River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1896-07-30

find an inferior grade of intelligence,
an absence OF public schools, and a
lower plane of morality, as in Spain,
Portugal, South American States,
Mexico, China, etc. On which side
shall we array ourselves?
OF course you understand il is not
the intention of the party in power, or
the gold party, to disturb the present
silver circulation Of the country, which
is now $500, 900. 200. There is no desire
TO demonetize that.
On the other hand, the whole con-
tention is that all of our circulation
shall be kept on parity with the
gold standard, and that this$500, 600, 600
instead of being reduced in value,
will remain equal to gold anywhere.
Borrowers throughout the country
will have to recognize the fact that
undoubtedly they will have to pay
more COR loans with silver ruling than
they now do with gold.
AGain. if gold remains the standard,
and we give our endorsement of the
principle that we believe it the only
standard for us. the money markets
of the world will be open TO us, and
instead of having TO pay high rate
for money borrowed, the chances are
NC VIII DdhC " pay hCtf ht1
reduced rate-leSs than that which
even now prevails.
1t is estimated that London alone
has many hundred millions of idle
money in its banks waiting for this
matter to be settled, which will un-
doubleday be released and used to
large extent on this side, if we COM
nit ourselves unequiyOcally to the
recognized standard of European
nations. The course of events will be,
if we make the change in accordance
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
equivalent.
Gold ,cM Adcdnce.
This will entail large export of
the gold we now hold or of commodi
ties. 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 circula
tion will be very largely depleted by
exports 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 % or 80 per cent.
If we can avoid serious panic
during such a crisis we may regard
ourselves as fortunate. Under the
most favorable circumstances we
must look for great disturbances in
value TO all classes, a disorganiZation
of labor and a hardening of money
and general financial trouble, which
will be felt by all classes, whether the
farmer, the laborer. the mechanic or
capitalist.
Capital can always take care of
itself and will feel the trouble the
least. as it can largely unload its
burden onto Others.
Nov. legislation in favor of silver,
when it comes, must be at least from
nine months to year off, and ut the
best it cannot do anything which will
speedily restore our circulation to its
normal amount per capita, as il takes
time to coin silver, the capacity of
our mintsa at present being only about
S.. 900, 000a month or 500 900, 900 year
The following can almost be taken as
aXioms:
No silver country is prosperous.
No silver country has stable and
firm government.
In no silver country is general labor
we'll paid.
No silver country has its govern
ment securities at par.
No silver country has good public
school facilities.
This letter has rather rambled on
into a lengthy epistle, but it NAV
interest you, and l hope it will help
you to convert one or two of your
friends to the right way of thinking.
Sincerely yours,
GEORGE ID. BoULToN.
Cbicaoo JulV 10 1906