Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-28
SOME PLAIN FACTS.
PRESIDENT ANDREWS OF BROWN
UNIVERSITY ON FREE SILVER.

He Answers Some Questions Of
Tacoma Goidbug Maintains
That The Present Financial Sys-
tenn VIII still Further Lower
Our Credit.
Some weeks since the Everett News
learned from special dispatch in the
Rocky Mountain NeWs that President
Andrews OF Brown university had de-
clared for free silver coinage, without
waiting for international agreement,
and mentioned the fact in four or
five-line editorial parapragb, for the
simple reason that the alleged news
papers in this section of the coun.
try, which are served by the AS
sociated Press, undoubtedly controlled
now as always by the money power,
failed to publish this interesting and
important item Of news.
Attorney George S. Brown OF Ia
coma, graduate Of Brown university
whose intellectual learnings then were
decidedly in favor OF the gold standard
reading this statement OF President
Andrews position in the News, evident
ly doubted its authenticity, go he wrote
to his old college president and friend
to ascertain the truth regarding the
matter. In this letter to DR.. Andrews
he asked these questions:
"1. Do you favor the free coinage
of silver at the ratio OF 16 to l by the
United States, without waiting for aid
from any other nation?
"2. Could the United States, hav-
ing adopted such free coinage, main
tain the practical parity of the gold
and silver dollar?
"3. Would not free coinage by the
United States alone lead to a COM
plete displacement of our gold? Why
not?
al. Would not the effect OF the
recent increased production OF gold, as
compared to silver be counterbalanced
in the event OF free coinage by the
stimulus thus given to silver mining
and by the influx of foreign silver?
"5. Would not the advantages of
free coinage be more than negatived
by the injury to our credit, thus
causing a withdrawal of foreign capi-
tal?"
And this is the reply lie received:
Brown UNIVERSITY, PROVIDENCE,
r. l., July IA, 1S9G-My Dear Brown !:
l was delighted to receive your letter
OF the 9th, and will endeavor to an
swer, your questions in their order as
we'll as can.
81. do.
80. | believe so.
"3. | do not think so. People
would not hoard or export gold in face
OF movement certain to cheaper
gold. 1t seems to me rather likely
that the rehabilitation OF silver by us
would be the occasion of setting free
vast amounts OF gold now boarded.
a. This is partly answered under
the last. Further, there would be no
influx OF foreign silver. Undoubtedly
free coinage by US would increase the
total amount of silver produced, but
the new silver could not be minted al
as marginal cost as at present pre-
walls. The marginal cost would, on
the contrary, increase with the out.
put. so that all tendency from this
source to lower the gold price of sill
yer would be negatived. The very pro-
ductive silver mines now are very few
"5. Quite the reverse. After a pos
sible first shock our credit would i'm.
prove after free coinage. 1t is our
present course which must speedily
lower our credit. How long could a
man or firm continue to have credit
who borrowed each wear to pay a large
proportion OF his running expenses?
Yet on r gold basis this course is in
evitable, and that is at this moment
the reason why foreign lenders are shy
OF our securities.
"There must be change il we
would avoid bankruptcy. With free
coinage every industry would look up,
and even if we lost our gold, our pros
perity would invite in English capital,
just as Japan's prosperity now causes
it to rush there.
"Never since slavery days has the
press in the parts of the country IA
miliar to me displayed such disregard
for truth and such stubborn obtuse-
ness to the most obvious considera-
tions as it does at present on the sill
yer question. This means that the
money power seated in New York,
Philadelphia and Chicago, is determ-
ined that the facts shall not be known.
The bankers and the press are al
most entirely under it's influence. /
think the money question at the pres
ent time the great question of civil
ization. Yours, with kindest regards.
"E. BENZ. ANDREWS"
DEAN STAIR, a 17-year-old boy OF
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