The Houma courier. (Houma, La.) 1878-1939, 1896-07-04
The Disaster DOGGY.


The Tmes-D Democrat that, in q mani
festo is sued to the public at theend Of
last week, ex-secretary whitney, who
is a bimetallist Of the boiling OF inter.
national brand. insisted on The predic-
tion that, in the event Of the election
Of q f~ree-coiuage Presidents and a free
coinage Congress, financial dIaastef
would he the immediate and inevitable
lot Of these United States.
The New York journal, apropns 81
that utterance of The ex-secrelary 81
the Navy, sought the views Of d num-
Der Of public men Of prominence "a to
the relevancy or ~irrelevancy of Mi.
WLntney's vaticination. Among the
men towhom the Journal appealed tsr
an expression Of their views on the
subject was "Coin" Harvey ofChioago,
who has not been heard from this tong
time.
The reply with which the author Of
"Coin's SrhoOlp favored the Journal ia
response to Mr. Whitney prophecy It
evil is so simple and yet so convincing
that, with Acknowledgements to the
New York journal but without any
apology 70 our readers, w~e"convey" it
e%ntiie. Mr.. Harvey said:
ION the election Of a President and Con-
gress in November committed to free coinage
the danger of a panic will pass in a day. We
will cross the danger line the moment that
fact 10 known, The next day silver will be-
gin TO advance and gold TO decline. Declin-
ing, gold will come out from hiding in a few
days after the election, hurry to seek an in
vestment, and will go actively Into circula
ton. 1t will seek to invest itself in things
that are rising, for it will fall in value. This
is a law as inexOrable as any of the certain
laws Of trade. The wheat in existence is sure
to fall in value when it is known that a large
new crop is coming; the effect is felt before
the new crop is harvested. so it will be with
gold when it is known that a new crop Of
money is coming.
at is enhanced gold that is boarded. De.
preciating. gold will go rapidly into circnla.
ton for favored investments in the rising
markets, By the time the free coinage act is
passed the two metals will have come tOgeth-
er. Those who fear disaster from a bimetallic
standard do not understand what bImetallism
10, or arc selfshly interested in promoting y
dear money Bimetallism is tho right to use
money made from either of two metals; whom
one is scarce the other is used. If gold is
COrnered the people use silver, 1t the prOduc-
ton Of ono is lessened the other Is used. BIZ
metallism gives to the debtor the option ito
use money made from either metal. If one is
easier TO get than the other, or is cheaper
than the other. he uses it, and this shifts the
demand from the dearer metal to the cheaper
metal aud restores the commercial parity.
Beet, pork and mutton arc in competition
with each other 20 supply the demand for
meats, and as long rs this is the case neither
can rise unduly in value aud threaten the
health of the nation.
Neither could gold rise unduly in value,
as it has, and threaten tbs credit Of this ma
ton, if silver we're in competition with it as
money. The supply of tho two metals is Iimi-
ted. All the gold i'll the world available for
use as money can he put in the frst-aoOr
offices Of the Journal, and all the silver in the
world available for use as money can be
stored in the same building. The United
States produces in q single year, from its fac
tories aud fields, enough to require all the
silver in tho world to pay for 1t. such a ma
tiOn can maintain the commercial parity be-.
tween the Two metals. 1t is tho lack of
knowledge Of tho worlds production Of gold
and silver before and since 1873 that accounts
for the errors into which the Eastern people
fall.
ITO the statement that free coinage Of sill
yer will drive god uut of circulation the an.
swer is. there Is no gold NOW III circulation
The bankers have cornlred it. The Only hope
Of the nation 's to put silver in competit ton
with gold as money. The answer to tha state
ment that the election Of u free coinage Presi-
dent will cause a iun on the Unit Il States
treasury, and thus bring on a panic, / that If
it is the voice Of the people that silver il 10 be
restored by the side of gohl Mr.. Cleveland
should be expected to tender in payment for
representative money presented at the United
States treasury silver and not gold. Our
government mouey calls for coin and not
gold, aud coin means either gold or silver.
If he pays ont gold and aids in bringing on a
panic, he will 10 responsible for the panic,
and not the people. MIR. Whitney's statomcnt
of predicted rain is the threat of Wall street,
and is intended to Tighten business men and
to intimidate the people. lift is true that the
money power can DO what is threatened, It is
a sufficient reason FOR its overthrow and for
treating 1t US the enemy Of the republic"
This argument is about as conclu-
sive as anything that we have heard.
IT MI. Whitney will only examine a
little more carefully the laws Of trade,
he will see that it is his owu fears Of
what may happen to his Wall street
brethren and not any well-grounded
danger of u financial cataclysm that is
frightening him. An honest expansion
OF the cure cy has eve in the past
brought ruin to the country or loss to
any considerable section ofthe commu-
nifty, and there cannot be any 10
celvAble reaso why it should do SO in
the future.