europe gold must be purchased.
1t would seriously affect all those who re-
NIT to Europe, as the rate of bills of ex-
change would, of course, be doubled.
Fourth-Every European kolder of Our
securities, not specifically payable in gold,
would send them home for redemption or
sale as soon as the election of the silver can
didate was ascertained, and our own in
vestments of railroad and corporation bonds
and municipal securities would be seriously
deprecated in value. Already large
amount of first class railroad bonds payable
at maturity in lawful money, have been
sent from Europe and thrown upon the
market here and in New York, in anticipa-
ton of the free coinage of silver.
Fifth-At ratio of 16 to 1, 1t is perfectly
feasible for counterfeiters to set up private
minis and coin silver money in Asia. Africa,
Mexico, South America or elsewhere, using
silver purchased at its market value and
circulating these coins In this country.
They could use silver of tho same fineness,
with the same alloy and with as perfect
stamps and dies as are used in our mints
and the officials Of the government or Of
feers of the mint could not tell the spurious
from the genuine. Indeed, there Is no GER
tainty that such coins are not now In actual
circulation.
Sixth-The evils Of the present time,
which the silver advocates allege to be due
to what they call the demonstration of
silver, have all been clearly shown to be
due to other causes,. as, for example. the
low price of farm and other products, as
we'll as OF manufactured goods, is undoubt-
eddy due entirely to labor saving devices and
the resulting overproduction.
Seyenth-Among the other disastrous
consequences of the proposed free coinage
of silver at 16 to 1, may be mentioned the
effect Ii would produce on the income Of
charitable corporations. We have hospitals,
asylams, benevolent associations and homes
OF various kinds, many of them largely en-
dowed by individuals of wealth. If the
silver heresy succeeds, the purchasing
power of all such incomes would be reduced
and the institutions be obliged to- decrease
their benevolences, and the poor, who now
enjoy the benefits thereof, would necessari
ly suffer. And, in brief, there is hardly
any part of the country that would not suf-
fer II the Bryan party should succeed, ex-
cept, indeed, the millionaire owners of
silver mines, who are endeavoring against
every principle of honesty to force the COM
munity to purchase their production at
enormous prices. JOHN. 3. GBsT.