The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-08-05

yer ~ the money 10 pay for these
bonds came from this country, the
amount of American funds used ln the
purchase of $4,000 Mexican govern
ment securities was l1gOl2li. or about
twcnty-slx cents on the dollar Now It
seems impossible for any country TO
be- In sound and prosperous condl-
ton whose securities are 20 heavily
discounted as In the above case.
Looking at the matter from an intel.
lectual standpoint. we find arrayed
on the gold side the high intelligence
of England. France. Germany. Italy
Holland. Belgium. Norway Sweden.
and Canada, on the other side we
nnd an inferior grade Of intelligence,
an absence Of public schools. and
lower plane Of morality, az In Spain.
Portugal. South American states.
Mexico. China, etc. on which side
shall we array ourselves?
or course you understand II is not
the Intention Of the party In power.
or the gold party, to disturb the pres
ent silver circulation Of the country.
which is now $500 100000. There is no
desire TO demonetize that
on the other hand the whole con
tention is that all Of our circulation
shall be kept on parity with the
gold standard. and that this $500. 900, 900
instead Of being reduced In value. win
remain equal TO gold anywhere.
Borrowers throughout the country
VIII have 10 recognize the fact that
undoubtedly they Will have to pay
more for loans with"silyer ruling than
they do now with gold.
Again, II gold remains the standard.
and we give our endorsement OF the
principle that We believe It the only
standard for us. the money markets Of
the world win be open 20 us. and in
stead OF having to pay a high rate
for money borrowed. the chances are
we viii have to pay a very much re-
duced rate-less than that which even
now prevails
IL Is estimated that London alone has |
many hundred millions of idle money
In It's banks waiting for this matter TO |
be settled. which viii undoubtedly be |
released and used 10 large extent on |
this side. II We commit ourselves un-
equivocally 10 the recognized standard |
Of European nations. The course Of
events viii be, II We make the change |
In accordance with the platform Of
the silver people. that In November, |
as soon as the silver president is elect
ed, there can be no doubt at all but 1
Europe will return our securities in |
large amounts. For these we have
TO pay gold or its equivalent
This will entail a large export Of |
the gold we now hold or OF commodi-
ties Gold will at once advance to a |
substantial premium. No legislation
can probably be made by congress
until well along in the summer Of 1897,
during which period our circulation
will be very largely depleted by ex-
port and boarding. The return OF our
securities has got TO be at very much
below the present valuation ruling on
our stock exchange-probably Is per
cent to 25 or so per cent.
II we can avoid a serious panic dur
Ins, g,,b a ,rtstg NO ,noN. ,.agar1 nur- /
selves as fortunate.
Under the most favorable circum-
stances we must look for great dis
turbances in value to all classes, dis
organization of labor and hardening
of money and general financial trou-
BILE. which viii be felt by all classes,
whether The farmer the laborer, the
mechanic or capitalist.
Capital can always take care of
itself and will feel the trouble the
least, as it can largely unload its bur-
den onto others,
Now. legislation In favor of silver,
when II comes, must be at least from
nine months TO year on. and at best
II cannot do anything which will
speedily restore our circulation to its
normal amount per capita, as 1t takes
time to coin silver, the capacity of our
mints at present being only about
IS, 900, 900 a month, or s6O,OOO.OOO year,
The following can almost be taken
rs aXioms:
No silver country is prosperous.
No silver country has a stable and
lrm government.
In no silver country is general labor
we'll paid.
No silver country has government
securities at par,
No silver country has good public !,
school facilities.
This letter has rather rambled on in ,
o a lengthy epistle, but it may inter-
'st you, and l hope 1t will help you
o convert one or two of your friends ,
o the right way of thinking. .
Sincerely yours,
GEORGE d. BOULTON.
A M ~ A ,