The midland journal. (Rising Sun, Md.) 1885-1947, 1889-08-23
st.oo YEAR, IN ADVANCE.
Friday, Aug. 23, 1889.
Ri.Metallsm IN Europe.

in receipt oil report ny CouSul IAN" -
Mason, of Marseilles, upon "The outlook
for bi-metalism in Europe" in which he
says:
One of the clearly defined tendencies Of
public opinion in Europc-notably so In
France, Germany and England-is seen in
the steadily growing sentiment in favor Of
restoring the bi-metallic standard of cur
rency. In the strong and numerous petit
lions which have been read before the Ger
man Reichstag; in the recent resolutions OF
Mr.. Chaplin In the British House of Com
mons, as we'll as the frank declaration Of
Lord Salisbury in favor Of an earnest par
ticipation Of Great Britain in the forth
coming conference al Paris, and in the out
spoken attitude of such serious and infuen-
tial French journals as LIE Monitcur de In
terets Materials and the Moniteur des Syndi-
Gates Agricoles, may be recognized the out
ward manifestations of this new faith and
urpose.
Sixteen years. experience in monometa-
ism has entailed an industrial and agricuI-
tural situation in western Europe which
demands remedy. How much of the pres
ent depression in these interests has been
really due to the practical demonstration
Of silver is question upon which there is
naturally wide divergence of opinion, but
the belief that the effect Of that policy has
been vitality prejudicial is rapidly growing.
Lord Duferin states that the low and
luctuating value of silver is disastrous 10
the Treasury of India, and declares himself
in favor of immediate reconciliation,
while Mr.. Samuel Smith, a well-known
English economist, even goes SO far as to
attribute to decentralization and its economic
consequences large influence in the agrari-
an troubles in Ireland, the discomfort Of
that country, the protectiontst reaction OF
continental Europe and the spread of social
ism and other disorders incident 10 poverty
and enforced idleness.
In view of all that one reads and hears
in the discussion of this question il would
seem apparent that the monetary confer
ence which is to assemble at Paris in Sep
TENDER will meet under circumstances far
more promising TO tie interests Of bimetal-
ism than those which surrounded the con-
ference of 1881.
In the above article which we copy from
The Financier there are two points particu-
larly noticeable. First, there is a wide
spread industrial depression ir Europe re-
sembling that which is making every branch
of productive industry groan in the United
States. Second, this condition of affairs
dates back 16 years, or fiom 1878 when the
complete demonstration of silver in the
christian countries of the world was secured
by the demonetizing OF silver in the United
States. The decline of prosperity among
the producing classes began in this country
at that date. The failure of the firm Of
Jay Cook commenced the period of wide
spread disaster which has been broadening
and deepening to the present time. By the
above statements coming from abroad it
would appear the best minds of Europe
are charging the distress which seems to
prevail throughout the world, largely, if
not entirely, to the demonstration ofslver'
That act deprived the world of one half Of
lis money, and as population and business
increase the volume ofmoney fails to keep
pace with the demand for it, and the de-
felt yearly becomes greater, owing to in.
ability to keep up the supply, solely be-
cause silver is no longer allowed TO occupy
its place by the side of gold as a money
metal.
The aggregate government d hts of the
civilized world are about twenty-three
thousand million dollars. These debts are
virtually held by the gold ring of money
monopolists Of Europe and America. BY
demonetizing silver, and cutting off one
half Of the worlds money supply, the gold
ring brought the price Of property down TO
about one half its value when those public
debts were created, while the debts continue
TO draw the same amount of interest, which
places double the former amount of property
the annual products of industry-within
reach of the purchasing power of this bond
holding monopoly, end who are now taking
heavy toll from every drop of swea! on
the brow ofindustry. Sixteen years ex-
rerience," says the writer Of the article
above quoted, "in monometalism has en-
tailed an agricultural and industrial situa-
ton in western Europe which demands
remedy" The same language applies TO
the United States with even greater force.
The movement in the western States is
steadily and rapidly gaining strength and
The South is joining in the demand, Al
their State convention in Virginia held last
week by the democratic party, the following
plank was placed in their platforms:
"Seventh.-The democratic party Of Vir-
ginia favors the complete reconciliation
and free coinage of silver"
The Republican party which has been
controlled in its financial policy by the
gold ring of Wall street, New York and
London, will be forced TO take its position
on this line or lose power where its greatest
strength lies, in the west and northwestern
States. The coinage value of the silver
production ofthe U. s. in 1888 was $780,
1875, 5000, quiet one third of the silver mined
in the world. The coinage value ofgold pro-