The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-29

Free-silver Means Loss to Them of MIL
lions of Dollars.

Sir,-All the world Is one grand govern
ment. subject to the immutable and IN
violable laws Of nature, and each geo.
graphical division. however powerful,
composed with its neighbors, is but
province. whose civil laws are. and must
be. i'm harmony with the supreme laws
else there Is disaster for that community.
Now nature ordains. by it's climatic laws
that all provinces must be mutually de-
pendant for exotic articles of consump-
ton, and these laws must be observed
and obeyed until the Utopian era of one,
or at most. two civil governments, AN
eastern and western. Hence it is folly
to speak at the present day Of any one
government existing entirely within It.
self, and il such an existence is attempt
ed II will inevitably result in dire imam
cial ana corporeal distress to the inhabi-
tants Of that country, however forcibly
Mr.. Bryan may argue TO the contrary.
Each country. in accordance with its
climatic location. produces certain ar
ticles in excess OF its home requirements
and this excess must find market an
such other countries as require II ana
one of the obligations of each government
to its citizens. IS TO secure for this excess
as favorable conditions OF expectation as
possible and a sine qua non of these con-
ditions Is a unit Of value. medium or
exchange, whose worth shall be unques-
toned in the financial centres of the coun-
tries with which these exchanges Of pro-
ducts are effected.
No two countries. having much COM
mercial intercourse. can we'll have differ
ent monetary standards. though the do
nestle currency of each may be entirely
unlike. Now there is only one standard
recognized internationally and that recog-
milton is founded upon the law of nature
which has made gold. chemically and
quanttatively the most available OF all
substances. which could conveniently be-
adopted as money. IL is enduring and
precious and is recognized as unit OF
value by the free silverites themselves,
who call il 'one" and demand that six
teen times as much silver by weight shall
be equal to the one
It has been too fOrcibly and clearly
shown. by more able writer's to admit Of
further discussion here. that und 70 Zee
coinage of silver the expectation of gold
and the importation OF silver Will bee 80
excessive that soon this country will be
depleted of the one and flooded with the
other. and that free silver means nothing
more nor less than the single silver
standard. Now what viii be the effects
Of the single silver standard II We uld
exist within ourselves. there would prob
ably be no considerable inconvenience.
but assume, and have above endeavored
to show. that this internal existence is
impossible. We must have commercial
intercourse with other nations, we must
have foreign markets for our surplus pro-
duets. which are OF very great value,
amounting I'm the fiscal year ended July,
J. 1886 10 $685.. 701,1el.
Now let us suppose that we are already
on a silver basis Silver coinage is a de-
based coinage for the bullion silver In
silver dollar il not worth as much IS the
bullion in a gold dollar, and Is not likely
10 be. The silver dollar Will in our inter
course with foreign nations have only
commercial value. based upon gold, and
If the balance OF trade is against MS. We
can settle IL only I'm silyer-for all the gold
has left the country but the settlement
Will not be IN silver dollars, but In silver
bullion. either In the shape of coin or
bars, both Of which will be accepted only
by weight ana fneness. The bullion value
Of silver being far less than the coined
value, II is clearly 10 be seen. that in
these settlements we will lose the differ
ence between the coinage value and the
bullion value. Al present the bullion
value of the silver dollar is % cents,
therefore We NoNlN lose = CENTS TT every
dollar required 20 settle our unfavorable
trade balance or IN other words We would
have to pay a. per cent. more than We
actually owed before our debt would le
liquldated. But suppose the trade ball
ance is in our favor. which was the case
in the past fiscal year. when our Imports
amounted to t76j.6l2.Is leaving a balance
favorable to us OF so $50
Free silyertes will say that we would
then receive gold in settlement. PROB
ably we would II such a balance occurred,
but under the single silver standard IT
would never occur. The greater mats ns.
with whom We carry on the bulk ot our
trade Great Britain alone taking -
per cent. of our entire exports for the
fiscal year ended July !. 1886. are all on a
gold basis, and they would take great
pains that there were no trade balances
with us. that were unfavorabe 10 them
for they would not desire 10 lose any OF
their gold and would sec 10 Il. that there
arose no occasion for its less. How
would they do this? Simply by equalizing
the value OF imports and exports Keep
ing themselves posted at 10 the probable
quantities OF merchandise. We will have
for export, their boards OF trade would
adjust prices accordingly.
II the quantity OF our surplus products
was very large. enough so TO oyerbal tn,e
the surplus that they had for export, they
would raise the price OF their products
or lower the price OF ours. or both. la
all probability the greater part OF the
adjustment would be in lowering our
prices, entailing a heavy loss upon US.
Hence whether the quantities OF our ex,
ports justified a balance in our favor or
not We would not get IL. This Is not all
mere theory. but Is actually the course
that IL now being pursued by Great Bri-
tain towards the South American single
silver standard countries.
Now we see that We would lose A. per
cent. more than We owed II the balance
was against us, and II our surplus pro-
ducts Justified balance In our favor We
would not only not get IL. but would
have 10 suffer a depreciation In the value
or our goods. which would be forced upon
us 10 prevent balance favorable to US,
all this on account OF having for our
monetary basis a cheap and undesirable
metal, which even In its own home would
be recognized as a fiat money
| desire particularly to call the atten-
ton OF all American farmers TO this disas-
trous effort of the free. and unlimited
coinage of silver. for they are the great
est exporters and therefore VIII be the
greatest sufferers Though at iirst blush
free silver seems TO offer prospect OF
higher prices for farm products. TX - ho'
quite so roseate when We consider the Ell
fects OF free silver upon the price oil OK
ports. and IL is by exports that the tar"
er exists. for his products arc so eno'-
nous that there Is no home market io'