The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1896-01-23
THAT DELUGE.
That Terrible BugabOo About 9 Silver
Hood.

That Terrible Bugaboo About . SILVER
Flood.
One of the most favorite stock nrgu-
meuts of the monometallists is that il
this country were to put silver on
parity with gold by free coinage OF
both metals that all the silver in the
rest of the world would flow into our
mints and would swamp the country.
This idea, like most of the arguments
advanced by the goldites, is founded
upon their own Imagination and the
pullibility of the public. They imag-
inc the theory and they depend upon
the ignorance of the public for its
effect
In the first place, it is well to remem-
ber that Europe is not silver producer,
but, on the contrary, is silver buyer,
and that Asia is large silver importer,
not exporter; while in the South and
Central American republics and Mex
leo free silver coinage prevails now.
Where, then, is this deluge of silver to
come from? Certainly not from
Europe, because, as Senator Vest re-
marked:
ut would be impossible TO transact
the business of Europe for one day
without the silver each country now
has in circulation In Europe all trans
actions, except those amongst bank
ers, are carried on in the smallest
coins Prices are much lower than in
the United States and between the
lower and Il, .ddle classes the amount
of transactions is hardly above silver
dollar. Austria to-day has 5000, 900, 600
of legal tender silver. 1t is rarely you
-, - ie
demanded by some foreigner to pay his
railroad fare in going from one coun-
try to another. Austria is attempting
now to go to the single gold standard,
but If silver were struck out of circu-
lation it would be impossible for her
to transact the business of the king
dom.
Germany has $780, 0O0,00 and Ger
many could no more do without $780,
600, 600 than people could do without
oxygen in the air they breathe. The
bankers use gold, of course, because a
small piece represents a large value
and it can, therefore be transported
without trouble. France has $3.50, 900, :
600 legal tender silver and she is the
most prosperous nation in Europe The
people could not do without this silver
in the transaction of their business.
The standard between gold and silver
in Europe is 151f to l. In the United
States it is 16 to /; that is 16 ounces OF
silver to one of gold. Does any sane
man imagine that the silver of Europe
would be brought to this country at d
loss of one-half an ounce, including
the payment of the cost of Transports
ton, in order that they might coin 1t
at the United States mints? The silver
is needed in Europe for the purpose OF
bank reserves and for the business o1
the people"
There is no silver in Europe to send
to this country. There is not billion
dollars in that continent, and as the
senator has pointed out, it is the
money of the people and it would b'
impossible for the governments t
gather it IN for expectation even i
they wanted to- Why do they not sent
it to Mexico which has free silver coin
age now2 Why do they not export i
to China2 Why did they not ship it t.
India when the mints of that countr,
were open for its reception? On tn,
contrary, it is the gold countries lik
England which are buying silver, ant
the silver countries like Mexico whicl
are exporting it. II the silver pots an
pans and knives would come to thi
country under free coinage why ar
they not melted down and made int
the dollars which England Is shipping
east? Why is she buying silver in thi
country for expectation from thi
country? 1t should be remembered
too, that England counts her silver a
the ratio of 15]S to 1, while America
free silver would be at the ratio OF
to l. There is far more inducemen
therefore, to send pots and pans t
China in the shape of dollars than I
the United States Senator Vest spok
truly when he said:
Europe is purchasing silver, and. g
far from shipping it to this country
she will continue to purchase it. Indi
needs silver and China and Japan fc
the last 500 years have absorbed i
This idea of silver flooding the Unite
States is a dream of the mammon
gold, of the red worshipers, of tho:
who kneel down at the shrine of gol,
kneel down and worship in idolatr
and bigotry. Nobody from Euror
will bring their pots and pans her
UhyS bho odhuO VlilhR WcS PAophCoiS
by John Sherman in 1878 when tt
Bland-Allison bill was passed.
said: You will see Europe and its s.
yer coming to our treasury We pass'
the bill and the prophecy went unfr
filled. / afterwards read to him Il
returns from the custom house, whi,
showed that the receipts of silver h;
actually decreased. But the san
statements are mhde by Secretary Ca
Isle and Secretary Smith to-day"
While discussing this question of t
possible Importation of silver in lar
quantities it will be wise not to forg
that with our gold standard we are u
able to keep the yellow metal in tt
country. We are exporting more go
than we are producing. 1t is propos,
to do away with the green backs;
demonetize silver and then to expo
gold 1t is not difficult to see VIII
the alternate result of such a poll
must be.
There is no danger of our bell
81 flooded with foreign silver, and even
# there were such a danger it would
easy to avoid it by limiting free col
age to the product of the Americ
mines. Los Angeles Express.
Note OF Warning.
In referring to politics in Tenness