The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-21
The Dollar That Will Buy
the Most.
No Question as to What II Is
Made Of.
All of the Bonded Debt Based on
Gold Standard Only.

In their weekly market letter received
today, Clapp q Co. OF the New York
STOCK Exchange present the following
interesting statements:
COLD and silver acting as redemption
money are none the less the products OF
labor. Over-production of any kind is
another name for initiation to be control
led in the interests OF industry. Pro-
duction equaling consumption Is to be
encouraged for the same reasons. The
more limited the quantity OF the produc-
tion of final redemption metal. the more
certain is the check on the over produc-
tion of the other products 1t measures.
The kind of dollar needed Is the one that
will buy the most Of other peoples pro-
ducts. This generation secures more en-
which preceded 1t.
All our present bonded debt has been
created under laws which made gold the
only standard of values. All our gov
eminent bonds that have been redeemed
have been paid in gold or the equivalent.
40 cents in gold in 1854. Now gold Is
worth about 1874 based on present price
OF silver bullion, while the silver in a
dollar is worth less than So cents In gold.
The United States has more silver than
any free silver country. We have coined
over 30 times as many silver dollars since
1873 as previous to that date. Two polit-
ical platforms demanded the restoration
OF privileges existing prior to 1873 For
the past three years the government has
been coming over 100000 in silver per
day and has averaged more than that
amount for nearly \ score OF years. Mr..
William j. Bryan's 25,0C0 word manu-
script at Madison Square Garden, August
IL, has been compared to the River
Platte in Nebraska, 1000 miles
long, 900 feet wide, 8 inches
deep and slightly muddy. Mr. Bryan
says "Any purchaser who stands ready to
take the entire supply of any given
article at a certain price can prevent that
article from falling below that price.
So the government can fix price for
gold and silver by creating demand
greater than the supply" Chicago
spectators have seldom made a success
for all parties I'm interest in cornering
grain or anything else. He says: "We
contend that free and unlimited coinsge
of silver by the United States clone viii
raise the bullion value OF silver to its
coinage value, and thus make silver
bullion worth Sl.29 per ounce in golh
throughout the world" In 1890 silver
cents. in 1895 at 63 5-l0 cents. About
the time of the Chicago convention 1t sold
at 20 cents; II IL now SO cents.
Several silver countries are arranging to
arrive at gold basis. II they do the
United States may have an opportunity
to try to corner the worlds silver supply
provided leader be chosen. Mexico,
Peru, Bolivia and Ecuador's equivalent
TO our silver dollar in 1875 was worth
average about 95c., in 1880 about S5c., In
1884 about SEC in 1887 about 74c.. in 1888
about e3c. now about 90 1-2c. In gold. Our
The silver IN our dollars. like that in
all silver coins or bullion, has doclinei
in ike proportion to that in Mexico, and
when melted into bullion can be bought
the world over for about 66 TO CSC. per
ounce. In 1895 Europeans bought United
States Government per cent. Bonds that
cost them about Ill, paying in their
gold. They also took the Mex can
loan at SO cents on a dollar in English
money, that paid per cent. interest In
silver. This indicates difference Of
about 4Sia cents on the dollar, besides !
per cent interest against the silver
country. For years we have been selling
India silver bullion on a declining mar
ket, coinIng silver to the full extent of
our mines, building storage vaults to
care for it, encouraging the issue Of silver
certificates to eyade its weight, ana the
net result is loss OF nearly S150, coo, COO
II we had to sell what we have In the
treasury. Gold is quoted in Buenos
Ayres at l76, at Madrid at 1925 at
Lisbon at 29. at Rome 1Os, Mexican
dollars at bl3a cents,