The herald-advance. (Milbank, S.D.) 1890-1922, 1896-08-07
Psain statement Of how IA ssusi-
ness Man View, Free silvCr.


Tie following circular letter was re
ceiyed by Mr. G.. ". Merry ot this city,
the writer being personal and business
acquaintance OF Mr.. Merry. in the live
stock commission business at Chicago.
tits interesting as bringing home to US
IN direct manner something OF the eli
is already having upon the business in
tecests of the country, and reaching to
one OF the particular interests OF this
section, the live stock trade. Mr.. Mer,
ry is cattle buyer, shipping to Sioux
/ City market where the stock is again
taken in hand by Iowa feeders and pre-
pared for the Chicago market, these
feeders, purchasing in large quantities
are compelled to be heavy borrowers OF
money to tide them over the feeding
months untIl they make their sales OF
"a. stock, and the letter was brought out
III answer 10 an inquiry as to the pros
poets OF obtaining these loans, the writer
stating that he had received some twenty
i've letters of similar tenor to the ques
ton refer red 10 by tie party addressed.
The letter says:
Chicago, Monday, July y, '96.
Mr. KENT YALE: Artesian, >. Oak.
DEAR SIR:--ln regard to the queS-
tion you asked me while at dinner at the
Trausi. House: | was SO pressed tor tnle,
having to make the two O'Clock tram, |
merely had time TO answer your hrst
lquestlon.
You asked me why all the products Of
the country We're selling 50 low and why
money was SO scarce. | told you that
over production Was the cause OF the low
prices on all Of the products.
Then YOU want me 10 explain to you
, what | thought ot the silver question.
. As had 10 time that day, | told YOU
thai would write YOU my ideas Ill full
when | had more time,
, There are Il great many leading points
on this question which | thlnk may be
briefly expressed and which appeal
strongly to my side Of the argument.
As know YOU are inclined to favor the
silver side will give YOU the facts, and
then sou must act oh your own 9oou
Judgment.
In fAe first place, my interest IS the
same as yours | am the owner OF farms
and am largely interested, With other
milwaukee, people, II one 81 the bea'
silver mines III Idaho. IN short, | an
interested With the farmer, the leeder
the shipper, the borrower and the man
! ufaeturer, rs | am engaged IN them all +.
First Of all the silver party wants eheal
money; by that suppose is meant mon
ey they can borrow cheaply or carr
cheaply The cheapest money II 'ht
4 world is the strongest gold country
namely. England The dearest none.
in the world is i'll the silver countries
a Fer example: money in London today il
t two per cent per annum; While money II
Mexico. China. India, and all the silve
countries is at ten 10 twelve per cen
y interest. In the other gold countries 0
Z the world the money is not 50 low as j
a i in England, but wares from three t
five percent TO the borrower. II WI
should depart from a gold basis Europ'
: would undoubtedly send in all the cur
q rency securil,es-lhat is, securities tia
d can not be paid in anything but gold
J to us. requiring an export Of gold or II
!" equivalent in trade 1t it takes gold, ]
Il takes that much OF our money c;rcu
Z. ]a1ion. II 1t takes merchandise It take
,s that at a largely reduced value. n
consequence would be that the thrlnk
= age in money circulation would u
into very high figures, Whlle we cdul
a not put out silver or cerlfcales 20 TAX
.e their place for many months or years
J. So that during the next three or lou
= wears. instead OF the circulation lncreas
ing as silyertes hope, io will MATERIAL
Idecrease. After Il time, no doubt. b
Of putting their printing presses and MN
Is work. they could larely initiate on
n currency with new issues.
Currency depletion means low price
IN for labor and everything else Currenc
at a tair rate per capita means prosperlt.
re Currency initiation means danger again
). Going back into history We Tin
Europe using largely silver and gol
IS together. With the expansion OF trao
one country after another found by sa
O. eyperience their inability TO keep III
le two metals at a parity. England WI
the first to depart from this custom, the
l. Germany, then France, Holland, Be
GUM Italy, Austria, and, last OF a
to chill. It was from no prejudice G
an their part, hut from the requirements
trade that this course was taken.
L We can have only one standard, VII
tner it is gold. silver or anything els
St and the experience of the world has he'
at. that gold was the best. Again, Whe
:, the country is most sound on its mon
~ question YOU will find the highest civ
ia lzation but where the money is debas'
iv- civilization is on a much lower plaf
na We can find at the present day no SLY
country in the world. | think may s.
ne without exception. that is in a prospt
rt. Gus condition, whose government s
IS, curitles command respect and full pllc
as IN the markets of the world.
r. To this statement our friends from