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FOR SOUNDMONEY O OEE SMITH SPEAU fiT GAINESVILLs GA. He Makes a Strong Argument Against Free Coinage-Explains Why the Price of Silver Has Fallen and Tells of Some of the Inevitable Eflects of Free Coinaze at 16 to t The following is a part of Secretary foke Smith's speech at Gainesville, Ga., on July 23. The value of silver bullion has fnllen since 1873, on account 6f the lessened cost cf productia, on account of the enormous ine;esc in production, and on account of the decreased demand. All of the-* elements entered into and helped lo causo the reduction of the va!u of silver. 'Lo restore the price of silver to its value in 1873 you must remove all the causes which have redneed its value. Concede for the sake of argument that the actior tf the United. States was one of those causes, it is illogical to claim that the removal of this one is to reynove 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 elusively in advance that it must fail. To lift the -value of 412 grains of sil ver int the United States from 51) to 100 tents it would be necessary to lift the value of all the silver in the world lo the same extent, less the cost of transporting it to the United States. That volume to-day, coined, is $4, 051,700,000. If the burden were enly 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 hasS950, 000, 000;dChina, 5750,000,000 ; Japan, 872, 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 bullion value. In addition to this, can the silver mines afford to continue in creaing their production, as they have, from $81,000,000 in 1873, to 3214,481,000 in 1890 on a market 'which has risen 100 per cent? The volume to be raised in value 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 to keep gold up to silver under the Free Coinage act of 1831. France and her associates in the Latin Union found themselves unable to keep sil ver up to gold in 1874. The failure of these practical tests, under far more favorable circumstances than those of the present, demonstrated how how ridiculous is the claim of the sil ver advocates. These facts, fairly considered by any one,will bring the conclIsion 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 polioy would be the separation of the goldl and silver dollar, the gold dollar going to premium of about two for one. , We would lose at once $678,000,000 of gold now in circulation and now in the Treasury. The greenbacks and Treasury notes-$.375,000,000-which would 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, 18963, and probably even after the nomination by either of the great parties of a free silver candidate. The new President could not be inaugurated until March 4, 1897. Daring the six months or more before it would be0 possible to pass free e ilver legislation t be con traction o~f the currency just described would precipitate the most ser~ous consequences. Those owing gold obligations would pat a strain upon the remaining silv-er currency and bank notes, to buy gold to meet~-their gold obligations. The currency, consisting of checks and bills of exchange, amonnting to 9.5 per cent, of our entire currency, would go out of use in cous'equ:rne2 of loss of confidence and credit, an1I the result would be the withdrawal of 971 per cent. of our entire currency. and the paralysis of business would ime diately follow. Banks wouil be raided by their ' deposito~rs. Creditors would seek to enfore their- debts before the rednetion of the standard to the siver baki. No extension of debts would bo give~n to anybody, except where paal in gold at increasing rates of interest. Long time debts are in gold. The amount to be paid en thenm would not be reduced. Indebtedness not pay able in gold would be collecte I at once or the property owunei by the debtors taken from them. Merchants would faii, workmen be ide, farm products without a miarket, and p~ov erty and distress found en all side. I dlo not believe that a Pres.ident would ever approve m.cih *e:imlation, elected upon a platvriri with a Con gress pledged tob p~~ it. The calan itous effects tollowing such am' election would bring to themt the pray-rs of the very mecn who ceected theme, ap pealing for the defeat of inch ie~tisla tion. But if sutch a law should pass it would not be until the later part of 1897. Then a general adjustzmenit to the new standard would be necessary. Prices being temnpor,:rily redneed on account of the paie it would be some months before the actual effect could be told andI the real vaine of 412k grains of silver determined. During this time bn..inzess would stag Date on account of the uncertainty as to what was the real size of the nmew measure-the new standard of vaine. This trouble would more or ess .aikect business permanently, beanse the commercial value of silver buillo:: has become uncertain; has ceamsed to, be stationary, on accouat of the few countriesnow using it ns standard money, on account of the uncertainty as to the volume of its pr :able pro duction. No practical.bei:R can: be ' i changes in foreign trade, and pi-ove a burden upon the producers of our great staples-cotton, corn and other g-ain. 