Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1892-12-23
THE SILVER QUESTION.
Further Details Conc~rning the Most
Promising Solution Yet Advanced.

further details concerning the solu.
ton we have proposed for the silver
problem. We had outlined the plan,
leaving to the intelligent reader to
picture its far.reaching aims and con-
sequences. We will even now only
refer very briefly to a few of these.
Tho powers Of the International
CLEARING House which thu nations
would appoint under this plan would
require to do certain things. the chief
of which are outlined as follows:
~. To ascertain, periodically. the
amount of money, that is, of gold.
silver and uncovered notes, held by
each country during the preceding
one or two years. These amounts to
form the basis for the proportions in
which the several nations will hin in
the purchase of all silver offered.
~. To clear every national trans.
action in the purchase or sale Of
money.
"3. To purchase, for common 40.
con"t, such an amount of silver (sav
70 per cent. OF their holdinRs) from
each OF ths silver basis countries a. is
necessary to put it on the gold or bi.
metallic basis.
~. To issue international certi.
ficates, redeemabIs in gold or silver,
at holders option, for the gold aud
silver purchased.
"5. To determine from time to
time, say At intervals Of s to 10 years,
what, il any. change in tho vAlue>ratio
OF gold and silver is called for by the
changed conditions of production.
Sc. To publish the transactions Of
the monetary clearing house daily or
weekly.
"This clearing house to be oom>
postd Of one or more representatives
Of each country and to aot through
the mints OF the several countries a.
repositories. and to have q central
clearing house at ono Of the capitals. "
1t must be evident to every ono
that the object Of this plan is to make
q common monetary basis for all ma
tions, go that all shall have q common
interest thereafter; aud surely there
can scarcely be a fairer or more easily
sscertained basis for securing the co
operation of nations. as of individuals,
in such transaction than the present
amount OF their money.
l" order that there shall be per-
feet good faith in all the transactio
covered BY the plan ie is necessary
that the clearing house should not
only ascertain the present holdings
OF money, but should clear every
future national transaction in tho pur-
chase or sale of money. Every man
is honest when tho whole world is
looking on.
What more effective and simple do.
vice can there be for maintaining
peace among the nations than that OF
having their monetary transactions
carried on in the sight of oil mem?
Aud what could conduce more to the
expansion Of industry and commerce,
to the prosperity of nations and the
progress of civilization, than to offer
the world an international universal
currency, "good IS gold" every where,
without discount or exchange, and,
by the use Ct such q clearing house
to render unnecessary the shipments
aud rcshipments of large amounts Of
the precious metals?
The modern clearing house has
permitted q vast increase in trsnssc.
tons by simply offse.,ing one against
the other and settling only the final
balances in money Of ultimate re.
demp,ion. The practical effect of
this manner of offsetting accounts is
precisely the same as if the quantity
Of money were increased in tue same
proportion as its efficiency. Who
can measure its limitless incre ase, the
tremendous impulse which the adop.
ton Of an International Clearing
House would give to the business of
the world?
In comparison with the advantages
Of uniform currency for the world,
the firm establishment OF all countries
on the gold or bimetallic basis, the
multi plicstion of money BY multiply.
ing its efficiency, the guarantees,
which the closer commercial relations
between nations aud the publicity of
national monetary transactions would
give for the maintenance Of peace and
the economy in administration of gov.
ernments. how infinitely small would
he the loss on tho annual purchase of
silver t" the extent Of about one per
cent. of the worlds money, even if
this silver we're not needed for coinage.