The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-25

yer. His campaign has pracucahy
given up this idea. "Bietalh5m does
not necessarily mean that both metals
will remain in circulation at the SANE
time SAYS Prof, Parsons in the Octo-
| Der Arena.
The argument that has been wager
has been full of surprises and none
greater than the admission by the
pendent action by this nation at 10 10
l. that the immediate result wouh be
the expulsion Of our stock OF So'd ana
practically q silver currency much
Ike that Of Mexico. This ha2s seakeh
many free silver advocates. They are
sincere in the belief that the gold stand
ard has its evils, but that the silver
standard is much worse. They are
not for free silver only on the theory
that it will give a simultaneous circli-
iation of botE metals. Both metals IN
actual circulation is the best; geld With
subsidiary silver is better than only
silver.
Prof. Parsons. a free silver advocate,
in the October Arena says: when
we turn 10 the free coinage OF silver
at the ratio Of IS to 1 we find the re-
suit would probably be:
First, the retirement of five or six
hundred millions Of gold from our
monetary resources.
Second, possible panic through the
fears or the desperate opposition OF
those who have large control Of the
money and industry.
Third, vast gift to the owners of
silver mines and silver bullion here
and abroad
Fourth, the temporary scaling down
Of salaries and wages
Fifth. injustice 10 creditors in respect
to all debts contracted in recent years
under the present standard, including
deposits in savings banks as well as
the more wealthy lenders of money.
Further he says: $50 long as we have
al unlimiteddemand for both gold and
silver while Europe has an unlimited
demand for gold only, it is likely that
silver will come TO us and gold will go
to Europe, in which case a gold dollar
would be worth about 20 cents more
than its commercial value, and gold
would 60 out Of circulation"
W. III. Harvey Coin in his late work,
'sThe Money Of the People" cites E.
Benjamin Andrews, who says at page
20, sit seems to me altogether likely,
almist certain, that gold would be
forced from us, and that we should be
driven after a time to financial con-
dition much like that Of Mexico at the
present" In which case he says, I'm
the expulsion CT gold We shall have a
financial crisis worse than ever suffer
ed in the country. Prices would surely
fall. Immense numbers Of failures
would occur. Laborers would be
thrown out of work Altogether
dreadful paroxySm in our business
would be precipitated." Coin now says:
IF when our minis are open to silver
gold is held at % per cent premium 1t
will mean that we have taken IS per
cent premium out of it." and, 1--WE can
show gold that we do not depend on it
for money" page 49, With this light
before them. free silver men, who be-
heved that free coinage at 16 to 1
would restore the commercial value at
the legal ratio and that silver dollar
would be as good as a gold dollar, and
tlrat gold would not be driven out but
that gold and silver would simultane-
ously circulate, must revise their opin-
ions or take issue with the best advo-
Gates of free coinage. the idea of
double circulation must be given up;
and that silver will be added to our
gold stock to constitute Our new stock
of money must be abandoned.
Free coinage means an experiment
which in the opinion Of its ableSt advo
Gates foretells: "a, the expulsion OF
gold; (2), the immediate contraction Of
rhe currency; 81, a business uncertain
~; "a, a scaling Of wages; CO., a re-
striction of employment: 90, an unjust
depreciation of recent debts. These
are the immediate results but in the
'1ong run" all these matters will be re-
vcrsed. Whether this will come in
the question However, The free sill
yer IDEA is becoming cleaIcr and bet
ter understood.