Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-07-02

r.
sued by the free silver pops is being
rapidly marked out and the prin-
| cipal feature will be an effort to
prove that the Republican party is
welded to gold and the bitter en-
envy of silver. This is not the case
and the financial issue should be un-
derstood. The issue in the coming
campaign is whether the present
standard shall be maintained, or
whether a change shall be made to
| silver monometallism.
The present standard maintains
many millions Of silver on a par with
gold. There is no expectation that
this silver will be retired from circu-
lation o any evidence that the
Republican party desires SO to do.
1t will continue to be a part of hi
money system, upheld by the power
of the government, though at a great
cost. 1t is estimated that the reten-
ton of silver at par has already cost
this government over $200,000,000
We had about reached the breaking
point when the silver purchase act,
the first step towards unlimited
coinage, was repealed. We have
now in circulation about $610, 200 1000
in gold. If a free silver act were
passed, this would be retired from
circulation at once and would form
no part of BUR money system. Even
allowing silver were as good, it
would take the worlds supply of
silver for many years to replace the
vanished gold. The silver theorists
say hat the gold would not
leave, but experience is against them.
When the price of silver fell in 1898
gold was at once locked up and mil
lions shipped to Europe.
1t is all right to argue that silver
at a ratio of 16 to l is just as good
as gold, but if one party to a bust
ness transaction does not think so,
there can be no trade. If a man
with something to sell will not take
silver or a promise to pay in silver,
there will be no deal made. No kind
of money can be forced on a man in
a cash transaction. The term illegal
tender" refers only to the use of
money in paying debts. The lead
ing commercial nations of the world
will not take silver at 16 to L. If
we did not owe other nations or had
no commerce with them, we could
then establish our own monetary
standard, but as a matter of fact we
owe the commercial nations millions
of dollars. E~nglishmen are heavy
holders and investors of American
securities and still have plenty of
money to invest if they can get suf-
ficient returns for their investments.
But the worst feature is that they
Will sell what they now hold if
there is any prospect of free silver,
and this alone will produce such a
panic as has not been known Stree
the panic Of 1878. Such a panic
would hurt them but US infinitely
more.
American investors are no more
ready than foreigners to invest
81 and receive so cents back.
When we get international bl-
metallism there will be no trouble.
1t is essential that we sell u agri-
cultural surplus abroad, and it is
also essential hat we buy largely
from abroad. We depend on our
custom duties to run this govern
ment. If the foreigners will not
trade with US, we cannot compel
them. There are many people
caught with the theories Of the free
s~ilverites, based on what ought to
take place and therefore will take
place, but it is theory, and exper-
renee is against this. A free silver
bill would mean silver monometal-
lism.
Teller, Pettigrew,e let al, are mono.
metallists pure and simple. In
his speech a. Sioux Falls, Senator
Pettigrew stated that if he had his
way he would demonetize gold.
Their high and mighty talk about
what the Almighty intended is all
very fine, but the Almighty said
there should not be two sets of
weights aud measures to rob tn
poor, and yet Teller and his crowd
are doing their best to rob the poor
by telling them that fifty cents is
as good as a dollar. To elect a free
silver president, would mean untold
ruin to this country but, fortunate
ly, there is little prospect of it.
Cnhn~V H~<