The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-07-24

UHe increase III BOiu proc uCblUn.
@. Do not the Rothsohilds control the
gold in the European banks? A. Only
80 lar as they hold notes of the banks,
redesmable in gold.
Q. Do they not hold most of suoh
otes? A. They do not. The notes make
up the circulating currency and pocket
money of all the English. French and
German psople.
q. Can any holder of Bank of Eng
land note got gold at the Bank if he
wants it? A. He can.
Q. Do ordinary people go there often
to get gold? A, Very often.
O. DO gu!d-exportels go to the Bank
To exchange notes for gold2 A. Con
stantly.
q, AS often as American gold-export
ers go for the same purpose to our Treas
uryf A; Quite as often.
y. Why do not such Withdrawals ex
haust the Bank of Englands gold re-
serve of our Treasury A. Because
while some people withdraw gold by
presenting notes, other people are depos
| iting gold and taking notes instead
Large as the gold Withdrawals are, th,
| deposits of gold are larger
z. Why do not people make such de
| posits of gold in exchange for notes a.
| our Treasury? A. We have seen tina
the did SO in 1879; now they are afrait
not be paid back again.
y. Is not such fear unreasonable? A.
The chicago convention has already de
olared against the payment of United
States notes Ill gold.
g. Ii any holder of foreign nationa
bank notes can get gold freely for sucf
notes, why need Our governments golC
purchases have been SO costly? A. Be-
cause the gold was paid for in new gov
eminent bonds, and it was suspected
that these bonds might at their maturi
ty, be paid off in silver.
e. Was not such suspicion unreason
able2 A. The last Congress refused tC
declare the United States bonds payable
in gold, and the Chicago convention has
declared for their payment in silver.
e. What Is causing the present hesita.
ton and paralysis in business? A.
The threat of a change in the money
standard, which would be ruinous te
trade
9. What caused the breakdown of the
Treasury reserve in 1892 aud 1898? A.
The progress of the silver movement,
which stopped all gold payments to tbs
Treasury
@. What forced the heavy govern.
ment bond issues since 1898, and what
made these issues SO costly? A. Dis
trust OF our governments credit, caused
by the silver free coinage agitation.
Q. What has wholly cut off the United
States from the benefits of the worlds
larely increased gold production? A.
The effort of politicians to drive the
country to silver standard, which sends
eyen our own gold to other nations
@. Surprising Congress were formally
to declare today its intention of main
tanning gold payments would the danger
GUS factors in the situation disappear?
A. They could, exactly as they did un-
der specie resumption in 1879.
Q. Would revival of business, and
better times generally follow such de-
olaratlon for the gold standard? A. AS
surely as in 1879.
@. Is there any way of forcing such q
declarations A. It would probably fol-
low an overwhelming defeat of the free
coinage party in next Noyember's elec-
tions.
= Q. What is the meaning of free coin
age at is toll A. 1t means that sixteen
ounces of silver shall have the same debt
paying power in this country as one
ounce of gold.
q. Does this mean silver produced in
the United States only? A. 1t means all
the silver in the world, in whatever form
it may exist.
"a @. What is the present market value
Of silver aa compared with gold? A.
Sixty three and three quarter cents per
ounce.
@. What ratio between the two metals
does that price correspond to? A. About
80 to 1.
@. What would the silver dollar be
worth as compared with the gold dollar?
A. About 90 cents.
@. What would be- the effect of free
coinage at 16 to on the prices Of COM
modities2 A. The prices of all imported
anu exported commodities would imme-
diately rise in the proportion of 53 to 100
That is, every such article which can
row be obtained for 58 cents would cost
81. Other articles would rise eventually
In the same proportion, but more slowly.
Q. What would be the effect on wages?
A. The first effect would be great con-
fusion, because all business would be
disarranged. Many employers would
fail and many workmen would be out
of job in consequence. Since wages
do not rise spontaneously, the working
men would at first lose AZ per cent Of
their pay; that is, they would nominally
receive their present wages, but they
would be worth only So cents on the dol
lar in the purchase of commodities
@. Can you give an illustration of
this? A. Plenty Of them. When gold
payments were suspended in this coun-
try during the civil war, the prices of
commodities advanced much faster than
WaSbh, anu VI COufbe idDorlDE men lOSG
the difference
Q. What was the amount of the differ
ence? A. Taking the year 1861 as a
standard of comparison, both prices and
wages being represented by 100, in 1865
prices of commodities, or the cost of liv-
ing, stood at 217, while wages stood at
143
@. How is this provedf A. By the
report of the Senate committee on FL
nance, on wages and prices, commonly
called the Aldrich report. The figures
were collected by Col. Carroll D. Wright,
United States Commissioner of Labor,
in 1892, and have never been disputed.
, @. Can you give any other illustra-
iton? A. 1t IL reported and generally
believed that since gold payments were
suspended Sin the Argentine Republic
wages have not advanced at all, although
prices of commodities have more than
doubled The silver men say that, this
depreciation of the currency gives Argen-
tina an advantage over US in the export
OF wheat. If so, it is at he expense of
the wage workers of that country.