The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-04-20
FOR AMERICAN BIMETALLISM.

FOR AMERICAN BlMETALLISM.
lin order to outline what seemed to be
safe way to b.metallism in this coun-
try even in advance of an agreement
among the nations, the following letter
was recently addressed by the editor of
The Tribune to the Wilkes-Barre Record,
which had asked for enlightenment as to
The Tribune's position on the question of
sound money. II is presented herewith.
with minor alterations, for such criticism
as II may seem to invite.
I take 1t that 1t is to the advantage of
the American people to make silver more
valuable than 1t now is II they can do so
without greater loss than gain, for the
simple reason that they have more silver
ore. more potential wealth expressed
In silver metal, than any other people on
the globe For the past ten years the coin
ing value OF our total silver product has
been to the coming value Of our total gold
output in round numbers as is to l. In
1881, before the repeal of the Sherman law
and at the period Of maximum prosperity.
the American silver product was IS, ,OOU
| ounces, worth S75, ,4l6,565. while the Ameri.
can gold product was only l,6O4,S4O ounces,
worth only $33, 10000. Last year the
American gold product wa 2,265.Gl2
ounces, worth Si6,S3C,oOO while the Amerl-
verse legislation, to 46, SSl 2s5 ounces, worth
Cnly $50, W,25i. 2@. If, therefore. We COM
pare 1895, the year Of maximum anti
silver feeling, with 1891, we find that We
have lost $3l, ,069 In precious mineral
output by reason Of the crusade against
silver, not to mention anything about the
difficulties which our distinguished sound
money" president and his no less dis
tnguished sound money" secretary Of
the treasury have had to keep the country
on a gold basis. But with every Ameri-
can silver mine and every American gold
mine working at its fullest capacity. we
would produce. for an Indefinite period,
s. worth of silver for every dollars worth
of gold. The conclusion which | draw
from this fact Is that II for any unavOid- |
able reason We should ever be forced to
choose between gold and silver as
single standard We. might better choose
silver than gold, because we have more
of 1t.
This Is. however, somewhat aside from
my purpose. 1t Is my belief that the |
American people can as we'll establish a
financial system of their own as they could |
establish form of government of their
own or protective tariff system of their |
own. In doing this l would consider
American interests first. just as We aim
to do in our protective tariff system. The |
objection generally raised to free and
unlimited silver coinage Is that If we
should adopt that at q ratio of l6 to l, the
silver Of the whole world would be poured
in upon us and we should be deluged with |
50-cent dollars. Senator Sherman. in Octo-
ber. 1893, estimated this possible influx
at So. 800, ,UOO, ,OOO Such an inundation, very OBJ
viOusly, would be most undesirable. There |
fore | would solve that part of the prob
lem by putting such tariff on all forms
Of imported silver that by the time 1t had
once got through the custom house It |
would be worth as much as our gold. |
There would then be no object to any for |
eigner In sending silver to the United |
States, for he could make nothing cut of
it, That done, would enact law giving |
. hold - A Annn
right to have that bullion coined free into
standard dollars. at a ratio to gold Of 16
to /. said holder to take the dollars away |
when coined, or to receive IN lieu thereof |
silver certificates redeemable In silver |
alone. ] justify this proposition by as
serting that the amount of money thus
coined would no more than supply the
country with u circulation keeping pace
with its steady growth; and that 1t would |
be only fair compensation to the Ameri- |
can silver producing interests for the un-
just loss which has been inflicted upon them
by the decentralization Of silver. And, al
enrich the owners of American silver, that |
result would In my judgment prove small |
compared with the enrichment which n
prudent expansion of our currency along |
of our people. Better an artiticially en-
ricbed silvey mine-owner in Colorado, |
which is in the United States, than an ar
tifcially enriched mortgage holder in Lon
QOu, EHSEHu, VI IldHlDuIS,
II Il u
Our present per capita circulation is s2l,
to be mathematically exact, $2l53 The
country every year gains 100000 in popu
lation. but gains comparatively nothing
in circulation. As q mater Of fact. treas
ury statistics show that In the last two
years the circulation has shrunk to the
extent of $lG2. 900 when. even according
to the gold standard advocates, 1t should.
to keep pace with the population. have
increased s42OOe,OOO. thus giving In effect !
total contraction exceeding 500 900 at
time when the depressed condition OF
business. newly aggravated by Democrat
ic incapacity in adjusting the national rev.
enues. could i'll endure such a pinching {!
of the pulse of trade. TO maintain the ::
present per capita would absorb 2l,O0O,C00 I
silver dollars each year ! hold. however.
enough for the richest dn natural re-
sources) nation in the world. whose great
est development Is yet to come, We could
have $3l or even s4l per capita and be
none the worse of. Was II not the Repub-
lican state platform OF 1893 which declared
in favor of the Expansion Of the circulat-
ing medium OF the country until the same
shall amount to $40 per capita?' The dif-
ference between $2i and $40 per capita
would allow for the coinage OF 399.OoO000
additional silver dollars. without allow
ing anything for the yearly growth In
population 1t will be observed that I
say silver dollars and not gold dollars, for
the simple reason that every ounce Of gold
produced In the world today goes, not to
the mints. but into the arts. 1t Is upon
silver or else upon credit paper money
that the people Of the United States must
rely II they would have an expanding cur
rency keeping pace with their growth and
needs. 7 beg OF my gold single standard |
friends to consider this fact with care,
and thsD to decide which they would pre-
fer-binetallsm (that Is to say, gold and
silver. working together as one automatic
stanArd) or fiat money.
come now to the most important
fea t1re of my plan. which define by as
sering that the free coinage of protected
Arerican silver. minus the portion which +
W,uld inevitably be diverted into the do
nestic arts, probably 60 per cent of the
whole output, would force the creditor
rltions of Europe to remonetize silver by
;Oncerted action. | reach this conclusion
n the following fashion, Under a pro-
tectiye tariff the balance of trade has
uniformly been In favor of the United
States. In 1892 II was $lOC 0OO, 900 in round
numbers: In 1893, u year Of foreign depres-
sion. 1t was nearly $70,00OpOO. II Is prob
ably safe to estimate 1t Indefinitely at
$i00. .O000. 900 per annum land with mn cx.
panding bmetallic currency qu!cken.ng
productive industry In this country and
In turn swelling our export trade II would
In my Judgment, be more likely to in
crease to sS0,0O0,000 and even $780,
100000 a year than to fall bc.
low 500. 900. .000) This balance of trade Is
payable In gold. and under the tariff law
proposed u moment ago could be paid only
In gold, Please bear this fact IN mini