White Oaks eagle. (White Oaks, N.M.) 189?-190?, 1896-06-04
ANOTHER GOLDBUG.
ST LOUIS May GOTH
Gentlemen Of the Eagle:

ST. LOUIS, May ZJth. |
Gentlemen Of the Eagle:
In your issue of the Dist you state
that no goldman but Mr.. RIdgeway had
taken advantage Ct your really kind
offer. Now, if | am not too far away
from you, will you allow me to say few
words?
Us money of all kinds is but a repre-.
sentative of values, we do not need
more than enough for local circulation,
except as We go to foreign countries for
their products and their payment must
be in gold In your issue of the DIST.
inst, you challenged any gol standard
to show wherein silver had not been
truer to real value than gold. Your
reasoning is local-very much so. Gold
is the only article that has not been
subject to sliding scale, up or down;
the only product, | say again. of the
earth, that has not tluctuated in the
last tifty-two years. To lS44 an act of
the English parliament in renewing the
charter of the bank of England, forced
her to purchase all gold offered across
her counters at ip3 s179d ($lS.79O2)
| make it standard Gold is worth that
no matter where prodnced, less coinage
is insured it has never yet been borne in
quantities enough to gloat the market.
Silver has, hence its depreciation.
Again, on the llth inst, you quote an
article from the Atlanta Constitution,
written by Calumet, about the circula-
tion per capita. He knocks off one-half
asks you to answer that problem and
then agrees TO knock off anolhcr half.
We will take the wind out of Calnmet's
sails by agreeing to his proposition
without argument. | think we do not
need very heavy per capita, business
is greatly changing. Let me illustrate
with an affair Of my own: While in
Arizona / was suddenly called on to
pay a bill. l did SO by check, when in
due course of time the check came back.
1t had paid six times its amount as
shown by the different endorsements.
not dollar of the circulation touched.
An acquaintance, a bankers clerk, tells
me that it is no unusual thing for drafts
and checks to pass through bank with
its back covered with endorsements. In
your article, Following Phnntems, you
suppose that the silver countries bring
their silver here, they would be
Obliged to take 1t back in the same
metal with the U. 5. stamp on it. Not
by any manner of means, friend Hewitt,
it would not work that way. Lot me
make Il suppostiop: A company in
Hong Kong, Calcutta, City OF NJ xico,
dealing in articles that we produce and
export, they gather the required amount
to pay, say it's Sl0C000OO in Toe silver.
bring 1t to our mints, recoin it at min
linen cost, for instance carriage and
minting then with silver as the silver
tiend wants it, they purchase 100000.
0C0 of our products. Or again, we have
a few men, j. Il. Morgan, for instance,
who would gather the gold, go there,
purchase their 80 cent silver, have Uncle
Sam stamp it aud with il l00cent value
by hnuses and lands, railroads, values Of
all kinds it would enable them to build
/ thrice ae many houses as Mr.. Ridgcway
at tie same cost and as consequence
rent item cheaper. Take it in another
shape: Suppose gold mine In Old
Mexico is offered for sale to the w. O.
capitalists, would you pay them gold
dollar for dollar, ! think you would
not. For every $50 gold piece you laid
down you would at least want S3G as
Mr.. Oter0's letter which you publish
ed, | believe. We can coin silver at a
l6 to parity il We follow in the foot
steps OF Paraguay and the dictator Dr.
Francis, do away with foreign trade oI
immigration. draw ourselves within oui
enaiis shell and call the country NJ,
Hermitage, otherwise the silver ~ othct
countries will work in on us like q shil
in mealslorm aud eink ns financially
ClIAS. NJ. PEARMAN.