Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1893-04-27

uouSe plan the engineering
and Mining Journal has proposed to
take this question out of the hands of
the inexperienced aud often duped
and misled populsce, aud place it in
charge OF q permanent commission Of
experts representing the Interests of
the whole world, just as nations are
now happily accustomed to settle
differences Of opinion by leaving the
decision Is to what is right aud just
to an arbitration commission inste ad
of bsnkruptinR the weaker country by
war.
Tho plan calls for the adoption Of
bimetsllism by all countries. This il
necessary, not because it 10 proved
tina. the business of the world could
not be done by gold and paper alone;
not because gold is q less desirable
metal than silver for money-but be-
cause tho industry, prosperity and
civilization of half the world 10 built
on silver; and if We suddenly destroy
its value we bankrupt tho world; We
break up all the channels Of commerce
and industry; We set back civilization
for . century and the whole world
loses, no nation gains. What advsnt.
age is it to increase the amount OF q
debt against a bankrupt debtor?
What would the "universsl provider, F"
England gain by bankrupting oil the
nations that buy her goods or owe
her money? How infinitely cheaper
and more advantageous it would
be for her to give them of her
gold for enough of their silver to
put them all on tho bimetallic basis.
II il would be wise and prudent in
England to do this even at heavy
cost, how much more is it to her adj
vantage TO make ills purchase when
il costs her nothing, except the infini-
tesimal amount by which the relative
value of silver might be lowered by
the clearinghouse commission, should
the conditions OF production require a
change? Every nation j. benefited
BY the increasing prosperity OF the
rest OF the world, and every nation is
ultimately injured when disaster and
bankruptcy ovettake the others.
1st-The plan proposed by the En-
cheering and Mining Journal pro-
vides an absolute and permanent So
luton OF the problem. Under it the
interests of all nations will be iden-
teal; all are on the bime,allio bssis,
and all equally interested in securing
and maintaining a sound none tar.
policy 10 all countries.
2i-All the silver and gold offered
il taken-there is no surplus to de
press the market, aud TO give tive
values to tho metal.
3d-The reductions which thu
changing conditions Of production
may eventually render necessary il
: the valuo Of the white meta! would b.
! made very slowly, and in amount 81
small as to create no difficulties o
dangers to the worlds industries; ant
the loss is borne by the whole worl'
J proportionally to the holdings q
! money, and not by the individua
holder Of the coin or certificates to
the coin.
4,h-The plan is continuous an
permanent, and consequently n
) temptation, as in terminabl
arrangement, for ono nation to unloa
, during the operation of the agree
ment, in anticipation of q collapse a
its CLOSE. Under this plan the nations
like hanks in clearing house, retail
absolute independence and can d
t anything which does not endanger tn
, value of their "monev." In consider
alton Of the vest advantages whic
each nation gains by the practical il
iorsement or support OF its money b
all other nations, it can we'll relinqnis
to those other nations, that is, to tn
/ clearinghouse, the right to know an
to judge of its every transaction
the buying or selling or making {
n money.
=. II q nation should undertake
adopt what wa call "w,ld-cat" fina,
70 cial policy, it would be checked by i
q associates; and if it persisted, it woul
d have to leave the clearing hous
b Then it's credit and securities would
once deprcciate in the markets of II
world; 80 that in practice no nstio
i could afford to leave the clearing hous
II or could long prosper outside OF it.
2 With the absolute assurance Of st,
;. bility and safety in the money Of tt
:. world, the boarding which is done
- such an enormous degree by the le
J. civilized aud enlightened people
Is would cease, and all the money OF Il
10 world would become active in indu
"a try. The clearing house methot
=. would reduce tho actual transfer
y money from one nation to the other
B. the settlement of final balances, an
10 thereby vastly increase the efhcient
Of tho worlds money. Under the Of
y Grafton OF this plan the industry AT
commerce and prosperity OF Il