Los Angeles herald., 1891-02-01
re rue FRIENDS q slIvsr.

of the yearly silver product OF the world
Is $l6O, 900 900, about one-third Of 1t be-
ing from the United States. It would
seem that it were the true policy Of our
producers to put duty on the other
two-thirds, but as this would be an ad-
mission that it is merchandise, we are
not only to have free coinage but free
bullionage. There appear to be no linn
itations anywhere in the senate free
coinage bill. Its makers scorned the
old notions that the currency should be
restricted in terms. Not even test 0e
to form or kind OF silver was thought
necessary if it was offered in 400 lots
and of "standard value" go that not
only bricks and bars. but old silver
plate, and even clipped and defaced
coin, must be accepted il offered from
anv corner Of the earth. Not content
with this unexampled munificence, the
bill proposes to pay $1.20 an ounce for
this article, 26 per cent. more than it
sells for today or Is worth in any market
OF the world.
So far,as the popular demand for this
can be traced it is primarily represented
by the small class of producers who have
some hing to sell and want to make
their own price, aided by the widespread
belief that free coinage of silver will
make money plenty and easy to get. 1t
used to be said Of the old prairie states
that sthe people prayed on Sundays for
more rain, and on week days for more
money!" and it is very plain to see that
the week day supplication, at least, has
been always kept up. 1t was the prayer
of the just, too. They-and the whole
kcountry-have needed more money, no
doubt and no thoughtful man will deny
that an increase by silver coinage is
sounder and safer than the old device of
paper issues.
The sensible silver men are the
true friends of bi-metalism and there
fore of sound finance. But is this
legislation within this limit and pol
icy? Is it not, rather. very bold and
dangerous attempt to make silver the
one standard, in the hot haste to coan-
ter on the "gold bugs?" / was so
struck with the following extracts from
recent speech OF General Francis A..
Walker, in this connection, that beg
to call the attention OF the true friends
of silver to them. After declaring that
he has. from the first, been an earnest
and consistent advocate OF the restora-
ton OF silver to full rank as money
metal, he wanted to speak OF free coin
age as the policy of only one of the great
nations of the earth he said:
Profoundly sympathizing, as l do,
very deep conviction with those who de-
plore the demonetization OF silver by
Germany in 1873. and the subsequent
cessation of silver coinage by France
and its monetary allies of the Latin
union, can say, with all singleness
and earnestness OF purpose, that the
proposed measure is fraught with the
direct evil to the very cause it processes
to serve"
"The true silver party comprises the
disinterested and convinced bimetallists
of the country, who believe that it is
possible and also that it is supremely
desirable to restore that approximate
parity at a given ratio between silver
and gold which prevailed through Amer
lea, Europe and the Orient from almost
the beginning of the century down to
the day OF the fatal demonetization by
Germany in 1871 and 1873, arising out
of it's political and military elements
generated in the war of 1870.
These are men who oppose silver
monOmetallism just as earnestly and
strenuouely as they have always op-
posed gold monometalism. They are
loyal, sincere, convinced bimetallists,
fearing the contraction of the metallic
circulation of the world through the de-
monetixation of one OF the money metals,
but as little desiring metallic initiation
on the basis of the cheapening metal.
They would guide the ship of state
through the narrow strait which now
separates the wbirling gull Of silver mo-
nomentaliem, with premium ON gold
and fluctuating prices, from the bare
and jagged and cruel rocks of gold mo-
nometalism, with increased monetary
stringency and ever falling prices.
''In the name OF this large and in
creasing body of our citizens I offer a
protest here and now against the free
coinage of silver as measure dishonest,
delusive and destructive" :
This is not aquestion OF party politics,
though many gentlemen in various
quarters of the country appear to insist
upon making it so. 1t is question OF
sound finance and sober legislation Let
US be very tolerant of each others views,
and very cautious when we undertake
to formulate our own beliefs in busi-
ness policy or party creed. The pros.
pect OF free coinage might not have had
much to do with the recent money
panic, but it is noticeable that while the
1oaning power of the New York banks,
for instance, was only decreased seven.
teen millions. the gold reserve declined
twenty millions inside of two weeks. 1t
must be peace, and not war, between
the two metals and their advocates, and
this accord can only come through keep
ing on winning approval and the help
of others, as we have been doing these
last few months and years--placing sill
yer higher up and further on, and max.
ing, go far, one safe standard for both
metals. There is not only no exigency
that calls for this proposed tremendous
leap in the dark, but it ia not justified
by the experience Of any people simi.
larly situated. Is not General Walker
right? Can't the advocates o.
silver afford to continue to be
the true friends of blmetalisn
and forego this plunge? The only
reform worth having in this world is
true growth; and reformers who cannot
abide this are not often safe guides fol
their fellows. Let every thoughtful
citizen seriously ask himself, il he feeli
sure this government can safely offer te
buy the worlds product and store oi
silver in opposition to the leading finan
cial authorities at home and without the
L. ~ L. IL.