The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-08-05
SOME PHASES
OF FREE SILVER
4 Business Mans Simple Statement
Of What Would Follow
It's Adoption.
SILVER NOT A CHEAP MONEY
strong Contrast BstNeen the Prosperity
and Progress o. Gold Standard
sud silver Standard
Countries.

In response 10 numerous Inquiries
from customers and others as to some
of the phases Of the money question.
McssrS. j, X Armsby Il CO., the well
known brokers Of Chicago. have sent
out copies of the following letter.
written by Mr. George u. Boulton, Of
the First National Bank. Chicago. 20
Mr. c. Morgan. postmaster at Berrle,
y, n. which IL very interesting doc
ument and well worthy OF perusal:
Chicago. July 10. 1896.
Charles Morgan. Berrie. North Dakota
My Dear Morgan; Your brother
showed me letter few days ago In
which you asked for some reading
matter on the gold question. As I
feel strongly on the subject, may as
well give you the benefit Of my crude
ideas, not having any printed matter
az hand.
There are a good many leading points
on this question which think can be
briefly expressed and which appeal
strongly 10 my side Of the argument
one of the most urgent motives OF
the silver party Is that they want
cheap money BY that 1 suppose they
mean money they can borrow cheaply
or earn cheaply. Now. the cheapest
money In the world is In the strongest
gold country-viz.. England. The dear
est money In the world Is in the silver
countries, For example money in Lon
don today is per cent per annum.
while money IN Mexico. China. Spain.
India, and in fact all silver countries
or the world. commands a loaning
value OF from y per cent upward. In
the other gold countries OF Europe.
while money is not SO low as In Eng
land the rate varies from 3 to per
cent TO the borrower.
may cite as a good example Of the
two curreucies two states adjoining
one another In South America-one
British Guiana, a gold country, with
money at 10 ! per cent per annum;
the other Venezuela. with like soil and
climatic conditions. silver country.
where interest rules at 10 to l. per
cent per annum,
should we depart from n gold basis
Europe would undoubtedly sent In all
the currency securities--;hat is. secur-
tiles that may be paid In anything but
gold-to us. requiring an export OF
either gold or It's equivalent In trade.
II Il takes gold II takes that much OF
our money circulation II II takes
II takes that at a largely
reduced value. The consequence
would be that shrinkage in money cir
culatlon would run into very large
igures. while We could not put out
silver or certificates sufficient to take
their places for many months or years,
SO that during the next three ,or four
years, instead Of the circulation in
,reaslng, as silverites hope. 1t would
decrease; After lapse OF
lime. no doubt, by putting their print
ng presses and mints to work, they
'ould largely initiate our currency |
With new issues,
Currency depletion means low prices
or labor and everything else. Cur
'ency at a fair rate per capita means
prosperity. Currency imitation means
danger again.
Going back into history we find Eu
rope using largely silver and gold
ogether, With the expansion of
rade one country after another found
~ sad experience their inability TO
,eep the two values on a parity. Eng
and was the first to depart from this
ustom, then Germany. then France,
Holland, Belgium. Italy, Austria, and,
lst OF all, Chilli II was from no pre-
udice on their part, but from the
equlrements OF trade that this course
vas taken.
We can only have one standard, be
t OF gold, silver or anything else, and
he experience Of the world has been
hat gold was the best, Again, where
he country is most sound on the cur
ency question you win find the high
st civilization. Where money is de-
'ased, or is other than the recognized
tandard of the world, civilization is
n a much lower plane, We can find
t the present time no silver country
n the world, think l might say with
ut exception, that is in a prosperous
whose government securities
ommand respect and full prices in the
markets Of the world
To this statement our friends In the
Vest will probably take exception, and
lite as an example of silver country
'eing prosperous and in good condi-
Ion the case of Mexico; but they viii
md 1t difficult to support their asser-
ions, The writer had occasion last
month to buy in the City of Mexico
80 900 OF bonds issued by the Mexican
government. These bonds were bought
t the rate Of forty-eight cents on
he dollar in silver. the net cost to the
purchaser being s24, ITO in Mexican sill