Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1896-11-03
THE Il MooTED DUMP.
Ono Of the Bugaboos Of the Go1dltes Com
X s$s. Va ii pletely Annihilated. - s

1t has been urged BY certain authori.
des that in the event Of free coinage Of
silver by the United States at the ratio
Of Is to there wcald be- a dump of all
the silver ii the world into this country.
This would ocsur, it is said, because
silver would be worth but so cents on
the dollar, while gold would remain
unchanged.
In that event why should, gold leave
this country? Would it buy more abroad
than at present? And if the silver dol
lar would be worth but 80 cents while
the gold dollar would be worth 100
cents would not the latter buy two sill
yer dollars and therefore twice as much
OF any product as silver dollar? If this
is not true, there would be no 50 cent
dollar, and if it is true gold would
naturally flow to America because in no
other country has it double purchasing
power compared with local currency.
But if there is to be dump, from
what source will it come, and will it be
in the nature Of a donation? If not a
donation-if something is to be taken
in exchange-whatw will that something
be! No matter what, perhaps, since it
must be natural or manufactured prod
uct and must necessarily accelerate bust
ness in the lines affected.
Will the dump come from Spanish
America? There are between the Rio
Grande and Cape Horn 60, 900, 900 peo-
pie. including natives. They have $780,
600, 900 in silver. South Americans have
81 cents each in that metal Mexicans
have 81. Sd per capita, while Central
America has $2.14. South Americans
have $3.50, 900, 900 in paper and must
have $500, 900, 900 additional silver be-
fore they come to metallic basis. If
they should dump their silver, they
must obtain gold in it's place, which,
according to gold standard advocates,
could be obtained only at the rate Of 81
in silver for 81 in gold.
Would France, Germany or England
dump their silver? In each country it
passes at lower ratio than 16 to /, and
they would lose in per capita circulation
by the exchange
Could India dispense with its silver?
She has $3.50. 900. 900 in silver coin, but
she has 296, 900, 900 people-$3. 81 each.
II India should part with her silver,
where would she obtain almost 81, OOO,-
900, 600 in gold to take its place? There
is only 81, 900, 900, 900 in gold in the
world, and at so cents on the dollar for
silver India would still have about
$500, 600, 900 in gold to raise from other
sources or divide her circulation by two.
She can hardly adopt such course since
she is anxious to import silver and seri-
ously objects to the closing Of the minis
at the command Of England. It should
be plain that India cannot under any
circumstances dump her silver.
China has 50. 08 per capita, mostly in
Mexican silver, If China is to adopt a
) policy Of internal improvements and en-
gage in manufacturing, that sun will
be needed and more too. Besides, if
China dumps her silver on the United
| States our people will sell the Chinese
goods to the value Of $500, 000,0 all
item Of trade not to be despised, espe-
cially since the arrangement would pre-
clude the possibility Of any other nation
making sales to China or China making
sales to the United States.
Would Japan dump? Same conse-
quences as above. Japan has 81 per cap
tia in silver-approximately $3.50, 000,-
0O0-and is buying more in order to Sc
cure currency for the accommodation of
rapidly developing enterprises. Unless
China begins to manufacture on a more
extensive scale it may be possible that
Japan will secure fair share Of the sill
yer in circulation in that empire.
Will Europe unload securities to OBJ
tain gold? If it should, will it not take
payment at Ameri can quotations, and
after that interesting transaction would
not the securities be owned in the Unit
ed States and the interest be payable at
home, saving the profits of American
business to Americans? And after Eu-
rope had obtained the gold where could
it be invested with better assurance of
profit?
To sum the whole matter up, if the
United States had all the silver and
Europe all the gold, Europe could not
sell anything to the United States with
out taking silver in payment and could
sell nothing abroad in any other country
because, from the statement Of the case,
i no other countries would have either
gold or silver. Therefore Europe's bust
ness would be instantly ruined. Then
consider that Europe does not raise
enough to supply the wants of its peo-
pie. 1t would be compelled to buy or
the people would starve and hence it
would be forced to part with it's gold.
Take into consideration, further, that
the United States would have gained,
according to the estimates of the gold
standard people, over IS, 900, 600, 600 in
| 30 cent silver dollars in exchange for
it's 500, 100000 100 cent gold dollars, a
clear gain Of three for one on a gold
basis. This would be an increase in ma
tional wealth never equaled and a
: stroke Of business that would have no
parallel for shrewdness Let us have it
! by all means. r. - 49,. ... ---*
e Do you think there can be such a
dump? If SO, then why not go after it?
Cedar Rapids Gazette. go -.
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