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FOR SOU! MOM.
HON. HOKE SMITH SPEAK 3 AT GAINESVILLE, GA. He'Nlalcesa Strong Argument Against Free Coinage—Explains Why the Qtlce of Silver Has Fallen and Tells of Some of th*-. Inevitable Eflects of Free Coinage at 16 to 1. The following is a part of Secretary Hoke Smith’s speech at Gainesville, Ga., on July 23: The value of silver bullion has fallen since 1873, on account of the lessened cost cf production, on account of the enormous increase in production, and on account of the decreased demand. All of these elements entered into and helped to cause the reduction of the value of silver. To restore the price of silver to its value in 1873 yon must remove all the causes which have reduced its value. CAncede for the sake of argument that the action of the United States was one of those causes, it is illogical to claim that the removal of this one is to remove the effect of all the others. But it is urged that the United States should try the experiment, and, if it failed, then abandon it. or change the ratio. The facts stated show con clusively in advance that it must fail. To lift the valne of 4121 grains of sil ver in the United States from 50 to 100 cents it would be necessary to lift the value of all the silver in the world to the same extent, less the cost of transporting it to the United States. That volume to-day, coined, is $4,- 351,700,000. If the burden were only to raise the commercial value of the coined silver, in those coun tries where it was dropped, to bullion value, the undertaking would still be clearly impossible. India has $950,000, - 000 ; China, $750,000,000 ; Japan, $72,- 000,000; Mexico, $50,000,000; South American States, $30,000,000. A to tal of $1,852,000,000 is used by these countries alone. This silver, though coined, circulates only at its bullibn value. In addition to this, can the silver mines afford to continue in creasing their production, as they have, from $81,000,000 in 1873, to $214,481,000 in 1890 on a market which has risen 100 per cent? The volume to be raised in valne extends to the earth deposits as well as to that heretofore mined. We were unable to keep the value of silver up to gold under the Free Coinage act of' 1792. We were un able tojkeep gold up to silver under the Free Coinage act of 1834. France and her associates in the Latin Union fonnd themselves unable to keep sil ver up to gold in 1874. The failure of these practical tests, under far more favorable circumstances than thosejof the present, demonstrated how how ridiculous is the claim of the sil ver advocates. These facts, fairly considered by any one, will bring tbe conclusion that free coinage at 16 to 1 means the use of no coin but silver; means a new standard of measure equal in value to the present commercial value of the bullion now put into a silver dollar; means a new dollar worth only ap proximately half as much as the pres ent dollar, and the measure of all values by this new standard. The immediate effect of the election of a President committed to such a policy would be the separation of the gold,and silver dollar, the gold dollar going to premium of about two for one. We would lose at once $678,000,000 of gold now in circnlation and now in the Treasury. The greenbacks and Treasury notes—s37s,ooo,ooo —which woe Id still remain outstanding, would be hoarded, in the hope that a free silver bill, if passed at all, would be soon repealed. This would take place immediately after the election of a President in November, 1896, and probably even after the nomination by either of the great parties of a free silver candid ate. The new President could not be inaugurated until March 4, 1897. Daring the six months or | more before it would he possible to pass free silver legislation the con- j traction of the currency just described j would precipitate the most serious consequences. Those owing gold obligations would put a strain upon the remaining silver currency and bank notes, to buy gold to meet their gold obligations. The currency, consisting of checks and bills of exchange, amounting to 95 per cent, of our entire currency, would go out of use inconsequence of loss of confidence and credit, and the resalt would be the withdrawal of 974 per cent, of our entire currency and the paralysis of business would imme diately follow. Banks would be raided by their depositors. Creditors would seek to enforce I iheir debts before the reduction of the standard to the silver basis. No extension of debts would be given, to anybody, except where payable in gold at increasing rates of interest. Long time debts are in gold. The amount to be paid on them would not be reduced. Indebtedness not pay able in gold would be collected at once or the property owned by the | debtors taken from them. Merchants • would fail, workmen be idle, farm products without a market, and pov erty and distress found on all sides. Ido not believe that a President would ever approve such legislation, elected upon a platform with a Con gress pledged to pass it. The calam itous efiects following such an election would bring to them the prayers of the very men who elected them, ap pealing for the defeat of such legisla tion. But if such a law should pass it would not be until the later part of j 1897. Then a general adjustment to ! the new standard would be necessary. Prices being temporarily reduced on account of the panic, it would be some months before the actual effect could be told and the real value of 4124 grains of silver determined. During this time business would stag nate on account of the uncertainty as to what was the real size of the new measure —the new standard of value. 