The Penn's Grove record., 1899-06-23
Fl MooTED DUMP.
One of~the-B ugaboosuof the-GoIdites Com
pletely Annihilated.

One oR~ther Bu~gaboos,of thezGoIdites Conn
pletely Annihilated.
1t has b~eensurged by-certains authori-
ties that in thezevent Of freescoinageyof
silver blythe United Statessat the ratio
Of 10 to / there would be,a4dump-of all
the silver in theSworldi this country.
This would occur, it is said, because
silver would be worth but so centsron
the dollar, while gold would remain
unchanged.
In that event whysshould gold leave
THU. country? Would it buy moresabroad
than at, present? And.if thessilver dol
lar would be worth but so. oentsFwhile
the gold dollar would be worth 100
cents would.not5 the ~lattersbuy twoesil-
ver,dollars 4and-therefore -twice,as much
Of any product;as sassilvere dollar? II this
is not true, thereFwould be'no,50ecent
dollar, and if it is true gold would
naturally7fow to, Amerioasbecause in no
other country hasit double purchasing
power, compared with localsourrenoy.
But il there is to boa dump. from
w~hat'source will itioome, andgwtllit be
in the,nature of a donation? If not a
donation--if something as to be taken
in exchange-what will thatzsomething
be? No matter what, perhaps, since it
must be anaturalsor rnanufacturedsprod
uct,and mustnecessarily aoceleratebusi-
ness in,the lines, affected.
Will the dump come from Spanish
America? There are between thefRto
Grande and CapeyHorn 60,000,0o0 peo-
pie, inoludingnatives. They haVe$100y-
600, 000fnsilver. SouthAmericans have
So cents. each in that metal. Mexicans
have e4.54 per capita, while Central
America has $2.14. South Americans
have $3.50, 900, 900 in paper and must
have. $500, 100000 additionalisilyer be-
fore they come to q metallic basis. If
| they should dump their silver, they
must obtain gold in its place, which,
according to gold standard advocates,
could be. obtained; only sat'the 'rate'ofs$2
in, silver for 81 in gold.
Would France, GermanysordEngland
dump their silver? In, e~aohsoountry 1t
passes at a lower ratiothan toto ], and
they would lose in per.capitaoirculation
by the exchange.
Could India dispenseswithsits SILVER?
She has $3.50, 900, 900 il. silver coin, but
she has zoe, 900, 000people-$8.21e each.
If India should part with her silver,
where would she obtain almost 81 .000c
900, 900 in gold to'take itsplace? There
is only $4,000, 1000 in gold in the
world, and at 50scentsaon theidollarfor
silver India would still have about
$500, 100000 in goldstoraisefromother
sources. or divide. her circulation by'two.
She can hardly adoptsuc aoourse-sinoe
she is anxious to'import silver and seri-
ously objects to the, closing of the mints
at the command of England. Itsshouid
be plain that India cannotsunder any
circumstances dump4her silver.
China has S2.0S per capita, mostlyvin
Mexican silver. If China is to adoptza
policy Of internal improvementsand en-
gage in manufacturing, that sum will
be needed and more too. Besides, if
China dumps her silver.on5the United
States our people will sell thesC Chinese
goods to-the value of $800,000,O00 an
item Of trade not'to7be despised, espe-
oially sinoesthe arrangement would pre-
olude-the possibility of any pthernation
making sales to China r-Chinamaking
sales to the United States.
Would Japan dump? Same conse-
quenoes as above, Japanbas 81 per cap
ita in silver-approximately $3.50, 000,-
000-and is buying more in order tose-
cure. currency for the accommodation. of
rapidly developing enterprises. Unless
China begins to manufacture on q more
extensive scale-itmay be possible that
Japan will secure a fair share'of the sill
yer in circulation in that empire.
Will Europe;unload securities to OBJ
tain gold? II 1t should, will it not take
payment at American quotations, and
after that interesting transaction would
not thesecurities be owned in the Unit
cd States and the interest be 'payable at
home, Saving the profits Of American
business to Americans? And after Eu-
rope had obtained the gold where could
it be invested with better assurance Of
profit?
To sum the whole matter up, if the
+. United States had all the silver and
Europe all the gold, Europe could not
sell anything to the United States with
outtaking silver in payment and could
sell nothing abroad in any other country
because, from the statement Of the case,
no other countries would have either
gold or silver, Therefore Europe's bust
ness would be instantly ruined. Then
consider that Europe does not raise
enough to supply the wants Of its peo-
pie. 1t would be compelled to buy or
the people would starve and hence it
would be forced to part with its, gold.
Take into consideration, further, that
the United States would have gained,
according to the estimates Of the gold
standard people, over 49,, 900, 900, 900 in
90 cent silver dollars in exchange for
itss500, 600, 900 100 cent gold dollars, q
clear gain of three for II ON a gold
basis. This would be an increase in ma.
tional wealth never equaled and a
stroke Of business that would have no
parallel for shrewdness. Let us have il
by all means.
Do you think there can be such a
Dump II so, then why not 60 after it?
Cedar Rapids Gazette.
IT iij||'iiii|' VI I