Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-07-09

France, Germany and other gold
great banking houses of the country
settling the balances between the
American and foreigner as at present.
When balance is due one of these
countries of course gold is demanded
and paid. 1t is the only money
recognized there by the commercial
element. When a balance is due
America, however, silver will invari-
ably be sent to pay it, because that
metal is made acceptable by law and
| is the cheap metal in the foreign
country. This goes on for some time
and Americas gold is in Europe.
Europe's silver is i'll America. The
Iatter's liberal policy has enabled the
powers to unload.
Now when a balance is to be paid in
the old country our bankers will be
compelled to say: ave can not pay
gold this time. We are unable to OBJ
tain enough of it. The gold you have
not already taken has been boarded by
our people and can not be had for cir
culation. We are sorry, but we will
have to ask you to take silver" The
foreigner replies: Every well; but we
can not accept it at more than its
worth in the markets of our own
country. Your silver dollar is worth
in our country, England, France, Ger
many), "a cents. Therefore you will
be expected to deliver it i'll London.
Paris, Berlin) at those figures.
Protest is useless. The foreigner
explains that he can not get more than
that out.of it, therefore can not pay
more it. The American banker, of
course, can not help himself. He can
no more lose on the silver of his
country than the foreign banker can.
Therefore he accepts it at his bank at
the rate agreed upon with the for
eigners. The man then Who had a
hundred dollars deposited i'll the Amer
lean bank finds that in reality he has
, but fifty dollars, has the cost and ex-
portation to the foreign country. The
American dollar has deprecated, not
by the act of the American banker,
but from the fact that the dollar was
not receivable OH the same terms in
the two countries whose citizens were
parties to the transaction. 1t would
be business idiocy for the American
banker TO accept at par dollar that
would not pay dollars worth of debt
any where.
} The American who says pass law
that will compel creditor to accept a
silver dollar at par or lose his debt
simply talks nonsense. Such law
could not reach the rOreign creditor,
and the American creditor would not
be compelled to accept money that
the banks, the greatest factors in the
} prompt and safe handling of money,
, could not use except at disadvantage.
But the trouble would not end here.
Foreign mOneyed men would bring in
their gold again and buy up this de-
, preciated silver as speculation. Then,
| us has been the case over and over
, the government would be called upon
, to redeem it's credit and that of it's
people, which would be ruined by this
lop- sided liberality, by providing for II
. return to gold values. The desolation
: caused would be far worse than that
caused in the process of bringing the
greenback dollar up to its face--to
parity with gold.
, Another phase of the question is not
| to be overlooked. 1t is claimed that
the free coinage of silver would make
money abundant. Now, would ask,
if the scarcity of money is the cause of
the depression, why is it that money in
) banks everywhere is Idle because no.
, body wants it? If the industries were
J active-all the mills and factories and
mines running, the railroads doing
business to their full capacity and new
lines building, money would be
"plenty" and everybody contented. 1t
! is industrial and business activity that
make money plenty" and not greater
l volume of money coined or printed.
, Free coinage would not help the man
: out of job, nor would it gain him a
+ job, except perhaps in silver mining
= camp. And the silver mines employ
= but IL small percentage of American
, labor. 1t is the mills, factories, rail
) roads and ordinary vocations that fur
nish the labor for the millions where
the mines employ but thousands.
Free coinage would not set these a
going. There is plenty of money to
3 run them now if there were anything
s for them to do.
Democrats were bent on destroying
4 the prosperity of the country through
D free trade-by paying European work
4 men to do what American workmen
l out to do. Their plan simply stole the
: Americans job and gave it to the