1 This trouble would more or less affect i business permanently, because the commercial valne of silver bullion has ( become uncertain; has ceased to be stationary, on account of the few countries now using it as standard money, on account of the uncertainty as to the volume of its probable pro duction. No practical benefits can be pointed out as a consequence of the legisla tion. It would interfere with our ex- 1 SUPPLEMENT TO THE EJRHSTCE GEORGE’S ENQUIRER, UPPER MARLBORO, ME. changes in foreign trade, and prove a burden upon the producers of our great staples—cotton, corn and other grain. By hindering international commerce it would burden the agri cultural products of this country like a high protective tariff. Not only would the men who work for salaries be deprived, at least for a while, of employment, but when enabled to re turn to work they would find the dol lar paid to them as wages depreciated in value as a consequence of a change of standard. The only possible efit would be from a limited increase in the value of silver bullion, which would go into the pockets of the great silver mine owners—the men who are really backing all the agitation and furnishing to it its sinews of war. The picture is not overdrawn. When I contemplate it, there is but one source of comfort —it is in an abiding confidence that within twelve months of full, free discussion the American people can be relied upon to over whelmingly defeat any party which proposes to bring such disaster upon ns. Instead of free silver at 16 to 1, which means silver monometallism, a contraction of the currency, and a temporary and permanent injury to business, which had been described, the Secretary urged the necessity for a sound-money currency, consisting of gold, silver, and paper, but every dollar kept as good as any other dol lar. This would allow the coinage of all silver, which could be held at an equal exchangeable value with gold. THIS LITTLE PIG WENT TO MARKET. CUBED OF FREE SILVER. President Max Eobinson, of the Georgia branch of the T. P. A., is showing his friends a 32c. silver dol lar and telling them how a few days in Merfco is pretty apt to convert the strongest free silvente into the most ardent sound money man. The 52c. silver dollar is a Mexican dollar with more intrinsic value than our silver dollar; that is, there is more silver in it than there is in one of Uncle Sam’s silver dollars. Neverthe less it is worth just the bullion value, or 52c., and that is all it brings in the country that coins it and at its own mints when it is hot from the dies. Mr. Eobinson got his silver dollar at the Mexican mint. It was one ot a number coined while the traveling men visited the mint and each of .them paid 52c. in United States currency for the Mexican dollar. If the United States adopts free coinage Mr. Eobin son has made arrangements to have shipped to him a carload of Mexican dollars at New Orleans, there to be minted into United States coins at a handsome profit, provided, like the Mexican dollar, there is not too rapid a depreciation in their purchasing power. There were 350 traveling men in the party that invaded Mexico. Among them were some free silverite, rabid white metal bugs, who were delighted that the motes in the eyes of their gold-washed brethern were to be dug out by some practical illustrations of the advantages of free silver. The practical illustrations met them on all sides, all the way from the Eio Grande to the door of the palace of President Diaz. Instead of the motes being in the eyes of the sound money men the free silverites discovered that there were large planks of errors in their optics. They studied the situation bravely, confronted their lessons like men, took their own medicine with out a grimace and when the return trip was made rendered thanks that they were returning to a sound money country. Fifty-two cent dollars, 13c. calico, §l2 flour, 20c. day labor, beauties of the regime of free silver, changed the color of their views until they were liberally tinged withyellow. It is doubtful if a white monomet allist came back from Mexico. —Savan nah (Ga.) Press. Free Coinage Dissected. The Sound Currency Committee of the Reform Club has just issued a short pamphlet entitled “Free Coin- j age Dissected.’’ It puts the case against free coinage in the clearest possible light, and the language is so simple and the sentences so short that no ordinary mechanic or farmer need have any difficulty in understanding the discussion. Ex-Congressman John DeWitt Warner, the author of the pamphlet, dissects, in turn, each of the principal claims of the free coin age advocates. Many excellent answers to “Coin’s Financial School” have been written, but, heretofore, there has been no first-class pamphlet to put into the hands of the millions who have not read “Coin’s Financial School,” but who are interested in the currency discussion. They will be glad to get in this condensed form, not only the principal objections to “Coin’s” book, but to the wliole scheme of free coin age at 1G to 1. The pamphlet is, in fact, a primer of sound currency. The pamphlet is well adapted for general distribution, and merits a wide ‘ circulation by the friends of honest j money in all sections of the country, j It is No. 10 of Sound Currency, and can be obtained by sending five cents to the Reform Club, 32 William street, New York City. Ben Hill, one of the Nation’s great est statesmen, was opposed to tree coinage. He was a man of sound views and these views were always on the right line.—Thomasville Adver tiser. COMMERCE WITH GOLD STANDARD COUNTRIES. When the silverite? are forced to admit that the adoption of free coin age would unsettle our trade relations with all gold-using Nations, they fall back on the plea that our trade with silver standard countries would be in creased. And free silver orators and writers try to deceive our business men with the pretense that if we were ou a silver basis we could capture the trade of China, Japan, Mexico, and other silver countries. The extent of the commerce for which we are asked to sacrifice our financial system can be seen from the statistics of the world’s trade. Ac cording to the latest and most reliable source of information, the value of the imports of goods by the eighteen gold standard Nations amounts to $7,048,000,000, and of the exports to $3,519,000,000, a total of $12,567,- 000,000. The imports of all the sil ver-using countries amount to $746,- 000,000, and their exports to $879,- 000,000, a total of $1,625,000,000, or but a little more than one-eighth as much as that of the gold-using Na tions. These are the figures for the world’s trade. But when we examine into the commerce of the United States we find a greater difference in favor of the gold countries. The latest re turns show that this country exports to eleven gold standard Nations goods valued at $716,500,000, and imports from them goods valued at $441,000,- 000, a total of $1,157,500,000, while our trade with all the silver-using countries amounts to only $41,000,000 exports and $100,000,000 imports, a total of $141,000,000. These statistics prove that whatever advantage we might gain by adopting the silver standard through increased trade with silver countries, we would lose vastly more by putting ourselves in the same relation to our best cus tomers that we now hold to the silver Nations. Even if the possibilities for com merce with the silver countries were far greater than they are, it has not yet been shown how free coinage would help us to take advantage of them. If we do not sell those coun tries now it is not on account of our money system, but because our goods are too dear. As it is the principal argument of the silverites that the adoption of their scheme wiil at once double prices, it follows that our goods would be twice as dear if we were on a silver basis. If we cannot sell now to silver using countries, how could we possibly do so if we charged twice as much for our goods? We cannot compel any country to buy out exports if they do not wish to do so. Will some silverite explain how debasing our currency will make new markets for our products, or enable us to buy goods cheaper from other countries? THLS LITTLE TIG STAID AT HOME. Two Sides to the (Question. The present advocates of free coin age forget that at this game of paying debts by legislation there is room in the game for two sides. The Harrods burg (Ky.) Democrat offers this warning; “Three-fourths of the people who favor free coinage without personal investigation have a sneaking idea that they can pay their debt easier with a debased currency than under the present toilsome, slow-going pro cess. But this is all a dream born of the lurid imagination of your typi cal free silver advocate. The credi tor who holds a mortgage on the farmer’s land is not exactly an idiot himself, and the moment it becomes clear that free coinage at the 16 to 1 ratio will be legalized in this country thousands of mortgages will be fore closed by men who propose to have their loans paid in good money. The free silver dupe may argue, with tears ; in his eyes, that the price of silver ! will be immediately jerked up to the desired point in the markets of the world as soon as our mints are opened to the metal. But the hard-hearted creditor doesn’t belong to that class , of reasoaers, and ho will turn the former out, bag and baggage, unless he meets his overdue mortgage then and there with the money in which