Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1893-05-18
Cniversal Bimetallism and Q Monetary
Clear1uG House,

Universal Bimstailism and . Monetary
Clearing House.
n. 2. Engineering ard Mining Journal)
Tho Australian papers have COM
menoed . discussion OF bimetallism,
and Of the clearing house plan pro-
posed by tho Engineering and Mining
Journal. We have received many
letters from that country. - indeed
from almost oil other countries, favor
ing this plan. Wherever it has re-
oeived careful attention, It seems to
meet with approval. the most common
objection urged being that some OF
the nations may not be willing to
adopt it on the assumption that it
would be moro beneficial to some
one else, and still others might object
because the supervision which I'll
Gearing house would exercise over,
and the Knowledge the whole world
would have OF, their money transao-
tiens. would render it impossible to
prepare secretly large funds with
which to wage war against their
neighbors.
This last difficulty is quite true, but
the world does not want war, and the
disputes between nations can be moro
justly, satisfactorily and economically
settled by arbitration than by war.
As to the other objection. the
adoption OF the plan will certainly
benefit every nation, though it will
also undoubtedly benefit most those
which manufacture most for the silver
basis countries, aud which are their
largest creditors. 1t would benefit
the United States less than other
countries because We have but . small
export trade to tho silver countries
and hold mono of their securities, and
being tho largest holder of money Of
all the great nations We would, undeI
the plan, be the heaviest purchaser Of
silver.
i The advantages which the adoption
of this plan would bring to each
nation, and to the whole world, in the
stability and value it would give t.
tho worlds money, in the vast ane
lnoalculable impetus it would give t
industrial enterprises everywhere. i,
, the closes knitting together of thu
, interests Of mankind. rendering tn
| maintenance OF peaoe easier and tn
making of war more difficult, and il
the betterment it would bring to tn,
people of the whole world, so iniinitel
. outweigh the petty sacrifice of nations
Q vanity involved in relinquishing TO Il
o international monetary clearing hous
: the right of Judgment as to what
unsafe in creating national mone
that no one could seriously discuss il
All the great civilized nations hav
settled BY arbitration internations
. disputes OF much greater diGcu!t
!! and involving much more serious cor
sequences than are inherent in thi
/. silver problem. Why, then. canno
;. tho solution of this question be left ,
% the adjudication of this information,
70 commission? Surely tho decision c
!. such . permanent board of expert
n representing the interests Of the who
world. would be more just and wiz
than would probably be the decisic
y, of any ono nation interested in IN
> direction or another.
- The question to be settled is nj
n whether gold is or is not . be,t'
II money metal than silver. OF wheth,
II the gold in existence is sufficient ,
carry on the business of the worl,
It is primarily whether tho il
!" dustry and commerce of Il
n world shall be disturbed or j
. great measure destroyed by tt
sudden destruction of the int
national value Of the money of two
thirds of the world, to tho advantaa
q of no one, or that the nations sha
unite-without loss to any-to su,
pert and improve the money of thel
countries by adopting . permanes
l. solution which provides q stab
in money for the world, and which il y,
). so flexible as to meet. without . pan
or danger, tho changing conditions {
production OF the money metals.
D. Tho advocates Of silver, Is we'll ,
ii those Of gold, claim only what the
believe just. II silver is not great
overproduced at the ratio of l6 or
y to l of gold then this ratio will
E. maintained and everyone will be "a
8 is6ed. II, on the other hand. as II
gold advocates contend, the produotio
of silver should 20 greatly increase Z
to endsnger tho stability ofthe world
bimetsllio basis then the ratio will /