The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-04
The Anti-MonopOliSt.
What nations want to

ret rid of it. What nations want to
;ell it? Not nations with the silver
standard ;nationsd do not sell their stand
ard of value as merchandise. Not ma
lions having the gold standard; they
don't keep silver for sale. know of
no quarter from which this flood could
come but Germany, the only nation
selling silver. How much has she to
sell! At most, two hundred millions;
the latest statements put the amount
at one hundred and fifty millions.
England is buying it for India. Let
us be thankful if we can get some Of
it while it is deprecated. We shall
have abundant use for it. We hear it |
said by some that the gold standard is |
the best, and by others that standard
composed of both metals is the best.
[ should like to say something OF the |
respective excellences Of these differ
ent standards, but have not time.
If the equality of the two metals IS
preserved, it seems to me that the
particular standard a nation may see
fit to choose is not matter of the
greatest Importance. | prefer our
own old, historical Standard; | prefer
it because it is old and historlcal; L
prefer it because we have within our
own domain an abundance OF both
metals; I prefer it because it has been
faithful in the past, and l believe,
would serve us we'll in the future; |
prefer it because of our splendid geo.
graphical position, midway between
gold-using Europe and silver-using
Asia; l prefer it because the great
majority Of our people prefer 1t anu
because. in our present unusual con-
dition of Indebtedness and suspension,
we have great need of it. But IN the
case supposed, either standard would
answer. If one-half the nation are
upon gold and the other half upon Sill
yer, or if, under any arrangement, the
metals are equaliZed, all nations are
substantially upon both. The silver
dollar would be as good in London or
Berlin as the gold dollar, and have as
much power; and so the gold dollar in
silver country: and the exchanging
one into the other would be misera-
BILE littleness in comparison with the
abandonment of either. But the
question now before us is not SO much
what standard we shall choose, as
whether
ONE OF TIE METALS SHALL BE
THROWN AWAY.
Some say. use gold for unlimited
tender, and silver for subsidiary
coinage and small change, and they
suppose that such an arrangement
would fully utilize and save silver
This is a geeat mistake. Subsidiary
coinage is always limited and small il
quantity. There is now outside The
mines enough silver to supply thi:
particular need, and it would not bt
necessary to go into thenpfor at leas
u quarter of q century. This arrange
ment would throw away, as useles
for coin. more than three-fourths o
the entire quantity of silver, compe
at once the abandonment of the ma
jority of the mines, and put the worl'
upon the single standard of gold. Il
arecent work on gold and debt, [ fnt
the following extract from the Lon
don Economist: Probably if Their
was gold enough for all the world,
would be best there should be only
single standard of value Throughout
= the world. and that one gold. But thi
is impossible. Some have doubte
{ whether there is gold enough for til
nations which now intend to use i
:. there certainly is not enough for a
= the world" AS | have already shown
:, up to 1850 there had never been a
= intimation that there was too niue
! coin, and there had never been a su.
y gestion to demonetize either meta
During the great production of gols
6 from 1852 to 1858, we heard such SUI
:, gestion for the first time. 1t w;
: made in behalf of capital, or rather
. that small part Oft which was und,
~ fixed and permanent investment.
- was not needed. The abundance w
" welcomed and used, and the wor
:, never in the same time made such
- advance; and | think it will be furth
If found that during this period, al
- notwithstanding the waste of gre
wars, the ratio ofincrease in propert
GO real. personal and of every kind.
80 quite equal to the ratio of increase
N coin. When England adopted the &C
m standard, it was not done in hostili
ar to silver. The entire world was I'D
ne silver. and it was not affected. Pa
ing intermediate changes, when G.
r. many in 1871 made the first public ST
III her movement, it was not taken
,ro injure silver. 1t was only choice
"a tween two metals of equal rank a
la power. Silver was then at a premiu
80 Now it is deprecated, and the cont
oS' uation Of such policy is more til
ID the mere choice of standard; it is
.r ,o attack upon silver which if continr
- and successful. would force it's alb
40 donment. This tendency or the rec,
t th movements of fixed capital agai
az this metal is beginning to be und
~, au stood. and it is proposed by some
~ ~ correct it by an international conv
Iha ton. Avoiding entangling allianc
l an the United States should always
lo ready to meet in consultation W
&c ~ other nations upon subjects of CT
e mon interest. But this remedy
III just now, entirely impractical
.oi Europe is not in condition to goi
iu0 such convention; England would
I'LL, ooncouf IN chanun bor S4ood,-l