the creditor has confidence. Just before tbe dawn of that happy silver day— when the silver lining of the clouds will be coined into good Government dollars—Sheriffs will be perched around on the worm fences in the country waiting for mortgages to ma ture, like blackbirds watching a corn crop. ” L'ou’oling the Wheat Crop. A proposition to double the wheat crop by measuring it in “bushels” one half of the present size would be laughed at by every intelligent far mer. No one would be deceived into thinking that the quantity of wheat grown would be any larger though it was called twice as many bushels, j But when it comes to measuring val- ' ues, instead of quantities, a great j many people are victims of the curious ] delusion that by adopting a standard of value worth only half of that now used, this country would at onco double the value of all the products of labor. They are entirely mistaken. Changing the measure would not in the slightest degree increase the real value in use or exchange of the goods measured, and the pretense of the sil verites that free coinage would double the value of all property is merely a fraud by which they hope to fool the people into voting for fifty cent dol lars. THE DO(4 IN THE WHICH WILL YOU HAVE—DOG OR HORSE. WHAT MAKES INTEREST HIGH. The readers of this do not need to have it explained that business activ ity depends in large measure upon a low rate of interest, which is the most conclusive proof of plenty of money to be loaned. If I can get capital at 4 per cent, a year, I may build a fac tory and employ hands and carry on an industry successfully and with profit to myself, where if I had to pay 6or 7 per cent, for the money, or could not borrow it at all, I might be unable to do so, and the factory would remain unbuilt and the labor unem ployed. How are we to have interest cheap and money abundant? Capital ists are no worse than other men. But they are no better. They are just like yourselves. What would you do? Suppose there were a lot of men who advocated the passage of a law that, after you had loaned out money on gold value, would force you to accept silver values in return —would you be in a hurry to lend money? Would you not rather keep it locked up in a trust company or else loan it only at high interest and for short terms? And then, if this agitation stopped and every one became satisfied that there would be no interfeience with the standard of values, and that capi tal when loaned out would be safe and would be repaid in jponey as good as loaned, would not you—would not every capitalist—be prompt to offer to loan his lands at interest, however low, rather than let them remain idle? This country to-day affords an ob ject lesson of this. In those parts of the country where the people believe that our currency is safe and that no change in its standard is likely to take place, plenty of money can be had at 4 and 5 per cent., while in those parts of the country in which the peo ple are confident that free coinage legislation will be had, and that a loan made for any long time 'head may be repaid in deprociatec :r, there is scarcely a place wher you can borrow money on very long time at all, ex cept on gold contracts, or even on short time, at less rates than 6 or 8 percent. Free silver would not add a dollar to the real wealth of the West or South. But tue apprehension ot it has kept from those sections of the country the millions upon millions of capital that, had they been invested there, might have made such prosper ity as the world has not seen since the sun shone upon Eden. Hon. John DeWitt Warner, in Free Coinage Dis sected. THIS LITTLE PIG GOT ROAST BSSF, High Prices and Low Wage--. The most stupid swindle for which it was ever attempted to gain the votes of the workingmen is the high prices, dear-goods scheme of the 10 to 1 silverites. It passes belief that any set of political agitators should have the impudence to ask the wage earn ers of this country to help adopt the cheap silver standard of China, Mex ico and the small South American countries. On the admission of its ad vocates the first effect of free coinage would be to reduce wages fifty per cent, by making food, clothes, rent, and everything the workingman must buy for himself aud family, twice as dear as they are now. The result would be that all the luxuries and many of the necessities, which the wage earner is now able to buy, would be raised entirely out of his reach. The silverites say that wages would be doubled under free coinage. But would they? The workingmen know that it is only by bar 1 struggles, ex tending over long periods, that small wage advances are secured. Are they willing to risk the certain doubling of prices for a possible increase in wages? How to Hasten Returning Prosperity. The Florida Citizen (Deal.) believes that all eigns point to the speedy tri umph of sound money, but still it urges the formation n ote sound money clubs in the South, saying: “They will spread right views and hasten the time when the delusion will disappear. It is particularly