The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1899-08-17
NT GOLD AND SILVER.


Gold standard men say free silver at
l6 to l will drive out gold. Silver will
simply take its place; there will be
no Increase of money, or prices. Let
us see. Gold will not begin to go till
prices rise considerably above the lev
ell of the gold prices of Europe, for the
owner of gold would not buy abroad as
long as he could buy as cheaply at
home. Silver would then have to
come in much faster than gold went
out in order to create such rise in
prices here as to induce the owner of
gold to go abroad to buy Hence there
would have to be considerable rise
Of prices here before it would even be-
gin to go out. And before 1t all went
there, there would have to be a great
rise here. In any event, it would not
all leave till its place was much more
than filled with silver. Hence those
who say free silver would not increase
our circuatiou-much more those who
say 1t would contract it--talk utter
nonsense. Another thing, 1t would
tend to drive up prices and keep gold
here, too. To whatever extent gold
went abroad it would add to the cur
rency of Europe. This would raise the
price of all our exports which react
favorably on our home market for the
same AS prices rose abroad gold
would be less inclined to go there to
buy cheaply. Hence much Of 1t would
be apt to stay here, while all of 1t
would ultimately return, If Europe
would follow our lead and open her
trade with silver lands.
Free silver then, by adding to our
depleted stock of primary money
would give us prosperity based on
rising, followed by staple prices, in
stead of the sham and tickle kind we
are told we have now, which Is built
on the shifting and ever changing bal
ance of trade-a balance that happens
to be largely in our favor just now be-
cuse of terrible foreign famines and
big home crops. a prosperity that
comes and goes with the trade balance
is too unstable to depend on, but is
the only kind possible under the grind
| ing gold system of falling prices, and
will never satisfy any but the more ig-
norant class of Republicans.
The depressing effect of the gold
standard on the industries of the land
is such that only an extraordinary con-
| junction of most favorable circumstan-
ces such as crop failures abroad, and
unprecedented home crops for two
years have been able to stay for the
moment the downward course of prices
and turn a scanty flow of gold to our
shores. But for these strange and
conclusive facts prices would be low
er than ever, and bond issues to main
Etain gold redemption the order of the
day. 1t seems as though Providence
seeing we were madly determined on
self destruction interferred wonderful
y to prevent it, An unparalleled eX-
cess of exports over imports of over
one billion dollars in two years is due
mainly to our vast agricultural exports
nearly nine hundred millions of dollars
worth of which were sent out the last
| fiscal year. This under wise money
| system would have sent most Won
derful flood-tde of prosperity through
out our land, but as it Is, it has simply
| arrested the fall of prices for the mo-
ment by adding slightly to our gold
currency. The bulk of the vast sum
due us was kept back to be paid on
our foreign Indebtedness that has been
doubled under the gold standard. What
would have been our financial condi-
ton, II, instead of big crops to fill a
big foreign demand we had had poor
| crops and no foreign demandI 1t can
| be better imagined than told.
| Free Silver ut 10 to /, and no other
ratio can be considered for moment,
/ would then give us much higher
range of prices. 1t would certainly
| give us the trade of silver nations,
which alone would bring the CONNER
clal nations to bimetallism, SO as to
more surely maintain the parity of the
metals at fixed ratio, and so facilitate
| impossible, because of wide variations
| Branch.