The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-07-17

which is the only possible alterna-
tive to further gold loans, leading
up to ultimate insolvency. These,
then, are the arguments which favor
non-appreciating, or even a de-
preciating, currency in the United
States. On the other hand, | do
not see, in its economic aspects,
what possible advantages can ac-
crue from a gold standard and a
gold currency. A gold currency
in America cannot raise-it cannot,
indeed, fail to further depress-the
European exchanges with 800, ,OOO,-
600 of Asiatic exporters. 1t cannot,
therefore, fail to still further throw
the balance of trade against the
United States, unless, indeed, by|
further contracting the American
currency, it forces down prices
there to such a poirt as to con-
tract violently Americas import
trade. And pretty lookout for
England that In short, the clamorI
of our press that America shall be-
me gold monometallic seems to|
involve either the insolvency Of our
greatest debtor, or the decline OF our
export trade to America, or both.
there is this further point which
you emphasize-that if America
copies our gold standard "confi-
dence will be restored" and we
will lend her more money; thus ag-
gravating in the future the very
i disease from which she suffers. On
the other hand, if she goes to free
coinage we shall, in panic, return
. her securities, and thus sell her back
her railways and industrials at half
price, just at that very moment
, when, her legislation having sent
} the rupee, the tael and the yen to
: nearly, or quite, par, the export
' trade Of the Orient will be cut into,
: and the exports of the American
farm, mine and factory will take
{ their place. In other words, be-
e cause of the insane injunctions OF a
portion of the London press, oul
| investors there will be misled so as tc
: sell American stocks to Americans
0 at that very moment when in Amer
n lea prosperity is about to set in
: You remark that | describe Amerlc'
e as "the greatest debtor nation ol
% EARTH and you add "that on
!, fact is conclusive against taking an.
IS course tending to lower its nationa
d credit" But would "free silver
" lower its credit, even should it in
: volve gold premium? 1t certain
lily would not, if trade and agricul
!. ture there improved, and the rail
o ways did a larger business at bette
1t rates. The credit of country il
J. not determined by its currency, bu
h by its prosperity. Thus India
e credit, the rate at which she Dor
If rows, has greatly improved side b.
J. side with the depreciation of he
r currency. So also has Russia's
.e Of the Argentine and Brazil it j
,e not too much to say that inconver
IF tible paper issues, and the stimuli
Is thus afforded their exports becaus
l. OF depreciation, has alone enabled
is these countries to continue payinI
IS the interest on their foreign loans
Is And what is lacking in the Unite'
!? States is not really the lenders
l. confidence in the currency; it i
a rather the conviction of both Dor
< rover and lender that money in
n vested in farm or a factory vii
in earn no profit; that the pains AM
er perils of fresh resumption" pc
e, Rod are Just ahead; and that Will
Is prices over there are even now dc
k pressed below the point of possibl
~ profit, they must be depressed 2
lie per cent. further yet before imports
r. under any tariff, can be so checke
it as to permit gold to remain at HON
n in the currency. And, further tha
ryIthis, let me ask how, if imports ar
e to be checked by high tariff, is tn
Is necessary revenue to be secured 10
t, the federal government? II, ther
I'd as / believe, the critical position {
n the United States results from tn
te present conditions of exchange bt
he tween Europe and Asia and can OF
I'd ly be remedied by some actio
ch which will raise those exchanges
ut much may be said for the policy
1t, free silver, even should that polio
e- involve a gold premium in Ne
ed York. II is not the exporter
ee America who will be hurt by th'
I'M premium; it is the exporter fro
is America--in other words, the El
I'M glsh manufacturer. But let II
x go further, and ask your reasol
nd for believing that the United Stat
is unable to maintain the parity
1 to l6, assuming, as we may
ro- sumo, that if the American min
rts open to the free coinage OF dolla
lg, I'VE shall open mints again to the fr
t.ln,,aaua of rnnaau A rp there al