The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-23
The Money Question
A Good Article on the
Views of the Above
Question
Nv Messrs. Watson Il Gibson.
otner Items OF Interest Picked ~
About the Metropolis OF the
Copper Country.

Whatever the result oil Tree silver mign
eventually be, the NEWS looks at it iron
an entirely business standpoint and IL ap
pears to us certain that il the silverite'
carry the day the Europeans, who hav'
40 largely invested in American securities
would be liable to call in their loans, anc
which would naturally bring on panic
Although very many may think different
ly. we feel bound to publish from time tc
time such articles as we may meet with
which point out the correctness OF our
view, and therefore we reprint an article
from the circular issued by Messrs. wat
son 4 Gibson, the brokers, OF New York,
and which appears to US to contain much
food for thought. The article is as fol-
lows:
| 1.-THE free coinage orators go about
| talking OF the great destruction OF value
| in this country in consequence OF the de
| monetization OF silver in 1873, and the
adoption of the policy OF making all
forms OF money the equivalent OF gold.
| The farmers are told that they are spe-
cial victims of this crushing system, and
many OF them are understood to have ac-
cepted free coinage as panacea Tor their
low prices, without stopping to consider
the actual causes. This country would
have felt the contracting effect oil the
widespread demonstration OF silver, the
adoption OF a gold standard by Germany
and Austria and the heavy accumulation
OF gold by France and Russia had our
OF rf-
enforced by silver. While we had free-coin-
age we had an immense coinage oil IL on
Government account, which filled the
channels OF circulation in the matter oil
mere volume, precisely as IL II had been
coined on private account.
According to the treasury figures the
total OF silver dollars coined 10 S429, 2S9,
016, and the total issue OF notes Tor the
purchase OF silver bullion under the Sher.
man Act $141, 3S5, 2S0. Here is total
of $500, 675, 1876, OF silver money added
TO the circulation since 1879. This does
not include $40, 100000 OF subsidiary
silver coin, which may be left out to re
present the stock OF silver held in this
country at the beginning OF specie pay
ments in 1870. Our free coinage friends,
in addressing the people must be honest
with them, and they must tell them the
vast sun OF S560,0O0,OOO new silver
money has been added to the circulation
under the gold standard within the past
eighteen years, and it's value has been
kept at par with gold by fund or gold
held by the Government to redeem trea-
sury and coin notes. II it had not been
kept at par, the gold which now circu-
lates along side OF il, would have disap-
peared, for no one would pay out metal
that is better than another metal; one
would only pay the cheaper kind OF cur
rency, il the equality broke down.
The great imitation OF our circulating
medium, which by treasury figures
amounted to $1,512, 100000 June /,
1896, as against sS23, $4,000 June, l,
1879, has come largely through this sill
yer, but if the parity should break down
between gold, silver and paper, sudden
contraction would result. Herein lies
the danger OF free silver, for while its ulti-
mate effect might be imitation, as the sill
yer bullion OF the world would come here
for coinage, there would first be loss OF
gold. Expectation OF the enforcement OF
free coinage would brighten gold out OF
circulation, for as long as people could
obtain il from the banks and treasury
they would draw il out to get the benefit
OF the premium il would be certain to
command. Thus a contraction would
inevitably result, and as the estimated
stock OF gold in this country is above
S515 ,0O0,0 900, the free silver men who
are not IN absolute poverty, and thus be-
yOnd the reach OF all adverse financial in
fluences, would find their business in sore
straits. Do the farmers think that with
such an upsetting ofthe base OF all ourval-
ues, the money OF account, the yard-stick
Of commerce. they would haye anv chance
OF being benefited. We cannot believe
that they are lost to all reason and bent
on destroying the foundation OF all pros
perity-the integrity OF the currency"