New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-10
SELECTIONS FROM THE MAIL
METHOD IN THEIR MADNESS.
THE GREED THAT MOVES GoLD-MINE OWNERS
TO ADVOCATE FREE SILVER.

TO ADVOCATE FREE SILVER
To the Editor of The Tribune.
Sir: Your paper has struck forcibe blow in
calling attention in this mornings edition under
the head 'Mon,re Alliance TO the Interested ana
selfish motives which actuate gold-mne owners
in the West to advocate the free coinage OF silver
You rightly call attention to the fact that these
parties see that in the unscttng of all values
caused by the advocacy of silver gold would go TO
a premium and the god-mine owner would be able
to sell his product at higher price. Nothing could
be moro certain, but there is another side also
which it may be possible TO bring nearer home to
the wage-earners the laborer. the miner, ara that
Is the rich proprietor Of the gold mine will not only
be able to get for his gold product, but he
will be abe to pay his employees in the debased in
the cheap. silver coin of lower purchasing value.
If wages increase at all under cheap money 1t VIII
be at a much slower than the value Of the
product of the mine. Ninety-nine chances 10 one
there will be no increase of wages under free COIN
age but we rep'at that if at all 1t will be at
tedious pace.
Every labor eade' in the country. nay every
laborer knows or should know that so long as
the gates OF the country remain open TO the imm-
grant the of wages will not Increase There Is
sufficient supply to meet the demand, and wages
will remain about they are consequently the
laborer OF all others shoulde vote to keep the pur
chasing power of hi. dollar "a. high as possible.
OF all other men in the world LEI the laborer stand
UP for the highest value dollar.
We need not trust alone to argument TO estab-
lish the correctness OF these facts have but to
look around us for examples. The Republic Of Chill:
was for many years silver basis. and though
they have large silver mines they found il abso-
lutclv necessary for their progress to go on to
gold basis The people who opposed this change
were the large employers of labor who foresaw
that with the dollar firm gold basis the en-
ploye would demand the same good dollar which
the rich like to hoard There would be no product
| cold hn 11bO
been paid in deprecated silver currency The OPP
position of these Iaccndados was finally broken
down, and the country went on the gold basis.
Look at the country to whether she is prosper
| ing more now than she before gold coinage
There other similar instances among the
South American countries where the great loss OF
conducting business under silver basis have
been apparent. 1t is not to be wondered at that
the laborer seeks relief from the hard times
under which he has been suffering for years. But
let him reflect what caused the panic of 1898 Was
IL not the agitation OF the money question. the
Sherman bill. and other propositions for the coinage
of silver The United States Is a borrowing Ma
ton. dependent for the development of It's stu
capital II the unsettling OF values, the Tear
caused to foreign investors that we might some
that paralyzed enterprise and brought on the suf-
fcrne. which. until recently this country never
There is no rankcr heresy than the free coinage
Garner so tremendously. Let him remember that.
however plenty money is. he VIII only get what ne
works for; and nothing interests him much az
that his money should have the highest purchasing
poNor. Let him reflect upon the small amount OF
money that Is actual circulation. The daily
transactions of The New-York Clearing House
amount to- say, $95.oDo00l only per cent. or one
twentieth of this whole sum, * in cash. the balance
is ali in credit. If values were disturbed these
daily balances would he decreased, not increased.
| These figures ntioned solely TO impress the
fact that the great volume Of transactions Is based
| on credit and that money Is not so much
what IS wanted as more confidence, which can only
he maintained with unaltcring unit of value
You have called attention to the greed Of some
Of tho owners of gold mines: probe deeper and
see how many Il those crying for free silver are
likewise moved by selfish motives The silver
miners Of the West are working for free silver;
| they might reap inordinate profit in the few
months before the country would become bank
rllnt but the end would be ruin. We firmly be-
icyc that even If for the moment an artihcially
/ increased value should be given to silver the in
creased production which would ensue. and the in
ability Of the United States buy the silver that
| would be thrust upon IT, would cause such panic
that prices would soon so TO pieces.
DO not let tn, miner, the laborcr. be duped; on
| tighten him 50 that he will not blindy follow the
| rich mine owners whose Interested motives you
| have pointed out. Impress upon the masses the
dishonor Of free silver and the cause will die, for
we have faith in the integrity and in n ntelli-
gcncc OF the people r.. b. OEtOTT.
| York. JulV % 1896