The Lamar register., 1893-09-02

comparison, and as fairly. representing, .f
that time, the existing stock of gold and sii-
yer In the world, we find, II we take the estt-
mate OF the Monetary Commission, that the
combined mass of the two metals has, in tAs
past twenty years, increased 36.S per cent
Is it not remarkable that the increase in The
value of the combined mass Of the Two metAls
corresponds In ratio SO closely with the we'll
known fall In pricesi
II, however, we should pursue the second
alternative to-wit, adopt free coinage OF all
yer, we are told by mono-metaliists that IL
would bring us at once to silver basis alone,
that our gold would be driven away, and that
silver would be the only actual standard OF
value. Even II this consequence should en-
sue, 1t would bring about less hardshps 10
the masses OF the people and to the great
commercial and industrial interests Of the
country, than the other process. But it can
be said with almost absolute certainty, that
such results would not follow.
Among the various facts which furnish,
strong reason for saying that the United
States would not, as has been often urged,
become the dumping ground" of the worlds
silver, In the event of its independent ado,,-
tion Of free coinage, are the following:
Because there is very little silver In the
world that is not either already used in the
arts, or incorporated into the coinage of the
various countries.
Because the rise in price, effected by the
ratio SO established, would affect all the
world alike, and there would be little, II any,
more inducement to send silver TO the United
States than to other countries in which its
use is required.
| Because such rise in gold value of silver
would not diminish the demand for or the use,
of silver in sllver-using countries, such rs
/ India, China, Mexico and the Straits Settle
ments.
Because the great mass of subsidiary silver
coinage of Europe circulates (and is needed
/ for circulation) at a value In excess of the
American ratio, and, therefore, would not be
sent to the United States.
Because as shown by the relative supply OF
| gold and silver, the silver product advances
no more rapidly than the demands for silver
for monetary use advance.
| II the United States should now adopt BIZ
/ metallism at fixed statutory ratio rs it's
definite policy, IL is almost certain that the
government of India would return to the free
| coinage of silver, and it Is reasonable to sup
pose that the efforts SO long and so frequent
| ly made, for an international agreed ratio,
will be renewed and be successful.
No change should be made In the Ameri-
can ratio. To change the ratio would mean
the re-coinage of all our gold coins, or of all
our silver dollars, and during the process OF
taking up the old coins and getting the new
coins into circulation great confusion and
trouble would ensue. There is no necessity
of change of ratio, for the ratio of l6 TO
can be as easily maintained for the reasons
already urged as can any other ratio.
The relative supply of the two metals In
the existing stock Is more favorable to the
maintenance of this or higher ratio than il
was in 1872 aud before, when ratio OF lsj<
TO was easily maintained in Europe