The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-09-08
A COSTLY ERROR.

There is now little doubt that the silver
purchase law will be repealed: and IL IL is
II will never be re-enacted. for it Is not con-
celvabie that the people will soon forget
the cost of this silver delusion that has
plagued us since 1878 The cost of this
silver purchase and coinage policy since
February. 1878. has been about four hun
dred million of dollars to the American
people. Its presumptive obliteration has
brought calamity. transiently at least.
upon the silver mining states. This is a
tremendous cost to pay for error, and yet
IL we go back to the debate of February,
1878, over the Bland Allison act we shall
find Democratic Senator Bayard in his
speech against that measure solemnly
warning Democratic Senator Thurman
that except on the platform of an inter-
national agreement with Europe the
United States could not afford TO attempt
to sustain the double standard against the
world.
The ablest minds in both parties who
had studied the subject both in Europe
and America predicted exactly what has
happened. The bi-metallists of Europe ali
warned the United States that independ-
ent hi-metallism was only playing into
the hands of England and mono-metal-
lism and that the only way to make Eng
land consent to international bi-metallism
was to stop the further compulsory pur-
chase and coinage Of silver.
II has taken the American people fifteen
years to be educated by experience. reaec-
ton and aiiiiction up to the level OF Tiiden,
Bayard, John Sherman and Justin $. Nor
rill, aud II has cost rs over 500. 600, 600.
But the lesson is learned at last, once for
ali. and with the repeal Of the silver pur.
chase law we are done with all danger of
free silver coinage for the future, save on
tho basis Of international bi-metAllism.
What England has been doing since IsI6.
when she abolished the silver standard
and established the mono-metallc stand
ard, is described as follows by Paul +.
Mohr in his plea for temporary national
gold recommendation the only bridge to in
ternAiional bi-metallism."
''She said, in effect: All Won other na.
tons play with silver counters. or with
4
play with gold enes aione: AT the end of
The game l will cash in nv counters az
snch rates IN yours as | please aud ex-
change them into the commodities you
own 90 such ratios as may suit me best;
anu IN the meantime | vlu regulate the
rate OF exchange from London.
"Whsn Germany became unified. and
strengthened herself At the expense OF
France. she insisted upon standing IN
with England, and did stand in on the
sole yellow chip basis. Then France.
getting tired Of its own philanthropy,
said; While we win play with doubse.
standard nations with donhle-stanaara
counters. No sill play With ssngie-standard
natIons only With yellow ones. As long
as there is sn important country leit which
Vilt play with England by auequai rules
she Ni!i PERSIST. The moment she ceases
10 be able 10 convert her yellow counters
lnto white ones ani make the others take
ihem IN exchange for commodities az
prices Of her own 'axtng and at rates OF
exchange OF her Own making. her rules
viii eecerne Use. sss anu she wall bc ready
90 drop then.
hat are Se Eoing 20 do about IS
MsHitest}y the Only thing 10 do 10 To
stand IA vita EuglSnd's game. play the
International game 81 commerce hy her
rales, become co'apetitor for the words
god loln ihe other cations which pre-
ce'ied as ami sf re on = gold basis. Of
course, IKE trust 90 peos which desires
10 bF3AE a Uacsiu9s concern within the
rms. We mus make Eagsana lose. We
&Te siTanE euogga 20 do IL wish ths heln
~ oar disposal TIE nitea states must
demoneiise SILVER in oE5cs 10 Temonessse
u. kagsano. waieh has stood out ~ every
monetary conference must rlea3 for Ia
tefsasAohal el-Ese;AliIsm before IL viii be
established.
feuaing this, 20 make che silver dollar
sai'asi'eS legal tender st an arbitrary raj.
So4!a cause eur sold 70 leave eur shores
- tie operation Of the aaw % Gresham: