The state herald., 1890-03-28
The same sum. And should the

seven QollarB, bLlil Lue poor man could take
ss Wilson snS sou ia .i H. :. much doas
Tho only real measure OF tho values Of
gold and silver ia the cost Of the labor
necessary to produce them, and labor Is
the standard which Is at the bottom OF all
values except when genius levies tribute
upon extravaganza. The ratio between
gold and silver varies only slightly over
long terms Of years. The mighty stream
Of silver from Mexico and South America
cheapened 1t little even as gold from
Australia and California put silver ut six
teen to one at premium over gold, but
that fact has nothing TO do with legislation
which, while 1t cannot reduce tho purchas-
ing power Of either metal can reduce
values and increase tho burden OF debts Of
o country by dishonoring the one and infiat-
Ing the other metal.
Mr.. Wilson isimpressed with the belief
that the adoption Uy England of the gold
standard In 1915 ''put the island realm in
front of all the rest us u financial nnd COM
mercial Nation;" and he adds: ITO regain
the supremacy gained for her by her sound
currency she was driven to FREQ trnde, and
although it is but u oncsided free trade,
she has kept TO the front despite the fact
that an English.speaking Nation this side
the sea has grown up, crowned with ma
lures gifts hundred and ten times more
rich than hers"
That burst Of pure gall and pure fiction
ought to make an American wecp-that is,
IL he could stop laughing long enough to
do so. Let us see.
In 1915 the prestige that Waterloo gave
England had been extending for u year.
She possessed the gathered wealth Of n
thousand years Of labor and of conquests,
and tho operations of u tariff of one humid
red and fifty years under which she had
built moro manufactures than oil the
world outside possessed.
She had more colonies than all other Ma
tions.
She had more ships than all other Nations
She had more machinery than oil other
Nations
She had more available means than all
other Nations.
The Nations owed her moro than was ow,
Ing to all other Nations. She had mex
haustible coal, iron and tin mines and II
was u step from her mines to her manufac
tories and but another from her manufac-
tories to her ships.
She had such an abundance of strons. In.
telligent but poor laborcrs, ready to work
for a pittance, that she had to export thous.
ands tens and hundreds OF thousands Of
them to keep them from starving.
Until Mr.. Wilson gave us the real reason
we had supposed that this little start which
Great Britain possessed had something TO do
with her subsequent success. At the time
our Nation contained nine millions of peo-
pie, all poor, and with Il realm nine-tenths
of the area of which was still In barbarism
and wilderness. An American who
catches English Ia grippe is like Scotch
man. he Is more intense and unrcasoning
Englishman than native Cockney.
Mr.. Wilson ID sure that England would
do nothing which would increase the taxes
In India Look over Englnnds colonies
and find one that shows any evidences OF
England's supporting arm. but" he
adds, " so far from England's policy with
India depressing silver it has strengthened
il. heard Senator Stewart say in the Sen
ate that India absorbs about forty millions
of silver annually" India has been alb
sorbing silver since the time of the CAESARS
aud we now see how England's policy has
strengthened silver. Mr.. Wilson quotes
from Mr.. John Norman of London whom
he refers 10 as "a writer of great strength
and Judgment" Well that same Mr.. Nor.
man, three years ago, after explaining that
India wheat laid down in Liverpool costs
ninc and sevcn-tenths per cent less than
that from the United States continues us
follows:
''But If exchange with India should from
any cause rise 10 sixteen parts OF silver tc
one Of gold IL would make Indian wheat
sixteen per cent. dcarer than American .
Does that give Mr.. Wilson any idea why
England desires TO have the United States
continue TO ignore silver and TO send II te
her for MARKET Or can he see in il why
our market for wheat and cotton in Europe
is limited TO what India and Egypt cannot
supply
Next Mr.. Wilson-probably unwittingly
mis- states the position of silver men. II
is not that the Government shall buy the
silver but 10 repeal the legislation that de-
monetizci silver and which up TO this timt
has cost the producers of this country as
much as did the great war OF the Rebellion.
Silver Is either precious metal, the full
and perfect measure of values or II Is
mere commodity. The test will be when
II is by law again put on an exact equality
with gold.
Again Mr.. Wilson says: There are nc
private debts now payable or collectable
contracted on a double standard basis: SC
all talk OF valuable privilege being de
MED either individuals or corporations, IL
unwarrantcd by fact
Private individuals md corporations
probably owed. Ia the United States, twice
rs much rs the national bonded debt of the
country at the time Of tho silver demonc
tization-probably five thousand millions
OF dollars. These debts were payable
In either gold or silver. The present debts
have grown In great part from those debts
and are now payable In gold only because
the creditors cAacted that under the law.
anu 10 pay tuc Nhilonui uebt WOULD re
quirc, of what producers have TO buy
money with, about us much as tho Who'll,
debt would have required In l,,J. though
the principal has been reduced By more
than thousand million of dollars since
that law was passed.
MIR. Wilson is sure that the re.
monetizatlon would initiate prices.
Good money does not initiate prices.
What Is needed Is to break
the present initiation OF gold aud leave 10
labor some profit for Its exertlon.
MIR Wilson says: ave have tried the
double standard and IL resulted IN fail
ure,n deny that statement and challenge
the proof There was no possible trouble
on that score for eighty years that II was
tried, and the profit to Spectators, because
of tho slight oscillations OF the metals
caused by the influx OF gold from Caliior-
mia were iniinitesimal. The flow Of bullion.
gold and silver, from the Wes, and clrcl'
lating together on equal terms kept tue
country prosperous even under the stress
OF the mighty war. The trouble the mort
cages on farms, the selling out by the shcr
IN OF family homestcads. the rush OF pco-
plo 10 the cities: the booming OF cities be.
cause the interest ruthercrs did not dare
Invest In the rural districts: the steadily
falling priccsi the falling on In morals;
the Increase Of insanity-in New York six
~ two por cent In nine years; illiicracy
nnd all manner OF crimes, NIL date from that
fatal year when silver was dcmonotilol.
The closing sentence OF Mr.. Wilson in
which he declares that the preliminary
step To tue establishing OF silver under
the law Ms IL was Of old should he b
knock out Euclid aud the multiplication
table merely nwakona u remembrance of
the TACT that Nero ilddlcd while Rome
was burning" He may know OF some
country that has suffered great imitation
nnd ruin through subcrabundanco OF sii
Yer money, but have never heard of II.
Ihe GRESHAM law isn correct one, but IL
does not apply when onr kind OF . r,nro-
sentative OF values IL " good and a. sound
ns b. other, The nation, last year ~ ....,i.,
hcnsy siVOOl,OlO mora s,ssAs anu silver
than tr minca s.s,.sc world produce, AN /
though II Was generally prosperous year
with our country so far Ms hnrvrsts and
the volumes OF trade were concerncd, we
exported onc-twclf,h OF ali our stock Of
gold money, How long, with the signal.
now la tho air, before panic, bankruptcy
aud riot will be the ruln all over the East
Tho masses OF tho Eastern people are fast
becoming mere tenants ol tho interest
gathcrer-, and II ha. all CON, about bo-