Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-08-26
lKIonarIr. nj Iolitlcs.

.s' .
have on the questfonNof Bimetaflism,
and received and publishedFeplies from
several. The following is the opinion
offProf. E. B. Andrews, ex-president of
Brown university:
The fact that the vast output of gold
for FIVE years past has not raised gen
eral prices in gold countries, but per-
mitted them still to fall, indicates that
the new production from Klondyke will
haEeeqpaly' tteAresult. Nhe;poyer-
lessness Of all this gold to prevent
prices FROM goipg5downA isl 10 many a
great puzzle, but the solution is not
far to seek. dihnt : l9nA
The fact is that, in case of interna-
tional commodities, the gold prices are
determined by the prices in silver using
lands, and the demand for silver has
been so lessened by adverse legislation
that this metal has SINCE 1898 3lost1in
value, silver prices rising.
Were silver again standard money
everywhere the demand for it would
be so great that its marginal cost, and
so its value in the worlds trade, would
not fall but probably rise. prices in
silver falling to correspond. This
would check expectation from silver
countries. But IF silver cOntinuesito
be full money in Che silver lands only,
excluding India, the demand for'it can
all be met at.sueh a. low marginal cost
as will permit the gold price of silver
tosfall and prices in silver lands to rise,
slowly, for an indefinite time. Silver
country expectation will thuseontinue,
and hence the gold prices of commodi-
ties in Europe, SO faFa5 such conmodi-
ties can be drawn III quantity franz sill
yer using countries, will go. on decliinl-7
ing, however much gold may be dug
from, the earth. =" - .iiiq
The persistent downward tendency in
prices keeps industry discouraged, SO
that the new gold is not called into
circulation, but remains plledup in the
great banks, its reluctance. however,
not hoving, as we should naturally ex-
pect, the effect of,Sheapenipg it.
ii, Nothing short of the wide reha Oilita-
ton of silver as full money Willie
the fall in prices rise in value of gold
which the gold countries are now ex-
periencing. '+'i '"a'" .'''-'' %" '''
For all this the Klondyke gold flow
ought to be hailed with pleasure. 1t
cannot by itself terminate our money
difficulties, but it may help dissipate
peoples objections to policy touching
silver which would have that effect.
So plentiful is gold now no one need
fear that it will hide away in case the
western nations conclude to make sill
yer again full money along with it.
Should bimetallism be re-established
today at Is, 16 or II to 1 silver. would
be quite as likely as gold to retire from
sight or rise to a premium.
Philip; J. Dougherty, prominent
New England politician, ssnds tile fol.'
lowing as his opinion Of thei effects of
large gold discoveries: 'y'gc - rsr - =,
A great discovery of gold wuuld} not
prejudically affect the contention Of
the advocates of bimetallism, that it is
only by the restoration of Silver to a
legal equality with gold, 'as'tull Stand.
lTd,hOney, that the agriculturab1nd
business depression nov existing in
America, in England, in GerSany, in
Canada and Australia can be terminat-
I'D, and the production, trade and bust.
ness of these counties restored to nor.
nnlly prosperous conditions
If a great discovery of gold in addi-
lion to the worlds stock of gold coin,
now estimated to amount to something
over four billions, will have the effect
If stimulating trade and business it
will be demonstration that an addit
ion to the worlds stock of standard
money is advantageous. 1t will be
demonstration of the contention of the
,imetallists everywhere that there is
iced of addition to the worlds stock of
standard money to prevent an appre-
Eating standard of value and con-
inuous depressioniu'ge HgrWl,prices
: Gold standard advocates rejoice at
discoveries which, accidentally have the
fleet of increasing the worlds stock
4 gold standard money BimetalS'tSl
any addition OF the worlds
toeIt of standard ACKNOWLEDGEMENT
r. silver, 69fievfhtgg that the. present
took of gold availabIe,fo E use. In the
world as money is inadequate tO;neet
he demands of advancing civilization !
nd the gigantic business enterprises ]
# modern tihes.h a. \
The present supply of gold coinagelE
n the world is abouts5 to So per capita.
It would take more than billion Of
lew gold coinage, TO increase the
worlds supply 81 per capita, and the !
edition ofall the silver available for
oinage to the standard money Of tile