People's Pilot, Volume 6, Number 19, Rensselaer, Jasper County, 29 October 1896 — MORE EVIDENCE. [ARTICLE]

MORE EVIDENCE.

Convincing Testimony of th® Ruin Wrought by the Single Gold .Standard In Belgium. Reprinted by Request.

Moreton Frewen In Chicago Record, Sept. 15, 1896 —The inclosed letter to the minister of the United States at Brussels reaches me from M. Allard, the distinguished Belgian publicist. Coming from a source free from political bias, it is likely to interest equally the supporters of Mr. McKinley and those of Mr. Bryan; each party being, as we are assured, equally In earnest to restore silver to world’s currency, the methods only being different: “To His Excellency, the Hon. Jamea Currie, United States Minister, Brussels: I feel it my duty to answer without delay the letter which you kindly addressed to me yesterday, but I beg your forgiveness if here in the country, far from my office and my references, I am less explicit than I should wish to be. “I follow in my answers the same sequence which you have adopted in your questions. “1. Tho law of Belgium gives to every debtor the unquestioned right to pay, at his option, in gold or silver, whether this debtor be the bank, the government, or a private citizen, native or foreign. "2. No official estimate exists of the quantity of money actually in circulation in Belgium, but this much can bo affirmed, that practically no gold Is met with;'so that the National bank, which alone issues bank notes in Belgium, never pays gold when these notes are presented, but always pays silver. "3. At its birth (in 1831) Belgium adopted the French monetary system, based on the two metals, goljl and ellver —1. e., bimetallism. “But about 1851, when the gold mines of California and Australia produced gold In large quantities, Belgium demonetized gold and became sliver monometallic. “About 1865, however, business became so depressed in Belgium that the people forced the minister, M. FrereOoban, to retire, and obliged the government to become again bimetallic. "About 1873 France prevailed upon the Latin states—France, ItAly, Belgium, Switzerland—to suspend the coinage of silver, which suspension established here a kind of limping monometallism—for, though silver can no longer be coined, the then existing silver coins continue to circulate within the Latin union, which union dates from 1865. “Since 1373 a crisis, constating iff a fall In all prices, exists continually, nor does it appear possible *to arrest its progress. Thia fall In prices, reacting on wages, Is now evolving a social and industrial crisis. “You ask me why we returned, in 1873, to monometallism, limping though it be? I can perceive no other reason, unless that It was to please a certain class of financiers which profited thereby—a class supported by theories, Invented and defended at that time by some political economists, notably by members of the Institute of France. “4. You ask what Influence these monetary measures have had in Belgium on industry and wages? Money, which was already scarce in 1873, has become ctlll scarcer, and that fall in prices which was predicted has taken place. The average fall ’in the price of all the products of labor is 50 per cent since 1873; that of cereals over 65 per cent. Industry is no longer remunerative, agriculture is ruined and everybody is clamdFlng for protection by import duties, while our ruined citizens think of wars—such is the sad condition of Europe. “5. For the last twenty years uu non gold nor silver hae been coined In Belgium. “6. The mint pays for gold 3,437 francs per kilo, and for silver 220.55 francs per kilo, v/ithout any change since 1865; but since 1874 it no longer buys sil. . There is thus a mint price for gold only; but gold Is always dearer In the open market than the purchase price of the mint. “Accept, M. le Minister, the assurances, etc., "ALPHONSE ALLARD. “Dlrecteur Honoralre de la Monnaie de Belgique, Delegue du Gouvernement Beige aux Confereux Montaire Internationel, 1892, etc.” At my request M. Allard has obtained permission from Mr. Ewing to publish the letter. Yours faithfully, MORETON FREWEN. No. 25 Chesham Place, Sept. 5,1896.

The New York Sun, while professing to believe there is no possibility of Bryan’s election, advises its readers, nevertheless, to protect themselves against all chance of loss from the success of the free silver craze by investing their surplus money tn lands and other forms of good property, and to borrow more money to invest in the same way. This concedes the very point for which bimetallists have so strongly contended, that the opening of the mints to silver would cause money now hoarded to seek Investment and increase the value of all forms of good property, and especially of real estate, which is now so greatly depressed. Aubrey Beardsley has at best but a short time to live. A friend who saw him recently says that the artist is In a hopeless condition and that the treacherous disease, consumption, from which he is suffering, will soon put an end to his career. Beardsley is only 24 years of age, but, by his peculiar methods he has gained world-wide fame as an artist. It Is probable that the death i of Beardsley would be a crushing blow to the decadent school In England.