The record-union., 1898-09-15


already in fear of the $500 100000 of
silver we now have? The answer is,
because there is a demand for the
gold here in addition to the use of the
silver, and our scale of prices is so
adjusted to the international range of
low prices as to enable us to hold
it. AS prices began gradually to rise
under the operations of our free COIN
age law, the first effect would be to
make this country, according to the
familiar Ricardian formula, a poor
place to buy in and a good place to
sell in Our imports would tend to
increase and our exports would de-
crease. BY and by there would be
more demand in New York for foreign
exchange in payment of our purchases
abroad than could be Offset by bills
drawn against our export.
Exchange would rise to the specie
point, and, unable longer to pay in
goods, we should settle the balance in
gold. This process would continue un-
til 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 silver that would be minted
here and pass into business sufficient
in amount to replace the entire guam
tity of yellow metal in the country
That there is such an amount of sill
yer that could and would be avail
able for the purpose, 1 deny. If there
is an available silver flood to replace
three or four hundred millions of
dollars M GOLD cert io1r cold
standard friend ought to be willing to
show us where it is and just how it
would get in it's deadly work. Until
they do so we shall rest serenely con-
tent in the confidence of our great
country to restore and maintain
system of bimetallism Let her but
take the initiative, and it viii at once
become the interest and object of every
State in Europe to support her action.
Our country's power is rising. The
next great conquest of commerce is in
the Orient. The exploitation of China
is an impossibility without the estab-
lishment Of a stable parity of exchange
between ourselves and that country,
nor can we make it profitable if her
developing forces are to continue to
receive the progressive stimulus af-
forded by a falling exchange"
Senator Carey of Wyoming replied
to Mr.. Towne. He spoke ON the Gold
Standard From the Standpoint of the
Western States He said in part:
The contention is that the best
standard of money for the extreme
West, or the country that is most
thoroughly impregnated and imbued
with the Farmers Alliance and Popu-
listic theories, is the best standard for
the extreme East. The best standard
for the agriculturist of Kansas is the
best standard for New York City,
The speaker has believed that a
double standard might be maintained
through international agreement, but
such an agreement appears no longer
probable. The adoption of the gold
standard is rapidly being accepted by
all the nations that have hitherto clung
to silver That the displacement of
silver and the supremacy of gold as a
standard has been brought about by
conditions not the result of legislation
or the result of any effort on the part
of the banks, banking institutions or
individuals, but from natural causes, is
rapidly becoming a fixed conviction
the gold standard should be accepted
by all the people, and that the nation
should be placed on a sound financial
basis; that it's currency should be uni
form, and that the nation should go
out of the banking business, and not
be hereafter compelled to go into the
market and buy gold to maintain it's
established credit.
"The agitation which has been kept
alive with reference to the free and
unlimited coinage of silver for a quar-
ter of century in this country has
done more damage than all of the fail
ures of crops, plaques and pestilence
that could befall the American people
in century. The greatest hardships
in this regard have fallen on the people
of the Western States. The West is
settled by a people generally young
and impressionable. In political cam
paigns they are easily led to the right
or left. but in the end they go to the
right side of great questions The peo-
pie OF new country should not be
judged too harshly. They may follow
false teachers for a time, but they dis
cover their errors and get on the right
side of every national question before
it's final settlement. A new people take
an advanced stand; they make exueri
ments and in the end reach sound con-
clusions''
H. c. Robinson of Chicago. editor OF
the Railway Age" took for his sub
ect THE Interest of RSilwaymen in
the Gold Standard A portion of his
speech follows:
''It is commonly believed that the
free coinage of silver, if it hurt any
body, would only hurt the capitalist
and the gold bug. If the free coinage
or silver would reduce the railway
earnings, the men who would suffer
would not be the capitalist or the gold
bug, but would be the laboring man
If the United States was on silver
basis, the earnings of the RAILWAYS
would be of course in silver dollars. or
their equivalent. The railways could
not put up their rates, and at the best
they would only get the same number
of dollars as they do now, but those
dollars would purchase less. They
would purchase less machinery. less
fuel, less supplies-that is to say. that
the expenses of the railways for these
items would be materially increased
Railway companies therefore would
have less money to pay interest, to pay
labor and to pay dividends. First of
ALL they would pay no dividends. but
that would not be nearly enough to
meet the deficit The interest charges
all have to be paid in gold, and the
companies would have to make q des-
perate effort to pay those charges, but
having nothing but deprecated silver
dollars to pay in, the effort would nee
essarily be futile. No railway company