| Show A NEW YORK BANKER FOR bimetallism J L robinson alican hanft the new york tribune calls a well known banker writes a letter to that paper in part as s follows while it in IB heresy to io express an opinion lit in wall street not in harmony irth the heads of money institutions and capitalists I 1 shall venture my own on our monetary system in view ot of the iho its wide discussion is having on the general business interests of the country it Is certainly an undisputed question in economics as shown by les in tho the financial history of every country that as the value of gold is a appreciated there Is a decline in tho the price of to commodities me lillies and it in s used as conclusive evidence eldon cL in favor of single gold blan daid il that this in creased purchasing power of a dollar lull lullabies the man ot of moo moderate lorato means or laboring man mail to live so ao much cheaper that ii it more more than counterbalances any reduction in tile the price of labor abich latter necessarily follows a restriction in the volume of a circulating medium this la is all very well but the basis of all business or personal Is what we produce Is it possible for any people to prosper ahen N hen the product of labor Is below the be cost of production products nr ask the cotton oil planter v hat lie he has ha left after marketing mai hl his cotton at 5 or nr G cool ceola a per pound in new yolk ask the ili farmer I 1 in penno liin la illinois or california hat he tilts liaa left after selling his wheat at CO 60 cents per bushel in now new york it is ia claimed that the fenilous decline in prices of all our fur products Is due to overproduction over production la Is it not a lick lack of ability to purchase liase out I 1 of the fact that the producer has nothing left with IN aich to buy it Is one thing to produce more than we can consume but quite another to find wo we have no consumers by reason of their lack of means to acquire what they nood need to consume tile the first rollof relief Is bimetallism it Is necessary and sri in my opinion the people will demand it there Is something to be said oven even in favor of the free coinage of sliver silver while I 1 cannot bring my judgment into harmony mith this view the idea of being able to 10 purchase more with a dollar under the arngle gold standard than with two dI ailais lais under a free coinage system Is attractive in feature but the average producer would be mate likely to have tile tho two dollars under a free coinage system than to have lave any part of one dollar under the single gold standard itan any monetary system which enables the rich to grow richer and makes the poor poorer cannot be productive of general prosperity under our present cyst system r ca fill thin lit la the inevitable result it has rendered possible 1 the ho concentration rAlton of caltab into a few hands bonds which c condition and L cioll Is certainly not calculated to advance the pro prosperity ut ur the general public |
