The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-30
NEW LIGHT ON THE SILVER QUESTION.

The London Daily News. in assigning
a reason for the British representatives
in the monetary conference laboriDg to
prevent its collapse without any action,
says:
The most striking part Of the Roth
schildsl plan is the implied belief of q first
class finaEcier that unless something is
done America will discontinue the pur-
chase of silver. America. perhaps the
richest country in the world. cannot be ig-
nored. We're she to sell silver, we might
be compelled to close the India minis.
Even then we might he terribly hempered
II America raised q big loan. 1t is not
Europe's interest TO p~recipitate n currency
crisis In America The disturbance of
trade would amount to o catastrophe.
This extract shows that the British
editor has at length received an im-
preston that the interests of some other
nations may be put in jeopardy if silver
is not used by some international COM
pact to extend the volume of the worlds
money. The fact that n British COM
missioner and ga first-class financier"
have learned that, unless something is
done, America will discontinue the
purchase of silver" ~astonishes the Brit
ish editor, and, doubtless, the British
people who are interested in the mon
etary question. Il is a new idea. Here
tOfore it has been impressed upon Great
Britain that this government has been
coming leRal-tender silver money be-
cause 1t is necessary to maintain a ma
tiOnal supply. and that the hour it is
stopped financial difficulty will come to
Us. Now, when it is coolly announced
that it is probable Congress will stop
the purchase of silver. the News finds
that America cannot be ignored"
terest in America. it turns anx-
iOusly to E~ngland's interests in the
silver none of India and be-
holds the complications which may
befall England and Europe if the United
States should absolutely refuse to ac-
c~ommodate them by making itself a
silver-money country like China and
India. So far, from the United States
being hampered by the gold standard,
England and those European nations
WHICH, oIC yCJ uOiIoW lHB kOlu d5 q udoiS
of gold payments are the embarrassed
parties. How long ago was 1t that the
Bank of England advanced its rates of
discount to stop the drain upon It's gold
deposits7 The balance of trade 10 now
decidedly in favor of the United States,
80 that when all the charges for ocean
carrying and interest are paid there will
yet be a balance due us from Europe.
So long as this is the case, with a larger
volume of money per capita than has
Europe. outside of France, and q bank
ing system which economies legal-ten-
der money and its representatives, the
repeal of the Sherman law and entire
cessation of silver coinage would not
interfere with the business of the coun-
try. 1t will, however, be very different
if the balance of trade should turn
against Us, as may be the case in the
event that lower duties permit the i'm
portation of a large volume of merchan-
disc which is now kept out. The differ
ence between an excess of exports of
800. 000, 900 a year and an excess of inn
ports TO that extent would reverse the
situation. Now, however, the United
States is practically master of the stu
alton.