The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-08-31
THE SILVER CONFERENCE.

! 1t is pretty evident, from the tone OF the us
cussons in the silver conference now in >cH-
sion AT Paris, that no general agreement TO
adopt the double standard will be arrived at,
and that the matter will be left pretty much as
the conference found 1t. In that case what
then? The Philadelphia Norh .lmertco'' hn"
the following sensible remark, on the sub
jcct;
Assuming that the whole Conference Will be
Il failure through the refusal OF the leading
monetary powers OF Europe To agree TO any
change Of existing law ON the subject let Us
consider for IA momcnt what sill follow, Ia
rope is not now in that commanding position
toward us that She has 50 long and SO absolute
| ly held. If We resolutcly adhere to our pres
cnt commercial, industrial and financial poll
cy, the consequences cannot fail to be very So
riOus to Europe The key of the situation Is
! the huge success Of the domestic merchandise
exports that has given us such vast favorable
balance of trade. Our financial system has
aided in the work, and now if We resolutely
adhere to resumption, and resist the paper
money maniacs, the great main resource OF
| Europe for gold and silver will be finally cut
| off.
Nor Is this all for it is now beyond ques-
ton that sooner or later Europe must pay us
in coin, as we have So long paid her. If her
gold boards can stand such drain as we shall
cause, it will all be well. But in point of fact
there is fully half Of Europe that has no gold
currency ut ALL and the few strong countries,
! like England, Germany, France, Holland and
Belgium, that have so long tiourlshed at our
expense, will gradually begin to feel the pres
sure. Hitherto gold has been used rs pow
erful lever against Us. Now it is about to be
come our own most potential agent As the
interests of the commercial world are, or ought
to be, mutual and harmonious, we depore the
tendency that irresistibly forces the Republic
to stand on the defensive and To look TO her
own interests exclusively. But SO it Is. And
the time will come when Europe will regret
the defeat of the International Monetary Con
ference. The failure will work no injury to
this country. On the contrary, it will be to us
"A positive advantage Gold Is our own ma
tional product much more than silver. 1t can
and will be used rs the shield and buckler OF
our defense, and by its agency we shall attain
Il financial independence we never could nave
attained upon silver basis.
Anticipating the failure OF the Conference,
the treasury is fully prepared for the great or
deal of resumption on gold basis When
the home market for gold is once fully estab-
lishcd, and the precious metal Is rs popular rs
greenbaCks have so long BEEN let Europe
guard her boards if she can for pay she must
in bonds, gold or merchandise The Confer
ence seems to be regarded with II sort Of Gu
riosity. 1t il the first Independent movement
in finance ever made IN America, and some of
our own people are doing their utmost to
bring the whole thing into contempt Hence
we expect nothing from It, though we think
that under other circumstances the meeting
might be productive of good results Our
true course now is to grasp and hold on to all
the gold we can get, and force resumption on
gold basis so us to make an immense home
market for gold.