The times., 1897-08-08
GOLD COINAGE VERSUS SILVER.
Senator Stewart Replies 10 Di-
rector of the Mint Preston.

age DeileHe that MT. preston mas gone
out OF his way when he seeks To repre-
| sent Mexico as contemplating anything
like an adoption Of the gold standard.
In discussing this interview, Senator
| Stewart, who is familiar with conditions
in Mexico, and understands the financial
question thoroughly, said that he could
| not account for the alteration of mind
of the person who would talk such non
sense. THE declaration that all nations
VIII go to the gold standard" said Mr.
| Stewart, lis declaration that they are
prepared to go into barbarism. 1t is esti-
mated that there are $4,000 100000 of
silver coin stiH doing duty as money. If
all this silver coin is 10 be discarded and
the vacuum filled by gold, it will take
| many generations before the amount of
| metallic money of the world viii be equal
! 10 the gold and silver now doing duty as
money. IL would be q rash estimate 60
suppose that there could be $4,000, 100000
of gold added to the present stock OF
gold in a century to come, because 1T
has taken all the period since prehistoric
time TO accumulate $4,000 100000 of
gold and $4,000 900. 900 of silver. II all
! nations discard silver and adopt the gold
standard, humanity must wait for relief
until the silver 20 be discarded shall have
been replaced by gold from the mines and
enough additional added to keep pace with
| population and business.
Mr. Preston, it is true, says that the
output of gold is increasing. He says that
the worlds product this year viii be
S240, 900 900. If this were true, and we
wish it were it would not alter the case
There never has been any one year in
the worlds history when 0,ooo 900 OF
gold were produced. About 81 S16o,000,000
was the maximum in the palmy days OF
California and Australia, and the like OF
which we shall probably never see again,
but suppose that S240, 600 ,0e0 per annuin
of gold could be produced, more than half
of that win be consumed in the arts. If
hundred millions of new gold could 80 into
circulation il would be condition unparal-
leled in the history of the world, and
| result entirely Improbable. A hundred mil
lions d year would take forty years TO sup
ply the place of the silver coin now doing
duty, which the director OF the mint says
is to be Immediately discarded
HE refers to the Klondike mines of
ALASKA as source from which this enor-
NOUS supply is about to come. There may
have been two or three millions produced
in Alaska, but whatever has been, or can
be, produced from that region viii not
be a drop in the bucket compared with the
demand if silver is discarded. II both silver
and gold. are used the supply viii not be
too great. The only danger is 1t would
| be deficient If to the eight thousand
millions of gold and silver now in existence
there could be added two hundred millions
Of new gold and silver coin, the downward
tendency of prices would probably be check
- I'D .s..Fl
when Mr.. Preston says that Mexico
viii fan into line he predicts the con-
quest Of Mexico more cruel and disastrous
than the conquest by the marauding Span
iards 400 years ago. Mexico is enjoying
today degree of prosperity never before
known in her history. Her manufacturing
establishments are increasing every day,
her coffee, tobacco, and sugar plantations
are increasing every year. Her mines of
all metals, gold, silver, copper, and iron, are
being rapidly developed. Itis embarrassing
for the Mexicans TO buy imported products
on account OF the difference OF exchange
and they are consequently compelled to do
their own work, and they are doing IL, as
the condition of her agricultural, manu-
| featuring, and mining pursuits must amply
warrant.
1.-The intimation that Mexico cannot
| pay the interest on her foreign debt
while she keeps free coinage is an intima
ton that she cannot pay that interest
at ali. Mexico pays the interest on her
foreign debt with her products Her pro
auctions are stimulate by free silver
and her minerals, her sugar, her tobacco
| and her coffee will buy as much gold to
pay interest on her foreign deht as If
she were on a gold basis. On the silver
basis she can produce, but on the gold
basis she could not produce enough and
| would retrograde INTO barbarism an d
repudiate her foreign debt.
''The suspension OF coinage in Mexico
would, in effect, be a repetition Of the
suspension OF coinage in India, and India,
while her mints were open, paid eighty
millions of gold interest on her foreign
debt and increased in prosperity at home
without increasing taxation. Since she
suspended free coinage she has been COM
PEELED to increase her foreign debt at least
fifty millions a year, and her people are
starving. Eight millions have already
died of starvation. Twenty millions are
the sad estimate that must die during the
| present famine, by reason of the fact that
the 1,7o0 millions of treasure which they
had in the form of silver has been repudi-
aied, and cannot be coined INTO rupees VIII
which to buy bread
1.-The paltry contributions of England to
the vast millions OF India is a mockery
The Indians could take care of themselves
il Great Britain would not rob them; and
the director of the United States mint, a
paid official of this Government, proposes
that Mexico shall share the same fate of
India. The starving millions of ndia do
| not deter him, because he is Well fed and
In a good place. Why he and others
who are paid by the Government should
be preaching such heresy as is Contained
In his interview is hard TO imagine.
''If he wonld proclaim the truth: If he
had reason on his side; If he was not a
co-workeT with an English syndicate which
has Impoverished and enslayed India;
which is whipping Egyptians on the bare
back TO extort from them enough labor TO
paE the gold interest to the English syndl-
cate; if he was not in their employ while
paid by the United States, some attention
might be paid to his interview.
II pronounce any man in the employ OF
the United States who will proclaim that
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