Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1893-09-13
The Battle Of the Standards.

The Press has already asked the ques-
ton. After the repeal of the purchas-
ing clause of the Sherman law what
them What does the administration
propose in the way of constructive leg
islation? Sound financial men will not
look with favor upon the various propo-
sitions, which apparently emanate from
the Treasury Department, looking to
the repeal of the 10 per cent State
bank tax and the issuance of currency,
under government supervision, by State
banks. Certainly such schemes as these
will not satisfy the honest bimetalists
and redeem the pledges of the Republi-
can party to keep gold aud silver at
parity. Stoppage of the purchase of
silver will not provide settlement of
the silver controversy. 1t simply clears
the way to fair discussion of the ques-
ton. The real issue between bimetal-
ism and gold mono-metalism remains.
This contest will be severe and the re-
suit momentous.
Within the next few few years it is
to be determined if the civilized world
is to abandon silver as l. asure of
value, and to follow the Iced of Eng
land in an effort to base the values of
all property upon, and conduct the
operations of commerce with, the single
metal, gold. When observation is
made of the gigantic forces arrayed
upon the side of gold mopometalism,
and of the tremendous interests that
are menaced with harm by such
policy, it is not difficult to determine
that the battle will be fierce and long,
and that victory will not easily be won
by either contestant.
The interest of this country in the
struggle may be said to lie to a large
extent upon the side of bimetalism.
We are the greatest of all the producers
of silver. About 40 per cent. of the
world s supply of the metal comes from
our mines. We must therefore gain
special adv antage from restoration of
silver to its ancient place as the co-or-
dinate of gold. All Asia, and nearly,
if not quite, all Latin America, have
but one money metal, and that is silver.
On the West we face Asia as we face
Europe on the East, and Latin America
is within our hemisphere, with trade
that is certain to be mastered by us if
we act wisely. No gold monOmetalic
nation can maintain commercial rela-
tions with silver monometallic nations
so easily as the latter can trade with
one another, or with a nation which
maintains silver and gold upon parity.
If all hope of divergence from the gold
standard shall disappear, the possibility
that we can overthrow British suprem-
acy in the silver using nations will also
disappear. Englishmen have not failed
to appreciate this fact; and it may per-
haps account partly for their strong
eagerness that we shall abandon silver.
Complete rejection of silver means
the permanent appreciation of gold.
As gold goes up-as it has been going
up almost without intermission for
twenty years-the prices of staple COM
modities decline. Wheat, cotton, Pc
troleum and silver have declined in
value principally because the standard
by which they are measured has ad.
vsnced. Wheat has fallen from 81 sc
to about so cents bushel, not because
wheat is produced in excess, for it il
not, but because gold has 80 advanced
that more wheat is required to buy
gold. To whose advantage is this de-
preston of prices9 England produces
no cotton, no silver, no petroleum, and
not half enough wheat to feed her peo
pie. We are the chief of all the pro
ducers of these materials. Thus tn,
predominauce of British gold mono
metallism has supplied British mill
with cheap cotton, British workmer