The herald., 1893-10-04
ANoBLE STRUGGLs-A NOTABLE
LRCTOR.


justed in the interest of the classes as
against the masses. OF one thing every
one may be assured, and that is that
the unconditional repeal OF the purchas-
ing clause of the Sherman act would
give the white metal blow from which
recovery would be hard indeed. 1t
might as we'll be understood once for all
that the enactment OF any law suspend
ing the purchase of silver, without any
compensating advantages, would at once
lead to struggle of great intensity,
which would be characterized at every
stage by dietress of poignant kind,
and that agitation would be the key
note until the great wrong had been re-
paired. Meanwhile great common
wealths would be practically annihilated,
the west and south would be reduced to
great strsights, and a universal wall of
misery would 60 up over the whole
globe. The total stock Of gold and sill
YER used as money in the world to-day
consists of 1921, ,OlS, ,S69 gold and
s., 800. .571, 346 silver.
The proposition to annihilate this
large amount OF silver money is one OF
the most revolutionary and sweeping in
abe whole financial history of the world.
By the last census of the United States
the total valuation of all kinds of prop
erty in this country WAS sixty-five bill
lions of dollars. We thus ses that the
total stock OF ali the specie money of
the entire world is only something less
than twelve per cent of the valuation of
the United States alone. With silver
absolutely demonetized the total amount
of specie money left to measure the val
ues OF the whole world would be leHs
than six per cent. of the valuations of
the United States alone. Not only is
the stock OF specie money to be thus
diminished, but the $3.S20,5 ,57l ,346 are
themselves-or at least large portion
OF them-are to be added to the values
to be measured. And all this simply
that capitalists may be enabled to en-
hance the medium in which their debts
are to be paid. When it is borne in
mind that there is only s2.5l per capita
OF gold in the world, and that the per
capita of the national debts OF the world
is 1920, the miserable inadequacy of
gold as standard Of value may be re-
allied.
That the double standard has in no
wise interfered with the development of
az exceptional national prosperity has
been shown most conclusively in the
case of France. That country has
maintained the use of gold and silver
coin without interruption, notwith-
standing the spasmodic efforts of Eng
land and Germany to establish the sim
gle gold standard everywhere. Yet,
after paying Germany one thousand
the heels of the Franco-Pruseian war,
France has more gold coin than any
other nation in the world. By a table
prepared by Mr.. Leech, dire ctor of the
United States mint, France today has
5000, 100000 in gold and $500. 900, 900 in
silver to sustain her paper currency. or a
total specie reserve, not embraced in old
stockings and caches, of $1,000. 900 900,
or over $40 per capita. To the intelli.
gent investigator Of the matter this
abundance and hexibility OF her circu-
lating medium of itself explains her un-
Raralleled prosperity. With all the
widespread empire OF Great Britain, and
although England has drawn tribute
ha k1aco III, ~ Tx,l NJ
from every cline, the United Kingdom
OF Great Britain and Ireland only pos
eessed $3.50, 900, 900 in gold and sl00, ,O00,-
600 in silver at the time when Director
Leech's table was furnished to con-
gress. Germany, which in 1871 had re-
ceived from France $1,000,000, 900 -
these impressive fgures mean within
fifty millions of dollars of the total
amount Of gold possessed now by both
the United Kingdom % Great Britain
and Ireland and Germsny-has now
only $500, 100000 OF gold and $l45. 5.000,-
600 in silver. And yet, in the face OF
this most instructive object lesson, in
which France. with all her disasters of
AOOO udO ACios han dBaih AouChON th0
head of all epecie holding countries,
both in gold and silver. we are told that
the result of throwing the influence of
the United States in favor OF bimetal-
lism would be to cause our supply of
gold to flow out Of the country, leaving
us with the silver stock Of the world on
our hands.
1t is eingular fact that the only other
nation that comes to the front with
large supply of gold is the United States,
which has coined and accredited silver.
Mr.. Leech shows that, at the date which
governed his compilation, the United
States posseated SOP, ,01S,869 in gold
and 1882, ,071 SAG in silver. Where does
England come in in this comparison?
1t is true that she 10 great creditor ma.
ton, and that she is trying to make
other nations pay her in gold. But the
only effect Of this insane policy will be
to prevent such nations and countries
as Argentina and Australia from paying
her at all. Reaching for more than her
due, she will probably receive nothing.
Small wonder that her rulers seriously
ask themselves whether her top-heayy
iron-clads, OF the Victoria pattern, will
enable her to long exact tribute from
the recacitrant nations of the earth.