The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-09-23
Letter Worth Reading.

Inc following letter 10 the fhlla. DUtte-
tin from John b. Gest, President of the
Fidelity Insurance, Trust and Safe De-
post Co., of that city, and father of A.
P. Gest, of this city, Supt. Belvidere Di-
vision of the Penna Il, R., is well worth
reading and thinking about:
SIR:-It is very difficult to say anything
in regard to the "silver craze, as 1t is
well called, that has not been repeatedly
said. Any sane person, il seems to me,
cannot doubt that the free and unlimited
coinage OF silver at ratio of 16 to l, or at
any other ratio less than the relative in.
trinsic value Of the two metals, must pro-
duce disaster to the nation adopting it.
submit the following as among the
effects to be produced if the free coinage
of silver, as proposed, is adopted:
First-Necessariy as history proves,
all gold coinage will speedily disappear
from circulation, and our only standard
dollar would be silver, worth at the pres
ent value, fifty-thrce per cent. The owner
of the silver could then pay his debts, or
make his purchases with fifty -three-cent
dollar, which his creditors would be
obliged to accept in payment of all ordi-
nary debts Necessarily, the decrease in
the value of money would increase the
cost price of all articles. The owner of
the silver would alone be benefited. All
other persons must suffer.
Second-All persons interested in es-
tates, including widows and orphans, de-
pendent on receipt of income, would find
the purchasing power of their income
greatly reduced, and those who are de-
pendant on fixed incomes would suffer
grievously.
Third-For every article purchased in
Europe twice the amount now requisite
would have to be paid, and for all remit
tances to Europe gold must be purchased.
It would seriously affect all those who re-
nit to Europe, as the rate of bills Of ex
change would, of course. be doubled.
Fourth-Every European holder of our
securities, not specifically payable in gold,
would send them home for redemption or
sale as soon as the election of the silver
candidate was ascertained, and our own
Investments Of railroad and corporation
bonds and municipal securities would be
seriously deprecated ia value. Already
a large amount of first-class railroad bonds
payable at maturity in lawful money, have
been sent from Europe and thrown upon
the market here and in New York, in an
ticipation of The free coinage of silver.
Fifth-At ratio OF 16 to |, it is per
fectly feasible for counterfeiters TO set up
private minis and coin silver money 10
Asia, Africa, Mexico, South America or
elsewhere, using silver purchased at its
market value and circulating these coins
in this country. They could use silver of
the same fneness, with the same alloy and
with as perfect stamps and dies as are used
in our mints, and the officials of the gov
eminent or officers OF the Mint could not
tell tho spurious from the genuine. In
deed, there is no certainty that such coins
are not now in actual circulation.
Sixth-The evils OF the present time,
which the silver advocates allege to be
due to what they call the decentralization
OF silver, have all been clearly shown to be
due to other causes; as, for example, the
low price Of farm and other products, as
well ms OF manufactured goods, is un
doubleday due entirely TO labor saving de-
vices and the resulting overproduction.
Seventh-Among the other disastrous
consequences OF the proposed free coinage
Of silver at 16 TO !, may be mentioned the
effect it would produce on the income OF
charitable corporations. We have hos
pitfalls, asylums, benevolent associations
and homes of various kinds, many OF
them largely endowed by individuals Of
wealth. If the silver heresy succeeds, the
purchasing power of all such incomes
would be reduced, and the institutions be
obliged to decrease their benevolences and
the poor, who now enjoy the benefits
thereof, would necessarily suffer. And,
In brief, there is hardly any part OF the
country that would not suffer il the Bryan
party should succeed, except, indeed, the
millionaire owners of silver mines, who
are endeavoring against every principle OF
honesty to force the community TO pur-
chase their production at enormous prices.
JOHN B. GEsT.