Rocky Ford enterprise., 1896-10-15
MORE EVIDENCE.
Convincing Testimony Of the
Ruin Wrought by the Single
Gold Standard In Belgium.
Reprinted by Request.

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Moreton Frewen In Chicago Record.
Sept. 15. 1S96-The inclosed letter To.
the minister Of the United States e..
Brussels reaches me from NJ. Allaf4,
the distinguished Belgian publicist.
Coming from a source free from politi-,
cal bias, 1t is likely to interest equally
the supporters Of Mr.. Mckinley and
those of Mr.. Bryan; each party being
as We are assured. equally in earnest to-
restore silver to worlds currency, the
methods only being different:
ITO His Excellency. the Hon. James
Currie. United States Minister, Brus-I
sells: feel 1t my duty to answer with
out delay the letter which you kindly
addressed to me yesterday. but beg
your forgiveness II here In the country,
far from my office and my references. y
am less explicit than l should wish
to be.
II follow In my answers the same
sequence which you have adopted in
your questions.
II. The law Of Belgium gives to
every debtor the unquestioned right to-
pdys ~ hAn Opttohs III Boio VI ohNoAr 4
whether this debtor be the bank, the
government. or a private citizen. native
or foreign.
"2. No Official estimate exists of the
quantity of money actually In circula-
tion in Belgium, but this much can be
affirmed. that practically no gold In
met with: so that the National bank.
which alone Issues bank notes In Bel
GUM, never pays gold when these
notes are presented. but always pays
silver. /
"3. At its birth Tin 1S3D Belgium
adopted the French monetary system.
based on the two metals. gold and
silver. e.. bimetallism.
But about 1851. when the gold mines
Of California and Australia produced
gold in large quantities. Belgium de-
monetized gold and became silver
monometallic.
About 1866, however. business be-!
came SO depressed in Belgium that the
people forced the minister, NJ. Trers-
0oban, to retire, and obliged the gov
ernment to become again bimetallic.
About 1873 France prevailed upon
gium, Switzerland-to suspend the
coinage Of silver. which suspension es-
tablished here kind Of limping mono
metallism-for, though silver can no
longer be coined, the then existing sill
yer coins continue to circulate within
the Latin union, which union dates
from 1865.
Since 1873 a crisis, consisting in .
fall in all prices. exists continually. nor
does 1t appear possible to arrest ita
progress. This fall in prices. reacting
on wages, Is now evolving a social and
Industrial crisis.
1873. to monometallism. limping
though 1t be? can perceive no other
reason, unless that 1t was to please q
certain class Of financiers which pronted
thsreby-a class supported by theories.
invented and defended at that time by
some political economists. notably by
members Of the Institute Of France.
-. You ask what influence these
monetary measures have had in Bel
gium on industry and wages? Money.
which was already scarce in 1873, has
become still scarcer, and that fall In
prices which was predicted has taken
place. The average fall in the price
Of all the products Of labor Is so per
cent since 1873; that of cereals over
65 per cent. Industry is no longer rex
munerative, agriculture is ruined and
everybody is clamoring for protection
by import duties, while our ruined citt-
gems think of wars-such Is the SAD
condition of Europe.
"5. For the last twenty years no new
gold nor silver has been coined in Bel
GUM.
&c. The mint pays for gold 3,437
francs per kilo, and for silver 220.55
francs per kilo. without any change
since 1866: but since 1874 1t no longer
buys silver. There is thus mint price
for gold only; but gold is always dearer
in the open market than the purchase
price of the mint.
Accept, NJ. le Minister, the assur-
ances, etc..
"ALPHONSE ALLARD.
"Directeur Honoraire de la Monnaie
de Belgique. Delegue du Commencement
Beige aux Confereux Montaire Interna-
tionel, 1892, etc."
At my request M. Allard has obtained
permission from Mr.. Ewing to publish
the letter. Yours faithfully,
MORETON FREWEN.
No. 25 Chesham Place. Sept. 5. 1896.