The advocate and Topeka tribune., 1893-02-01
MONETARY COMMISSION.
Report Of the United States Monetary
Commission, Appointed by Act Of Con-
gesS August Is, 1879.
NO XXI.
Conclusions Continued.

1t is not possible, therefore, to draw
from that historical example much to
enGghten us as to the proper policy to
be now pursued by the United States.
The commission have been able to arrive
at only the one single conclusion, that
resumption in this country is not prac-
ticable under the circumstances, until
the existing laws making gold the sole
metallic legal tender are repealed. Re-
sumption, while those laws remain in
force, is the establishment OF an exclu-
sive gold standard in the United States,
just rs English resumption in 1921 gave
effect to the English gold law Of 1916.
That the two precious metals together
are adequate to maintain existing prices
is made at least doubtful by the fact
that so many countries have abandoned
coin payments within recent years, and
have resorted to paper money. The
total inadequacy of gold alone is sppsr
ent. Germany, Great Britain and France
are the only countries in the world which
have any considerable quantity Of it,
and the maximum estimates Of the sg-
gregate amount they have in coin and
bars will not exceed 81, ,300,000,0OO. tits
not suggested that there are any avail
able and disposable quantities elsewhere.
In the opinion of the commission, the
total quantities in the western world
are much exaggerated in the average
estimates of statisticiRns.
Germany commenced it's march (not
yet completely to single gold standard
unem bsrrassed by national debt or for
eign debt Of any kind, and with tribute
exacted from France of $1,0000O0,000.
II the German movement, under these
favoring circumstances, has resulted in
such great commercial disturbance and
such general distress, it can scarcely be
estimated what financial disasters will
befall this country if it shall persist in a
similar movement under the weight of
enormous debts, public and private. In
the opinion of the commission, the re-
monetization Of silver is q measure
essential to specie payments and may
make such payments practicable. Both
gold and silver are found in our own
territory, and their production is among
the most important of our industries,
and both are needed and in the fullest
measure, to render the resumption OF
specie payments possible. The problem
Of resumption is not an easy one under
any conditions, but the energies Of the
American people may be found equal to
it, if they are not deprived Of one-half Of
their ancient and constitutional money.
The commission believe that the re-
monetization of silver in this country
will have q powerful influence in pre-
venting, and probably will prevent the
demonetization Of silver in France and in
other European countries in which the
double standard is still legally and
theoretically maintained. But if, not
withstanding reconciliation here, fur
ther European demonetizstion shall take
place, the result for US will be an advan-
tsgeouS exchange of commodities which
we can spare, for money which we need.
The silver of Europe, disposabIe in the
event of further demonetization of it on
that continent, will come to US, if at all,