The midland journal. (Rising Sun, Md.) 1885-1947, 1889-03-01
iii ARCH


the existence Of such apprehensions is
not to be treated as trivial circum
stance or one to be lightly regarded.
+! The danger may be enhanced by the
circumstance that the mere fact of one
change having been made would lead
to the apprehension that others might
follow"
The following, from this timid report
OF those com nissioners, who longingly
but doubtfully look towards bimetallism,
/ is the keynote Of the situation in
Great Britain:
at must be remembered, too, that
this country, (Great Britain) is largely
creditor country Of debts payable in
gold and any change entailed a rise in
the price of commodities generally, that
is to say, elimination in the purchas.
ing power of gold, would be to our dis
advantage"
1t was impossible for the witnesses
before the commission to conceal their
contempt for the stupidity of the peo-
pie of the United States in submitting
to the gold standard. The following is
an illustration Of English opinion with
regard to the action of the United
States in demonetizing silver. Mr..
Daniel Watney, while under examina.
tion as witness, used the following
significant language:
! ''I can not suppose that everybody is
wise. just think of the folly of the
United States when they were debtor
nation in adopting gold coinage. They
knew nothing about currency alters;
they did not known that it was going
to increase their debt enormously
Justice and self.respect require the
United States to ignore the action of
Europe with regard to silver and Join
with the rest of mankind in the estab
!ishment of common ratio between
the two metals. The power of the
United States to remonetize silver in.
dependent of Europe can not be ques-
toned. If she identifies herself with
the silver.standard countries three.
fourths of the human race will be in
accord, and it will be easy to establish
between them uniform medium of
exchange. to which Europe must con.
form or be subjected to great incon.
venience in her commercial intercourse
with Asia and the western hemisphere.
Free coinage Of silver, or, what is bet.
ter, the acceptance by the United
States of all gold and silver offered in
exchange for coin, or coin certificates
redeemable in the coin of either metal
is the legislation required.
The objection urged by the gold
standard contractionists to such legis.
lat'on consists of a suggestion that the
United States would be flooded with
silver and its financial credit destroyed.
There is no foundation for this sug-
gestion. All the silver produced is
now used in the arts or converted into
money by the silver standard countries.
There is no surplus bullion in Europe
or America or elsewhere. There is
less than one thousand millions Of
legal-tender silver money in all
Europe. This money is necessary
part of the circulation in the countries
where it was coined, and is on par
with gold at the rate of 81 to l. If
any part Of it could be dispensed with
without financial distress, which is de-
MED, it could not be purchased and
exported to this country without great
loss.
1t would require an ounce Of gold to
buy l59 ounces Of this legaltender sill.
yer money, which in this country could
not be sold at our mints at par, but
would be at discount of about 81 per
cent. The established ratio in the
United States being 16 to /. the i'm
porter Of European silver would be re-
quired to add one half an ounce of sill
yer to the l5a ounces which he bought
with an ounce of gold in Europe to OBJ
tain in return an ounce of gold in the
United States. There is no possible
danger of acquiring under any circum-
stances too much of either gold or sill
YER. No country has ever succeeded
in procuring more of either gold or
silver than was beneficial and useful.
If from any unknown source more
silver should be offered than is neces-
sary to relieve the present stringency