The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-09-23
Another.
LII. e. Sturteyant Answers the Re
cent Ely Times
Article.
EDITOR ELY MINER:

Ii is exceedingly gratifying TO OBJ
serve from the last issue Of the Times,
lsex easily the editor has fallen into
The trap laid for him by reference TO
his paper in my letter TO you of the
previous week. Such men are sure To
injure themselves and their cause by
such articles rs last weeks Times
article. Mr.. Bryan is injuring him
self and his cause every day by boy
arguments and incorrect statements
which will not bear out.
As expected, the editor cracks his
contraction OF the currency" argu-
nlent on US. He is of on c. of c. OF
all the advocates of free coinage of
silver not one. bat the Times, holds
The IDEA that there is a contraction OF
The currency. No, not one The
editor stands alone in his views on
this point Why? Because every one.
ON both sides, knows there is no con-
traction OF the Currency. There is
more money in the United States
today, according to statements from
the Treas. Dept. than ever before,
and the editor knows it. During the
first six months of this year according
To Mr.. Carlisle's circular there were
coined So, 500, 900 in gold and nearly
S, o0o, 900 in silver Hoarding money
and contraction OF currency are not
the same. Neither are caused by the
same thing, nor are the effects of
both the same By contraction Of
the currency is meant that money goes
permanently out of use: by being
either destroyed, as greenbacks were
after the war, or when money is
drawn out of the country when
balance of trade is against US, or
when foreign owners of American
securities send them here and demand
payment on them, as in '93 when
f-n+its on Investments U-ero threaten
ed by Democratic legislation, or, for
other causes money goes permanently
out OF circulation, we then have a
contraction of currency Hoarding
money is the temporary holding onto
1t. waiting for a profitable invest
ment, or for fear OF being lost if in
vested. Money was not boarded pre-
Fious TO / months ago, previous TO
silver talk. Money is now boarded
waiting for Mckinley to be elected.
1t viii 1Lt be boarded after Nov. Sd.
The editor will have an opportunity
TO observe a real contraction OF the
currency should he and his friends
succeed in November. All of the
$500, DOC, 900 Of gold the country viii
permanently drop out of circulation.
just as is the case in Mexico or any
free silver country.
Mr.. jas. G. Blaine said in the same
speech which the Times quote: Free
coinage at Is to i would force Us to
single silver standard. If We coin a
silver dollar OF full legal tender,
obviously below the current of value
of the gold dollar. we are opening
wide our doors and inviting Europe
to take our gold. With our gold flow
ing out from Us. We shall be forced to
the single silver standard and our
relations with the leading commercial
countries of the world will be not
only embarrassed but crippled"
He also says in the same speech:
What gain therefore. should we
make, for the circulating medium, if,
on opening the gate for silver to flow
in, il we open still wider gate for
gold to flow OUTS
IT your free coinage at Is to l wins
in November there viii be contrac-
tion Of the currency for you Mr..
Editor, from 5000 down to 1890 per
capita. But. Maine and Vermont set
the pace, and there will be nocontrac-
tion of the currency. No, not this
fall.
Excepting in '93 and 90 when hard
times prevailed and Go prevail, in
consequence OF a fear Of Democratic
legislation. the past . years have
been the most prosperous period of
but 1iotois oi Int - Do lhC Aoot
prosperous nation On the globe The
editor knows it, yet he says lit is an
experiment that % years experience
i'm this country and in Europe has
condemned Ali | say is this, let
US pray that the experiment be allow
ed to continue for another D years.
The editor of the Times, malicious
" fsiSajv and aisilDneSfly quotes Mr.