Semi=weekly graphic., 1896-08-22
FOR SILVER COINAGE.
VIEWS OF PRESIDENT E. BENJAMIN
ANDREWS.

The Eminent Economist and President of
Brown University says That Free Silver
Would Revive Business. and He Clearly
shows why.
| Rev. Henry w Pinkham, pastor of
the First Baptist church in Denver and
a friend Of President Andrews of Brown
university, recently wrote to Mr.. An
drews asking these questions:
l. Do you favor the free coinage of
silver at the ratio of 10 to by the
United States without waiting for aid
from other nations?
2. Could the United States, having
adopted such free coinage. maintain the
practical parity of the gold and the sill
yer dollar?
3. Would not free coinage by the
United States alone lead to a complete
displacement of our gold? Why not?
4. Would not the effect of the recent
increased production of gold as COM
pared to silver be counterbalaneed in
the event Of free coinage by the stimu-
lus thus given TO silyir mining and by
the influx Of foreign silver?
.. Would not the advantages of free
coinage be more than negatived by the
injury to our credit, thus causing with
drawal of foreign capital?
In reply President Andrews has writ
ten:
MY DEAR PINKHAM-I was delight
ed to receive your letter of the 9Th and
will endeayor to answer your questions
III their order as we'll as can.
81. do.
''2. [ believe so.
$50. I do not think so. People would
not hoard or export gold in face of a
movement certain TO cheaper gold. 1t
seems to me rather likely that the re-
Mobilization of silver by US would be the
occasion of setting free vast amounts of
gold now boarded for military and other
purposes.
"a This is partly answered under
the last Further, there would be no
influx of foreign silver. Undoubtedly
free coinage by US would increase the
total amount of silver produced, but the
new silver could not be mined at SO low
a marginal cost as at present prevails.
The marginal cost would be ON the con-
trary increased with the output, so that
all tendency from this source to lower
the gold price of silver would be mega
tiyed. The very prolific silver mines
now are very few.
IS. Quite the reverse. After pos
sible first shock our credit would i'm
prove after free coinage. 1t is our pres
ent course which must speedily lower
our credit. How long could man or a
firm continue to have credit who Dor
rowed each year to pay a large po1 ton
of his running expenses? Yet ON a gold
basis this course is inevitable, and that
is at this moment the reason why for
eign lenders are shy of our securities.
There must be change if we would
avoid bankruptcy With free coinage
every industry would look up, and even
if we lost our hold our prosperity would
invite i'll English capital, just as ia
pans prosperity now causes it TO rush
there Never since slavery days has the
press in the parts of the country familiar
TO me displayed such disregard fo1 truth
and such stubborn obtuseness to the
most obvious considerations as it does
at present on the silver question. This
means that the money power seated in
London, but with representatives in
New York, Philadelphia and Chicago,
is determined to continue the apprecia.
ton of gold and is determined therefore
that the facts shall not be known. The
bankers and the press are almost entire
~ under its influence. / think the mon
ey question at the present time the
greatest question of civilization Yours
with kindest regards,
f. BENZ ANDREWS.
Discrimination in the fInDOsition of taxes