tit that such efforts should be made in South ern States. The surest way of hasten ing the return of complete prosperity is to dispose of the free coinage folly.” CURRENCY AND PRICES. The following is from n speech de livered at Argyle, Minn., by the Hon. Enute Neison : The truth is that reliable statistics as well as onr own experience and ob servation demonstrates to us that there is no lack of circulating medium, that we never had a greater per capita amount of money in circulation than now, and that the volume of circula tion does not necessarily regulate or fix tbe measure of prices, but that this is now, as ever, mainly governed by the law of supply and demand. Tue same currency buys a bushel of wheat at 50 cents and a bushel of po tatoes at the same price. At this figure wheat is cheap and pota toes very high. The one product is overplenty, the other oversearce. And this makes the difference, not the volume or the quality of the curren cy. There is an undoubted lack of currency among our farmers in many localities, especially in the upper j country, but this lack comes, not from : a scarcity of money in the State or Nation, but for the lack of product to exchange for money. Compare the counties of Freeborn and Polk, if you i please. In the former, with twenty i townships of land, 18,003 people, ! twenty-four creameries and a great amount of dairy products, a large number of cattle, horses, sheep ' and hogs and an advanced | system of diversified farming, money i is not scarce, and the times are far | from hard and depressed. In the lat- : ter with 83 tewnships of land, 35,000 people, only two creameries, a not numerous amount of cattle, still fewer sheep and hogs, a scantiness of dairy products and system of farming main ly devoted to wheat culture, money is quite scarce and times are very hard and trying. What makes the difference? They both exist under the same currency and the same flag. The difference is this: In the county of Freeborn the farmers have a large and valuable var iety of farm products, bringing a fair | price, to exchange for money. This | makes money plenty and times easy. Ou the other hand, in the county of Polk the farmers have little to ex change for money except wheat, aud that was a very light crop, and the prices, owing to a glut in the foreign I market, were very low. This makes money scarce and times very hard. Farmers of the Red River valley, if you look at the situation in its true light, is it not plain to yon that relief cannot come from the referendum, from salcous kept by the State, from Government ownership of railroads, fromTemale suffrage or from the un conditienal free coinage of silver the ratio of 16 to 1? Teachers and Free Coinage. Lawrenceville News; No class of people are more deeply interested in the currency question than those en gaged in teaching i a the public schools. Their per diem is fixed by law and will doubtless remain where it now is in definitely, regardless of any change that may be made in the currency sys tem. At present they are being paid in sound money, consisting of gold, silver and treasury notes, each having equal purchasing and debt-paying qualities. The free and unlimited coinage of silver would destroy one half of the purchasing power of the meagre compensation they are now receiving. THIS LITTLE TIG GOT NOME. Sights lor a Statesman. If Billy Bryan, of Nebraska, thinks the people of the Soath are in danger of suffering or starvation because the coinage of silver is not free, he ought to go out and look at the crops in any Southern State he may happen to be in. The great fields of smiling and nodding grain would make the boy ’ orator ashamed of himself. —Savannah j News. THE TffOJTAIiM FATTERSON’3 EXCELLENT REASONS IN FAVOR OF GOLD. All Progressive Nations Have Adopt ed the Gold Standard, and All Unprogressive Countries JAre on a Silver Basis—Wages Lowest In Sliver Countries. Is it better for the American peo ple to adhere to the present standard or abandon it and go to silver mono metalism? This, I admit, is. debata ble ground, with the overwhelming weight of the argument in favor of the gold standard. I am tired of mincing words when we talk of standards. I would like to propound to the free silver men in this audience a simple inquiry. The bimet allic standard means the free coinage of gold and silver at a ratio which re sults in maintaining gold and silver in concurrent circulation. No one will deny the correctness of this defi nition. The question, therefore, which I ask is this: Is there a man in this audience who can name a coun try in all the world which has the bi metallic standard? Let your minds run over the hemispheres and conti nents and I defy you to find one. Then the truth is that all the countries are to-day either at the gold or the silver standard, and there is not one where free coinage of silver obtains4hat is not a silver standard country. I pre fer the gold standard for the United States for several reasons. The first reason which influences my judgment is, that looking abroad over the