The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-09-10

biiity nnu Integrity OF Our Monetary
system.
To tho Editor OF tho In,Clllgcnccr.
slRt-l have frequently been asked
why II Is that having been connected
FOR some years with the silver mining
industry In Colorado, and a stock
holder now IN silver property at
Creole In that state, | am opposed to
the FREQ aud unlimited coinage OF thnt
metal by our government? In reply 10
this query have no hesitation In say
Ing that II 1t were practicable to estah.
lIsh universal bi-metnllIsm, and thus
maintain the parity 81 gold aud silver
by creating an unlimited tlemund for
those metals among the leading nations
OF the earth, would at once cOnceue
tho possibility OF the people OF the Uni.
ted States obtaining decided advant-
age by throwing open the minis of our
government TO the free coinage OF sill
yer at fixed rptlo with gold.
This advantage would be derived
from the fact that our deposits OF ar.
gcntlfcrous ores are probably much
greater In extent than those OF any
other country. and with our modern
methods OF mining md milling we can
produce silver cheaper than the people
or any Other nation. But as tho Con-
sress OF the United States cannot leg
lSlAte Tor the great commercial nations
OF Europe. and M those Countries with
whom We have more or less trade rcln.
tons. and 10 whom We export the bulk
OF our surplus products, have one after
another abandoned the double Htund-
ard and adopted gold as the sole meas
tire or value, we must In order to oc-
cupy Il position OF financial equality
with such enlightened and progressive
countries, keep our national currency
NJ par with theirs. and make our mo-
ncy'as good as theirs In every corner OF
the world. Any other policy must in
cvitahy result, In dlsorgnnizinS and
demcralizing our commercial and
financial intercourse with such ma
tons, and by destroying confidence in
the stability and Integrity OF our mon
etary system, reduce US TO the level OF
second class natlonalities Ike Mexico
and China. have rrached this con-
cluslon only after careful and impartial
investigation OF the subject, In which /
take pleasure in acknowledging | have
been greatly aided by the following
clear ana concise exposition of the dan
gers attending the free silver heresy
In private letter written BY
Mr.. George d. B0ulton. OF Chicago,and
which In my opinion presents In con-
densed form the strongest arguments
against the degradation OF our nation
nj currency that has come under my
o6versation since the beginning OF thls
controversy, As these
views have never been published. up.
pend them hereto lnsthe hope thai their
sound logic and clear statements OF
undeniable facts may aid others. as
they have aided meEln forming a cor
rec, Judgment OF this important issue
In which Is involved the future happ!-
ness and prosperity OF ell our people.
The writer. MIR. Boulton. Is the head
o. the foreign exchange department OF
one OF the principal banks OF Chicago.
and Is not actuattd by any partisan
fet ling, but illustrates the dangers and
difficulties attending the proposed
change Of our currency laws from the
standpoint OF one who has gained his
by years OF experience in
the financial affairs % governments
AMI people. quote as follows:
One OF the most urgent motives OF
the silver party is that they want cheap
BY that l suppose they mean
money they can borrow cheaply or
earn cheaply. Now the cheapest mo-
ney In the world Is In the strongest
gold Country-viz. England. The dear
est money In the world is In the silver
countries! For example. money In
London to-day is per cent per an
mum. while In Mexico. China, Spain,
India. and In fact in all silver coun-
tries OF the world. commands n loanIng
valde OF from l. per cent upward. In
the other gold countries OF Europe
while money Is not 10 low as In Eng
land, the rate varies from TO per
cent to the borrower.
may cite as a good example OF th>a
two currencieS two states adjoining
one another In South America-one
British Guiana. gold country. with
money at ~ per cent per annum:
the other Venezuela, with like soil and
conditions. 4 silver country,
where interest rules at 10 10 IL per cent
per annum.
Should We depart from q gold basis
Europe would undoubtedly send In all
the currency sccuritics-that Is. sccur-
lilies that may be paid In anything but
go!d-to us. requiring an export OF ell
Their gold or its equivalent In trade. II
1t takes gold 1t takes that much OF our
money circulation which would
run into very large figures,
while we could not put out
silver or certificates sufficient TO
take their place for many months or
years. 50 that during the next three or
four years, Instead OF the circulation
Increasing, as sllvcrItes hope, 1t would
decrease. After lapse OF
time, no doubt. by putting their print
Ing presses and minis to work, they
could largely Initiate our currency with
new issues.
Currency depletion means low prices
for labor and everything else. Cur
rency at q fair rate per capita means
prosperity. Currency initiation means
danger again.
Going back into history We find Eu-
rope using largely silver and gold to-
gether. With the expansion OF trade.
one country after another found by sad
experience their Inability to keep the
two values on q parity. England was
the first TO depart from this custom.
then Germany. then France. Holland,
Belgium, Italy. Austrin. and. last OF
all. Chile II was from no prejudice on
their part. but from the requirements
Of trade that this course was taken.
We can only have one standard, be
It Of gold. silver or anything else and
the experience OF the world has been
that gold was the best. Again. where
the country Is most sound on It's cur
rency question you viii find the high
est civilization. Where money Is de-
based, or Is other than the recognized
standard OF the world. civilization IL on
much lower plane. We can find at the
present time no silver country In the
world. think might say without rx-
ccption, that Is In a prosperous condI-
tkon, whose government securities
Command respect and full prices In the
markets OF the world.
To this statement our friends from
the west will probably take exception,
and cite as an example OF n silver coun-
try being prosperous and In good con-
dItIOn the case OF Mexico; but they