The herald., 1896-09-03
FREE SILVER'S PHILOSOPHY

The third section of Dr.. .Theofil's paper
ton" is appended:
But. someone suggests. you admit that
Great Britain had gold standard laws
as early as 1916, yet was unable to turn
the scale for gold until the United
States Joined her policy by refusing free
silver coinage In 1873; now would 1t not
be equally impossible for the United
States to remonetize silver without the
cooperation of Great Britain at least? :?
If not. wherein is the difference? Is
not Great Britain the weather. nation.
hence the more influential OF the two?
We reply: Great Britain Is the wealth.
Ter nation OF the two per capita, but not
in the aggregate. The wealth of Great
Britain is estimated at $4,000. 1000
that Of the United States at s72 600 .000.-
900. The British imports are chiefly farm
products. wheat, cotton, oats. ETC.. the
imports of the United States consist
chiefly of luxuries. and hence is by far
the largest factor in the financial affairs
of civilized Europe.
Would not the British. French and
German holders of United States bonds
return them promptly and thus cause
a panic and depreciation?
No: they are too wise to do that.
They do not wish to seriously de-
preciate their own property. Be-
sides, they would remember that said
bonds are payable in ''coin," and the
very money lenders who were anxious
to force upon civilization single gold
standard In order to enhance the value
Of their loans. would use every effort to
bring the silver back to a parity with
gold. so as to prevent depreciation of
their bonds, then payable in gold or
silver.
But Is 1t not because silver Is too plen-
tiful that 1t Is now SO cheap?
No. 1t is because 1t has been demone-
rized. Silver and gold have value as
merchandise for use in the arts.wholly
aside from their value as money; but
It is their value as money that gives them
stability If silver were remone-
tized in the United States by free per-
mission to coin 1t into money as before,
and exchangeable as before for all gov
.rnment duties. taxes. etc. no wise peo-
pie would sell silver bullion much below
It's 16 to value nor exchange silver
or gold dollars at much of a discount.
Diamonds illustrate this matter. They
lave a value as merchandise, but not
Is money. consequently II you had dia-
nond and wished to sell 1t during a
financial depression when not in de-
nand. you might be forced to take half
price or not sell at all; but If diamonds
could be, and were, recognized by law
as money, receivable for debts of every
kind at fixed value they would never
iepreciate, but would be worth all the
more In time Of depression. AS is all
money. So with silver. when demone-
lied it became merchandise, and as mer-
.handise 1t is subject to rise and fall in
yalue according to supply and demand.
But IL remonetized SCI tha.s a. brick or
wedge of silver could be taken to the
mint and coined into money, and then
,e the equivalent 16 tel orgold money
for debts, then the value would again
De stable at it's money. value for what
ever purpose sold or used.
How would the reconciliation of sill
yer by the United States affect other
silver countries, say India?
1t would affect India favorably If sill
YER and gold were restored 16 to as
equal money. It would. give India. bet
ter prices for her cotton, wheat, etc.
She would not give as much wheat and
cotton for the. money, for. gold, would
have come down in its purchasing power.
Vta1l 1or would
nit the poor agriculturists of India
to keep enough food for their own eating.
thing that the lower classes have not
had for years, being obliged to pay their
taxes whether they live or starve. In
dia's debts to the British require over
$50 900, 900 per year for interest. but being
raised from the people in silver it must
be converted into gold to pay the tax,
Ind at the present valuation of silver
their interest charges are nearly double.
The whole world would be better off If
honesty could prevail to the extent of
'emonetizing silver. The money. lend
ers would get all that is justly their due
and would merely be hindered from get
ting unjust increase.
Bankers and other gold standard peo-
pie instead of studying the subject are
stirring up strife. which surely will re-
act to their own injury before long, by
calling the intelligent farmer and me-
chanics fools and anarchists. If the in
telligent, law-abiding voters of this free
.and are thus to be traduced for at
tempting to right great wrong in the
legal and constitutional manner, ut
terly at variance with anarchy, let mil.
lionaires remember that when the real
law-defying anarchists arise they may
much need these honest voters to pro-
tect their wealth; and 1t would be' far
better for them to have them friends
by treating them. their arguments and
their votes with respect, than to have
them enemies because of vituperation
added to dishonest single gold standard
money.
Should the silver movement progress
upon it's merits. the results will probably
be temporary wave of prosperity; but
only temporary. as the silver demone-
tization was not the only factor leading
to the present depression. Silver would
advance in value. as' its: friends. pro-
gressed. until with the election Of Mr..
Bryan, It would be nearly on a par with
gold the world over. But the case will
not be left to its merits. Some who are
benefited more by the present gold stand
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