The Mineral argus. [volume] (Maiden, Mont.) 1883-1886, 1886-03-25

Will IeuuCc tue pIlcc Vi suver III tuc
United States, whose mines produced last
TO transport II to the Orient and purchase
their wheat and cotton from those silver
consuming nations that much less, which
would necessarily procure lower level
of prices for those staples in this country.
This is too plain for argument. The mon
Omefallists, however, meet US with the
proposition to submit this question to the
adjustment Of an international congress,
wherein we should agree to use the double
standard upon fixed ratio. This would
be delightful panacea If it was only ac.
complished. II is doubtful whether such
a result will ever he reached. Indeed, IL
is maintained by eminent authority that
such theory is based upon "a nisconoeP
ton OF the causes that contribute 10 make
the two metals the worlds money.
Mr. Hill, WHO has given this subject
attention, has said lately in an address
delivered at Providence that
This doctrine seems to have been originally the
invention Of an Italian. VI. ternu-rhi, now IA
anker in Paris, who made special visit To this
country in ~. for the purpose which he com
plet.iy iailed-uf peIsuading Congress that II
would he an act If what he called .'andacity ON
it, Part t. authorize the resumption of silver
coinage without first arranging III. terms of an ac-
cord with the European powers upon the none
iary question. This doctrine Is certainly NJ, more
than dozen years old, and appears novel :" an
extraordinary deg. ec when il j. remembered thai
both gold and silver have been regarded and treai.
| a. moneys OF the world from time imin.nlorial,
and have satisfactorily performed the Office with
out a single cNampl. in history Of the information
al regulation Of the subject. The Latin Union,
formed in 1860, il not an example of such re;u
lafion, ~ IL j. sometimes supposed To Ia. All the
countries composing it were contiguous and act
ing upon the doubl, STANDARD, and at the common
ratio of 1914 To |, before they entered into III"
union. The whole obj e of the union WAS To
facilitate the INTERCHANGEABLE use of their respect
i've coins.
The doctrine If Cernuschi is not only r.pusnsnt
To the experience and practice Of the world for
thousands of years, hut Is based upon an entire
misconceptiun of both the nature and causes of
the fact that the two precious metals, sometimes
ga He'd the ''noble metals. are the worlds mon
.ys When Daniel Webster said, fifty years ago.
hat gold and silver were money in this country
W the law Of the land and money abroad by the
law Of the world. he neither meant that there was
any sach Impossible thing AZ legislation for the
world that there were International treaties
upon the subject, which although not an tmpossi
bic thing, had not been PROPOSED or even thought
and steadiness Of those metals had always existed
and was universal that they were everywhere
an accepted medium of exchange, and enjoyed
what Edmund Burke called an everlasting cred
In 1902. when the fathers Of the Repub-
lie established free and unlimited coinage
of gold and silver and made the silver dol
lar the unit Of value, no compact with
other naiions was deemed expedient or co
sentisl. For eighty one years the free and
unlimited coinage Of gold and silver was
sanctioned by law. 1t 10 true that the same
incentive did not exist then as now for this
new expedient. At that time We had no
debt to epeak Of. Now our bonded debts
are fabulous. and the few who hold them
purpose to shape and direct legislation SO
as to double the price Of their property.
cannot reconcile the theory Of these
gentlemen who intist upon the suspension
Of silver coinage with the fact mentioned
in the outset that We are silver-prOducing
country and furnish about As per cent. of
all the silver that il produced in the world.
1t would be easier Of comprehension II the
situation was reversed and We were the
purchasers instead of the producers. II
such were the condition, there might he
some plausibility in il. 1t needs no lemon
stratiOn to prove that destruction Of one
of the standards of values will increase the
value of the other. In other words, that
IL the coinage Of silver is suspended the
currency Of the country would contract to
that extent and in the same proportion the
value Of gold would he increased.
In addition to this increased value add
to the value of the coined gold 2j per cent.
made manifest and certain by stopping the
production of silver chemically combined
with gold. and / undertake to say that you
have increased the purchasing power of
gold nearly 80 per cent; and this leads us
to a very pertinent inquiry: Where is the
gold Of this country, and who would be
directly benefited by such legislation?
There are $685., 600, 900 In gold coin in the
United States. and Of this sum it is est.
mated that national banks own $3.50, O0O,-
600; and SO we see the patriotic national
bankers, assembled in Chicago in Septem-
Der last. volunteering the following resolu
ton:
Resolr,I, Thatit is the sense Of the convention
that the coinage of the silver dollars under the
compulsory law Of 1875 is detrimental To the best
interests of the people and dangerous To the wei
fare of the Government: aud that the law should
he immediately suspended and femaiQ imperative
until an international agreement Of the !es'iig I
afce az 10 the future relation Of gold and silver as |
money.
To such source are the American peo- |
pie invited To turn for disinterested advice |
upon which to base and formulate the |
financial policy of this country. No adj |
vocate of the present law or of unlimited |
coinage asks any advantage of silver over |
gold but they insist that nothing less than |
an equal chance 10 attain that perfect |
equality against which there is no cons.i- |
tnlional Inhibition will ever meet with the |
Endorsement OF approval of the people.
iASiC dA.A u
now is, that if 10 new legislation is enact |
ed the present law shall be enforced, re-
la,iGg 70 the payment of the |
public debt: and that instead of spf- /
fering the silver of this country TO be piled |
up in the Treasury, and thereby virtually |
from circulation. IL shall be APP |
piled to the payment and extinguishment |
of tine interest and principal. certa My IN |
the proportion which the silver coinage |
sustains to the gold coinage of the coun-
try. Tie law is so plain that he who |
runs may read on the back of every bond |
that 1t may be lawfully paid in either gold |
or silver. II has been said that the law is |
jealous mistress, and this is justly true. 1t |
may be hard in particular case, but it is |
founded on public policy and cannot be
made TO yield 10 oxpediency or the cir
cumstance Of any given case. 1t ought TO
he administered alike TO the Itch and the |
poor, the strong and the weak.