IF NOT SILVER, WHAT?

by

JOHN W. BOOKWALTER

SPRINGFIELD, OHIO

1896

"If you will show me a system which gives absolute permanence, I will take it in preference to any other. But of all conceivable systems of currency, that system is assuredly the worst which gives you a standard steadily, continuously, indefinitely appreciating, and which, by that very fact, throws a burden upon every man of enterprise, upon every man who desires to promote the agricultural or the industrial resources of the country, and benefits no human being whatever but the owner of fixed debts in gold."--_Speech of the RIGHT HON. A. J. BALFOUR, at Manchester, England, October 27, 1892._

As a manufacturer and somewhat extensive land owner I have a great personal interest in the money question. As a traveller I have studied the situation in other nations, and thus, I may modestly say, have enjoyed the great advantage of getting a view in no wise disturbed by partisan politics. As one whose prosperity depends almost entirely upon that of the farmers, I have naturally thought most of the effect monometallism has had, and will continue to have, upon them. I have, in a sense, been compelled to think much on this great issue. These facts are my apology, if any apology is needed, for giving my thoughts to the public. But is any apology needed? Providence has granted to a few the leisure and the opportunity to study these economic problems, on the correct solution of which the welfare of millions, whose toil leaves them little leisure for study, depends. Is it not the supreme moral duty of those few to give their conclusions to the public? I have always thought so, and in that spirit I present this little work, and ask the laboring producers to give a candid consideration to the views herein presented. It may be that some of these views will be successfully controverted, but the duty remains the same. If they should aid in arriving at a correct solution of the great problem, though the solution be different from that I have indicated, I shall be many times repaid for my labor.

JOHN W. BOOKWALTER.

SPRINGFIELD, OHIO, August 5, 1896.

CONTENTS.

OBJECTIONS TO SILVER, AND COMMENTS THEREON

DEMONETIZATION OF GOLD

RELATIVE PRODUCTION OF GOLD AND SILVER

IS BIMETALLISM PRACTICABLE?

BIMETALLISM ABROAD

THE "DUMP" OF SILVER

ASIA'S DEMAND FOR THE PRECIOUS METALS

IF NOT SILVER, WHAT?

OBJECTIONS TO SILVER, AND COMMENTS THEREON.

=Silver is too bulky for use in large sums.=

Table of contents (by pages)

• 1: If Not Silver, What? by John W. Bookwalter
• 2: But silver certificates would not remain at par
• 3: That the immediate adoption of free coinage would
• 4: And Belgium completely demonetized gold
• 5: One who judged from goldite talk only
• 6: Twenty three and a half bushels of corn
• 7: The variation of one metal counteracting that of the other
• 8: There have been 176 patents for saw gins
• 9: You may set that at $30 per year
• 10: His philosophy applies to 60 per cent
• 11: And the lender has gained at least two per cent
• 12: It is impossible to demonetize gold
• 13: In his famous argument for the demonetization of gold
• 14: She resolutely refused to change her ratio
• 15: Belgium demonetized all its gold at one sweep
• 16: How arrogantly they would have denounced us who should
• 17: In 1873 the total product of silver in the world was 61
• 18: Yet the money ratio remained remarkably constant
• 19: Has been the salvation of Europe
• 20: And yet the ratio stood long at 15
• 21: Ten years after demonetization
• 22: While during these awful years since 1873
• 23: 000 Gold produced 1792 1892
• 24: The monometallist rejoins that this is all theory
• 25: The ratio given is the commercial ratio
• 26: Resulting from the demonetization of silver
• 27: When she adopted gold monometallism
• 28: And other monometallic countries
• 29: And the monometallists tell us
• 30: Both of us were sturdy defenders of gold monometallism
• 31: Has since become an avowed bimetallist
• 32: In 1888 he read a paper before the Royal Statistical Society
• 33: To boycott silver and throw the world upon gold alone
• 34: Now finds that the mortgagee is the virtual owner
• 35: 000 have been drawn for these special purposes
• 36: Possibly that which bimetallism might provide
• 37: Whether in currency or in bullion
• 38: Only the scrap heap and the stored bullion
• 39: 230 bushels exported brought us only $59
• 40: Of grain and provisions from $4
• 41: 000 yen for the building of a new railroad
• 42: But if we greatly reduce the per capita
• 43: And a thousand and one appliances of civilization
• 44: 000 to her present stock of silver