Los Angeles herald., 1891-06-23
TUESDAY, JUNE 2s, 1891.
THE GIST OF THE MONETARY sITUA
TON.

TIoN.
Nothing is more apparent than that
the world is today suffering from lack
of a sufficient circulating medium.
England has been lately on the verge of
a financial convulsion through her blind
adherence to the single gold standard.
If silver were to be generally remone-
tized tomorrow an enormous addition
would be made to the specie money of
the world. The only country in Europe
that exhibits a remarkable financial
vitality is France, which has steadily
maintained her silver circulation. The
Bank of England would have followed
the Barings into bankruptcy if it had
not been for the timely advance of
5.O0O, 900 made to that institution by
the Bank OF France. nspite of the unre-
mitting war that has been made against
the white metal it is again constantly
advancing. The world needs it. The
conspiracy to demonetize it has been
only partially successful, and it is sure
to fail The adoption of free coinage of
silver in the United States will be fol-
lowed by the reconciliation OF that
metal all over Europe. England and
Germany are the only two nations that
have been really hostile to it, and the
determined initiative OF the United
States will bring about its rehabilitation
everywhere. France will energetically
second the American departure. There
is large and intelligent sentiment in
England that calls for the double
standard AS a matter of fact, sill
yer is becoming scarce and the price
is rising day by day. The dollar mark
has been passed, and it only needs the
proper action by the congress OF the
United States to inaugurate movement
that will bring its price once again up
to S.. .29 an ounce, at which point gold
and silver will be at par. No nation
has ever been 80 victimized as the peo-
pie of this country on the silver ques-
ton, and our glib Ohio statesman, John
Sherman, was the principal tool in i'm
poverishing the masses and depressing
the selling price of everything through
the demonetizatioD of silver. That this
political whited sepulcher has received
his reward for his many betrayals is
shown by the fact that he is plural
millionaire, while it can be demons
trated that he has at no time been
in any employment during his life
time in which he received a larger an
nual salary than from five to eight thou
sand dollars a year-the former the
salary of congressman and the latter
that of cabinet minister. Of course,
John Sherman, who was the super
seryiceable agent in demonetizing silver,
is opposed to a reconciliation OF that
metal, which would be pregnant OF such
good to the masses. But the world at
last moves, and the incubus of silver
demonetization is at length to be raised
from the suffering peoples. This, of
itself, means a new era of progress and
prosperity.
But it by no means follows that, in a
country so expansive, and with re-
sources so undeveloped, as is the case in
the United States, the mere justice in
volved in remonetizing silver would ac-
complish all the ends embodied in an
elastic and efficacious system of finance.
Our circulation per capita must be in
creased to something like that of France
to enable us to carry out our mission of
development. We have been put in a
financial straight jacket, so to speak, by
lack of an adequate volume of currency.
A Pelion upon Ossa of watered securi-
ties have been accumulated, all calling
for dividends, while the medium in
which these dividends have to be
paid has been steadily restricted.
This had the tendency to concentrate
nearly all capital in the financial CEN
ters in which these securities have been
held. AS result, the United States
has been full lemon which the money
kings of Wall street have squeezed at
their pleasure.
The time has come to put an end to
this hugger-muggering process through
which financial and commercial coma
has resulted. An expanded paper cur
rency, In addition to the free coinage of
silver, are the means by which new
and better order of things shall be re-
stored to the United States. A free cir
culation and not fiscal syncope is the
demand of the hour.