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 possibfe ben 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 us. Instead of free silver at 16 to 1, which means silver monometallism, a contraction of the currency, and a temporary and permanent injary to businese, 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 LrrnE PIG WE'T TO MAnKET. CUIED OF FREE SILVER. President Max Robinson, of the Georgia branch of the T. P. A., is showing his friends a 5-2c. silver dol lar andi telling them how a few dlays in Mexico is pretty apt to convert the strongest free siLverite 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 Imore silver in it than there is in one of Uncle Sam's silver dollars. Never the less it is worth just the bullion valae, 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.Robnso go hs slve dola athMeia mit t a2neoJ THIS hasT made aranemts hvE. rsieti ax crobinod of hea Goraranch ofla there to A.ei mir ntiein Unthem hoaeas in a Mexican dolpartthere isonotntortrapi atrongetione sinrteit themochstn ares d mney mravng eni The arty shtivedari MexicAn dolla with sore inrensiclvetani owrhiver dotllr; hat iwtere eise mor te ilve iithn ther iys iofoneeir thne amnts ofre silver. NeThe lessctia ilsrtiost thet ulmion valle oraz., ned othiel mot bing in the countrf that on mone en athet free invts whndisveredftha the wer lrg pobins got errs ie dollar otics. Texy mit.de Ith wsittona nbery conredwhl thervesling men, vtok theit wnd meichn ofthm forth aMgricean dlr whe the return trip was made arneeths thate dollawrsea ewurn, theoun toney minntry. Fitedtaet oinas, atc. andoe p12ofitu, 20ovidd, leor, beuties ol thereie ot torpidr canedre cio in their purchsingi Thewre wierally treing wieh yelow Ith part dbthat ivae Meico. mongt theis were back freniveit.--Savan whit m(Ga bush ee eihe t Frtemoe Cinate iseed.thi gold-washd breencyer omtte duf tey seorm prCcl illustraise oa her avantaes enitf "Free ern-h acticailsetrat"in mets thon \all aato ree ornai the cl fPesdent pDsile Istad the moteguag ins simedte sentcesso thot thre wer lriare plan o ferrs inteir optie heyisuyieu unerstading brely icsonontdgheressman lohn enitre, toohw eduthor ofith outamplt griacecs ann trturn ho trincas laim redee thanfrs cohn couny. Fiftytwolent dolars, "C' Fical$1 Schour, have been larite, butie heeofoerethee has bresern hando the mlon th ves unt they wre iterallydtine th cyrelow dtisuiou. ifey wit e gldmoget bulit camte bachfole exio. freecon age rte1 tolaTe pmiset is i fThe rie Sofn Co urrency.iteo Tshr pamphlet enit llped efon genepstibton, and mageris sod iculeainb the ntens of hota nonerdin ay mechaicn orfarer cty av e badifficuly isnertnding vet tthe Refusson. ECon,5gWlsreet Jh Ben ill, oaneo, the athern's tet e priatesmen, was opposedf~ oin-e cage. voc as amno on hanws and thee milions whro avwae ot UUMM3EEU1E IITH GOLU STA0ARD COUNTRIES. When the silverites aRte forced te admit that the adoption of free ioit. age would unsettle out trade ielatiom. 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 on 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 onr financial system can be seen from the statistics of the world's trade. Ac cording to the latest and most reliable source or 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 S5,519,000,000, 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 dif'erence 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 $411,001, 000, a total of $1,157,500,000, while our trade with all the silver-using countries amounts to only $41,000,000 exports aud $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 cts 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 alvantage 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 will 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 cnrrency will make new markets fur our products, or enable us to buy goods cheaper from other countries? THlIS LITTLE PIG STAID AT HOME. Two Sides to the Question. The present advocates of free coin age forget that at this game of pving debts by legislation there is room in the game ior two sides. The HaIrrods burg (Ry.) Democrat offers this warning: "Three-fourths of the people who favor free coinage writhout personal investigation have a sneaking idea that they can pay their debt easier with a debased currec than under the present toilsomie, slow-going pro cesse. But this is all a dream born of the lurid~ imazination 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 10 to I ratio will be legalized ia this country thousands of mortgages will ha fore closed by men who propose to have their loans paid in good money. The free silver dupe miay argue, with tears in his eyes, that the prico of silver will be immediately jerked up to) the desired point in the markets of the world as soon as our ints are opened to the metal. Bnt the hard-hearted creditor doesn't belong to that class of reasoners, and he wviil turn the former out, bag and baggage, unless he meets his overdue mortge then and there with the money in~ which the creditor has confidence. JTut before the dawn of that happy silver day when the silver lining of the clouds will be coined into good Government dolars-%herifTu will be perched around oni the worm fenyes in the country waiting for mnortgages to man ture, like blackbirds watching a corn crop." Uou'dling the Wheat Crop. A