The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1896-08-26
VIEWS OF PRESIDENT E BEN.
JAMIN ANDREWS.
The Eminent Economist and Presi
dent of Brown University Says
That Free Silver
Would Revive Business, ani He
Clearly Shows Why.

Rev. Henry w. Pinkham, pastor Of
the First Baptist church in Denver and
q friend of President Andrews of Brown
university, recently wrote to Mr.. An
drews asking these questions:
1. Do you favor the free coinage of
silver at the ratio 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
practical parity of the gold and the sill
yer dollar?
8. Would not free coinage ty the
United States alone lead to complete
displacement of our gold? Why not?
4. Would not the effect of the recent
increased production Of gold as COM
pared TO silver be counterbalanced in
the event Of free coinage by the stimu-
lus thus given to silver mining and by
the influx of foreign silver9
8. Would not the advantages of free
coinage be more than negatived by the
injury to our credit, thus causing with
drawal of foreign capital?
In reply President Andrews has writ
ten:
my DEAR PINKHAM-I was delight
ed to receive your letter Of the 9th and
will endeavor to answer your questions
in their order as well as i can.
81. do.
"2. believe so.
"3. do not think so. People would
not hoard or export gold in face Of a
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 other
purposes.
"a. This is partly answered under
the last. Further, there would be no
influx of 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
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
lived. The very prolific silver mines
now are very few.
80. Quite the reverse. After pos
sible first shock our credit would i'm
prove after free coinage. 1t is our pres
ent course which must speedily lower
our credit. How long could a man or a
firm continue to have credit who bor-
rowed each year to pay large poi ton
of his running expensesf Yet ON gold
basis this course is inevitable. and that
is at this moment the reason why for
eign lenders are shy of our securities.
There must be change II we would
avoid bankruptcy. With free coinage
every industry would look up. and even
II we lost our hold our prosperity would
invite in English capital. just as ia
pans prosperity now causes IL 10 rush
there. Never since slavery days has the
press in the parts of the country familiar
TO me displayed such disregard foI truth
and such stubborn obtuseness to the
most obN ious considerations rs IL 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 10 continue the apprecia-
ton Of gold and is determined therefore
that the facts shall not be known. The
bankers and the press are almost entire-
ly under its influence. think the mon
ey question at the present time the
greatest question Of civilization. Yours
with kiEdest regards,
e. BENZ. AEDREwa