The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-26

cheauer of Mr. Glndstone's Government as "a
! burly CRUISER who knows as much ap3pt
coinage and rnrrencies as John sullivan. lie
And il is, this Finance Minister who directs
/" the gold sovereign Of Tower Hin. T,w9nid
myself accept tho idea that the Anglo. milan u.
mEa;es m ,S S e iha oneary drama
instead Of the fourth. Great Britain. defeated
Re renewal OF the parity Of Eoa and rs silver r a.
ain defeated the renewal Of the parity Of gold
and silver at the mon etary, conference, OF 1891
partly Of goid and silver at the brussels mono.
tary. conference Of 1892; Grent Britain now.
Hnr ip pe sSoi to prevent roRewsl Of The
parity OF gold and silver by the United states
IND c II steae be az
monetary pu,ists, may LOOK ike rious imt 20
review OF the successive acts OF the monetary
drama. n statesman OF sense viii doubt not
through tho ages one Increasing purpose
admit for | affirm, that the British new.
ignorant. insnlNr weak mindod theory. like
their theory OF taxation, without representa-
ton heIorc ~ lko their theory Of impress re;
before lNl2 like their theory Of irresponsiblee
naval Intervention TO assist tho disunion Of
s sa Sia "%r n'iSt th eS oi is
will hn observed from what has already been
metallism which existed prior TO 1873. 1t has
I%s in he other
that the country has tried tho experiment or
silver coinage. and that 1t has proved failure.
and that thei c'ore we should now return to a
gold standard
The country has not tried free coin al e since
II was unwlttingy nhan doncd In 1873. but 1t
has tried limit cd and restricted coinage. 81! :
yer purchases. the accumulation OF silver bui-
lion, and a Deprecated currency. all Of which
I'm country
mrtnlsts through miserable compromises OBJ
taincd from. silver money "
ye HS Been n0s arrileiF This sreat and rrowins
country Of ours needs II much larger circuln-
world. 1t Will not answer to compare the
needs Of our nation In this regard with the old.
where tho wealth is largely controlled by a few
families. The insuficiency. Of our present
volume Of currency seems to 6n eyerywhesTre
system under, which that deficiency can be
Tie proposition now before Congress to al
low Tho national banks to increase their CIR,
tho "ucome Of
desire Tor an increase Of the currency. the In
sulllc,ency, Of which has been made plainly
proposition Of itself there is little objection;
yet it is strange spectacle which is presented
for such increase at the present juncture are
usually holding up their hands In holy horror
ncrea soe OF Tho an in.
crease OF silver money-as imitation" when
in r,h Goi syeI and G Da, are money metals
OPPOSED TO AN INCREASE OF RATIO.
do not propose to discuss to any extent the
matter OF ratios. because do not regard that
M m %h es GH o sn
have been deli nitely settled. then the opnor.
tanity will be rro for the opening up q that
subject There have always been conflicting
views in regard to the proper ratio which
ought to prevail between the two great money
invite such ,h' differences at period when It is
not the, precise ratio which is at stake. but
when the Whole % emetssm is as
differ with those good friends who seem to
regard the question OF ratio as one OF the
consequence Of any OF the questions which are
incident to tho monetary problem.
the feasibility o: which at the present. is OF
great doubt. 1t should net be enlarged. but
apona H Ind ra a at w sG the s sysr
union were coined. 1realize that that is not
where said that the ratio should DO increased.
SO that there shall be more silver In our silver
would he obviated. Ihaye hoard Intelligent
WsSa e s ssfssJ fvs F5 ss and
and superficial view OF a great problem. which
fer its solution depends little upon mere
An enlargement OF the. ratio BY this country
involves the recoinage OF nearly al our silver
tlrement. which would be disastrous. while a
reduction Of the ratio to III, p. would enable us
10 q sa@e ane as ose Of
COUNTRIES 1t is evident under existing condi.
tons no S9%ndtr Se T at
thing. We should hold out, an inducement 70
in st cad Of q loss, and that can only he accom-
rllshed by reducing the ratio to their stan.
take sensible and practical view Of the ratio
question and recollect that all changes OF pol-
ley should be carefully avoided. except for the
most imperative and pressing causes. 1t is not
the quantity OF silver in a yer coin piece that
absolutely determines its value,it is tho legal
trade dollar contained considerably more
grai ns Of silver than did the. standard dollar.
soon became worth only what its bullion was
worth in the market. Our silver half dollars
s0 in a1s as ana pshsr 10
our silver ten-cent pieces; and yet evory-
where ton dimes and two hall dollars are in
Interchangeable for each other and for a silver
were intrinsically" equal, i i may use that
term; or equal in the market because they are
equal to each other by law. and are legal
tender.
CRITICISM OF TIE PRESIDENTS MESSAGE.
III bsliev ed for one moment that the repeal
LImetaiism. and would be the means Of plac-
ing or tending to place the country upon
single gold standard, should never vote for
it. but would as earnestly oppose 1t as am
now favoring it.
1t is said that the Presidents message. BY
Its significant omissions and especially In its
closing limos. contemplates the establishment
OF q gold standard as the policy OF the country.
aud looks upon tho repeal of tho Sherman Law
MS m cans to that end. 1t 10 to be regretted
that the President WAS not moro xplicit in his
last utterances. He expressly advised the re-
peal Of tho Sherman law. and then urged other
Legislation AS desirable. bat hs left the exact
nature thereof in doubt.
the provisions Of the Democratic national
platform in favor OF double standard. and in
view Of the weIl-known opinions OF a large
majority OF his own party In Congress. would
have at least spoken n kind or encouraging
word In behalf OF return to bimetallism. 1t
would certainly have made the path OF repeal
an easier one. AMI prevented much miscon-
struction and bitterness. But while ] regard
such omissions as unfortunate. and while con-
ceding that II Is not easy to reconcile tho clos
ing words Of his message with desire for tho
establishment OF q double standard. yet | am
not disposed to accept such u construction OF
them until further evidence Of his adverse in
tcntous has boon mani Tested. IL he really in
tcnded us to understa nd that he proposed here
after to favor the policy ola single gold stand
ard. then must absolutely decline to follow
him in his new departure. ! shall refuse to