New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-18
4 STRiNGE DEFENCE.

The Detroit tribune, WHICH TeluS'S I" sup
port the Republican platform. states that 1t had
not favored the free coinage OF silver ut the rao
Of 10 to !. but because the ST. Louis convention
decided to maintain the gold standard until 'n-
ternationa agreement could be secured 'hat
paper 'bclicves free coinage by FAR the lesser
evil" and thereupon argues that 1.-THE silver dol
lar would not remain ut par with gold' anu
SHOULD not; that the immediate effect would
be ITO cause gold to he Withdrawn from circu
laton and to command premium, ana as
only importers Of foreign goods would then nave
Use for il the premium they would pay would
lin effect be an increased protection 10 Aneri-
"can manufactures and American labor; that
the country would be wholly upon silver
basis. but that it would be ITO the interest not
'only OF the wage-earners, but to the entire
"clnss of producers and traders to stop the
"steadily increasing value OF the dollar III IS
surely late in the century for such beliefs to
find expression in journals enlightened enough
TO be Republican
The phrase stop the steadily increasing
value of the dollar" it is charitable TO assume
has blinded the mind of the writer to the fact
that the value of the dollar would be suddenly
reduced TO the market value Of 371h grains of
pure silver That is tremendous and revolu-
tonary change, which cannot with any fairness
or candor be spoken Of as Il mere arrest or III
crease Is the phrase used because the writer
does not venture to place markedly before him
self or his readers the frightfu consequences
which so violent change would involve! III
So in self-respect he should at once face that
fact. think seriously whether he can conscien-
tIously become responsible for its obvious con-
SEQUENCES and place the straight issue before
his readers Are men ready to take the fearful
responsibility of causing a sudden shrlnkage
in the value Of the dollar to the bullion value
of silver?
Before answering The Detroit Tribune
needs 10 reconsider its statement that the mar
kct value Of silver bullion would no doubt be
greater because of reconciliation. what
would make it greater? Not actual demand be-
cause the paper money would circulate as now
though reduced in value because redeemaDie
in silver only. There is nothing to show that
n single additional silver dollar would be re-
uuired in circulation. The paper having sud
denly fallen to the value Of silver bullion, noth-
ing could be gained by sending the bullion 10
the Mint in order to get paper for it. But there
would be n frantic demand for gold TO meet
all sorts of public corporate. commercial ana
private gold obligations, and the holders or
gold would have every interest and absolute
mower 10 force I'D the premium as far as pos
sible thereby increasing the number of paper
dollars required To clear off any debts. wild
gold speculation would put silver and paper
down. and would not advance either. The most
oppressive and frgh:ful monopoly ever ere
ated would be given to holders Of gold and to
gold creditors by the free coinage OF silver.
That vast plumber Of those who have obi
cations payable in gold. as 80 many now are
would he small compared with the robbery OF
those who have savings and investments made
in gold or paper OF gold value, which would
suddenly become payable in silver, or In paper
degraded to the silver basis. 1t Is needless mere
to consider whether silver bullion would go
lower or higher. because all will admit that II
would not instantly be raised much in the mar
kcts of the world by an act causing no Increased
Use of silver. but only Of paper Whether the
paper which, The Detroit Tribune admits
would be worth no more than 371H grains OF
pure silver, would be 80 or 40 or 90 per cent
less valuable than it is now is minor question
The main fact Is that earnings and savings OF
labor and investments, amounting to $4,000
100000 or more would suddenly be reduced by
80 TO 30 per cent In value. Can any man con-
scientiously say that he believes that stupen-
dous change would be benefit to laborers and
savings belongs?
1t seems waste Of time to expose again the
| fallacy that debased currency here would be
! protection for labor. Just at this moment
! American labOrers do not want to be protected
down to the level OF silverusing countries. such
as China and Japan When currency Is de-
based and fluctuating prices OF commodities
always rise in such currency higher than the
premium on gold, just as they did in the years
| 1S62-'6J, and the consequence must be an in
creased profit for those who ship foreign goods
hither, paying IN silver 20 per cent OF the pres
ent duties, and sell the goods mt more than
double the present price, turning their receipts
and their profits into gold. That there are still
men living who do not know this Is one OF the
marvels Of the age.
A SENATOR IN DISTRESS.