St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-28
THE IMPENDING STRUGGLE.

AS the session of congress approaches
interest in the silver problem increases and
discussion is enlarged. A few days ago
the GLOBE published an article of HENRI
CERNUsCHI, which is the strongest argu-
ment that has yet been made in favor of
the suspension of silver coinage. 1t is
therefore for the purpose of giving the
silver advocates fair showing and to ena-
BILE our readers to form more intelligent
understanding of question in which all the
people are interested that we reproduce be-
low the salient points of an address issued
by the National Bimetalic Coinage associa-
ton at meeting held in Denver on the
18th day of this month. The address
starts out with the statement that gold and
silver, being the only acknowledged meas
ures of value, neither can be ignored nor
debased without producing infinite confu-
sion, loss and suffering; neither can be
sighted without wronging the millions of
the worlds workers, for neither is alone
sufficient for measure of value for the
commercial world. These being the beliefs
of the association, it, in justification of its
faith, submits the following:
ANY considerable shrinkage in the evolum
of real money in a country is a calamity so
great that it is everywhere guarded against
with the utmost care. A foreign draft for
only few millions upon the great Bank of
England will cause that chief of financial
barometers TO at once raise its rates. Yet
there is a strong and subtle conspiracy in
England, Germany, Holland and the United
States to strike from existence half the real
money of the world. Already the warfare
upon silver has been so merciless that it has
caused a depreciation of 25 per cent. in the
value of all the products of the earth; when
measured by gold for silver is the pillar of
finance and it cannot be thrown down with
out causing the whole temple of values to
topple and fail with it. When the great dis
coveries of gold were made in California and
Australia, the stock of the precious metals
in the world had become so reduced that
commerce had returned almost to mere
barter and the price of labor the world
around was at starvation rates Some facts
which bear upon what has since transpired
and which give an idea of the tremendous
calls of the world for real money, we copy
from the London Bullionist of Oct. 5. of this
year, and for convenience reduce the pounds
of the Bullionist in round numbers to dollars.
as follows: ''The product of gold from 1852
to 1885 amounted to $4,000, 100000. Since
then the coinage of three nations-the United
States, Germany and Italy-and the arts
have absorbed more than So. 600, 600, co., leav-
ing Of the mighty product of the last thirty
three years less than 81 ,G00 000 900 for all the
rest of the world" The present supply from
the mines is not sufficient to meet the de-
1nands Of the arts alone. These demands are
steadily and swiftly increasing. The decrease
in the supply is also steady. it having fallen
from SIG3. 01S in 1881 to sos, 500 5SS in 1852
and to 1914, OF ,901in 1888. (See mint directors
report for 1884. page 4S4.) During the same
years the various nations coined S147, OI5,275.
S99. 909, $50 and sec, $780, 57 resp ectively.
Same report, page 49,
The foregoing shows what unusual burdens
hare been put upon gold, and reveals why,
as rated by gold standard, everything else in
the form of property, as we'll as the labor
which produces property, has declined almost
to the point it had reached thirty-seven years
ago. when commerce was q little more than
system of barter, and a gold watch was a rare
curiosity. In the face of this, and in the face
of the steadily accelerating demand for real
money in the business of the world, we look
upon the attempt to take away the chief use
to which silver has been applied as nothing
less than stupendous commercial censpir-
acy. We do not forget the increased facili-
ties for doing business without the direct use
of money. through clearing houses, bills of
exchange, etc.; but, after all, the only
mediums for final settlement are gold and
silver, in the form of coin or bullion. To
judge of the future, we need but refer to the
past. Twelve years ago siive-. at Is to 1,