Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-09-01
moving finger Of Time has not changed
its motion for a second since 179S, when
England subordinated silver to gold.
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NllNl JIG WOllV uaE uOU ISCSNl6O lTOlu luUl
position. The more precious of the
metals has universal preference. In
protesting against gold YOU protest
against the forces of evolution.
Is the Sherman purchase law respon.
sible for all our woes?
1t did not cause the Federal Bank of
Australia and fourteen other great banks
to fail in 1893, nor the Earrings to fail two
years before. The Anglo.Saxo had over
done the business OF the c%onquering hero
ably the primal cause of our WI present
distress.
By class legislation We turned from
our shores the golden tide of foreign
capital, and forced it to seek Judgment
in bankrupt, ~iusolvent, irresponsible and
unprosperous countries.
When did We begin our mistakes?
In 1873. We have been trying to set
ourselves against the tide which is rum
ming round the world-the tide of a sin.
gle standard. It is as useless as for
King Canute to attempt to turn back
the ocean breakers, when, seated on the
beach, he ordered them to stop.
Did our coinage of silver begin in 1878?
Yes. When We resumed gold payments
in January, 1879. we notified all the world
that the United States of America would
pay its debts in the money of the world.
What was the consequences?
The money of the world began to set
u way.
Who control the money of the world?
Primarily the middle and poorer
classes OF England. France. Switzerland,
Holland and Germany. 1t is not the
money of plutocrats that comes in blocks.
1t is the aggregation of small savings.
Did gold come in rapidly?
Yes. The largest total was the fiscal
year of 1881. when it reached a total of
S97, 466, l27, The net aggregate for six
years ending June so, 1883, was $751;
671O27.
What was done with this gold?
It built railroads, waterworks, i'm
proved highways and largely developed
the great west, the very states that now
denounce the metal to which they are SO
deeply indebted.
When did this golden tide cease?
On June 30, 1883, when it was learned
through published reports that the silver
in circulation at that date had reached
the sum of S12O,95S,711. A year later
the aggregate outstanding ros to $780,
6O5,OO and in 1885 it attained the colos.
sal proportions of Sl78,0CO,00O.
What were the results?
English capitalists began to pull out
and they've been pulling out ever since.
ls this the reason English gold went
to the Argentine Republic?
Precisely. The English wanted to be
sure of gold payments. When those
South American investments failed, their
remaining American securities we're
thrown on our markets to save them
selves from ruin. We almost broke u
backs trying to take care of them.
What would happen if we should re-
peal the Sherman law outright?
The events of 1879 would repeat them
selves. Millions of dollars would leave
Europe for our shores. They would fill
all the veins of commerce.. They would
congest all the channels of circulation.
Would money be cheap?
So cheap that you could borrow it in
New York on good collateral for less
than > per cent. per annum, and it would
flow all over this broad land.
Why have silver and gold grown so
far apart?
BY natural processes, begun by Eng
land in 1916, when she adopted gold, the
most portable of metals, as the single
standard of value. There was no con-
siderable disturbance until Bismarck,
to inflict further injury on France, and
to put Germany on a gold basis, COM
PEELED the former to pay in gold the in
demnity for the Franco russian war.
Did silver then decline in the markets
of the world?
So seriously that Norway, Sweden,
Denmark, France and Italy closed their
mints to the free coinage of silver.
Holland followed in 1875, Russia came
next in 1876, Belgium, Switzerland and
Greece stopped in 1873 and Austro-Hun-
gary in 1879, Roumania stopped in 1890;
lastly, India, the great SILK for silver,
shuts its mints to free coinage. And
now this greet republic is asked, alone
among all the nations of the earth, to
get down on its knees like a g%ibbering
idiot to worship the idol that has been
rejected by every other civilized country
in Gods world.
What would be the result of adopting
bimetallism?
It is absolutely impossible for us to
undertake bimetailism alone as to have
a stable system of finances under our
bullion-purchasing law. Bimetal-
lism is only feasible when it
is International. The great authority
IN bimetalllsm, Mr.. Henry Cernuschi, an
~Italian--and after the Jew, Italians have
the keenest financial instinct-says that
no country can coin silver alone; any
country that coins only silver will re-.
main alone, and will not have the money
Tor paying abroad. In continually EN-.
barrassing the financial system of this
country by propositions that have been
kicked out of the forum of civilized ma.
tions, congressman are doing q great
wrong to their constituents for which
they should never be forgiven.
Is there any hope for international bi.
metallism?
Let congress repeal the Sherman Law
and within three months England. who
has rejected our advances three times
will make proposals to the United States
to come into g monetary conference fol
the sake of her ward. India. Not unit
we 80 draw upon England's gold stoch
as to make her doubt whether she car
afford to hold aloof, will she consider
bimetallism.
What countries now have free coinage
of silver?
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