The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-18
ANDREWS FOR SILVER.
Brown University's President De.
clares for Free Coinage.

Denver, Aug. 18.-Rev. Henry w.
Pinkham, pastor of the First Baptist
church here and a friend of President
Andrews of Brown university, recently
wrote to Mr.. Andrews, asking these
questions:
/ Do you favor the free coinage of
silver at the ratio of 16 to 1 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
silver dollar?
g. Would not free coinage by 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 counter balanced in
the event of free coinage by the stimu-
lus thus given to silver mining and
by the influx of foreign silver?
5. Would not the advantage of free
coinage be more than negatived by the
injury to our credit, thus causing a
withdrawal Of foreign capital?
In reply President Andrews has writ
ten:
My Dear Pinkham-I was delighted
to receive your letter of the 9Th, and
will endeavor to answer your questions
in their order as well as I can
Il. do.
so. I believe so.
g. do not think so. People would
not hoard or export gold in face of a
movement certain to cheapen gold. 1t
Mobilization of silver by US would be
the occasion of setting free vast
amounts of gold now boarded for mil
itary 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 50 low a
marginal cost as at present prevails
The marginal cost would be on the
81
that all tendency from this source to
lower the gold price of silver would be
negatived. The very prolific silver
mines now are very few.
IS. Quite the reverse. After a. posi-
bic first shock our credit would i'm
prove after free coinage. 1t is our
present course which must speedily
lower our credit How long could a
man or a firm continue to have credit
who borrowed each year to pay a, large
portion of his running expenses? Yet
on a, gold basis this course is inevita-
BILE, and that is at this moment the
reason why foreign lenders are shy of
our securities. There must be a
change if we would avoid bankruptcy.
With free coinage every industry would
look uD, and even if we lost our gold
our prosperity would invite in English
capital, just as Japan's prosperity now
causes 1T to rush there. Never since
slavery days has the press in the parts
of the country familiar to me display
ed such disregard for truth and such
STUBBORN ODIuSeIleSS 10 the H1OSl Op-
vious considerations as it does at pres
ent on the silver question. This means
that the money power seated IN Lon
don but with representatives in New
York. Philadelphia, and Chicago, is
determined to continue the apprecia-
ton of gold, and determined therefore
that the facts shall not be known. The
bankers and the press are almost en-
tirely under its influence. 1 think the
money question at the present time
the greatest question of civilization.
Yours with kindest regards,
'EBEN J. ANDREWS