The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-01

American states, Mexico, China, etc.
On which aide shall we array ourselves
OF course you understand il il not the
intention OF the party ia power, or the
gold party, 20 disturb the present silver
circulation Of the country, which IL now
$500, 100000 There il no desire 10
demonotize that
On the other hand, the whole conten-
I ton is that all OF our circulation shall
be kept on parity with the gold stand
ard, and that this $500. 900 900, instead
OF being reduced in value, will remain
equal To gold anywhere.
Borrowers throughout the country
will have TO recognize the facti that un-
doubtedly they will pay more for loans
with silver ruling than they now do with
gold
Again, il gold remains the standard,
and we give our Endorsement OF the prin-
ciple that we believe IL the cnly standard
| for us, the money markets III the world
will he open To ~, and instead OF having
/ TO pay high rate for money borrowed,
The chances are we will have to pay n
very much reduced rate--less than that
which even now prevails.
Ii Is estimated that London alone has
many hundred mllliods OF idle money IN
its banks Whiting for this matter to be
settled. which Will undoubtedly he
released and used to n large extent on
| this side, il we commit ourselves equivo-
cally to the recognized standard OF
European nations. The course ofevents
will be, ii we make the change in accord
ance with the platform OF the silver
people, that in November, as soon as the
silver president is elected, there can be
no doubt at all but Europe will return
our securities in large amounts. For
these we have to pay gold or its equiva-
lent.
GOLD WILL ADVANCE.
This will entail large export oil gold
we now hold or OF commodities. Gold
will at once advance to a substantial
premium. No legislation can probably
be made by congress until well along in
the summer OF 1897, during which
period our circulation will be very large
~ depleted by export and boarding.
The return OF our securities has got TO
be at very much below the present
valuation ruling on our stock exchange
probably 10 per cent TO 20 or 80 per
cent.
III we can avoid n serious panic during
such crisis we may regard ourselves as
! fortunate.
Under the most favorable circum-
stances we must look for great disturb
anccs in value TO all classes, u disorgani-
zation Of labor and u hardening OF
money and general financial trouble,
which will be felt by all classes, whether
the farmer. the laborer, the merchanic
or capitalist.
Capital can always take care Of itself
and feel the trouble the least, az il can
largely unload it's burden onto others.
Now, legislation in favor OF silver,
when il comes, must be at least from
nine months to year off, and at the
best it cannot do anything which will
speedily restore our circulation TO its
normal amount per capita, rs il takes
time TO coin silver, the capacity OF our
minis at present being only about So
100000 month or SO0.00O,00O a
year
The following can almost be taken az
axioms.
No silver country is prosperous.
No silver country has a stable and
firm government.
In no silver country is gener-
al labor we'll paid.
No silver country has its government
securities at par.
No silver country haa good public
school facilities.
This letter has rambled ON into n
lengthy epistle, but il may interest you
and hope il will help you to convert
way OF thinking.
Sincerely yours,
GEORGE ID. BoULToN