New-York tribune., 1896-07-24
SELECTIONS FROM THE MAIL

H
ALL THE NATIONS MUST AID SILVER IF 1T 10 n
BE CIRCULATED WITH GOLD UNDER
FREE COINAGE.
To the Editor OF The Tribune.
Sir: Many Americans underestimate the gy,at
Importance OF the currency problem before ths
United States either preferrng to accept the opIn.
Ion Of the majority TO looking into the question
Themselves; or in accepting one or the other polit
col platforms make some issue other than Gus.
roncy paramount This question Is undoubtedly ee
vital importance TO all commercial interests and Ia
maintaining the honor OF the country. as both gon
and silver men admit, each side asserting that In
financial system alone lft the country from iss
present debtcontracting state and lead to business
prosperity. The contention that silver 10 the
natural currency Of any people and that gold d
only accepted by the people when 1t IL forced upon
them by chcanery and political corruption In the
interests OF wealth. Is not tenable. when we n.
member that II Is among the self-governing people
find the gold standard. II this system he'd
been found burdensome to France. England q
Germany. the people would have risen long ago
and repudiated it; whereas Engand's example 10
establishing the gold standard has now been fo-
lowed by practically all Europe.
In many countries where the gold standard hss
been adopted there has been some opposition to
this nono-metallism. many fnancers believing
there not enough gold in the world to transact
the entire business Of the world The silver adve.
Gates propose TO find. to their best ability the
permanent relative value Of gold and silver. and 70
have the leading financial nations each coin Ger.
tain amount OF silver at this fixed ratio (this com.
mercal ratio Is at present about 32 70 u. At nrst
this additional demand caused by reopenng mnts
70 silver would tend 10 raise its price, but as the
worlds supply Of low-grade silver ore seems limit.
less the rise In price would soon he checked by ts
product OF new mines. None OF these advocates Of
silver wished their countries TO set fctiou
ratio favorlng silver. as the is TO ratio does. nt
they knew would result In other countries buyhg
what gold they had at price far below IT'S tsl
value, thus solving the money problem for tn
purchaser. while the country selling would be let
with depreciating. bulky and unpopular currency.
The only hope Of raising silver to place OF any
permanence as currency is by the leading nations
acting In concert; every nation that possesses gold
and goes TO the silver standard makes II casie! FOR
the gold nations to maintain their STANDARD; thus
the gold of the United states lamountlng 70 be-
tween six and seven hundred millions) II bought up
by Europe would place them beyond the need OF
silver for AT least generation 10 come. while We
I'm adopting free coinage OF silver az 10 10 ratio.
would by one fell swoop, sink from gold TO this
silver standard, whereby all our silver and paper
money would lose in purchasing power about .
per cent, or n shrnkage equal 10 nve hundred ana
seventy millions while gold would soon bo ex.
changed for silver, at a loss OF about three nun.
dred millions. Such a calamity as this would
other business and laborers. 1t may be neces-
sary at time in the near future for the com.
mercial ma tors TO set some international ratio OK
exchange Of gold and silver coin In order 70 be aDe
to transact the growing business Of the world
Then let each nation coin and guarantee It's value
In gold its allotted share of silver. and let W
carrying silver at ratio 100 per cent above 10
present market value. thus making 1t possible for
other nations 10 advance independently OF rs ana
largely at our expense. READEh
NoW-YOrk July IL. 1896 r4I