The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-05-04
BRIGHTER DAYS FOR SILVER.

LhoAc a. SoAtnlhiy . nttouk IcaCbioh IA
England in favor of bimetallism. This
is shown in the increased restiveness
that exists IN all commercial quarters
having dealings with the silvsr-using
countries, and especially in that very
large and important class OF English
merchants whose business has been
seriously affected by the dislocstion of
the trade with India consequent on the
demonstration of silver in that import
ant branch of the British empire, The
trade of England with this enormous de.
tendency is so very voluminous that
any policy that tends to injuriously at.
feet it, reacts upon so wide range OF
interests at home that it is safe to look
upon the grumbling now rising into
public expression as being significant of
an approaching public storm in which
the gold-bugs will have to seek shelter.
The movement for another monetary
congress received powerful impulse
at the meeting held few days since in
the mansion house OF the Lord Mayor OF
London. The rank aud character OF the
principal people who took the lead at
that assemblage show that the question
has become one of most important
concern to the men who are in touch
both with the commercial class and the
governing class of the nation. Mr.. Bal
four, who is a recognized master on the
subject OF financial science, and who
holds that the demonetizing of silver is
one of those grave blundsrs which the
British empire is destined to seriously
suffer from. gave his views elaborate
expression and impressed them with
convincing force upon the comprehsn-
sion of the distinguished assemblage.
He allowed conclusivelY that if England
hoped to maintain its prestige in the
commercial world it must recognize the
principle OF bimetallism in its fullest
scope. Even the commerce OF India may
clip from its grasp if the ruinous gold
policy insugurated by the late govern
ment ia persisted in. He also touched
pointedly ON the fact that universal re-
volt of the silver countries against the
doubling of their obligations would re-
suit in greater loss to great Britain than
to any other country, and might become
80 widespread and disastrous as to seri-
ously affect private English fortunes and
wipe out an extensive line Of fixed in
comes.
Bimetallists look upon this meeting
as the starting point of movement that
will inevitably lead to a reconsideration
OF the single metal policy and the call Of
conference that will have very differ
ent result from the one held two years
ago at Brussels.
The stock OF gold in the United States
treasury has again got below the $780,
600, 900 mark, notwithstanding the ad-
dition made BY Carlisle to our debt few
months ago OF $50, 100000 in order to
replenish its depleted condition. The
spring shipments OF gold to Europe have
eaten into the reserve tremendously in
the past few days, and we shall not be
surprised to hear the Wall street touters
proposing another issue OF government
bonds in order to bolster up the treasu-
ury. Mr.. Carlisle will perhaps not find
it SO easy a task TO again fall
back on the law of 1877 to
make good the leakage CT the gold
reaerve as he did on his first assumption
of that doubtful power. The people will
naturally ask where this thing is going
to stop. If we are compelled every six
months to increase our bonded debt $780,
600, 900 in order to maintain gold re-
serve that is helpless against depletion
by Wall street, there will be loud
clsmor for legislation that will put an
end to this constant milking of the
treasury for the benefit If the banks,
the brokers and the gold specul&tors.
There never was more appropriate
time for monetary union OF the Amer
lean republics in the defense of silver.
Wise statesmanship would take sdvsn-
tsge of the opportunity to call confer.
ence of representative men OF all the
silver-using countries on this continent.
An agreement by such a conference
upon the mintage of silver dollar that
would pass current in trade everywhere
on the continent, would do more to
bring about change OF opinion in Eu-
rope than any other step that could bo
taken. II would mean to the mono.
metal countries an immediate divoruion
and loss OF trade in Mexico, South and
Central America, and possibly lead TO
close commercial alliance between those
countries and the United States. The
significance of such possibility would
not be lost upon our astute friends
Gcfosa the water.
The prospects for the rehabilitation of
silver seem TO be Frightening, and the
repetition of the depletion of our reserve
gold fund cannot but tend to strengthen
the silver ranks in the United States.
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DEVELOPMENT OF WATER.