The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-07-01

demonetize one metal than 1T can both;
and ! believe also that the Constitution
REQUIRES that measures shall be adopted
by Congress which will enable the
coins from both metals to circulate
side by side, as part, at least OF our
medium of exchange.
Fourth-If the, adoption of free coin
age should make all our paper and sill
yer money worth about sixty cents on
the dollar in gold, would not the enor-
nous shrinkage produce the greatest
panic ever known in this country,
and would 1t notrequire at least sixteen
years, if the entire silver product of the
United States were coined into money
at the present ratio, to raise the vol
ume of our total stock of money to its
present value?
The theory of free silver advocates in
the South and West is that gold, by
reason of the demone tization of silver,
and thereby the destruction of one-half
of our primary money has appreci-
ated until. as a measure of values, it
has been very largely increased in pur-
chasing power, or, in other words, in
value. They believe that the remone-
tizatioh of silver will reduce this in
flated value of gold, and also that the
ereatersuse that will be made of silver,
if our minis are opened TO its free coin
age, will enhance the commercial value
of silver bullion, and in this way the
commercial value of one metal being
reduced and that of the other increased,
they would be brought together at a
ratio of 16 to l, so that there would be
no excuse for panic unless it were
precipitated voluntarily by the cEsNlitor
class.
If this should be done the people OF
this nation who do not belong to the
creditor class would be fully compe-
tent to defend themselves, through
laws which they could easily make,
and which they would be entirely JUS
titled in making if a necessity therefor
should be created. 1t is not probable
that Intelligent business men will force
a necessity of this character.
Fifth-Do you think that imterna-
t.onal cooperation for free coinage is
worth striving for?
| believe the United States should
stand ready at all times to cooperate
with other nations for the establish
ment of silver as primary money by in
ternational agreement. | do not be-
lieye there lis any hope whatever that
further action on its part under pres
ent conditions would result in any good.
Silver was demonetized by the separate
and independent action of each of the
nations that struck it down. If it is
ever remonetized, that act. in my judg-
ment, will be accomplished in the same
way. Some strong nation will set the
example: others viii follow.
Sixth---Do you not think lshat, ii the
United States should adopt the curren-
CIV basis of Mexico and China, it would
make international bimetallism impos-
sible?
There is no just comparison whatever
that can be made between the United
States and Mexico or China. To intro
duce such a comparison, is to confuse
rather than to enlighten the under
standing of men. There is no reason 10
believe that the establishment of the
free coinage of silver by any one of the
great commercial nations of the world,
now on gold basis, would retaTd in
ternational bimefallism.
The effect would he the reverse, be-
cause it would give the nation in which
the free coinage of both metals was es-
tablished an advantage in IFS CONNER
cial relations with the silver countries
of the world that gold standard nations
could not and would not endure, and
they would thus be forced into some ar
rangement, international or otherwise.
for the free coinage of both metals.
HORACE BOIFS