The Indianapolis journal., 1896-08-20
LITTLE FEAR IN EUROPE
THEY THINK AMERICANS TOO SEN
sIBLE TO ADOPT FREE SILVER.
s. A. Haines, of Richmond, Who Has
just Returned from Europe,
Gives His observations.

S. A Haines. vice president of the Ollie
& Mcclure Manufacturing Company. of
Richmond, Ind, conc engaged in the
manufacture of lawn m has just re-
turned to this city afte n absence CT
sixty days in the principal ties of Europe
The trip from which he has just returned
was the thrty-fifth which he has taken
abroad in the interest of his own firm and
other manufacturing companies. This year
he also represented the Central Cycle Conn.,
pany and Buffalo cycle companies Mr.
Haines is thoroughly conversant with busi-
ness conditions i'm England, France. Ger
many, Italy and other foreign nations, as
his business trips have taken him to most
of the capitals of the OLD world in the past
| twenty-eight years Last night he dis
| cussed in an entertaining way what he has
noticed with reference TO the influence of
| the agitation of the money question in this
| country upon European business men. He
| says that most Europeans look upon il as
| being utterly impossible for the free silver
| doctrine to prevail, considering the rerer-
| ally sound judgment and good common
| sense of Americans. In some places, how
| ever, there is a little fear and foreign cap
| italists are little concerned lest Bry IN
| shall be elected.
Mr.. Haines made one statement that is a
| little surprising at first hearing, but upon
| consideration it appears reasonable, and is
| certainly startling enough to cause iaDor-
| ing men to hesitate before voting for Bry-
| 1t was this: Mr.. Haines asserted that
| European countries would make more pIon-
| ey out of American commerce than ever
before if this country should get to free
| silver basis. Mr.. Haines said in expiana-
1 n a hat M lie
| try gets TO a cheap basis one dollar of Eng
| lish, German or French money. all gold or
| on gold basis, will buy just twice much
| as now.
For instance" he said IF English
agents come to me and ask for prices on
lawn mowers and l tell them the price is
| $3.50, they will reply at once, oh, that's
good enough. You mean $50 in your own
| ours They buy from me at the same price
| lin our money-that they paid before but
still really pay but half as much. as their
gold Is worth twice as much as American
silver Will they sell at lower figure?
WHO will suffer for this?"
| 1.-The workingman. If ii costs $50 for the
| material in a bicycle, labor will cost $40
more. III the manufacturer finds that his
| plant has deprecated in value he must re-
| coup in some way. How will he do it? BY
| squeezing the laboring man. Perhaps you
| nave read in the papers that Japan was
good as those made in this country and
| place them on the market for sl3. How can
that be done? Labor must bear the burden
| Take country like Japan, where labor
| only costs IL cents day and then figure
in labor in this country at $l.5O or 81 day.
and you see how it might be possible to
| sell bicycles for S13
| Coming across the Atlantic Mr. Haines
| made the ACQUAINTANCE of business man
| of Worcester, Mass, who frankly admitted
| that he had been tinctured with the free
| silver sentiment prior TO his visit abroad.
THAT man told me that he had become
converted by five weeks stay in Europe.
| a nd IN p6 inn hnf vvoc lad n frts.
had done him that much good"
What brought about his change in
| heart?"
| He learned by actual contact that the
| business of the world is done in gold. His
trade requires him to ship. goods to all
| to Mexico. He told me that not long ago
| he received a Mexican draft in payment for
| a bill of goods, and was somewhat sur
| prised to find ii augmented to double the
| bill. But when he came to sell his draft
| he found that he had lost money by the
| transaction. Another draft on an English
| bank. brought its face. less slight dis
| count for exchange. He asserted that he
| was determined to do everything in his
power to keep this country on a level with
| the powerful nations OF the world"
Mr. Haines showed the fallacy of the
serton that gold has appreciated. in prac-
| tical way.
Suppose you go 20 Europe" he said.
| taking with you $100 in American s. gold
| pieces. In France, Germany or England
| you would find that ii purchased s. worth.
| Going into Italy or Russia il would be al
| premium. Then go down into India; how
much could you buy with ii there? Ten
| dollars worth. Going back to England.
France or coming home to America you
| would find your s. gold pieces buying just
| as much as they aid before-not more. Did
| your Gold appreciate in India? Not at all.
| Prices We're lower; they were down TO the
| silver level"
Mr.. Haines emphasized the fact that labor
must suffer under cheap money. The
manufactures. reduced TO cheap-money
| basis. must pay in cheap money, ne said,
and must reduce wages TO meet the depre-
| citation in the value OF the money invested
! in his plant. For instance, plant is worth
$l00. 600 In 50-cent dollars il would be worth
but half its present value. How can the
| employer Increase wages under such con-
| dtions? Mr.. Haines asserted that il can
not be done. Instead wages must be re-
duced.
Suppose" said he. that we pay man
| Is cents for a certain class OF finishing
work; suppose that is cut to II cents and
at the end Of the week he Is paid i'm 80
| cent dollars: doesn't he get 5i1 cents to
buy food with where he got i3 before?''
Mr. Haines had few pertinent words 10
the bankers. He said that a friend told
him Yesterday that the banks were hoard
| ing sold because they were corrupt.
| Il asked him 10 suppose that he had WOOL
| TO sell and the market price stood at IL
cents to-day. while he suppo ed it would be
% cents by the first of September. Then /
asked him what he would do with his wool
| Keep it till prices go up he replied. Then
are you a coTruptionist? ] asked him. He
tDdt lie OT any otutT DuSlueSS
| man would hold merchandise IL he had
| reason to suppose prices would advance.
| That is the attitude of the bankers. They
| see the agitation of this question and real
ize that il the country is filled with free
| silver gold must be at premium. What
| is more natural than for them to hold IL =?
| Do you suppose that IL l thought the
price Of lawn mowers would advance TO- 20
or 80 per cent. by next spring that / would
be quoting prices to-day? If i waited until
next spring to SELL would that make me a
corruptionist?''
Mr.. Haines Says that while he Is not an
| extreme protectionist he believes that in
dustries that need protection should have
il: he Is an ardent believer In the doc
trine o. reciprocity. He believes that there
was too much tariff four years ago and
that the Democrats went to the other ex-
treme and made IL too low. He says that
II they had adopted mean between the
two extremes the country would not be re-
duccd TO present eXtreInitics.