The DeLamar nugget. [volume] (DeLamar, Idaho) 1891-1900, 1893-10-07
why England Wantsla Gold Standard

why GuBthuu " aAeeio oVAu CeanuH4u'
II such thing should ever happen ~
the discovery and opening up OF new
and extensive gold fields in any part Of
this country, and simultaneously the
Weld of our silver mines should be
greatly diminished it would be at once
safe to predict that England would cease
to head a single gold standard move
ment. She would either come on to the
double standard platform, or, which 10
more probable, she would head new
movement for the demonstration OF
gold. She would certainly take this
latter course if it appeared that gold was
going to become the more abundant and
silver the scarcer-hence the dearer-
metal. Her policy would not essen
TALLY change with this apparent change
wants always to have debts paid in the
scarcest and dearest money. Gold just
now is scarcest it has been getting
scarcer every year for many years past.
The scarcer it gets the closer England
will stick to the gold standard. Let the
annual silver output decrease and new
gold mines be iscovered-especially il
they were found in the United States
and England would soon be the rankest
single standard country in the world.
Were the conditions of mine owner
,h; xoxarsa1 or1 A,,,ar;oo xyoo r;ob N
gold mines and Australia in silver
mines. England would abandon the
gold and insist on the silver standard of
value in double-quick time. This is
not merely speculative opinion it is
belief based on W hat has actually hap
pened in time past.
1t is matter of historical record that
when the Californian gold discoveries
were made the creditor classes of Eu-
rope-the same who are now clamoring
for the single gold standard-took the
setting up silver as the single standard
of values. DeQuincey wrote q famous
treaties to prove that California and Aus
tralia were going to pour out $3.50, 000,-
600 worth of gold yearly for an inde6-
mite period and gut the world With the
yellow metal. NJ. Chevaier, in France,
openly and earnestly advocated the de-
monetization of gold and the adoption
of silver as the only measure of all val
ues, including that of gold.
In 1857 the German States and Aus
tria, practically the whole Of Central
Europe, did demonetze gold and set up
silver as the monarch of metals and the
arbiter of all trade exchanges But En-
gland, which had started out in 1916 to
put the world on gold basis, did not
join the silver standard movement of
Central Europe, because her economists
believed that in the run of fifty years
the new gold discoveries would be bal
anced by new silver discoveries, and
that by sticking to the gold standard
and refusing to recognize silver the same
thing would be accomplished as by
striking down gold and setting up sill.
ver-namely, the shrinkage of the total
value of metallic money, and, as con-
sequence, the appreciation of debts and
the depreciation of debt-paying re-
eources.
The event has justified the superior
wisdom of the Lombard street vultnre
over his brother vultures of the Euro
pean continent. The pendulum of album
dance has swung back from gold to sill
yer, and with the yearly gold supply
steadily declining and the demand for
it steadily increasing the creditor classes
see that Engiand's instinct was correct,
and they are all to-day for the gold
standard.-N Y. Recorder.