The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-07-05
BI-MET ALLISM.
AN HISTORICAL REVIEW.

AN HISTORICAL REVIEW.
An Interesting Article, that Every
one Should Read.
BY G. NJ. G.
Is it desirable to revert to the sys-
tenn which prevailed prior to 1873, un-
der the effects of which commercial
and industrial pre-eminence was at
tanned? That is the knOttiest propo-
1sition of them all. can find no dec
laration against the opinion that
general agreement on the part OF
Europe and America to restore the
free coinage of silver at the old ratio
would retrieve and maintain it's
price. We have seen in the days OF
the Latin Union that a not more
than important part Of Europe held,
like Jim Bludso, cher nozzle agin
the bank" against England's mighty
power. Why could not the influence
of these great United States, as we
are fond of saying, assist, nay COM
pei, the restoration of silver to it's
world-old place. If expensive metal
is to be used to the end of time as an
instrument of exchange, then gold
alone will not suffice for the needs of
the world. Mr.. Chaplin says that if
bi-metallism were adopted he would
be content to take aUhatever aCas the
market ratio on the day echem the 'aeces-
sa4y measures became la,o, (the italics
are mine) and he thinks he knows
what that would be. But the mos
ment we propose to retrace our steps
by opening the minis and making
silver, as we'll as gold, legal tender,
we are confronted with double out
cry. First, we are told that with the
great production of silver it would be
impossible to maintain the old ratio.
Can this be, in face of the fact that
the addition of the worlds yearly
product of silver is very small per-
centage of the worlds store of silver,
UIlC VI OOAUu1lOOs
Statistics tell us (MulhalD that dur
ing 500 years 7,435 million dollars
worth, have been produced In 1890
the world produced 1863 million dol
lars worth, 1-5Oth of the total product
of 500 years. What proportion of the
total silver bulk this product of 1890
is, including what there may be yet
remaining of the silver of the Egyp-
tianS, Carthaginians and Assyriains,
I am sure don't know. Increasing
population and extending industrial
arts ought to take their share of the
yearly production. The ''deluge of
silver" is bugaboo. 1t rests with
the opponents of silver to show what
are the circumstances of to-day
which we're not also in operation be-
fore the year 1873, which render nm
possible to-day what was done with
perfect and complete success prior to
that time.
The second outcry is that we
should be inficting great injustice
on the creditor class. Well, that's
frank. That is getting down to a
fight in the open. And the creditor
class is the same class to which we
are indebted for the present situa-
ton, and is the same class who pro-
pose to maintain existing conditions,
or worse. No retrogressiOn for them.
1t will be vastly more difficult to con-
trolsgold and, silver than gold or sill
yer and they don't propose to try to
do so, if they can help it. Now the
cry is-our gold has not appreciated
in value in consequence of these
monetary changes, it is your silver
that has become. almost worthless.
If that is sO what harm to gold if
silver could be restored? It will but
raise the silver men up on the plat
form with the gold men. God-fear-
ing, man-loving, virtuous, patriotic
men ought not object to that. If in
justice may be done, and I am far
from admitting it, to the creditors,
what is to be said of the debtors who
have been suffering all these years
from the effects of mistaken legisla-
ton.
In the United States mistaken leg
islation is traceable to the people
themselves and they are deserving of
scant sympathy. For instance, it is
possible that the action of the COM
ing congress upon the monetary
questions of the day may have some
relation to the distribution of FEEDER
al patronage. l do not say it will be
so, but such influences are not un-
known in American life.
Our standard of value has appreci-S
ated in 20 years to the. extent of some
80 per cent already; and no one can
assign limit to its further apprecia-
ton. Prices have fallen heavily and
may be expected to continue to fall
in the future. In Chicago last Fri