proposition to double the wheat crop by mneasuring 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 twvice as many bushels. But when it comes to measuring val nes, instead of quantities, a great many people are victims of the curious delusion that by adopting a standard of value worth only half of that. no's used, this country would at once double the value of all the products of labor. They are entirely mistaken. Changing the measure nuld not in the slightest degrece increase the rea! value in use or exchange of the goods measured, and the p)retense of the sil verites that free coinage would double te value of all property is marely a I fad by which they hope to fool tho THE UOU IN x WHICM WILt YOU H, WHAT MAKE. -INTER EST HIGH. The readers of tiits do not need to have it explIained that business activ ity depends in large measuire 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 buaikt a fac tory and employ hands and carry on an industry successfully *aul with profit to myself, where if I hadl to pay 6 or 7 per cent, for the money4 or could not borrow it at aIli, 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?1. Suppose there were a lot of men who advocated the passage of a law that, after you hadI 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 hig~h interest and for short terms? Andi then, if this agitation stopped and every one became satisfied that there would be no inter fer ence with the standard of values, and that capi tal when loaned out would be safe and would bLe repaid in m->ney as goo'l as loaned, would not youi-woulH not every capitalist-be prompt to offer to loan his funds at interest, however low, rather thain let them remain idle? This country to-day afffords an ob. ject lesson of this. Ina 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 whichi the peo ple are confidlent that free coinage legislation will be had, andJ that a loan mae oran lngtie hed /ayb rpiindeprcae sivr there i scarely plce were ou an brro or Soth ButE teprehesio ofit cuTthe adrliontis upono ilne to ciapeitlxpainehd they beeinesated su dnsn lrmaue upon adn-o.Jh Doeit ofarntere, icre Cinage most tosetaed. IfIcngtcpala 4 Hper Prics a ndar Io m a uies.f Themostdstpid sindse ancrr whic anitwastvr suessfullyt an wthe proiteto mdear-ood shee f h toa co nilertes borIt ase belI miht any se to soliand agtfaoryshouldv temimndnuito ad the laor nemr ployed. thow country to he inotret cheap andlvey andant CitalMe ists aeno woe tan Soth me..can cuosres.O the ee admsot of men ad avocated the pssgec of fre coawgeat afewou had oned oage money per guold valuelfoad famlyu twiacepas ina a thury e n.e reul woul not rthr keep th lkuxin a trutaomay ofele loestes wich olt beg iieentre and fo 8his trmsh aTdesiveritebcm saie that wgswudb thd ould bner noe oinagre.c wit tesndard ov lu ers,n that cai alwen adaned out secued. re thfeyn woln to rpisk th tin doublinggoo af lonrics fund atsi interehoeven ltow rae han leturniem rminrity. The oridaer Cte (Deople believes that our csigncy pit sofe aned ttn takeplapet ofso money cn belli hamaoney p c enbsi in th o t, sayng parsof the countr ihn whthe eo-il iple ar confientiaryft that e ong legislationt wil be adelta in oanh epandecates.Th slver, tayeof iasn THE MANGER. LVE-DOG OR ]EORSE. CURRENCY AND PRKLES. The following is from a speech de livered at Argyle, Minn., by' the Hon. Knte Neison: The truth is thit reliable statistics, as well as onr own experienca and ob servation demonstrates to us that there is no lac- of cirettlating median, that we never hadIi ateatet pet capita amount of money iti circitlation than Sno*, and that the volume (if circala tion does not nedssarily regniate or fix the measure of prices, 'but that: this is now, as ever, mainly governel by the law of supply aind demanil. T ie same currency buys a bushel of wheat at 50 cents andl a bushel of po tatoes at the same price. At this figure wheat is very cheap andl pota toes very higah. The one pro inet is overplenty, the other overscarce. And this makes the difference, not the volume or the quality of the enrren cy. There is; an undonbtedl lack of currency among our farmers in many! localities, especially in the upper country, but this lack comes, not from a scarcity of money in the State or Nation, but for the hack of produet to exchan ge for money, C.>mpare the counties c 4' Freeborn and Polk, if you1 please. In the former, wil h twenty1 townships of land, 18,003 people, twenty-four creameriea3 andL a great amount of dairy' prodlucts, a large j number of cittle, horses, sheep and hogs8 and an advanced. system of diversified farming, money is not scarce, and the times arc far,: from hard and depressed. Antelt ter with 83 tc waships of lar;d, 3.3,01:): people, only two creameries, a not I numerons am ount of cattle, still fewer; sheep and hogp, a scantiness of dairy prodlucts and system of farmning main ly devoted. to wheat culture, money is quite scarce and tim-zs are very hard and trying. What makes the difference? They bohexs udrth am urec an tesaeflg Th\if\ eei thi: I th conyo rebr h famr aealre n anbevr et of far prdc<,biggafi tht fowasavringh ro pec adte Trie, twigth ailui thtribe soeiic arel asr oury o. Thpeis akeso smvon scremondstimes ter uha theres olofcheredlRir