The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-09-19
SILVER.


tally England, by anything we can say to
them to adopt the bimetallic standard?
We should first look to the motive that
induced them to exclude silver and then
consider whether there is anything in their
present attitude showing, or even tending
to show, that they are not now influenced
by the same motive.
The object which the European states had
In view and the reason that inspired them
in excluding of the metals from the
money stock are clearly stated in the fol-
lowing extract from the official resume of
the proceedings Of the monetary commits
sion held in Paris in 1869 and found on page
l6 of the report of our monetary commission
created by congress Aug Is, 1876.
After stating the effect of the inflow of
these metals into the worlds money stock
since 1S47 in reducing the value purchas
ing power of money, it proceeds: ut is diff
ficult to estimate exactly what the diminu-
tlOn is, but whatever it may be 1T demands
the attention Of governments, because it
affects unfavorably all that portion of the
population whose income remaining NOM
inally the same, undergoes yearly diminu-
ton OF it's purchasing power. AS govern
ments control the weight and standard OF
money they ought, so far as possible to
assure it's value, and, as it is admitted that
the tendency of the metals is to depreciate,
this tendency should be arrested by demone
tizing one of Them
The inflow of gold was then declining,
and because of the impending superabun-
dance of silver these European states al
most simultaneously with this country
threw silver out; otherwise they would
have thrown gold out and retained silver,
as the German states and Austria did in
1857. The nations of Europe should be
viewed many individuals under no
other restraint than that imposed by opin
ions current among them. These opinions
are such as obtain among the ruling classes.
Little or no attention is paid to the senti-
mentS of the common people masses.
Inc greater and more influential portion OF
the ruling classes are what Edward Burke
calls 1.-The pensioners of labor" viz, the
creditor class and those who live upon fixed
incomes. 1t was for their interest that
money should be made as valuable as pos
sible. 1t was to accomplish this object that
they cast silver out of the money stock
They have little no sympathy with re-
publics or governments organized to pro-
mote the happiness of the great body of
the people, and we have no reason to eX-
pect that any solicitation of ours will in
duce them to retrace their steps
If they should enter into any agreement
with us and with each other to coin silver
and gold upon fixed ratio, and use the
coins struck from these metals equally as
money of ultimate payment there is no
common suprior to enforce it. Subject only
to moral restraint they would observe
the agreement only so long it should
be for their interest to observe it. Even il
| this agreement should take the form of a
treaty stipulation, it would be terminated
whenever it should be for the interest of
any of the parties to it to terminate it. The
government of today cannot bind, even
morally, the government of tomorrow by an
agreement of this character. This is pure
| ly domestic question, and each nation
must always be at liberty to determine for
Golf hnf boil In hath
shall use silver as token money or endow it
with the money function equally with gold.
We have been nation for more than 100
years, and have never, until recently, APP
piled to the governments of Europe or
sought an alliance with them for the settle
ment of this or any other domestic ques-
| ton. To do now is to disregard the sol
emn warning of Washington in his fare
we'll address to the American people, a
people which he more than any other man
| brought into being a separate and indie
pendent nation. To say what the money
| of a country shall be has, from time i'm
memorial, been regarded by all civilized
countries as an attribute of sovereignty. In
monarchial governments it is prerOgatiVe
| of the crown. The European states have
| always treated it as purely domestic
| question and have carefully refrained from
| debating or even advising the that
should be pursued in regard to it by any
one of them. 1t will at once be seen that
| for this country to attempt to compel any
other state country, by discriminating
| duties, to Change it's policy upon this sub
| ject would be in the highest degree dis
courteous and fatally rupture the peaceful
| intercourse between such states and its
| rude assailant and excite the just resent
| ment of all the other states.
The European delegates to the monetary
| conference which upon the invitation Of
| this country met in Paris in 1878 unanimous
| ly resolved:
| 81. That the selection for use of one or
| the other of the two metals, gold or silver,
| or of both simultaneously, should be gov
| erned by the special of each state or group
| of states.
| '2. That the question of the restriction of
| the free coinage of silver should equally be
| left to the discretion of each state or group
| Of states, according to the particular cir
| cumstances in which they may find them
| selves placed
And the conference refused to consider
| the question of the adoption of a common
| ratio. Our delegates could only reply: 1T
| is useless to agree upon a paticular ratio
| between the two metals if the nations are
| not ready also to adopt policy and uphold
| it. We remain upon ours and the Euro
| pean states upon theirs
second international conference con-
vened in Paris. at the instance of our gov
| eminent, in 1881, and third at Brussels in
| 1892. Objection made in all these con-
| ferences that the use of the two metals for
| monetary purposes would depreciate the
| value or purchasing power of money and
| cause a rise in the price of commodities,
| showing their continued adherence to the
| motives that influenced them in throwing
| silver out of the currency. Alfred de
| Rothschild, the speaking of whose name
| throughout the conference always ac-
| companied with the manifestation Of defer
| ence and profound respect, said: II hold
| that wheat at 30 shillngs quarter, instead
| of 45 shllings, is rather blessing than
| otherwise" This ardent wish has been
more than gratified, for wheat has since
| fallen below Is shillings a quarter or 3
| shillngS a bushel. The conference of 1875
| declared: THAT it is necessary to main
| tain in the world the monetary functions
of silver as well as those Of gold.'' No SEN
| timent SO friendly to silver found enter
| tainment in either of the succeeding confer
| ences On the contrary silver, since then,
has been the subject of most bitter persecu-
ton. Austria has passed to the gold stand
| ard, England has closed the India minis
| against the free coinage of that metal
| with view to introducing the gold stand
| ard into that country, not for the benefit of
| the people of India. but for the benefit of
| English officials, who send to England the
| salaries they receive for their services, and
our own country in a wave of passion,
| struck silver fatal blow in the extra SEES
the discussions in these interna tional con-
| ferences and come to any other conclusion
| than that the restoration of silver by in
| ternational agreement is impossible. Our
| distinguished secretary does not think il
| possible for he said in his speech to the
| moneyed men of New York: Gentlemen
the question whether the obligations of the
| United States will be paid in coin current
in all the markets of the world has already
"a nd tn Nsp;o, lo. loax