Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-21

of speech to take up the pickax and spade
TO dig rifle pits from which to assail others
or build up earthworks behind which to
merely protect themselves. The declara-
ton that the silver question was of equal
and greater Importance than the question
whether the country should remain united
or divided, was an utterance that will go
unclaimed by any state.
The democratic party, once distinguished
for its intrepid hostility to all cheap
substitutes for legal tender money, having
successfully, pushed gold to the front dur
in the lead for gold and now in the lead for
silver. more recently, though not fully, ac-
cepting the fantastic fiat theories of those
who claim for the government omnipotent
power to keep an unlimited circulation of
either silver or paper on a parity OF l6 to /
of gold. 1t has In various ATTITUDES, with
knowing wink, played of tolerance to any
delusive financial absurdities that fished for
and promised to catch votes.
Foreign Nations and Silver
Foreign nations" said the speaker, will
not be persuaded to adopt any measure in
favor of silver by the fact that 1t might af-
ford some relief for the United States, but
they will do much for their own relief Too
ready to believe whatever may be deroga-
tory of the American people. they have con-
fidently believed that, with Boeotian stol-
idity. we, should be contented with silver
only, and that the stock of gold now in
America and all future productions would
easily be transferred to their possession
Four of the great powers of Europe are
other fields than Waterloo and Sedan. Their
success. as they believe. requires not merely
the heaviest artillery, but the heaviest stock
of gold, and this they are financially ma
neuvering to acquire. Nations, as well as
men, often get gold and yet fail to keep IT.
We, very WELL have learned how recklessly
gold. whether that of the victors or the van
pushed. These ambitious powers have re-
garded America, not as formidable COM
petitor for gold, but as one of their unfail-
ing sources of its supply. as well as an un-
falterng and hungry market for silver.
America however, can be q competitor
for the reason that it is home producer Of
gold as well as of silver, and will use both
prosperous commerce. BY the great cost of
large armies, and greater loss of labor in
domestic industries. European nations are
really Gripping their financial resources.
while our small army and our peace-loving
habits relieve our people from such excess
sive burdens, and will surely in the end
give US the primacy in financial power A
repeal Of the siver-purchasing clause in the
act of 1890 will give US practical force, so
long manifestly disregarded. in the final de-
termination of the silver problem, and Eu-
rope. after all. to provide for its own f.
nancial necessities, is most likely to reach
the conclusion that silver should not remain
obsolete and useless only as commodity"
India md England.
After reviewing the situation as to silver
in England and India, Mr.. Morrill, suggested
that it would be opportune and. perhaps.
sound policy for England to begin the cul-
tivation of better political and financial
relations with her kin across the Atlantic,
and fairly consider whether or not inter-
national bmetalism is destitute of all
merits.
metallism without an increase of silver in
silver coinage, as without an increase 1t
would be impossible to maintain any par
ity between gold and silver, even with the
cooperation of many nations. Nor can l
favor the free coinage of silver by the
United States alone were the ratio between
the two metals to be advanced from JIG to
Is to 1, or even to % to l, for the reason
that the present colossal output of silver
cannot be annually absorbed by any single
nation, and a preposterous attempt to alb
sorb 1t on our part might win a smile from
the governor Of Colorado, but would pro-
woke the ridicule of the commercial world.
and inexorably cause it's further deprecia-
tion No remedy will have a prosperous
ending which does not squarely and fully
recognize tn. the existing extraordinary mag
be furnished with new market.
Mr.; Chernuschi. by far the ablest BIZ
tb has yet has al
for the United States for the time to cease
from coming or from purchasing silver to
just international arrangement by which
the general use of silver an integral
part of the money in use among leading
nations would be speedily consummated.
Delay may have made this more difficult
The Bank of France now most unwillingly
| boards 25O.oo0.OOo of 5-franc silver coins,
which are there appreciated much as the
1868, 100000 alternating in the United States
treasury are appreciated here. If we tamely
assume the burden of a monopoly Of silver
here, a burden quite large enough for the
whole world. 1t may induce France and
other nations also to join the gold mono
metallists of Europe.
A Wise and Salutary "Neg1ect."
II we'll understand that 1t will be neces-
sary to enlist in any international agree
| ment considerable number of nations that
will each take their just proportion Of the
present enormous annual production of sill
yer. or 1t must necessarily be failure.
Nevertheless, an International agreement
Is the best hope Of a permanent resuscita-
| ton OF silver, and after proper national
action here on our part the chances of re-
suscitation will be greatly multiplied Other
| nations will have an equal II not greater
responsibility. 1t may be called a bitter
| remedy to stop purchasing silver. but with
out 1t the case Is hopeless. II in all the
world We are now the only purchaser OF
| silver. to cease from it might temporarily
cheaper its price. but to open our mints to
| its free coinage would permanently cheaper
it's value as its solitary accumulation in