The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-08-16
NOTES AND COMMENTS
Reesnt developments IN the Campaign and
Some Press Impressions Thereon.
PRESIDENT ANDREWS is FOR SILVER
The Distinguished Educator write.
Letter Explaining Why He in
An Advocate OF FREQ siIver-Goid
standard Supporters Convicted
Out or Their Own Mouths.
Denver Special to New York World,
August 49,

(Denver Special to New York World.
August 19.
Rev. Henry w. Pinkham, pastor Of
the First Baptist Church here. and q
| friend OF President Andrews, OF Brown
University, recently wrote TO mr.. An
drews. asking these questions:
l. Do you favor the free coinage of sill
yer at the ration Of 16 to by the United
states without waiting for aid from other
nations?
2. Could the United States, having
ADOPTED such free coinage, maintain the
dollar?
3. Would not free coinage by the Unit
ed States alone lead to n complete dis
placement Of our gold? Why not?
=. Would not the effect of the recent
increased production of gold as compar-
ed to silver be a counter-balance in the
event OF free coinage by the stimulus
thus given to, silver mining and by the
influx of foreign silver? N=i.iiN
5.EWould not the advantages of free
coinage be more than negatived' by the
injury to our credit, thus causing a
withdrawal of foreign capital?'ahI6ll /,
ten: 's,a- st' ,a,,.,I 4,,su
my dear Pinkham: I am delighted
TO receive your letter of the 9Th, and will
endeavor to answer your questions in
their order as well as 1 can.
81. do.
"2. believe so.
80. do not think so. People would
not hoafd or export gold in face of q
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 9TH
er purposes.
last. Further there would be no influx
Oh 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 n
marginal cost as at present prevails
The marginal cost would be. on the
contrary. increased with the output, so
that all tendency from this source to
lower the gold rpice of silver would be
negatiVed. The very prolific silver mines
now are very few.
IS. Quite the reverse. After a possible
nrst shock our credit would improve
after free coinage. 1t is our present
course which must speedily lower our
credit. How long could q man or a firm
continue to have credit who borrowed
each year to pay large portion of his
running expenses? Yet on n gold basis
THIS course is inevitable, and that Is at
this moment the reason why foreign
lenders are shy OF four securities. There
must be change If we would avoid
bankruptcy With free coinage every
Industry would look up, and even II we
lost our gold our prosperity would invite
IN English capital, just as Japan's pros
peritv now causesit TO rush there. Never
since slavery days has the press in the
parts OF the country familiar to me dis
played such disregard for truth and
such stubborn obtuseness to the most
obvious considerations as 1t 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 anp-eciation
OF gold. and determined thei = re that
the facts shall not be known. Tic bank
ers ana the press are almost entirely UNI
der its influence. think the money
question at the present time the greatest
question OF civilization.
yours with kindcst regards,
EVEN J. ANDRE VS."