world I do not find a single country where Christianity and civilization are pro gressing, where the arts and the sciences are in the ascendent, where trade and commerce are growing, where schools and colleges flourish, where men' and women are compara tively happy, where Government is stable and the laboring man earns a good wage for a day’s work, that is not on the gold standard. On the other hand, I do not find a country where civilization and Christianity are retrograding, where the arts and sciences are backward, where schools and colleges are decaying, where revo lutions are perennial, where men and women have no cause to be happy and the laboring man is paid a miserable wage for a day’s work, which is not on the silver basis. Ido not say that all the highly enlightened Christian ized and prosperous Nations are such because they have the gold standard, but I do say that all such Nations have adopted it, demon strating that gold is the standard of civilization and Christianity, of com merce and of labor. It is true that all progressive Governments have adopted the gold standard, and that the nnprogressive countries retain the silver standard. As Mexico adheres to implements of industry which the farmers of the United States discarded fifty years ago, so does it adhere to a ’standard of value which this country, guided by Andrew Jackson, discarded in 1831. I know the statement which I have jnst made is somewhat startling to free silver advocates, and. there fore, I will name the gold and silver countries of the world: United States, United Kingdom, Russia, Germany, Austria-Hungary, Belgium, Holland, Denmark, Norway, Sweden, France, Spain, Portugal, Switzerland, Italy, Greece, Servia, Roumania, Turkey, Australia, Egypt, Cuba, Canada and Brazil. These are (he gold countries of the world. It is true that some of them, like Brazil, Russia and Italy, have only depreciated paper money, but the standard is gold. The silver countries are: China, Japan, India, The Straits, Mexico, Central American States, the countries of South America, other than Brazil, and the half-civilized countries of Africa. Another reason which is controlling with me is, that there is no country in the world which has the gold standard that does not largely use silver in its QifOula'tion, Tjhereas there is no silver country wEich uses gold in its circula tion at all. Russia has gonetq gold standard within the last few weeks, and therefore I include Russia with the sliver countries when I say that yvhile the silver countries have 200,000,000 more population than the gold countries, yet the gold countries have more silver money in circulation than all the silver countries combined, while the latter have no gold in circula tion whatever. I furthermore assert that the United States has more silver in circulation per capita than any silver country on the globe. I merely throw out this for the benefit of those who believe the chief end of man is to have a large per capita circulation, without regard to the character <jf the money. But there is another reason which is absolutely conclusive with me. When I was in Washington a few weeks ago I called at the office of the Secre tary of Slate, and, handing in a list of the gold and silver countries of the world, as I have given them to you, I requested that an expert should be put to work on the Consular reports sent in to the department from all the coun tries of the world and make a table showing the weekly wages paid labor in each country. With this informa tion in my possession I am prepared to assert that there is not a silver country on the globe where a labor ing man is paid a good wage for a day’s work. At last, fellow citizens, this is the test of human progress. Labor is the rock on which civilization is builded. It is the very groundwork of society. A day’s work is the true unit of value. When you test the ad vancement of a people, their prosperity and happiness, inquire how much will a day’s work buy; how much gold, how much silver, how much clothing, how much food, how much of the ne cessities and luxuries of life?—Hon. Josiah Patteison, May 11, 1595. '■JflS LITTLE PXO CRIED “WEE, WEE,” ALL THE WAX aOUE. SMALL CHANGE. The silverites say that the only tray to find out whether free coinage would increase the commercial value of ail- Aer to 81.29 per ounce, is for the Uni ted States to try the experiment. Are the people willing to run the risk of National bankruptcy, merely to sat isfy the cheap money agitators that laws do not make values? All sensi ble men know that already and they are not going to upset our financinl system for the sake of trying fool ex periments. Editors of free silver papers mu=: have a very poor opinion of the inte'- ligence of the public. Instead of giv ing facts and arguments to show that free coinage would be a good thing for the country, they content them selves with child’s fables about the “shylocks, gold conspirators,” and “money sharks.” This may please those whose minds are already made up in favor of the fifty-cent dollar, bub