The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-08-18
FOR SILVER COINAGE.
VIEWS OF PRESIDENT E. BENJAMIN
ANDREWS.

! The Eminent Economist and President uf
Would Revive Business, and Ho Clearly
Shows WHY.
Rev, Henry w. Pinkham, pastor of
the First Baptist church in Denver and
q friond of President Andrews Of Brown
university, recently wrote to Mn An
drews asking these questions:
1. Do you favor tho free coinage Of
silver at the ratio of 1G to by tho
United States without waiting fer aid
from other nations?
O. Could the United States, having
adopted such free coinage, maintain the
practical parity of the gold and the sill
vcr dollar?
3. Would not free coinage ty the
United States alone lead to complete
displacement of our geld? Why not?
4. Would not the effect of the recent
increased production of gold as COM
pared TO silver be counterbalanced in
the event Ct frac coinage by the stimu-
lus thus given to silver mining and by
the influx Of foreign silvcrS
8. Would not the advantages Of free
coinage be moro than ncgativcd by the
injury to our credit, thus causing with
drawal OF foreign capital?
Iu reply President Andrews has writ
ten:
''NIY DER FINKIAM-I was delight
cd 10 receive your letter Of the 9th and
will cndeavCr to answer your questions
in their order as we'll as l can.
81. 90.
"2. Lclievo so.
"3. do not think so. People would
not hoard Or export gold i'll face of
movement certain TO cheaper gold. 1t
seems TO me rather likely that the re-
habilitatjon Of silver by us would be the
occasion Of setting free vast amounts of
gold now hoardod Sor military and other
purposes.
~. This is partly answered under
the last. Further, there would be no
influx Of foreign silver Undoubtedly
free coinage by rs would increase the
total amount Of silver produced, but the
new silver could not be mined at so low
u 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 u+o very few,
"j. Quite the reverse After pos !
sible first shock our credit would i'm |
prove after free coinage: 1t is our pres
cnt course which must speedily lower
our credit, How long could man or a
firm continue to have credit who bor-
rowcd each year to pay large portion
Of his running expenses? Yet OH a gold !
basis this course is inevitable, and that
Is at this moment tho reason why for
aign lenders are shy of cur 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 Ja-
pm'a prosperity now causes it to rush
ihcIe, Never since slavery days has the
press in the parts of the country familiar
TO me displayed such disregard for truth
md such stubborn obtuseness to the
most Obvious considerations as it does
1t present on the silver question. This
means that the money power seated in
london, but with representatives in
New York, Philadelphia and Chicago,
9 determined TO continue the apprecia.
ion Of gold and is determined therefore
hat the facts shall not lie known. The
)ankols and the pIess are almost entire
y under its influence. think the mon
y question lt tho present time the
greatest question cf civilization Yours
With kindest regards,
e. BENZ. ANpREWs