The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-15


is impossible. To say nothing OF the folly of
attempting its extension to India its es-
adjustment in all It's rigor, even in Europe
would produce such catacysm.of disaster and
misery due to the enforced humiliation OF
hundreds of millions of dollars of silver and
silver supported paper, with their superim-
posed credit, that a social chaos would super
vene, compared to which the Dark Ages
would seem like an Arcadiani era.
We therefore reach the conclusion that the
only way to reach a par of exchange between
gold and silver is by restoring, TO silver the
full money opportunities Of which it has been
deprived by law; by again authorizing 1.-THE
coinage and use of silver as standard money
coordinate with gold"
I'VE contend that by Opening the minis of
the United States to the free coinage Of sill
yer as well OF gold at 10 tool the fall of
our opponents. Their fear Is Of an alleged
'ffty-cent' dollar, and fifty GENT dollar is
only another name for hundred per cent
rise OF average prices, but the rise would not
be so high. nor anything like 1t. The fifty
cent dollar cry is only a campaign catch
phrase. No economist would soberly indorse
it, The Introduction of silver into competi-
ton with gold would deprive the latter of It's
monopoly OF measuring values ~and register
ing prices. The endowment Of silver with
all the dignity and power of gold would
greatly add to its demand The effect would
be that gold would fall towards silver and
silver would rise towards gold the result
being gradual elevation of average prices
that would eventually reach a compromise
about half way between their present level
and that>from which they fell, or an advance
of about % per cent
But we are told that all the gold in the
country, estimated at over $3.50, 900, 0O0 would
be driven out of the country if the minis
were opened to silver. There is no more
grotesque figure of speech in frequent use
today than this of the gold advocates which
represents the alleged expulsion Of gold
1t is If the first few silver dollars that
should percolate through the mint were in
stanty to seek out the frightened and un-
resisting $500 900 Of gold, seize it by the
collar and physically eject it from the coun-
try. The process is not that. The gold could
not go any faster than 1T was displaced Why
has not our gold gone already in fear of the
$500, 600, GOO of silver we now have? The an
swer is because there is a demand for the
gold here in addition to the use of the sill
yer, and our scale of prices is so adjusted
TO the international range of low prices as
to enable us to hold 1t. AS prices began
gradually to rise, under the operations of
our free coinage law, the first effect would
be to make this country, according to the
familiar Ricardian formula, a poor place to
buy In and good place to sell in. Our i'm
ports would tend to increase and our exports
to decrease. By and by there would be more
demand in New York for foreign exchange in
payment Of our purchases abroad than could
be onset by bills drawn against our exports
Exchange would Iise to the specie point and
unable longer to pay in goods, we should
settle the balance in gold. This process would
continue until the international level of prices
was restored and our money volume and
prices were in equilibrium. 1t would be
complete long before the loss of our present
stock of gold, unless there Is somewhere sill
yer that would be minted here and pass into
business sufficient in amount to replace the
entire quantity of yellow metal in the coun-
try. That there is such an. amount of silver
that could and would be available for the
purpose, | deny. If there is an available
silver flood to replace three or four hundred
millions of dollars of gold, certainly our gold
standard friends ought to be willing to show
us where it is. and just how 1t would get
IN its deadly work. Until they do so we
shall rest serenely content in the confidence
Of our great country to restore and maintain
a system of bimetallsm. Let her but take
the initiative, and 1t will at once become the
interest and object of every great state in
Europe to support her action. Il
Our country's power is rising. The next
great conquest OF commerce is in the Orient.
The exploitation of China IS AM i'm possibility
without the establishment of stable par Of
exchange between ourselves ann that coun-
try, nor can we make 1t profitable if her de-
veloping forces to continue to receive
the progressive stimulus afforded by a fall
ing exchange" 80
AFTERNOON SESSION.
The principal speakers at the after
noon session of the currency conference
were George Fred Williams of Boston,
an ex-congressman and formerly a
member of the congressional coinage
committee and then q believer in the
gold standard, and Congressman G. N.
Fowler, Of Elizabeth, N J.
He was followed by. Arson Wolcott,
of Indiana, who reviewed financial leg
islation with purpose to show that
1t had been destructive of}the circulat-
ing medium; Judge Joseph Sheldon, of
Connecticut, who upheld the quantita-
tive theory Of money; President Thomas
E. Willis, of the Kansas Agricultural
college, who discounted the value Of
academic opinions one economic ques-
lions generally. .-5 a~'r-'
Then Congressman Fowler occupied
the platform for half an hour with
defense of the gold standard