Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1893-05-11
SILVER


sasb Of the silver basis countries q
necessary to put it on tho gold Or bi
metallic basis.
1. To issue international cert,
6sasss, redsemable in gold or silver
q holders option, for the gold an'
silver purchased.
S. To determine from time to tim
what, If any, change in the value rati'
Of gold and silver 10 called for BY tn
changed conditions Of production.
6. To publisd the transactions o
tbe clearing house periodically.
This clearing house to be composed
Of one or moro representatives Of eaol
country and to act through the miot'
ofthe seveeA countries Is repositories
and to have central clearing house
st ono Of the capitals.
At this arrangement each nation
setsins absolute independence oi
kaction, hat it gives 70 its associates in
the clearing house-just - does Z
bank 10 tho clearing house-the right
to pass judgnent upon its monetary
transactions, and if these are deemed
By ito associates to endanger the Sc
curity ADD value of that nations
money, it must either conform 70 the
decision of its associates or leave the
clearing house. While it is in the
clearing house it mast. like . bank,
conform to its rules in it's buying,
selling or making Of money. The
tact that nation is in the Interna-
tional Monetary Clearing House is a
guarantee Of the soundness of its
money, and should it leave the clear.
eng house the value Of it's money and
other securities would certainly be i'm
paired in public estimation. No
nation could agord to stand out of the
clearing house. so great would DO the
advantages it would gain in il.
It is absolutely necessary that every
moaetary transaction be reported to
or cleared BY tho clearing house, in
order that there may be perfect hon.
ssty among the nations, and know
ledge in the clearing house of all the
facts.
After tho FIRST purchase Of silver
needed to put all on the bimetallic
basis, al the silver and gold offered
would be purchased Through the GUS
somary channels (.he mints) for
account Of the clearing house and tho
metals, or the clearing house certi6-
oates representing them, would be
delivered pro rata to the nations which
had applied for each; or if surplus
were uncalled for, it might be ap.
portioned to tho several nations
according to the amount of thei,
money At the time.
The working details of the plan can
be elaborated By the clearing house
commission much more wisely and
Justly than by any one nation alone.
Ne unjust or unfair arrangement could
secure the sssent Of majority of such
. commission.
Should the condition Of production
ratio between gold and silver require
t. the value ratio would be changed
By the clear;ag house slowly aud BY
very small amounts until an equil,b-
rum were brought about. The Loss
woald thus be distributed over the
whole world according to tho holding
OF money, and would not fall on the
individual holder of tho coin OF Ger
ti6eate. There could be no panic, nc
disturbance Of industry OF commerce
gold and silver would be every where
excha"gabls according to the fac,
value Of the certificate, which woult
not specify ono TO the exclusion Of tn,
other; though the clearing hous'
could no doubt require holders OF Ger
s'neeses to take both N etals IN certai.
proportions il occasion required.
No plan can possibly be durable O
'aoes''fnl which limits the amount o
so'd or silver to be taken. tn,
smallest surplus would always regu
'sss the market and the mere sntici
Ps''on OF . surplus would disturb tn,
Working Of the plan. Neither ca,