Birmingham state herald., 1896-01-14
ON THE BRHAKERs.


 coinage of silver is preferable to this bond issue business, which has no end in view. It says of 'the real issue:"
 "This arrogant money power, blinded by selfishness and pride of wealth. will do well not to force the issue For if thd issue Is joined the end is sure. The peo- pie will triumph. And if 1t should seem to the people, the millions of New Eng land and the middle states the tens of millions of the already passionately in dfgnant south and the great west, that the inevitable alternative forced upon them by this ring is either government by secret Wall street syndicates or free silver, they will choose free silver The American people will never consent to the virtual control of their govern ment by Wall street. And there are tens of thousands of honest sound money men who. when compelled to choose be- tween the two evils, will. however re- luctantly. rather submit to free silver than to rule by the Wall street money power"
 The World will be compelled to ac- cept silver as the alternative, since it must be evident to that sensational jour nal that Wall street will control the bond business. Morgan, Rothschild & Co. are sitting back laughing at the idea that our banks and private citizens will let their money out at 3 per cent interest They know that MT. Carlisle will have eventually to put the loan in their hands A Chicago banker is quoted thus: IT people want to buy bonds and want gold to do it with we will furnish it to them but they will have to pay for it. Gold is already at a premium in New 9ork and We can get 1 per cent for 1t from prospective bond buyers" It may be said that the banks have put a premium on gold to freeze out prospective bond buyers and secure the bonds for them selves at a low price. But if that is so observes the Chicago Record, "does not the fact that they are able to put pre- mium on gold and maintain it go to show that the amount of gold in the hands of individuals in this country is not so great as some people have estimated? Does it not indicate that we have made a very close approach to suspension Of gold payments and the silver basis?' The banks could not put premium on gold even if it were possible for them to combine for that purpose if the country were full of the yellow metal.
 It being very evident, therefore, that we are in the hands of the foreign syndi- cate and that gold is actually at pre- mum a premium which must advance as the endless chain continues, it is well to turn to the free silver question and try the policy which worked so well for a hundred years of our history. We are obliged to come to it. and we might as well consider it carefully and dispassion- ately. The following summary from the Atlanta Constitution may be read just now with great profit
 "A city reader sends this:
 You say in your editorial columns this morning that "the restoration Of sil- yer would afford genuine protection to every interest in the country" VIII you please explain"
 "It is easy to see if our correspondent will only consent to be enlightened. To open the hints to silver will be to in- crease it's value to the price equivalent to the ratio fixed by law. If that law fixes the rat at 16 to 1, the price Of sil- yer will be 1.29 an ounce. No owner or silver in any quarter of the world Will take a less sum for it than that repre- scented by the amount of American prod ucts which it will command in the Amer ican market when coined into money. That being so, the value of silver bullion must inevitably be that which Is f1Xed by the mint ratio. It's value may go above that, but 1t cannot fall lower, for the de- mand at the mint uHuef lTec coinaSe ls ineXhauStible.
 All prices and values in this country must rise with silver In other words, the restoration of silver means the resto- ration of better prices for the products of factory and farm, better wages for the working people, larger profits for business men and general prosperity all around. for good prices and fair profts mean prosperity.
 lowing to the absolute scarcity of gold there may be a small premium on that metals should the hints be thrown open, but this premium would be bonus on American products of all kinds. To state the case more simply, premium on gold | in this country, large or small, would represent premium on European prod ucts, and rather than pay that premium our people would buy the products of American industry. This would be a great stimulus to our own manufactures of all kinds, and would work not par ticle of hardship to consumers, for all classes would share In the general pros- perity The man is blind who does not see what the gold premium is doing Tor Mexico and Japan.
 "But with our hints open to silver the nations of the east could no longer com pete with our cotton growers and wheat Droducers The enhanced value of silver would wipe out the advantages they have over us in the European markets. Nor could the manufacturers or Japan and China compete in our home markets with our own manufacturers. as they are now doing on small, and prepar- ing to do on a very large, scale.
 'When our currency system is adjusted to the demands of justice, common sense and fair play our manufacturers will not be clamoring for the artificial pro- lection with which the republicans have been concealing their vicious financial schemes, but will perceive that with a sensible monetary system and with such incidental protection as tariff for reve- nue only will give them. they can pros- perously compete with the world THE NICARAGUA CANAL. Within the past few weeks a meeting