The San Francisco call., 1896-09-27
FREE SILVER MEANS RUIN

One OF the most novel, interesting and
valuable contributions to the literature of
the National campaign is found in the
opinions of number of eminent college
professors throughout the Union, who
have made specific replies to questions
sent them some weeks ago by Messrs. z.
V.'Brooks and r. H. Morrow, two studi-
Gus young attorneys of San Francisco, who
are interested in coming to rational soIu-
tion of the money question.
The professors addressed were all man
of undoubted ability and standing. and
their replies were nearly all unreseryedlv
against the singular economic views of
the boy orator of the Platte, - William
Jennings Bryan. The men whose lives
nave been spent in the realm OF cold logic
and the accuracles of exact science are not
readily mised by the chimeras that hyp-
:notize the Bryan type of intellectually.
In o-der that the reader may thoroughly
understand the history of the correspond
ence 1t is enough to say that the following
letter addressed to the various professors
,broug BIT forth the responses subioined:
SAN FRANCISCO, Cal, June %, 1896.
TO - PROFESSOR Economic Department. -
Untuersty-DEAR SIR: Two college men from
Stanford University ana University of Calffor-
MA, having discussed the silver question from
opposite standpoints are desirous of securing
consensus of opinion of the professors of our
American colleges. In accordance with this
desire we address this letter to you, asking if
you VIII be so kind as TO favor us with brief
:TepIy as 10 the conclusions that you have
reacned and now hold regarding this subject
We feel that statistical account of the let
ters received in answer to this circular letter
Will be material factor in the discussion of
this subject. If for any reasons you desire
your name to be withheld we assure you that
your wish win be respected. Yours very truly
R. H. Morrow.
F.Y. BROOKS.
The following reply from the eminent
Professor James A. Quarles of Washing ton
and Lee University is submitted first, be-
cause a more detailed letter followed in
reply to earnest queries from the young
men who instituted the investigation.
Professor Quarles said:
WASHINGTON AND LEE UNIVERSITY,
LEXINGTON, VA, July 2, 1861
hessrs. Brooks and AorrOlO, San Francisco Cal.
DEAR s1Rs: In reply TO yours of the 25th ult
I think:
l. That measure of values is the basic money
function.
2. That monometallism, so far as this meas
ure or standard function goes, has always pre-
vailed and must do so.
8. That gold is now land has been in the
United States since 1884 the single standard
of the civilized world and will probably remain
so.
4. That the medium of exchange is the sec
ondary function of money.
.. That polymetallism. so far as the medium
function goes, is desirable and practically
necess ary. The United States finds it con-
venlent to use gold, silver, nickel and bronze.
nTH,~ Ill l. a.
the standard metal are token money, and as
such are credit money to the amo unit of their
depreciation below the standard.
z. That silver, by reason of Its cheapness, is
not fit as gold for the standard metal.
8. That silver is indispenssbly useful as a
medium for exchanges, not the largest nor the
smallest
8. That the United States should not change
from the gold to the silver standard.
10. That the legal tender power of the silver
dollar should be limited to debts OF 800.
=. IL. That the United States have more
silver dollars now coined than they can econo-
mically use. having at least fifty times as many
as they had in 1878.
II. That the United States have more silver
money than they can economically use, lesv-
ing out the fractional coins, having at least
seventy times as much as in 1873.
13. That the free and unlimited coinage of
full legal tender silver at 16 to ! by the United
States would lead to silver monometallism,
would withdraw from circulation in the
United States 81 gold money, would thus con-
tract the currency, would dimi nish the value
OF wages, salaries, annuities, savings deposits
life insurance policies, ETC., and would be a
harvest for spectators, brokers and m oneyed
men, and correspondingly disastrous to the
financially weak.
IA. That the United States Government
should cease to issue paper money and thus
stop acting as bank of foreign exchange.
10. That all banks Of issue should be char
tered under National law.
16. That the present distress is not due to q
lack OF money, of which the United States have
more than twice as much in circulation as in
1878, and certainly not of silver money, but
is due to a fear in the business world that the
United States may adopt the free-silver policy.
This is my financial creed. Sincerely yours,
JAMES A. QUARLEs,
Professor of Economics, w. and L. U.
The inquirer was not fully satisfied, so
he wrote the following letter, which
brought more detailed response:
SAN Francisco, July 13, 1896.
Professor James 4. Quarles, Professor OF Eco
noHltcs, W. and L. URtUersity-DEAR SIR: OF all
the replies Mr.. Morrow and myself have re-
ceived up 10 date yours appeals to me the
strongest. The concise ana logical way you
expressed your conclusions is admirable If not
convincing. I want to thank you for your
trouble and courtesy IN so replying to our
letter and further ask your indulgence. I cast
my first vote at this election, and like many
other young men want to cast it on the side
of intelligence and honesty. To this end 1
have read everything and listened to every
body that had anything TO say about this
monetary question. Digesting these thoughts
the best can 1 am still in doubt. Though IN
cHned to favor silver or bimetallism as enun-
ciated in the Democratic National platform
would be instantly most earnest advocate
for "gold as a single standard could l reach
the conclusion that such were right and best.
As a mere lad would not presume to criticize
your letter, but do venture upon your kind
ness to ask further explanation of paragraph
13 OF your letter Il see that you kept copy
of your letter.. In what way or how would
''free and unlimited coinage OF full legal
tender silver at 16 to 1 lead to silver mono
Northumberland contract currency" ?-"di-
rninish the value of wages, etc. ?-"and would
be harvest to spectators, brokers and mon
eyed men and correspondingly disastrous to
the financially weak?