The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1893-08-18

WHEN arc conatHaS!S9 py corporations ana by
debt becomes unbearable We must expect a
demand for inconyertible paper money which
no power will be able to rcsist. candidly
believe that the relief which has been afforded
by what Is known As tho Bland and Sherman
acts for the past tiftcen. years, as inadequate
a. 1t has been, has prevented tho flooding the
country with paper money.
President Andrews plan would no 70 re-
peal the Sherman act and allow silver to fan
still lower, "and thus prccipitste In Europe
another fall'in prices 50. aggravated that tho
most obdurato kaukur u E3Mbafd street Will
have, u admit that gold cannot safely be
taken as the sole metallic money"
l must confess that to mo this seems like
most uncertain and dangerous experiment.
Surprising that after we had still further
discarded silver aud DEPRECATED its value by
repeating the Sherman act II chould turn out
that England should still adhere 10 It's an
Client policy Of monomctAllism. We would
have Joined with tho monometallic countries
OF Europe. 70 still further dlsparagc silver
mon Money ~ OF 81 which N have now note than
subsidiary colin. We would have struck a
fatal blow to tho interests Of the silver states
OF the Union Of which the principal industry
is silver mining, and u We should then under
take to retrece otf steps innumerable obsta-
else would beset our path.
The man who could be made 70 believe that
after repeating the Sherman act any lcgisla-
ton favorable 70 silver could be secured for
President, would be credulous ihdccd.
fear that thu shppositipn that ~ fcpsai-
Ing tho Sherman act and thus bringing on
great fall ~ the price Of the metal We can CO.
ercb Europe into . bi-mctalllc treaty would
prove dcluslon and snare. There 10 q
snrer method Of cocrcing Europe, which
shall present 10 you further ON.
lit Is plain enough that decentralization was
grievous folly on tte .psrt of the United
States e,thcugh there was something to rec
triifieAd It to Germany, which is q creditor
country In its international relations
But for the present 1t Is clearly the duty OF
the United States, the principal silver-prodrc-
Ing country Of the world, and with sucn
large stock OF silver In use as money, to sus-
tain the price OF IT, and not Ia dcprcss 1t.
We are suffering from contraction. and tdt
from imitation, and TO nov taPe, Step which
Ia admitted by its advocates will result In n
furthet fan In the price Of silver, and thus
strengthen the hands Of the monomctallisis
OF Europe and Of this country, whose princi-
pal avowed ground Of attack apon silver Is
Its actual depreciation, would :. \ suicidal
step.
Tho United States Ia the ons county ap5
the only gold country which could sSIeiy
venture upon the free co!nape Of silver. 1t Is
strong enough to make Its own standard in
depcn6eAtly 81 the rest OF the world, and IL
should do it mainly with reference to main
tanning the stcadlncss OF the value Of our own
currency In our internal trade and with but
little regard 10 the relation OF value which
may exist between our country aud that Of
foreign countries.
A Legislative blunder which Is seldom re-
fcrred to and which was almost equally fatal
with that OF 1873 was the act Of 1884, by
which the ratio at which we should coin sill
ycr was raised from 10 to 70 ID To 1. IN fact.
but TO- the act Of 1891 II Is almost sure that
the act of lST3 co,ld not have been enacted.
From 1884 to 1873, fol- thirty nine years, II
was impossible for I'D. to circulate a silver
dollar In this country During all that time
France maintained gold payments and the
unlimited cUinage Of silver at the ratio OF III
to l. Our silver dollars were worth 3 per
cent. more than their face value TO melt and
sell In bullion form; consequently when the
action Of 1873 was taken We had no silver dol.
lars In circulation, AMI the disastrous effects
OF that act were mol apparent until some time
afterwards.
II II turns out In the end that the old bl :
metallic condition cannot be restored, and IL
We finally have 10 choose between silver aud
gold as the sole metal money Ia use IN this
country. beyond all question we should
choose silver Every consideration points To
that conclusion.
A metallic standard exclusively Of gold for
this country, which has to-day 81 100, O0O, 900
OF metallic money, and which will within
twenty-five years require tSicc that amount,
II we preserve In our circulation the present
proportion Of paper TO coin, Is something
which bristlcs all over with impo.sib!litics.
Such an absorption Of gold rs that would
carry up lite height TO a value never before
dreamed Of, and would bankrupt every ma
ton on the gold standard. Wheat would fall
to 20 cents per bushel, and general prices In
Europe would probably return to the level
which existed before the discovery VI
America.
We arc to-day the leading nation Of the
world and have only made beginning In the
development OF our resources. We are abund.
antly able and can we'll afford 10 frame our
own policy with respect 10 our monetary nf-
fairs, Independently OF the rest Of the world.
Those who are afflicted with the fear that
the condition Of this country will be brought
TO that OF China by the UNFOLDING Of bl.mrial.
lism, should remember our experience from
1901 to 1879, when we had neither gold or
silver, but only an inconvertiblc paper money.
] am not To be understood as fayoring nm In
convertible paper money. ] am radically op-
posed to fiat money. but after the experience
OF those years am not able to participate In
the feeling OF danger, 90 prevalent nov, Of
the consequences 10 the United States, II IL
must adopt the policy Of maintaining bl.mct.
allism, involving M II should, tho unllmited
coinage Of gold and silver.
But, II In the course Of things, not Of our
own choice or making, but by the natural
working OF our immcmorablr double standard,
our metallic money comes to consist cIclu.
sively OF silver, we will escape n loss 10 which
they will remain subjected. We will thereby
obtain precisely that advantage over Western
Europe which has already enabled British In.
Aln IN ttt th. Ia. t.I.
China with cotton yar.s, aud To maintain a
gaining competition with them In supplying
China with cotton cloths. We shall then sell
goods Ia all silver standard countries for the
sauc kind Of money. by the expenditure Of
which the goods arc produced. With that
advantage over Western Europe there Is no,h.
Ing TO prevent our vaul'ing by single bound
Into the mastery Of the worlds commerce.
which In modern times consists essentially IN
the profitable exchange Of the flashed pro
ducts of the science, skin and appliances Of
highly civilized nations for the proluris oh.
tanned by tho rude labor Of semlci,illsed
peoples, with the aid Of rich coils, bcnlgnant
suns and other natural advantages.
II this country steadily pcrsevrrr, In coin.
age OF ail,cr and II, nj some future time, which
may never come, II shall result from that
coinage and from the refusal Of Western
Europe 10 restore the old blmctalilo condI.
tons which II voluntarily aud drllbcr.
Atciy destroyed, the metallic money ~
TIL. country becomes exclusively silver. one
OF two things must happen Western Europe
must then either abandon It, gold mono.
mctaiiism or II will, by sihcring to n. trims.
fer TO us the substantial monopoly Of supply.
Ing Asia and South America With mnnufsc-
turca. which means for the commercial aud
manufaeturin. nAtions Of Europe. with their
crowded populations. not merely the loss II
prosperity, but absolute financial. political
and social ruin.
II IL not Western Europe which I. the mas.
ter Of the situation. but the United ttai--.
We have had n bi.mrtAilic currency since the
irst settlement Of America by the trnnsat.
lantic races. All our traditions are bimriai.
lie In the constitution Of our present form
Of national government, nov inurc than n
century old, bim~ialiism Il immovably TN.
bcddrd. The judgment of the country I. IN.
In favor Of continuing In the old
way. In all events No viii, By maintaining
our double standard law. make IN mankind q
standing oiicr To continue In the old way by
keeping our mint. alwAy. open W all coulers
far the raiuu r,o nf snld At tisa tnti, q. .ii..t