National Republican. (Washington City (D.C.)) 1872-1888, 1886-03-27

Goschen, Of England, declared that the
universal adoption Of the gold standard
might he a cause Of the greatest disasters.
The "monetary commission appointed
by Congress In 1876 declared as follows
'Ehat as Germany and the scandinavian
states have adopted the single gold standard,
and that some other European nations may
adopt It, instead of being reasons for per
severing in the attempt to establish It in
the United States, are precisely the facts
which make such an attempt impractlcable
and ruinous.n
Why is IL that England is so firmly
welded to the single gold standard? She
is great creditor nation, and her annual
income from foreign debtors is said TO be
S250,OOO,OOO The profits on her foreign
trade are vastly more. As lxed incomes
are made more valuable by dear money,
observe how vast is the advantage she pos
sosses In the inflow Of cheap commodities,
cheap because gold buys so much more.
Her farmers are being bankrupted aud
her manufacturing supremacy threatened
in the grinding competition Of other ma
tions, and in the havoc caused by this mis-
taken policy she is to be q great sufferer
The bimetalists claim that silver has not
declined, but gold has advanced. That
silver is more staple than gold as measure
Of values.
They claim that II has changed less in
value, as measured by commodities, than
gold. That nature intended the two metals
for money, and that each is pre-eminently
united by their qualities and preciousness
for the purpose, and that together they are
better than either one alone.
In this they are supported by the collec-
tive Judgment OF the world.
They believe that this great country
should in this, MS It has in many other d.
rections, cut clear from the leading strings
Of Europe, and broaden the foundations of
her own greatness.
How to do 1t Is q question that few
practical Americans can better solve than
all the doctrinairesn of Europe. Free
coinage should he accomplished In such
manner as not to enrich few at the OK
pense Of many.
II may appear invdious for the govern
ment to buy bullion at n large discount and
coin II into legal tender money. IL would
be worse TO buy IL Of few favored holders.
That no favoritism be shown q simple
requirement that none but American silver
bullion, assayed and weighed at the mint,
should be coined.
That the percentage Of all offerings re-
quired for coinage should be taken from
each deposit at some moderate advance
from the open market price-say in Lon
don. All not taken by government TO be
subject to its owners orders.
The people will be well content TO use
only a portion, If they know II is where
they can get 1t, and that 1t is n safeguard
against panics while 1t is stor ed safely
Its price will speedily advance to its nor
NAL place. which is by no means its present
dishOnored position In relation to gold.
Between the years 1921, the year OF the
Spanish conquest of Mexico and 1875, sill
Aer never stood lower In the ratio to gold
than 1896 to I, and the highest in that long
period was lilo to /. This is according
to the tables Of Prof. Adolbh Soc tbier
And, according TO the best authorities,
from the year 400 b. G. to the year 400 A.
d. the ratio varied little from II to and
IL TO !; and from A. ID. 400 TO A. ID. 1900
1t was about 12 to /.
These figures are taken from Mr.. Earnest
Loyd's "Decline of Prosperity"
The present ratio is 10 to l., both being at
par. In reality, 1888 to /.
Here is the cause Of all the trouble among
the nations. When the world is at peace
and plenty is everywhere, this, like an evil
genius, which 1t is, and Of mans own devils.
ing, balefully affects the industrial world
to-day.
Seemingly it gives great advantage to
fixed incomes and to the salaried class; but
this is not so really, for society is so inter
woven in its relations that one class cannot
suffer great ills without all being more or
less affected.
Even England is believed to he losing
more than she is gaining by this policy,
which is making the rich richer and the
poor poorer in all her borders.
We need the revivifying influence that
bimetallic currency will bring to all the
hearts Of trade and to every workshop in
the land.
II is not SO much an increase of currency
as change from the present false standard
which the adoption Of the bimetallic system
will give to general values.
AS the world was never before so rich as
II is now, so never before was there so
large consumption of gold in the arts, and
this when its production is gradually de-
clining. The accretion of wealth being
greatest In those nations adhering to the
single gold standard, and the commerce of
the world being largely in their control
TOR our own country now, though by law
bimetallic is in practice the other way, 1t
follows that the purchasing power OF gold
will increase, and the evils Of the present
abnormal relation between silver and gold
will be increased, and the difficulty OF res
toration to normal relations be also in
creased.
Who does not believe that but for the
passage OF our coinage act Of 1878 that sill
yer would have been found even lower than
now, or, as bimetallsts rightfully make the
comparison, gold would have advanced2
That act by providing a market for the
dishonored metal checked the decline.
Let us imagine the consequences that
would have followed decline to a ratio
of 25 to J., a decline quite within the range
of possibilities had that act not checked 1t.
The destruction Of values and the dis
turbance Of commerce would have been
worse for mankind than general unloosen-
ing Of the 'dogs Of war" among the nations.
j. w. PORTER.
CHARLOTTESVILLE, VA, March 90, 1886.