Show SENATOR QUAY ON THE BENEFITS OF A GOLD PREMIUM western newspapers newe papers and silver men have long and persistently endeavored to convince the world that free coinage of silver at the ratio of 10 to 1 would not put gold money at a premium over silver money dollar for dollar according to senator quay this position is ir correct and at all events it Is so improbable that its constant advocacy lias been a source of injury to the silver cause eastern men have always used as a i stock arcement arcu ment the assertion that free silver would drive sold to a premium and deport it from the country this view of the matter axiomatic and inevitable to the banking and classes of our country our western and western men have almost invariably taken the opposite and rested their cause on a denial of what the bankers have deemed inevitable doubtless at the denver convention the great argument of the gold men was e that free silver would drive gold out of the country that it a silver currency and that gold would cease to be a measure of values that abo country would revert to n single silver standard the only answer that would be made in a general way would be a general denial a negation of the consequences predicated by the gold men ju senator quays opinion there are substantial reasons for believing that it would be a stronger and more hopeful plea for the silver cause to admit eliat anch a result would likely follow the adoption of tree coinage at least for a time and to show that such a consequence would be an incalculable benefit to the american people not one class but all classes quay believes that free coinage at 16 to 1 would inevitably evit ably send gold to a premium that it would have a tendency to drive gold out of the country and further the higher the premium the better for our people and the more gold driven out with silver as its substitute the utter for the country quay believes that it would be infinitely better for the country to as soon as possible to silver as the principal standard of values and medium cf exchange that the balver cause will have to plant itself on this basis before it will succeed that this persistent effort to prove an improbability is a damage rather than a benefit A few reasons for this re as follows silver has never ceased to be the measure of values in this country prices of everything have greatly fallen in twenty years but those prices on an average have fallen with silver and they are now measured by the commercial er bullion value of silver as accurately on an average aa they were before tiza tion con pared with sixty or a hundred staple articles gold has risen in value just in proportion to the depreciation in prices another very forcible argument ie given by senator quay he is speaking of bis proposed free coinage amendment to the tariff bill he claims that by free silver coinage we will drive gold to fi premium and european goods comina to ue at gold prices we shall derive great protection to our industries in consequence of the price of exchange that ie the price of gold in terms silver he means that our price are m a dilver basis now as cornered with gold but that so long as a dilver dollar is worth less than a gold dollar the difference in value would be that much of a protection to our own industries his language is as follows acif we are to surrender conr mar to manufactures and imbor by radical reductions ot customs duties we may find it our duty to meet our in ur own money A of custode may be replaced by a tariff of exchange which at the price of dilver would exceed ad valoree valorem duties of per cent tin amount to a second declaration of american independence in the positions of senator quay tho manufacturer of philadel phia a sterling journal says that he is right in his opinion that a premium upon gold would civo protection to home industry exactly in proportion to the dimension of the premium that wae the operation of the premium durine our civil war that was the influence which permitted india to develop ite manlutac turea in remarkable manner until england forced the suspension of eilber coinage and that is the influence which ie today allowing japan to build up great which under a system of low could not even make a start the gap between gold and silver was widened b the upward movement of gold in precisely preci eely the bamo manner mexico another silver using country hue made greater towards industrial developments since gold parted company with silver than in any other period of ita existence exie tence as a tree nation the obligation to bay at a high price gold with which to pay for european commodities inevitably acts aa an inducement du cement for a nation to confine its purchases to domestic sources mr quays not ionis that while silver considered by itself may be open to most cerious objection silver with the pending tariff act in dorco will be tar better than a combination of the destructive influence of such a tariff with the equally destructive of gold ho would not afflict this country with two hurtful systems both of british origin at the bame time the foregoing allusions to the industrial development of india japan and mexico under a silver standard are very significant mexico has what is regarded as a depreciated dollar of silver but it has measured their values without variation for all past years it buys the same that it always did the gold prices of europe furnish a premium on exportation while home values are unchanged the same is true of india prices in silver money are the came as they were thirty years ago the rise in gold as compared with silver enables foreign merchants to buy cheap silver to pay for indian products euch as wheat and cotton hence the rise of gold gives a premium on indian exports on the other band the homo manufactures of india has driven out english manufactures the growth of industries in india since 1875 baa been very remarkable she is rapidly driving great britain out of china japan siam and some other asiatic states according to quay another great benefit of a silver currency is that it would be leas subject to exportation in a healthful state of commerce exchanges of products would balance mutually and there would be no call for paying balances in gold As it is at present ahe nations jbf christendom have got into a scramble for gold it never stays in a country when it is greatly needed the first symptoms of trouble drive it away what is needed is a home money foremen remittances could easily be provided for on the basis of a healthful commerce which would give ample range for adjustments on a gold basis if it became necea eary |