Marietta daily leader. (Marietta, Ohio) 1895-1906, 1896-08-10
COLD OR SILVER?
An Interesting Letter on the
Great Money Question.
DEAR MONEY AND CHEAP MONEY.

UbAh NUMB AMI UdhAf MuNEx.
A Full Explanation OF Matter Plainly
and Simply Expresssd-In silver Coun-
tries Money IL Dear; In Gold Countries
| It Il Cheap, as Loans.
| Gordon 81 York, Cleveland firm,
have been sending to their correspond
ents very interesting letter, written
by Mr.. George d. Boulton of Chicago
to Mr.. @. Morgan. postmaster OF Bar
rie, N. d. The letter has appeared
in several Chicago papers and is as
follows: s1
"a "CHIoAao, July 10, 1896.
"Charles Morgan Barrie, N. D.:
'MY DEAR MORGAN Your brother
showed me a letter few days ago in
which you asked for some reading mat
ter on the gold question. AS feel
strongly on the subject, may as well
give you the benefit of my crude ideas,
not having any printed matter at hand.
''There are good many leading
points on this question which think
can be briefly expressed and which ap-
peal strongly to my side of the argu-
ment.
"One of the most uc,gent 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 strongest gold coun-
try-viz., England. The dearest money
in the world is in the silver countries.
For example, money in London today is
per cent per anuum, while money in
Mexico. China, Spain, India, and in fact
in all silver countries Of the world, COM
mands leaning value of from 12 per
cent upward In the other gold coun.
tries of Europe, while money is not so
low as in England, the rate varies from
3 to per cent to the borrower.
II may cite as good example of the
two currencies two states adjoining one
another in South America-one British
Guiana, gold country, with money at
to per cent per annum; the other
Venezuela, with like soil and climatic
conditions, silver country, where in
terest rules at 10 to IL per cent annum.
Decrease Circulation.
"Should we depart from gold basis
Europe would undoubtedly send in all
the currency securieties-that is, secur-
tiles that may be paid in anything but
gold--to us, requiring an export of
either gold or its equivalent in trade.
If it takes gold it takes that much of
our money circulation. If it takes mer-
chandise, it takes that at largely re-
duced value The consequence would
be that shrinkage in money circulation
would run into very large figures, while
we could not put out silver or certifi-
Gates sufficient to take their place for
many months or years, so that during
the next three or four years, instead Of
the circulation increasing as silverites
hope, it would materially decrease.
After lapse of time, no doubt by put
ting their printing presses and mints 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 initiation means
danger again.
"Going back into history we find Eu-
rope using largely silver and gold to-
gether. With the expansion of trade
one country after another found by sad
experience their inability to keep the
two values on parity. England was
tue lusu W uepurt lTOlil unls CuSIoLl,
then Germany, then France, Holland,
Belgium, Italy, Austria and, last of all.
Chile. 1t was from no prejudice on
their part, but from the requirements of
trade, that this course was taken.
1--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 its cur
rency question you will find the highest
civilization. Where money is debased
or is other than the recognized standard
of the world, civilization is on much
lower plane. We can find at the present
time no silver country in the world,
think | might say without exception,
that is i'll q prosperous condition, whose
government secu&ties command re-
spect and full prices in the markets of
the world.
A Mexican Example.
ITO this statement our friends from
the west will probably take exception,
and cite as an example of a silver coun-