valedif tolkat wee hsit guatn pin itrae alout is itnt plin toiyoutat telie cn*~anthaome frome refecrndam, tio sadoes ept by~sil thegtate r Govtenment owers of ilro tat toisina feer moingoveret bythe a of suplyt nddemn? TLawrencuencyl bus ao bclass of wheatl are coet adepl bueshe in o tee at theanmne publicA schios. firer he is fier y a and pwil touless reainh Theroe iro not isn odefinty, teatrdls ofersany cAnge ths maykemdei the urrenc sys-th tem.m Aoresn theaiy ofre creing-ai cy. Thrso nund ny ositnga ofgod ceual puaing uarmer inbt-ayn localities erel indth upmier country, but tsilack omestfromne alfarit ofmeii the Stchsigtoe or h ecage formeson theyare thow rcutesi .febr ndPli o pese.inhe formSe wia we. y townBiplsryn of ebr1a00. pep theppent f hSouthmer and a gat ao uffnt o rj t di~ argatoe cou-mbe of sile ore, heegh ogotand lookan anhecropsin an isothser Santehe mae toar. ter.wThe8 gtwnfips of lng and03 products gan d m arkeo main-o PATTER70O" ' IMcELTJENT REASONS IN FAVOR OF GOLP. All Proaressive Nations flave Adopt ed the Gold Standard. and All Unprogressive Countries 'Are on a Silver Basis-Wages Lowest in SlIver Countries. Is it better for the American pto ple to adhere to the present standard or abandon it and go to iver mono metalism? Ibis, I admit, is debata ble ground, with the overwhelming weight of the argument in favor of the gold standard. I a'm tired of mincing words when we talk of standards. I would like to propound to the free silver men in this indience a simple inqiry. 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 wcrld which has the bi metallic standard? Let your minds ran ovd the hemispheres and conti nents and I defy you to find one. Then the truth is that all the countries are L-day either at the gold or the silver tandard, and there is not one where free coinage of silver obtains that is not a silver standard country. I pre rer the gold standard for the United tates for several reasons. The first reason which influences my jn Igment s, that looking abroad over the world [ do'not find a single country where Mhristianity and :,ivilizitioa are pr> .essing, where ths arts and the sieieies are in the ascendent, where ra4le an1 commerce are growing, -here schools and colleges floarish, here men and women are comp;ara ively happy, where G vern'nent is table ani the laboring man earns a rood wage for a day's work, that is iot on the gold standarl. On the >her hand, I do not find a country vbere civilizatiou au Christianity tre retrograding, where the arts an.1 sciences are back warl, where schools mud colleges are decaying, where revo utions are perennial, where men and omen have no cause to be happy and he la'>oring man is paid a miserable wag for a day's work, which is not )n the silver basis. I do not say that il the highly enlightenel Christian ized and prosperotts Nations are suchi because they have the gold tanarJ, but I do say that all mech Nations have adopted it, demon trating that gold is the staudard of :iviliztion an-I Christianity, of com rnerce and of labor. It is true that ll progressive Governments have idopted the gold standard, and that the ncprogressive countries retain the iilver standar.l. As 1exico adheres to implements of industry which the farmers of the United States discarded fifty years ago, so doew it adlhere to a standard of value which this country, ;idel by Andrew Jacksou, discarded n 1831. 1 know the statement which have just male is somewhat startling to free silver alvocates, and, there fore, I will name the gold and silver countries of the world: United States, United Kingdom, Russia, Germany, Astria-Hungary, Belgium, Holland, Denmark, Norwsay, Sweden, France, Snain, Portngal, Switzerland, Italy, G'reece, Servia, Rouimnis, Turkey, Austrlia, Egypt, Cnba, Canadat and Brazil. These are the gold countries of the world. It is true that some of them, like Brazil, Russia an.1 Italy, have only depreciated paper money, but the standard is gold. The silver countries are: China, Jaan, India, The Straits, Mlexico, Central American State.., the coantries of South America, other than Brazil, and the half-civizdl 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 circlation, whereas there i~s no silver country which uses gold in it circula tion at all. Ruissia has gore to the gold standard within the :!ast few weks, and therefore I include Russia with the silver countries when I say that while the silver countries have 200,000,000 more population than the gold countries, yet the gold conntries have more silver money in circulation than all the silver coantries cornbined, 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 benetit of those who believe the chief end of man is to have a large per capita circulation, without regard to the character of the money. But there is another reason which is absolutelg conclusive with me. When I was in Washington a few weeks ago I called at the office of the Secre tary of State, 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 Consuiar reports sent in to the department from all the coun tries of the world and make a table showing the wveekly wages paid labor in each coutry. With this informia tion in my possession I am prepared to assert that there is not a silver country on the