The comet. (Johnson City, Tenn.) 1884-1916, 1896-10-01
MORE EVIDENCES
Convincing Testimony OF the Ruin Wrought
by the Single Gold Standard.

convincing Ao9bhhhJHJ VA mum NINukub
by the Single Gold Standard.
The following letter, coming from a
source free from political bias. is likely
to interest equally the supporters of
Mr. Mckinley and those of Mr.. Bryan.
1t is from NJ. Allard, the distinguished
Belgian publicist, and is addressed to
the minister of the United States at
Brussels. Following is the letter:
"To His Excellency, the Hon. James
Currie, United States Minister, Brus-
sels-I feel it my duty to answer with
out delay the letter which you kindly
addressed to me yesterday, but / beg
your forgiveness if here in the country,
far from my office and my references,
l am less explicit than / should wish to
be.
II follow in my answers the same
sequence which you have adopted in
your questions.
81. The law of Belgium gives to
every debtor the unquestioned right to
pay, at his option, in gold or silver,
whether this debtor be the bank, the
government, or private citizen, ma
tive or foreign.
"2. No official estimate exists of the
quantity of money actually in circula-
ton in Belgium, but this much can be
affirmed, that practically no gold is met
with so that the national bank, which
alone issues bank notes in Belgium,
never pays gold when these notes are
presented, but always pays silver.
SO. At its birth Gin 1881 Belgium
adopted the French monetary system,
based on the two metals, gold and sill
ver-i. e., bimetalism.
But about 1851, when the gold
mines of California and Australia pro-
duced gold in large quantities, Belgium
demonetized gold and became silver
: monometallic.,
about 1885, however, business be-
came so depressed in Belgium that the
people forced the minister, NJ. Frere-
Ooban, TO retire, and obliged the gov
eminent to become again bimetallic.
about 1873 France prevailed upon
3 the latin states-France, Italy, Belgium,
Switzerland Ito suspend the coinage
of silver, which suspension established
} here kind of limping monometalism-
, for, though silver can no longer be
4 coined, the then existing silver coins
= continue to circulate within the Latin
Union, which Union dates from 1866.
"Since 1878 o crisis, consisting in O
\ fall in all prices, exists continually, MOI
l does it appear possible to arrest its
I progress. This fall in prices, reacting
on wages, is now evolving social and
t industrial crisis.
"You ask me why we returned, in
Y 1878, to monometalism, limping though
s it be 4? l can perceive no other reason,
S unless it was to please certain class o.
3 fnanciers which profted thereby
i class supported by theories, invented
t and defended at that time by some
g political economists, notably by mem
d bers of the Institute of France.
0 "a. You ask what influence thes,
s monetary measures have had in Belgium
q q on industry and wages. Money, which
was already scarce in 1878, has becom,
still scarcer, and that fall in price
which was predicted has taken place
, The average fall in the price of all tn
T products of labor is so per cent. sine
:. 1878; that of cereals over 65 per cent
\ Industry is no longer remunerative
agriculture is ruined and everybody i
clamoring for protection by impor
. duties, while our ruined citizens thin
of wars-such is the sad condition O
- Europe.
"5. For the last twenty years III
new gold nor silver has been coined il
: Belgium.
= rs. The mint pays for gold 3,48
: francs per kilo, and for silver 22O. 8
:, francs per kilo, without any chang
: since 1866; but since 1874 it no longe
buys silver There is thus mint pric
Ii for goId only but gold is always deare
Q in the open market than the the purch
Q ase price of the mint
> "Accept, M. lie Minister, the assur
ances, ETC., ALPHoNsE ALnARD.
: "Directeur Honoraire de la Monnai
It de Belgique, Delegue du Gouverne
|, ment Beige aux Confereux Montair
o International, 1892, etc.