, 1879-01-18

Ina suffered. fIer rash Action In de" |
monetixing silver has reoo'od npon her
own hea,. Hnco 1879 sho hns ontcr.
cd npon terrible crisis, and there
can bo no qucsllon TINT tho change tn her |
monetary aystom has been ono OF tho chief
Causes Of hcr distress. It Ia a remarkable
fact, which ws cannot sufficiently emphasize
In this connection, that tho silrer-usinB
countries have suffered least IN the world
wide panic TINT has taken place since 1873.
Auathcr important anl disastrous consa-
quencc OF tho degradation Of silvor since
1914 has bcon tho rise n the price Of gold.
Tho supply Of the latter metal being limited,
md tho uses for II widely Increased BY It's
ntloption ~ the single standard in Germany
end tho Scandinavian nations, tho price Of 1t
Inns risen. Tho BanxxrS ndga.iae OF Lon.
don estimates that gold haa rlson In pur-
chnaing power 10 per cent since 1873, while
silver has fallen Z per CONT The IN
crease in tho purchasing power Of gold
to this extont means tic addition
Of II pc: cont to oil tho obligation"
personal, corporate, State, and National
Incurred boforo tho rise took place, and still
unsatisiled. Suppose the public debts Of the
world amount to ST.. 600, ,o0O, 900 (twanty-hvo
billion tlollars), tho rise IN tho price Of gold
adds ncarly fifth to this burden If It Is all
to DO discharged in gold. Personal obliga~
tions, which in the aggregate aro quito a.
enormous, nro incranzel in tho same proper
lion. This incroaso temporarily makes tho
cost of living, measured In tho neccssaries Of
life, tlcarer, md presumably adds to the tax
n.ion Of tho people. nlroady oppressive md
almost uncomfortable. Qop. WALKER wall
snvs: "This Is consideration serious
enough for my milton which hrs fargo
debt, however exuberaat In It's onorgy
and a1ounding tn natural RESOURCES;
hut for tho States Of Europe, bowod
down beneath existing fiscal burdens,
1t Is matter Of vita! consequence" Nor Is
this all. From tho point OF view OF tho
moralist and tho economist. II Is rcprehensi-
bio aud foolish to adopt moasuros which
must nggravata tho pressure Of all obliga-
tions, public, corporate, and privatc, through
out Cllristenlom. Thoro Is no choice be-
twoeu tho injustico on this side Of robbing
tho people 10 enrich capitalists, and tho
Injustice Of tho other sido Of robbin8
capitalists, through pnper-noney imitation
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