Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-18
No DANGER IN SILVER.
The Head of Brown University so
Declares.
CNew York Journal)

New York Journal)
According 30 President i. Benjamin An
drews. Of Brown University the ohiy
way ont OF the financial mire into which
Uncle sam has wandered is the Adoption
~ free coinage. independent. if neces-
sary. of other nations. II is not oniy me
only cure offered by polluca dcHVli'
President Andrews holds, but IL can w
done without danger TO our ha'ioN''
credit.
The real danger. and an immediate one
that he sees. is IN not providing Tot pl-
metallism: because. If no change Is ihauo
I'm our currency system, there Is no way
for the country 20 avoid buying more sold
to pay running expenses
president Andrews has been for long
time an advocate OF bimetalllsm, but
until recently he favored internauonal
agreement. He has come around TO the
belief however, that Uncle sam is able
TO 10 Il alone. and that there VIII De
no dangerous influx OF silver should Tree
coinage be adopted.
In answer TO the question. would
not free coinage by the United states
alone lead 10 a. complete displacement
of our gold?' Or. Andrews replied:
Il do not think so. People would not
hoard or export gold in face OF move
ment certain 10 cheaper il. IT seems
to me rafferty, likely that the rehaoli'a-
ton Of silver by US would be the occa-
sion of setting free vast amounts ot gold
now boarded"
would not the effect Of the recent In
creased production of gold as compared
10 silver. be cOunterbalanced in the event
of free coinage. by the stimulus
thus given to silver-mining and by the
influx Of foreign silyer?'
There would be no influx OF foreign
silver" he replied. Immediately, free
coinage by us would increase the total
amount Of silver produced, but the new
silver could not be mined at so low
marginal cost as at present prevails.
The marginal cost would be increased
with the output, so that all tendency
from this source Of silver would be ne
gatived. Prolific shVer-mlnes now are
very few"
As to the advantages Of free silver and
the possibility that they would be mega
lived by injury TO our credit thus causing
a withdrawal Of foreign capital, DR.. An
drews said:
"Our present course must speedily lower
our credit How long could a man or a
firm continue TO have credit who Dor
rowed each year to pay large portion
Of his running expenses. Yet, on a gold
basis. this course is inevitable, and that
is at this moment the reason why foreign
lenders are afraid of our securities.
"There must be a change, If We would
avoid bankruptcy. with free coinage,
every industry would look up, and even
IL we lost our gold. our prosperity would
invite English capital, just as Japan's
prosperity now causes II 20 rush there.
"Never since slavery days has the press
I'm the parts of the country familiar 10 me
displayed such disregard for truth and
such stubborn Obtuseness TO the most OBJ
vious considerations as at present on the
silver question.
This means that the money power.
seated in London, but with representa-
tives i'm New York, Philadelphia, ana
Chicago. is determined 20 continue the
appreciation Of gold. and determined,
therefore, that the facts shall be known.
The bankers and the press are almost en-
tirelv under its influence. / think the
money question, at the present ume the
| greatest question of civilization
The argument of Or. Andrews is re-
garded as having the more importance
| because Of his high standing as fnan-
cial writer He has long been an advo-
| cate Of bimetallism, but until recently
urged international agreement About
| two years ago he published a book called
AN Honest Dollar" which was plea
| for bimetalIism. denying, however the
ability of the United States to bring this
about without agreement with other
countries.
Before becoming president Of Brown
! University Dir. Andrews was Professor or
| Political Economy and Finance at cornell
| University.