The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-10-23

MINIS 10 the LE6t ColHaS5 u SILVER NuAA4 "
would not be Of the nature Of partial re-
pudia.ion or a scaling down OF American
liabilities abroad.
'It is quite certain that neither Mr.. Bry-
an nor his colleagues desire any such re-
suits. Their firm belief is that free coin
age would prove to be an effective and
permanent establishment Of the parity be-
tween the various forms of American cur
rency and between gold and silver through
out the world. Their arguments are all de
rected TO q demonstration that this would
be the result. and they are supported by
American and other economic and finan-
ciaI authorities OF distinction who have GER
tainiy no reason to wish that their Dredic-
lions may be proved to be wrong. For OBJ
vious reasons Mr.. Bryan and his sup
porteTs must hope that the experiment
will be completely successful, though
should It fail to maintain the parity they
would he in a position to throw the blame
for failure on the European countries,
which would be the chief sufferers by the
failure, and whose governments are al
ready pledged, in conformity with resoiu-
lions passed recently by their respective
parliaments, to 90 their utmost to make
the experiment a success.
Let US suppose that the effect Of Mr..
Brysn's election were to be a speedy res
toration Of the American ratio between
gold and silver throughout the world; can
anyone imagine that the governments of
Germany, France, Great Britain and India
would dare to take the responsibility Of
allowing such an opportunity for securing
that stability Of the exchanges which all
have declared to be desirable to pass un-
utilized, or would face the possibility OF
another disastrous fall without doing any
thing to secure the position? Or, to take
the extreme view on the other side, let US
suppose that the consequence Of free coin
age in the United States would be a rapid
depletion of the gold reserves In the United
States and a consequent fall or the Ameri-
can exchange until the dollar became a
'5S-cent' dollar; would the European and
Indian governments regard such impend-
ing results with equanimity and refrain
from doing anything TO avert or mitigate
them?
''FOr, with such a prospect, the position
of the investors, bankers, financieTs. pro-
ducers and merchants of Europe would be
very different from what it would be
should the United States maintain the gold
standard. The burdens of all American
debtors would be lightened at the cost,
at least, of all those creditors whose bonds
are not specifically payable in gold Ameri-
can producers would become as foTmida-
bic competitors in the worlds markets,
as, for instance, the Argentine wheat
growers and the Bombay mill owners
have become. The burdens of European
debtors and OF the British colonies would
be increased by a further fall of gold prices.
Perhaps the European investors might
hesitate in deciding whether the fall in
American bonds might not be compensated
by a rise in the value of American rail-
way shares consequent on the increased
activity of the American export trade and
the reduction-in terms Of gold-Of the
fixed charges. But on the whole, in view
of such prospects, it seems probable that
even London and Hamburg would become
anxious for a conference, and that, we
take il, is Prince BismaTck's opinion"
Here is one from the Irish News, a
Belfast paper, 1t appeared on Septem-
Der rs, 1896;
1.-THE free coinage of silver in America
would have one Of two consequences.
Either it would bring about a restoration
of the parity between the American cur
rency and the double currency throughout
the world, or it would cause q depletion of
the gold reserves in the United States
and a concomitant fall Of the exchange.
Should the frst-named result follow, there
is no escape from the conviction that the
governments of the world would embrace,
and be bound to embrace, the opportunity
to make it permanent. In the other alter
native something like a panic would be
created among European financiers and
commercial men generally, and the in
reference of their respective governments
would inevitably follow. Such, at any rate,
is Bismarcks diagnosis Of the situation,
and it appears to be sound and accurate
one. The eXpeTimen which Mr., Bryan
and his supporters wish to make, is one
which all, except of course the goldites,
would like to see tried, Its promoters are
sincere in their desire to bring about an
effective settlement of the currency ques-
ton, and it is clear that the carrying out
OF their scheme of free coinage does tend
in that direction"
The English bankers are laughing at
our American financiers. They arc
amused at the efforts now being made
by our British-aping money experts
who have adopted the gold-staHdard
craze because it lis English We know"
In an article published in the Bankers
Magazine of October, 1896, w. r. Law
son, a recognized financial authority,
has an interesting article entitled:
''The Refux Of Gold to America"
From what Mr.. Lawson says the Eng
Hsh are not losing any sleep over the
loss of their gold. Many of our people
seem to imagine that III some mysteri-
Gus way we acquired S3O,OO0,OOO or $4O.-
100000 of English gold without paying
for it, and dumped it into our treasury
vaults and locked it up before the Eng
lishmen knew what was going on. But
Mr.. Lawson does not agree with this
theory. After detailing the various
movements of the gold current between
England and America and back again,
he tells of the enormous exports of sill
yer which preceded the recent gold i'm
ports to America. He then says:
IF the clear Medicines which Ameri-
cans exhibit in their daily business could
be brought to bear on this money question,
ard without the inteTposition Of faddists
or politicians, they would soon see what
a melancholy farce is being played on
them. What IS the real use to them Of all
this iaboriously-collected gold? What are
they TO do with It that will be Of any genu-
inc benefit to their commerce or their
finance? How much will it help toward
the relief OF their financial difficulties, or
the removal Of their commercial depres-
sion? AMI how is it going to prove itself
worth Gll the trouble and sacrifice they
are making to procure it? Or, to put the
question in its plainest possible form, what
price DO they suppose they are paying for
it, and what can they hope to receive in
return?
1.-THE Americans are buying this gold, or,
rather, they are borrowing it temporarily,
on the most oneTous terms conceivable.
They are giving for It the best produce of
the country-their wheat, their wool. their
cotton, their iron, their provisions and
their manufactures, to say nothing OF
their rl-used silver. They are flooding the
markets OF Europe with these eOmmodi
ties at the least favorable season Of the
year. So enormous is the exodus Of them
that sufficient room cannot be found on
Atlantic steamers, ana freights have risen
materially in consequence. The New York
Commercial Bulletin reported as long age
as August 2s that all the local steamship
lines we're engaged to their full grain-car-
Fying capacity up to October ], and some