The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1896-08-21
A NOTABLE ACQUISITION.
President Andrews, of Brown Uniyer-
sity, Declares for Independ-
emt Free Coinage.
He Says that the United States Could
Maintain the Parity of Silver
at the Ratio of 10 to 1.
Especial to N. Y World.l

DENVER, Aug. l3.-Rev. Henry
w. Pinkham, pastor of the First
Baptist Church here, and friend
of President Andrews. of Brown
University, recently wrote to Mr..
Andrews, asking these questions:
l. Do you favor the free coinage of
silver ut the ratio of Is to l by the
United States without waiting for
aid from other nations ?
2. Could the United States, having
adopted such free coinage, maintain
the practical parity of the gold and
the silver dollar?
Would not free coinage by the
United States alone lead to COM
plete displacement of our gold?
Why not?
4. Would not the effect of the re-
cent increased production of gold as
compared to silver be counter bal
anced in the event of free coinage
by the stimulus thus given to silver
mining and by the influx of foreign
silver?
8. Would not the advantages of
free coinage be more than negatived
by the injury to our credit, thus
causing withdrawal of foreign
capital?
In reply President Andrews has
written:
MY dear Pinkham, was delight
ed to receive your letter of the 9Th
and will endeqvOr to answer your
questions in their order as we'll as /
can.
II. do.
80. l believe so.
"3. | do not think 50. People
would not hoard or export GOLD in
face of a movement certain to
cheaper gold. 1t seems to me
rather likely that the rehabilitation
of silver by us would be the occasion
of setting free vast amounts of gold
now boarded for military and other
purposes.
Il. This is parity answered under
the last. Further, there would be
no influx OF foreign silver. I'm
dOubtedly free coinage by us would
increase the total amount of silver
produced, but the new silver could
not be mined at so low marginal
cost as at present prevails. The
marginal cost would be on the con-
trary increased with the output, SC
that all tendency from this source tC
lower the gold price of silver would
be negatived. The very prolific sill
yer mines now are very few.
10. Quite the reverse. After pos.
sible first shock our credit would
improve after free coinage. 1t is
our present course which must
speedily lower our credit. How long
could man or a firm continue tC
have credit who borrowed each veal
to pay large portion of his running
expenses? Yet on gold basis this
is inevitable, and that is at this mo.
| ment the reason why foreign lend.
ers are shy of our securities There
must be change if we would avoid
J bankruptcy. With free coinage
every industry would look up, and
even if we lost our gold our prosperi
ty would invite in English capital
just as Japan's prosperity now caus
es it to rush there. Never since
r slavery days has the press in the
D parts of the country familiar to me
l displayed such disregard for truth
and such stubborn obtuseness to the
p most obvious considerations as i
G does at present on the silver ques
a ton, This means that the money
' power seated in London, but will
3, representatives in New York, Phil
S adelphia and Chicago, is determined
: to continue the appreciation of gold
0 and determined therefore that TIN
' facts shall not be known. The bank
= ers and the press are almost entire
, ly under its influence. l think tn
, money question at the present tim
, the greatest question of civilization
{ yours, with kindest regards,
Z "E. BENZ. ANDREWS"
l. Less than two years ago Presiden
> Andrews was quite firm in the con
g viction that it would be most unwis
g for this country to reopen its mint
!, to free coinage of both metals with
Il out European cooperation.