People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-09-24
Andrews Is for Silver.

IIcolucuU AuuIcWo VI DIOWu uuI-
versity, one Of the country's ablest
and best known financial authorities,
has come out for free coinage of silver
at l6 to l. Less than two years ago
President Andrews was quite firm 10
the conviction that it would be most
unwise for this country to reopen its
minis to free coinage of both metals
without European cooperation.
Rev. Henry W. Pinkham, pastor of
the First Baptist church Of Denver,
and friend Of President Andrews Of
Brown university, recently wrote to
Mr.. Andrews, asking these questions;
l. Do you favor the fire., coinage
OF silver at the ratio OF 16 to by the
United States without waiting for
aid from other nations?
2. Could the United States, having
adopted such free coinage, maintain
the practical parity Of the gold and
silver dollar?
3. Would not free coinage by the
United States alone lead TO a CON-
plete displacement OF our gold? Why
not?
4. Would not the effect Of there
cent increased production Of gold as
compared to silver be counter
balanced in the event Of free coinage
by the stimulus thus given to silver
mining and by the influx Of foreign
silver?
5. Would lot the advantages Of
free coinage be more than negatived
by the injury to our credit, thus caus-
ing withdrawal Of foreign capital?
COUNTRY COULD MAINTAIN PARITY.
10 reply President Andrews has
written:
My dear Pinkham, was delighted
to receive your letter Of the 9Th, and
will endeavOr to answer your questions
in their order as well as | eau.
81. l do.
y. l believe so.
"3. l do not think so. People
would not hoard or export gold in the
face OF movement certain to cheaper
gold. 1t seems to me rather likely
that the rehabilitation OF silver by us
would be the occasion Of setting free
vast amounts Of gold now boarded for
military and other purposes.
Il. This is partly answered under
the last. Further, there would be nc
influx OF foreign silver. Undoubtedly
free coinage by US would increase the
total amount of silver produced, but
the new silver could not be mined al
so long marginal cost as at present
prevails. The marginal cost would
be on the contrary increased with
the output, so that all tendency from
this source to lower the gold price Of
silver would be negatived. The very
prolific silver mines now are very few
NO DANGER TO OUR CREDIT.
70. Quite the reverse. After pos
sible first shock our credit would i'm.
prove after free coinage. 1t is Oul
present course which must speedily
lower our credit. How long could a
man or firm continue to have credit
who borrowed each year TO pay large
portion OF his running expenses? Yet
on gold basis this course is inevi.
table, and that is at this moment the
reason why foreign lenders are shy Of
our securities. There must be a
change il we would avoid bankruptcy.
With free coinage every industry
would look up, and even if we lost our
gold our prosperity would invite in
English capital, just as Japan's pros
perity now causes it to rush there.
Never since slavery days has the press
In the parts Of the country familiar to
me displayed such disregard for truth
and such stubborn obtuseness to the
most obvious considerations as it does
at present on the silver question.
This means that the money power
seated in London, but with represen-
tatives in New York, Philadelphia
and Chicago, Is determined to con-
tinue the appreciation Of gold, and
determined, therefore, that the facts
shall not be known. The bankers aud
the press are almost entirely under its
influence. think the money ques-
tion at the present the greatest Ques-
tiOn Of civilization.
Yours with kindest regards.
EBEN ]. ANDREWS"
Meals On The Order Plan,