The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-06-24
TO ENLIGHTEN MR.. WALKER

To Hon. T. B. Walker:
AS you have kindly volunteered to ems
tighten the public upon the money ques-
ton through a recently published pam-
phlet, you will doubtless be willing and
able to clear the mind of the writer OF
some horrible doubts as to the wisdom OF
a single gold standard. The writer voted
for Hayes, Garfield, Blaine and Harrison
but must have more light before l can
follow the golden wing of the Republican
party over to Cleveland and Carlisle.
Do you believe it possible to float two
billions of currency with one hundred OF
gold?
Is not the next logical step to retire thM
greenbacks, and issue in lieu thereof inter.
est bearing bonds?
How much has our primary or redemp-
ton money been decreased during the
past three years?
Did you ever know a contraction Of the
currency that was not followed by fall
ing prices, and did you ever know good
times and low prices to exist at the same
time?
- If silver had not been demonetized, and
the treasury had exercised the right of
contract to pay maturing bonds in either
gold or silver, would ii have been neces-
sary to borrow two hundred and sixty two
million of gold?
The custom receipts for the past nine
teen months under the Gorman-Wilson
BILL are forty-five million short. Why was
it necessary to borrow two hundred and
seventeen million in excess Of this defic-
iency?
How can the laboring mans dollar be
cut in two by the free coinage Of gold and
silver, except through a general advance
in prices, including produce, manufactured
goods and wages. Would a general ad-
vance in prices drive capital away FROM
or toward new investments? Is it not
true that under the existing conditions,
no Inducements are offered to borrow
money with which to embark in compet-
tive business?
Is not the plethora in our banks largely
caused by the inability Of our business
men, manufacturers and realty holders to
put up the necessary collateral Is this
condition not largely accounted for
through the great shrinkage of values
which we have witnessed in getting down
to a gold basis?
If silver went to 120 an ounce on pros
pect of reconciliation would it not prob
ably go to 1923 on a reality? If silver went
to 1919, would a silver dollar sixteen times
as heavy as gold dollar be fifty cent
dollar?
ting in value, an honest dollar? Have the
bankers any right to demand better money
from the debtors than they gave them?
If our minis were open to both gold and
silver, and Mexico, Japan or any silver
country brought in their bullion for coin
States silver dollars? If they exchange
for our products or raw material. could
we stand it?
You believe that the Mckinley tariff
would make better times and better
prices. Is it consistent to advocate pol
icy which will artificially advance prices,
and at the same time hold to contracted
gold standard which permanently lowers
them?
Could you enact law which would cut
out foreign goods in the interest of idle
working men, and at the same time col
lect larger amount Of custom duties
than you are now doing? If foreign goods
are shut out by additional duty, would
not custom receipts be less? If importa-
ton keep UP, have you relieved the idle
working men?
We have been under an absolute gold
standard ever since the appeal of the
Sherman purchasing clause, and how do
you like it?
You say that free coinage would be dis
astrous, did not the Morgan Rothschilds
syndicate offere to carry the risk for one
half of one per cent, the difference they
made between gold bonds and coin bonds,
is this not pretty low rate for so great
a calamaty.
H. L. CHAFFEE.