The times. (Owosso, Mich.) 1882-1897, 1896-10-02
GOLD is THE BETTER.
ITS SUPERIORITY OVER THE SILL
YER PRODUCT.


One of the most urgent motives Of
the silver party Is that they want
cheap money. BY that suppose they
mean money they can borrow cheaply
or earn cheaply. Now, the cheapest
MONEY in the world is in the strong
est gold country, viz, England. The
dearest money in the world is in the
silver countries. For example, money
in London, today is per cent. per an
mum, while in Mexico, China, Spain,
India, and in fact in all the silver
countries Of the world, it commands a
loaning value of from II per cent. up
ward. In the other gold countries OF
Europe, while money is not so low as
In England, the rate varies from to
5 per cent. to the borrower.
l may cite as a good example of the
two currencies two states adjoining
one another in South America-one
British Guiana, gold country, with
money at to 6 per cent. per annum;
the other Venezuela, with like soil
and climatic conditions, silver coun-
try, where interest rules at 10 to IL
per cent per annum.
Circulation Would BE Decreased.
Should we depart from gold basis
Europe would undoubtedly send in all
the currency securities-that is, sec
curities that may be paid in anything
but gold-to us, requiring either an ex-
port of gold or its equivalent in trade.
If 1t takes gold 1t takes that much Of
our money circulation. If 1t takes mer-
chandise it takes that at a largely re-
duced value. The consequence would
be that the shrinkage in money cir
culation would run into very large fig
ures, while we could not put out sill
yer or certificates sufficient to take
their place for many months or years,
SO that during the next three or four
years, instead Of the circulation in
creasing, as silverites hope, it would
materially decrease. After lapse of
time, no doubt, by putting their print
ing presses and minis to work, they
could largely initiate our currency with
new issues.
Currency depletion means low prices
for labor and everything else. Cur
rency at fair rate per capita means
prosperity. Currency imitation means
danger again.
We can only have one standard,
be it of gold, silver, or anything else,
and the experience of the world has
been that gold was the best. Again,
where the country Is most sound on
It's currency question you will find the
highest civilization. Where money is
debased, or is other than the recog-
nized standard of the world, civiliza-
ton is on a much lower plane. We
can find at the present time no silver
country in the world, I think 1 might
say without exception, that is in
prosperous condition, whose govern
ment securities command respect and
full prices in the markets OF the world
To this statement our friends from
the west will probably take excep-
ton, and cite as an example of a silver
country being prosperous and in good
condition the case of Mexico; but they
will find it difficult to support their
assertions. The writer had occasion
last month to buy in the City of Mex
leo $4,000 of bonds issued by the Mex
lean government. These bonds were
bought at the rate of AZ cents on the
dollar in silver, the net cost to the
purchaser being $24, ITO in Mexican sill
yer. AS the money to pay for these
bonds came from this country, the
amount of American funds used in
the purchase of $4,000 Mexican gov
eminent securities was 13,012.11, or
about 26 cents on the dollar. Now, it
seems impossible for any country to
be in sound and prosperous condi-
ton whose securities are so heavily
discounted as in the above case.
From the intellectual View.
Looking at the matter from an in
tellectual standpoint, we find arrayed
on the gold side the high intelligence
of England, France, Germany, Italy,
Holland, Belgium, Norway, Sweden,
and Canada. On the other side we
find an inferio. grade of intelligence,
an absence Of public schools, and a
lower plane of morality, as in Spain,
Portugal, South American states, Mex
leo China, etc. On which side shall
we array ourselves?
OF course, 1t is understood that 1t Is
not the intention of that party in pow
er, or the gold party, to disturb the
present silver circulation of the coun-
try, which is now 100000, 900. There is
no desire to demonetize that.
On the other hand, the whole con-
tention is that all of our circulation
shall be kept on parity with the gold
standard, and that this 100000, 900,
instead of being reduced in value, will
remain equal to gold anywhere.
Borrowers throughout the country
will have to recognize the fact that un-
doubtedly they will have to pay more
for loans with silver ruling than they
now do with gold.
Again, If gold remains the standard,
and we give our Endorsement of the
principle that we believe it is the only
standard for no tho monav m, orlxats