The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-07-26
SILVER NEWS OPPORTUNITY.

If the silver men of the United States
have intelligence enough to know their
opportunity they can speedily bring
about a restoration of the double stand
ard by urging forward the unconditional
repeal of the Sherman law. This will
seem absurd to many at first, but little
consideration will show that it is not.
The great obstacle in the way of inter
national agreement on silver coinage has
been England, but England has now put
herself in a trap by forcing a gold stand
ard in India and agreeing to redeem the
rupee at the rate of Is 4d. The story of
the result of that action is told by the
press dispatches thus: THE confusion of
ed generally as complete. and it battles
the skill of the best financial authorities
in London to construct a method from
the fragmentary facts at hand. The con-
Indian council has committed a gigantic
blunder. On the stock exchange the
council is believed to have got itself in
the worst muddle that any reputable
government ever gathered round it. The
shrinkage of values on the stock ex-
change in consequence of India's action
is estimated to have been already $780,
100000. The loss to commerce has been
incalculable"
At the same time the British financial
papers, which have heretofore opposed
international bimetallism, have aban-
doned their ground and "are discussing
favorably the project of an international
agreement as the best way out of the
trouble AS a basis of the agreement
they suggest the free coinage of silver at
the ratio of 20 to l." The rea-
bitrary value fixed on the rupee makes
its coin ratio about to p, but the sub
sequent decline makes it's market value
ratio about to 20. In other words, instead
of being worth Is Adj, the silver in the
rupee is worth now about Is Id. and En-
glsh bankers realize that England has
taken on herself the maintenance at a
premium over actual market value of
wonder that English sentiment is be-
ginning to call for relief from this situa-
ton, but there is no permanent relief
that can be obtained except by an inter
national agreement that will fix a ratio
of equality between gold and silver coin.
Under the circumstances, our policy
would seem clearly to be to force England
on. The more silver depreciates the more
cape from her situation, and the more
ready she will be to agree to bimetalnc
coinage at a reasonable ratio. II we
stop the purchase of silver now COM
PEELED by the Sherman bill unquestion-
ably there will be still further decline
in silver. and we will be in a better posi-
ton to bring England to terms. The
United States can lose nothing by 1t.
The greater part of the silver coin for
which she is responsible is already in
her treasury vaults, and most of the sill
yer bullion in the country is there also
On Jan. 1. 1898. there were in the u. s.
treasury 1856, O54 ,049 in silver dollars and
$50. 1925. 1886 in circulation. and 500. s24 22o of
silver bullion. as against s637,S79 outside
the treasury. A temporary depreciation
of this stock can do no harm, and the
subsequent advance, when international
bimetallism is agreed upon. will give a
handsome profit TO the government. This
country is in better shape than any other
to force a temporary decline in silver
and an ultimate return to universal free