Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-01-09
THAT DELUGE.
That Terrible Bugaboo About Silver
Flood.

That Terrible Bugabpo About Silver
Flood.
One of the most favorite stock argu
ments of the mouometallists is that il
this country were to put silver on a
parity with gold by free coinage OF
both metals that all the silver In the
rest of the world would flow into our
minis and would swamp the country.
This idea. like most of the arguments
advanced by the goldites, is founded
upon their own imagination and the
gullibility OF the public. They imag'
inc the theory and they depend upon
the ignorance of the public for its
effect
In the first place, it is we'll to remem-
Der that Europe is not a silver producer,
but, on the contrary, is a silver buyer,
and that Asia is large silver importer,
not exporter; while in the South and
Central American republics and Mex
leo free silver coinage prevails now.
Where, then. is this deluge of silver to
come from? Certainly not from
Europe, because, as Senator Vest re-
marked:
ut would be impossible to transact
the business of Europe for one day
without the silver each country now
has in circulation. In Europe all trans
actions, except those amongst bank
ers, are carried on in the smallest
coins Prices are much lower than in
the United States and between the
lower and middle classes the amount
of transactions is hardly above silver
dollar. Austria to-day has $500, 0oG, 600
of legal tender silver. 1t is rarely you
see a gold piece in Austria unless it is
demanded by some foreigner to pay his
railroad fare in going from one coun-
try to another. Austria is attempting
now to go to the single gold standard,
but if silver were struck out of circu-
lation it would be impossible for her
to transact the business of the king
dom.
Germany has 500, OOO 900 and Ger
many could no more do without $780,
600, 900 than people could do without
oxygen in the air they breathe. The
bankers use gold, of course, because a
small piece represents large value
and it can, therefore be transported
without trouble. France has $3.50, OO0,-
600 legal tender silver and she is the
people could not do without this silver
in the transaction of their business.
The standard between gold and silver
in Europe is 1515 to l. In the United
States it is 16 to 1; that is 16 ounces of
silver to one of gold. Does any sane
man imagine that the silver of Europe
would be brought to this country at a
loss OF one-ha1t an ounce, including
the payment of the cost of transporta-
ton. in order that they might coin it
at the United States mints? The silver
is needed in Europe for the purpose of
bank reserves and for the business of
the people"
There is no silver in Europe to send
to this country. There is not a billion
dollars in that continent, and as the
senator has pointed out. it is the
money of the people and it would be
impossible for the governments to
gather it in for expectation even if
they wanted to. Why do they not send
it to Mexico which has free silver COIN
age now? Why do they not export it
to China? Why did they not ship it to
India when the minis of that country
were open for it's reception? On the
contrary, it is the gold countries like
England which are buying silver. and
the silver countries like Mexico which
are exporting it. If the silver pots and
pans and knives would come to this
country under free coinage why are
they not melted down and made into
the dollars which England is shipping
east? Why is she buying silver in this
country for expectation from this
country? 1t SHOULD be remembered.
too, that England counts her silver at
the ratio of 1511S to l, while American
free silver would be at the ratio of 16
to 1. There is far more6nducement,
therefore, to send pots and pans to
China in the shape of dollars than to
the United States Senator Vest spoke
truly when he said:
Europe is purchasing silver, and. so
far from shipping it to this country,
needs silver and China and Japan for
the last 500 years have absorbed it.
This idea of silver flooding the United
States is a dream of the mammon of
gold, of the red worshipers, of those
VINO kneel down at the shrine of gold,
kneel down and worship in idolatry
and bigotry. Nobody from Europe
will bring their pots and pans here
Why, the same thing was prophasied
by John Sherman in 1878 when the
bill was passed. He
said: You will see Europe and it's sill
yer coming to our treasury We passed
the bill and the prophecy went unful-
filled. I afterwards read to him the
returns from the custom house, which
showed that the receipts of silver had
decreased. But the same
are mhde by Secretary Car
Isle and Secretary Smith to-day"
While discussing this question of the
possible importation of silver in large
that with our gold standard we are I'M
able to keep the yellow metal in this
country. We are exporting more gold
than we are producing. 1t is proposed
TO do away with the green backs; to
silver and then to export
gold. 1t is not difficult to see what
the alternate result of such a policy
must be.
There is no danger of our being
flooded with foreign silver. and even if
there We're such a danger it would be
easy TO avoid it by limiting free coin
age to the product of the American
Angeles Express
Re on the alert.
The European syndicate who made
millions out of the last bond deal are