Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-07-16
AN AGED ADVOCATE.
Joe Cooke. Financicr. Is a Strong Bimctaliis
- His Views

Philadelphia. July 15.-Jay Cooke. the
veteran iinancier who successfully placed
millions of government bonds during tho
civil war, was interviewed last night on
the money question. What Is your opn-
ion on free silver? was the first question
asked.
Tho opposition to the free coinage OF
silver. he replied. lis "A crime n mis-
cradle crazy notion. If / had the doing
of II. there, would be no room for gold
standard would ruin this country, pos
itively ruin it. | have seen in my tim
silver superior in value to gold and its
depreciation has been caused by its de-
monetizatiOn.
The silver dollar was the unit of value
until 1873 when there WAS a 3 per cent.
premium on the metal. At that time the
value OF silver was per cent more than
that of gold.
What effect did this have on the coin
age"
y There was no bullion presented for
coinage except that which the govern
ment was compelled to buy 10 furnish
subsidiary coin" Mr.. Cooke then picked
up a book and said: Let me read you
what Mr.. Carlisle said IN 1878 before he
WAS allied to Cleveland and the gold bugs;
According 10 my view of the subject.
says Mr.. Carlisle, the conspiracy which
seems 10 have been formed In this coun-
try and Europe to destroy big legislation
or otherwise onc-half of the metallic
money of the world is the most gigantic
crime of this or any other age. The
conSummdtion of such "a scheme would
ultimately cntrail more misery on the
human race than any war posticnce and
famine that ever occurred What more
could you want than that%' said Mr..
Cooke.
1t was true then. It Is true now" Con-
tinuing ne read from Carlisle: "The al
solutc and instant destruction Of half the
movable property of the world. including
horscs. ships. railroads and all other
appliances for commerce. would not pro-
ducc anything like the prodigious dis
trcss and DISCRIMINATION of society than
must result from The humiliation of one
half Of the metal money Of the world.
These remarks of Carlisle were made
on February q lslS said Mr.. Cooke,
and they are perfectly correct. Why is
this s02 Why has 1t come to pass? We al
ready have begun To get its bad results
and unless il Is riGhted promptly The
calamity viii be great. In the first place
the Stiffness of this great nation, with its
vast Industries. is nothing less than re-
markable in refusing to make silver the
equal monetary influence to gold. There
would have been none of the disturbances
that have lately happened but for the
break down in silver
Mr.. Cooke thought the demonet tia ton
of silver in 1873 was a bad hiundcr. Just
think of the fearful danger the farmers
would rise in their might and sweep away
those deyiiish politicians and gold bugs.
In ease OF free coinage what about the
u; cent dollar, was asked.
'"rhat's an humhtg." he replied. Wasn't
a silver dollar worth Si.0 before they de-
moncti2ed silver. As have said have
seen It time when silver was worth more
than gold. Al tho time of the enormous
Cafifornia outputs Of geld is was feared
that the metal would be placed iii the
same position that silver IS in now. The
world onward march Is rapid If gold
shall be the only basis of exchange the
progress must bc stopped. We must eN-
chang. believe We must get back to hi
fnctalliSm before We reach prosperity
tt+tlt for BrCgn and