The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-01-09
The MONEY QUESTION,
Experience Demonstrates That II
Can Only Be Settled In
One Way.

Tan Only be oeltlea Ia
One Way.
And That II by Rsstoring to Sill
yer the Functions Once
Possessed.
4 RINGING Declaration by the National
Executive silver Comnittas--some
Tallacies Arr Exploded.
WARRINGTON. Jan. 8.-The national exceu-
tiyo silver committee tonight issued an
address as follows: s'Continued experience
demonstrates that there can be no adequate
Anal solution Of the money questioa. but by
ra-endovinp silver with the money func-
zion and making silver coins standafd
money, co-equal with god for all money
uses. The present policy OF making sunsl-
Diary money of silver, to be redeemed IN
gold, and of piling higher the fabric OF
credit and credit money on a constantly
diminishing basis Of gold, 10 unsoand
unsafe and must nd. The enormous IN
crease in bank credits and other forms OF
credit eurrenoy in recent years. relating to
the volume OF gold in which they are ulti-
nately redeemed, iInperlls hnanclaA stAnii-
ity everywhere, and is . standing menace
to Ill business enterprises: for panics must
occur more certainly and frequently, and
he more disastrous. What is wanted 10
more standard money relatively to credit
and credit currency; a broader basis OF
urinary and not a higher super
s.ructure of credit devices. This can be
secured only by making silver and gold CO.
eoual az money metals, with the coinage OF
both on equal terms.
sThe act Of July IA. 1880, az interpreted
by the treasury department, under which
$500, 600 ounces Of silver are bought and
stored as collateral security for notes re-
deemable in gold. makes no addition to
standard money while it raises higher the
fabric Of credit on a foundation growing
narrower, This addition to the currency
volume might as we'll be of greenbacks as
in tho form now given it. It requires,
therefore, no extraordinary financial acu-
men to foresee that this condition cannot
long be maintained. The plain solution OF
the difficulty il the full monstization OF the
silver accumulated under the act. to the
end that this md all silver any body may
choose to devote to monetary use may 60 to
ewell the volume OF the money OF final re-
demption for all other forms OF currency.
..The facts upon which bi-netalllsts
base their conclusions are i~ndisputable.
The arguments by which they are estab-
lished are unansworable. The facts are
that the supply Of gold is admittedly in
adequate to provide for the worlds needs
of money; that MANY times more people
ars made to use gold exclusively as stan
,dard money than in 1878; that the produce
ton Of gold is diminishing while popula-
ton, wealth. commercs and the consump-
ton Of gold in the arts, are rapidly IN
creasing, the increase in the demand for
the arts and dentistry in the United States
alone being sufficient to absorb. according
to the director of the mint. in ten years
more, the entire gold product of this coun-
try. That the value OF gold, under these
influences. has largely increased, and must
continue to increase, and prices as GER
tainly continue to fall, ~ismsnifest. What a
fraudulent pretence, IN view OF these facts.
I'd insist that gold alone ia the staple or
honest money standard? In view of these
tho money standard through the Increase in
the value of gold, as q direct and necessary
CONSEQUENCE of the dsmonetizing of silver,
and restricting the money functions to gold
gold alone, what else than foolishness or
homage to knavery, is the babbls about
constitutes SO large a part Of the stock an
swers to the demand for free bi-metallio
coinage.
Nothing is more absurd or ridiculous
than 80 claim that a shapeless lump of sill
yer, to which monetary use is denied,
measures the value of silver coins, which
have monetary use added to whatever other
use silver may be applied. Gold. treated
as silver has been, would act in the same
way. If. since 1873, both metals had been
accessible for money uses, as for indefinite
ages before, the annual addition to the me-
tallio stock OF nom for the world would
have been somewhat less that from 1859 to
1873, but probably would have been sufi-
Gent to have maintained reasonable sta
bility in the value of standard money. So
now, while it is certain that gold will con-
tinue to increase iii value, and prices meas
urt d by gold continue to fall, it is reasona-
bly, certain that the prices of both metali
will be sufficient to maintain fairly stable
relations between money and commodities
and thus secure to the industrial world
what it has sorely lacked SINGS 1879.
1.-THE bugaboo of foreign silver coming
Under free coinage, silver would be $1.g
an ounce here; it is $1.38 in India. and Will
open minis would DO $1.333 in tho states o
the Latin union, which ID the value of al
tn0 cOlD6Q 61lV6E OF Europe. Int TeQire
ments of England and the continent TO
silver to pay balances to the east would no
be materially changed whether the profit o
difference between 95 cents and S1.33 wsr
made on the silver sent there, or only o.
the difference between $1.29 and ST. e
India absorbed quito az much silver in tn
years before the fall of SILVER here as sine
then. and will continue to absorb both gol
and silver. But whether our silver qoe
abroad at So cents or $1.29 is quite me-
terial to this country, not only from til
direct loss on exported silver, but in th
far greater loss sustained on che price c
wheat, cotton and their manufactured prc
ducts, which have followed and will folio
the fall of silver bullion. for reasons ofte
explained.
IF wheat at the present time is less in
duenced by the price of silver bullion tina
cotton, it is due directly to the failure
crops in Europe. If the value of sily.
here should fall to so cents an ounce,
probably it would if demonetized as TX
gold monemetaliats would have it, VIII
its purchasing power among two thirds {
tho globe continues at from S1.33 to BIB
then the production Of silver in this cou,
try should be made 4 crime, as it's continu
production and sale hero at q low pric
while used in other countries at 4 hit
price would DO destructive to our apricu
tural and manufacturing interests.
"The silver question. therefore, is an j
sue and one that vitality concerns the We
fare, not only of the industrial classes, b
business men generally, and it will n
down at the bidding of any party; nor Ct
1t be ignored or lodged. Il is d living