The San Francisco call., 1896-09-27

standard of value, and silver only useful as
subsidiary coinage. believe the supply of
gold abundant and likely TO increase The fall
of prices has been occasioned entirely by pro-
duction which is twice as rapid in the rate of
as the population. This is true both
in agriculture and manufacturing Add to
this mere mathematical ratio the fact that in
most every case the production has been con-
stantly less expensive, owing to new inven-
tions, useful processes, new fields, etc. .
Professor Colby concurs heartily in the fore
going views. We divide work in economics
between us. Yours respectfully,
D. c. WELLS.
From the University of Minnesota Pro-
fessor FolwelI writes as follows:
1t is the opinion of the writer tnat there has
been a considerable appreciation of gold,
which has worked harm to employers and
long time borrowers. The free coinage OF sill
yer at 16 to l would be a very uncertain rem
edy for the evil. 1t would result in silver
monometa;lism. WILLIAM w. FoLwELL,
Professor of Political Economy.
Professor Richmond Mayo Smith of the
economic department of the Columbia
University, New York, replied as follows:
NEW YORK, July 9.
1 am in favor OF the single gold standard
Free coinage of silver would mean, in my opin-
iona great prostration of industry, payment of
wages in money of less purchasing power, and
thus injury TO the working classes, loss OF en-
ployment by the timidity of capital seeking
investment, great injury to pensioners, saw
ings-banks depostors, salaried men and all
classes whose income is fixed by custom. Any
gain due to the imitation of prices or relief to
debtor classes would be more than Offset by
the above evils. Very respectfully,
RICHMOND MAY0 SMITH
Professor John Bosom of Williams sets
the question at rest as follows:
WILLIAMsTowN, Mass, July 4.
favor positively gold basis and 1 do not
think the apprecia ton of gold is proved If
some appreciation has taken place most of the
mischief is over. believe that the amount
of gold is sufficient to make 1t a sound basis.
JOHN BosEM.
The following comes from the depart
ment of Economics and Sociology of Vas
sar:
PoUGHKEEPsIE, N. Y, July 3.
think international bimetallism desirable
but believe that free coinage of silver at 16 to
by the United States would be disastrous.
II. E. MILLS.
Professor ]. W. jerks of Cornell is in
favor of international bimetallism, but he
says: II am opposed to the free coinage
of silver at the ratio OF 16 to by the United
States alone, without International agree
ment."
President George Edward Reed of Dick
insOn College, Carlisle, Pa, is squarely in
line with the Republican platform. His
letter is as follows:
CARLISLE, June 30, 1896.
do not know a better exposition of my
views than TO invite your attention to the
platform of the Republican party enunciated
at the st. Louis convention. do not know of
anything sounder in economics than the con-
clusion of the platform. So far as 1 can see
the basis of the silver agitation is to pay debts
at the rate OF so cents on dollar and credi-
tors TO be mulcted to that amount Sincerely,
GEORGE EDWARD REED.
1t will be seen by the candid reader that
Organism has not much consolation in
the foregoing views of the sound profess
sors of economics throughout the coun-
try. AS Professor Jchn R. Ficklen of
Tulane puts it; "There is nothing good
in the attempt of this country to bring
about international bimetallism by the
free coinage of silver" and so say they
all, the verdict being singularly unani-
nous among the professors who are ac-
tually teaching economics in the great
institutions of the country.