The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-03-27
YALE AGAIN VICTORIOUS
Continued from First Page.l

Continued from First Page.)
ed by changing to the double standard?
Rising prices may stimulate produc-
ton, but it will also oVer-stimulate it,
railing prices act as a steadying influ-
ence on American industry. Rising
prices intoXicate and drive the Ameri-
cans to transportation and an acute
commercial disaster, just as they did
In 1873. To the laborer more money
does not mean better condition, From
1850 to 1860, when there was what the
bimetallist terms the healthful stimu-
lus' of more money and rising prices,
labor would buy less than at the be-
ginning of the decade, because wages
had Jagged behind. Not till prices be-
gan to fall did the laborer regain his
former position. This illustrates that
through increased production the con-
dition of the laborer grows better,
More money means to the laborer a
dreary fight to forces his wages up
with the easily rising prices, with the
likelihood, as experience shows, that he
will fail, that his lot will grow harder"
Fletcher Dobyns '9S closed Harvard's
main argument. He said:
My colleagues have shown you that
there is nothing in our present condl-
ton that would warrant the leap into
the dark proposed by our opponents,
that the true way to advance is by per-
fecting the existing currency system
that has evolved naturally with the
growth of trade
Il wish to show that it would be inn
practicable to put the bimetallic theory
into practical operation even If Great
Britain, France and Germany were
willing to join us in the attempt.
"In the first place no ratio could be
found. The historic ratio of 1872 to l.,
that is favored by the leading bimetal-
lists of the world would be an attempt
to double the value, of one of the great
commodities of the world by the mere
fiat of legislative assemblies. Only the
mere prospect of such thing would
make creditors call in short time loans
end banking liabilities which amount
into the billions of dollars and uniVer-
sal bankruptcy would follow. Even If
this Inevitable result did not occur, the
business world would be held and it
would be driven to a premium. The
generalization of silver would cause
over production and the ratio would be
overthrown. Any other ratio would re-
quire the recoinage of the worlds silver
at immense loss and all the difficulties
that / have urged against the 1872 to 1
ratio would still exist.
THE bimetallists can give no assur-
ance that political complications would
not soon destroy the league. The sys-
tenn Is one of arbitrary control of the
movement Of metals. There could be
no assurance in time of war, for every
nation would strengthen its credit by
accommodating gold. Countless infiu-
ences, both economic and political,
would be constantly working to bring
about business disasters such as the
world has never seen.
''In the United States peculiar dan
ger would obtain, as silver would be
taken to the minis of the countries in
which it is produced. AS we are
great silver producing nation, in the
course of trade our gold would go
abroad and We should be left with a
currency of silver alone. The league
would rapidly be broken and silver
would fall to lower point than has
ever been reached. The very possibility
of such an outcome would keep us con-
stantlv on the verge of panic
"The bimetallists believe that the
world has gone wrong; they love to
dream OF time when the nations shall
come together and rehabilitate silver.
Business requires certainty as to the
future and it is humorous for our oppo-
nents to contend that business would
remain strong and confident under BIZ
metallism.
..The prospect of such a thing would
throw the business world into state
of commissions, the very thought Oh
which staggers the imagination
Charles Stedman Mcfarland of Mel
rose. Mass, opened the negative, Yale's
side Of the question. He referred to the
presentation of the theoretical claims
of the gold standard, as presented by
his predecessor, who opened the debate
for Harvard and said But [ ask you tc
consider that there are grave evils in
the present financial system and that
the world is trying to rid itself of these
evils.
Harvard says; Adopt definitely the
system under which these evils accu-
mulate and reject all international CO.
opera ton for relief.
Yale's position is this: The United
States should not take action which
precludes union in measure for relief
But when these nations see that the
evils incident to a single gold standard
are unbearable and propose interna-
tional bimetallism for relief, the United
States should not refuse to unite with
them in the adoption of the measures
proposed.
Gold monometallism has not worked
to advantage. The commercial WoriC
has been in unrest since 1873.
The gold standard has destroyed tbs
par of exchange between nations
1t has, during the past twenty-foul
years, led to a steady decline in prices
Nations have been reduced 10 mere
speculation and gambling on account o.
the fluctuation in values. Our trade
with silver countries has been de-
stroyed
The tremendous fall in prices shows
that the gold standard has put a pre-
MUM against production and has beer
direct encouragement to business EN-,
terprise.