The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-04-14
GOOD SILVER DOCTRINE.

luc ELuSiuCCli uut VlihibS couihu
Of New York, which is one of the best
scientific publications in this country,
has never favored the doctrine of free
silver coinage, but of late it has given
signs or realizing the need of prompt
and ehicacious action in the direction Of
bi metalism.
Contending throughout the silver dis
~cussion OF the last two years for an in
ternational agreement Of some kind, the
Journal has recently proposed a plan OF
it's own which certainly has some points
of merit about it. The TRIBUNE has al
ways held that the United States is able
to enact bi metalism and carry it through
successfully without consulting any
other power. The world must have BIZ
metalism, and we believe that it would
hail with delight IN independent stand
on the part Of the United States which
would force the other nations at once to
this inevitable step.
Nothing could more clearly prove the
worlds financial extremity at this time
than the following admissions of the
Journal in its issue of April 8. 1t says:
1t was admitted by the representatives
at Brussels, and is recognized by every
intelligent authority today. that the
threatened universal characterization of
silver and the heavy decline in its value
have caused enormous losses through
out tho world, and if continued will
bring disaster and bankruptcy on a large
part of the world. SO closely are the in
~terests of peoples knit together that the
bankruptcy of India or Mexico would be
fe.t erhaps more severely by the factory
workers and the middle classes in Eng
land than by tho natives whose present
primitive conditions of existence cannot
he greatly lowered. 1t is the Interrupt
ton Of orders for goods from these bank.
rupt people that would close the fac
tories Of Great Britain, and the inability
to pay the interest on the government
and Industrial security, held so largely
by the middle classes Of England, would
bring home to the gold basis countries
the injury so many in them now imagine
would be confined to those nations that
have only silver.
This confession from one of the most
conservative authorities in this country
is Of vast import at this time. 1t shows
that the full evil of silver decentralization
is beginning to be felt right in the camp
or India is the case of all people OF every
country who cannot acquire gold because
of its artificial value brought about by
the degradation of silver. Ii is the case
of the American people who cannot sell
their crops or pay their debts because OF
the scarcity of money and the dearness
of it, which can be traced absolutely tc
the demonstration Of silver.
The international plan proposed by
the journal is as follows:
The appointment by the nations Of an
international monetary clearing housr
with powers;
|. To ascertain, periodically, thl
amount of money, that ie, OF gold, silver
aud uncovered notes, held by each coun
try during the preceding one or two
years. These amounts to form the bash
for the proportions in which the severa
ndtionS Will Joih III thc PuiCiIa2c VI sii
yer offered.
>. TO clear every national transac
ton IN the purchase or sale of money.
3. To purchase. for common account
such IN amount of silver (say % per cen
of their holdings) from each of the sllve
basis countries as is necessary to put |
on the gold or hi metallic basis.
T.. To issue international certificates
rnIna.I =, -, ,,alI ., 4, l,,r ~ Ial1nrF
|, option, for the gold and silver purchased
j. To determine from time to tim
say at interva S of ) or 10 years, what, i
any, change in the value ratio Of gol'
and silver is called for by the changed
conditions of production.
6. TO publish the transactions of tn
monetary clearing house daily or weekly
This clearing house to be composed O
one or moro representatives of eacI
country, and to act through the mints O
the several countries as repositories, an,
to have IA central clearing house at on
of the capitals.
This is a rational scheme certainly
one of its chief advantages being tina
political or partisan prejudice woul
have no influence in determining re
suits. The plan for fixing the ratio G
value Of silver to gold is thus explained
"Thc plan is intended to solve dctinitel
. the vcxed problem to the benefit of a
and to the injury Of zone. If, as the ad
~vocates Of gold contend, the productio
4 of silver should continue excessive d
l the ratio adopted at the start, say 20 t
> |, then this expert Clearing House con
mission will make the ratio 81 to !, or j
time may keep changing slowly and b
. small amounts this ratio, until an equi
ibrium in production be establ shed
t On the other hand, if silver advances tn
d ratio is to be corr~espondingly diminishe,
, AS the journal justly observes, tn
I United States ought to have some def
mite proposition to offer on the recOi
= yening of the conference, and If an il
tcrnational agreement must needs /
made before we can have any rcli,
y from present financial pressure this pll
! . iytt u.p.n .a e, l.r; c.r anal, 60, ...,.