The herald., 1893-11-10
HOW TO RESTORE SILVER.

We need not be astonished il the &C.
ton of the Russian government to re-
place its small paper money in circula-
tion by subsidiary silver coin should
have tendency to increase the price of
the white metal for time. The Russian
government will require to coin about
$3.50, 600, 900 OF small coins in order to
supply the amount required to take the
place of small bills. But that amount
of silver withdrawn from the dead bull
lion in the vaults OF the world cannot
make any permanent impression on the
silver market. Nothing but a general
restoration OF bimetallism in it's broad
est sense would place the price of the
white metal where it belongs. If it is
impossible to draw Great Britain into
an international league to restore silver
to it's legitimate place as money metal,
then the United States and the Mexican
and South American republics ought to
form coalition to restore practical BIZ
metallism.
This continent has more at stake, and
is suffering greater losses by the de-
monetization of silver than any other
part Of the world excepting, perhaps,
India. Mexico is now called upon to
pay sl.75 for every dollar che owes, and
it is announced that che cannot meet
the interest on her debt, which must be
paid In gold, under the difficulties the
demonetization in the creditor countries
has brought about. As it is in Mexico
SO it is in all the South American re-
publics. 1t is impossible to shut ones
eyes to the fact that either these public
debts and the interest must be paid in
silver or repudiation will become newt
able. In that event who will suffer?
England, which is the great creditor
nation, will find the obligations due her,
and which she had counted upon being
paid in gold, greatly DEPRECATED in
value. The distress this must necessa-
rily bring to the great diversity of people
who hold these securities. will be apt to
create widespread CONSERVATION in
Great Britain. When to this is added
the suffering which demonetization of
silver in India is causing and will cause,
involving a serious reaction upon the
English houses and industries doing
business with that country, we may well
ask the question whether England can
afford to continue its antisilver policy?
National bankruptcy may be avoided by
timely change Of that policy, but it ia
ae inevitable as death if it be persist
ed in.
The quickest way to bring European
monometallists to terms would be for
the governments of this continent to
form a comprehensive league for
the rehabilitation of silver. By this
means they would go strengthen each
other in their object of maintaining the
parity of both metals. that none of the
strong European powers would dare to
overawe or coerce the South American
republics in detail.
AS stroke Of commercial policy the
formation of such league would even
tually be of inestimable advantage to
tHc OHltCd 1ho AAOilCnh lC-
publics would do their business, which
they now transact with the gold-stan-
dard countries OF Europe. with the
double-standard countries of this CONT
nent. 1t would then be seen by the
single standard statesmen of Europe
that in their greed they had overreached
themselves, and the pressure from with
in would be go great that they would be
compelled to come around toihe policy
of the bi-metallists.
Another result of such league as we
have limited at above. would be the es-
tablshment OF an international Ameri-
can coin that would circulate as freely
in Santiago and the city of the Monte
zumas as in New York and Los Angeles.
Who can doubt that commerce would
not also follow freely the channels
whore the international coin would cir
culate? How long, under such condi-
tion, would it take the United States to
supplant European commerce in all the
South American republics?
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