globe where a labot ing man is paid agoodl wage for aday's work. At last, fellow cit-zens, 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 vaue. 3Yhen you test the ad vanement of apeople, their prosperity and happiness, inquire how much will a davs 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, 3Iny 11, 1893. Thc silverites say that the only way' to find out whether free coin age would increase the commercial valuv of sil &er to $1.29 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 tie cheap money agitators that laws do not make valnes? All sensi ble men know that already and they sic not going to upset our financial jystem for the sake of trying fool ex perimentq. Editors of free silver paper5 musqt have a very poor opinion of the intel lige-ce of the public. Instead of giv ing !acts and arguments to sho'v that free coinage wo.li lbe a goo I thing for the country, they content them selves with child's fables about the "shylocks, gold conspirators," an "money shirks." This may pleau those whose minds are already made up in favor of the fifty-zent dollar, but it does not enlighten the men who are honestly seeking for the t ruth on the money question. That tho silver standard advocates find no better argu ment than silly abuse of t'.eir oppo nents, may be safely taken asevidence of the weakness of their cause. The pretence that free coinage ould put more money in circulation is accepted by unthinking people as matter of cou-se. . But free silver would not really give us more if the fifty-cent dollars. luder nee coinage there would be no issue of Gover.. ment certificates based on silver, but the owne's of bullion would get back the actual silver dollars. Now it hi been clearly proved that the people ill ase only a limited number of sil fer dollars, as ou account of their eight and bulk they are very incon venient for business purposes. The fact that but $52,000,00') of such dol lars are now in circulation shows thart paper money is preferred, an that the "dollar of our daddies" is not wanted. There are in this country abo'it twenty-five million adults. If the fre 3 coinage scheme for "putting the money in the pockets of the-people" was adopted, each man and wo:nan would have to carry round with them twenty-five big silver dollars in order that "the people" might have in their possession all the money of the coun try. Of course it would never do to let the wicked bankers have the prec ions white metal disks on deposit, so checks could net 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 tha 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 Enlish 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 millious of people, has been governed by the British. Ye:; the silver standard was established and is still maintained in India by the British Government. DJoes that look as though the British gol bugs wer3 engaged in "striking down the silver money" of the world? CREDITORS AMD DEBrQIRS. The advocates of free silver see'; to create a c'ass feeling in favor of their sceme by representing the country as divided into two classes, a large number of poor debtors and a small number of rich crejitors. They ap peal to the envy of those who have been unsuccessful in life by pretend ing that the cause of their failure is the oppression of the borrower by the lender, andl nine-tenths of the free c-inage literature is devoted to in ctives against the robber capitalist who has enslaved the poor farmer and work ingman. Like all other silrerite arguments this of the debtor against creditor has no foundation in fact. In the first place it has becn repeatedly shown that as a tule the number of crediitors, that is, men and womeu who have money owing them by indiviluais, banks, insurance comp~antes, etc., is much larger than that of those in debt. By far the greater part of the debts of this country :s owed by a comparatively small number of per sons or corporation;, who have bor rowed in large amounts the united savings of millions. It is only among the armers that t.se number of debt os 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 arei have boerro.red money from other farmers. These fact. prove that a law intended to benefit debtors at the expeuse of creditors would injure far maore pee pie than it wonuld help. Another reason for condemning~ the silverite attempt to set class against lass is the falsity of the claim that the creditors are responsible for the overty of the debtors. This idea would not be worthy of nohece, were it not made the basis of the de mnand for laws which would wipe out one-half of the debts of the cnutry. To say that the stronyz, thriftyr, c.apa' ble and indnestrious have ca~use 1 the poverty of those who were less capable~ or fortunate, is absurd. On the cou trary, if the assistance given by thei reditor's capital was not of greater benefit to the dlebto'r than the interest which he pays, borrowing would ce rse. There is no how to compel men to bor row, to the presumiptioni is that the ebtor must he satistied that it will pay him to go in decb:. Neither di rctl nor indirectl y is the man whio has saed a li'ttb' money to blame be ca~e his neighboer dinds itpro:ltabble t bozrow. The complaint against reditors is fouded onx ig'nrance ot