it does not enlighten the men who are honestly seeking for the truth on the money question. That the silver standard advocates find no better argu ment than silly abuse of their oppo nents, may be safely taken as evidence of the weakness of their cause. The pretence that free coinage would put more money in circulation is accepted by unthinking people as a matter of course. But free silver would not really give us more of the fifty-cent dollars. Under free coinage there would be no issue of Govern ment certificates based on silver, but the owners of bullion would get back tbs actual silver dollars. Now it has been clearly proved that the people will use only a limited number of sil ver dollars, as on account of their weight and bulk they are very incon venient for business purposes. The . fad that but 852,000,000 of such dol lars are now in circulation shows that paper money is preferred, and that the “dollar of our daddies” is not wanted. There are in this country about twenty-five million adults. If the free coinage scheme for “putting (he money in the pockets of the people” was adopted, each man and woman would have to carry round with them twenty-five big silver dollars in order that “the people” might Ukve in their possession all the money, of the coun try. Of course it would never do to let the wicked bankers have the prec ious white metal disks on deposit, so checks could not be used for large purchases. The necessity for a woman carrying two or three pounds of silver on a shopping expedition would be one pleasing result of the cheap money ex periment. Merchants would build special vaults for holding their re ceipts, and we would be back again to— the primitive condition of bartering goods for metal. • There may be a few people in this country who honestly believe the sil verite charge, that the change in our coinage laws by which the silver dol lar was omitted from the list of legal tender coins, was brought about by British influence. Of course the story about the bribery of Congress by the English banker, Ernest Seyd, is a stu pid lie, yet it is repeated as a free coinage argument. To all the at tempts to make it appear that Great Britain is anxious to have other countries adopt the gold standard, there is one conclusive reply. For over a hundred years India, with more than two hundred millions of people, has been governed by the British. Tet the silver standard was established and is still maintained in India by the British Government. Does that look as though the British gold bugs were engaged in “striking down the silver money” of the world? CREDITORS AM) DEBTORS. The advocates of free silver seek to create a class feeling in favor of their scheme by representing the country as divided into two classes, a largo nurqjjer of poor debtors anji a small ioSSAIf o? fich~3PSdlt3f£ TfTef ap peal to the envy of <ffio?e been uast!?£eiiTul in life by pretend ing"tEat the cause of their failure is the oppression of the borrower by the lender, and nine-tenths of the free coinage literature is devoted to in vectives against the robber capitalist who has enslaved the poor farmer and workingman. Like all other silverite arguments this of the debtor against creditor has no foundation in fact. In the first place it has been repeatedly shown that as a rule the number of creditors, that is, men and women who have money owing them by individuals, banks, insurance companies, etc., is much larger than that of those it* debt. By far the greater part of the debts of this country is owed by comparatively small number of per sons or corporations, who have bor rowed in large amounts the united savings of millions. It is only among the farmers that toe number of debt ors appears to be larger than of creditors, but this is more seeming than real. A majority of the farmers of the country are not in debt, and many of those who are have borrowed money from other farmers. These facts prove that a law intended to benefit debtors at the expense of creditors would injure far more peo ple than it would help. Another reason for condemning the silverite attempt to set class against class is the falsity of the claim that the creditors are responsible for the poverty of the debtors. This idea would not be worthy of notice, were it not made the basis of the de mand for laws which would wipe out one-half of the debts of the country. To say that the strong, thrifty, capa ble and industrious have caused the poverty of those who were less capable or fortunate, is absurd. On the con trary, if the assistance given by the creditor]! wpitaj was ftgt of greater. behefiT to tn? debtor than the interest which he pays, borrowing would cease. There is no law to compel men to bor row, so the presumption is that the debtor must be satisfied that it will pay him to go in debt. Neither di rectly nor indirectly is the man who has saved a little money to blame be cause his neighbor finds it profitable to borrow. The complaint against creditors is founded on ignorance of the service performed by the men who save and lend capital.