Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1894-05-22

ity OF the people haze Ill the restoration
of silver. True, Gen. Walkers plan pro-
vides only for international agreement,
but it is that far on the road to public
education. The recent conference of the
London Bimetallic League, in which Mr..
Balfour made plea for bimetallism, is
an incident showing the growth of the
movement. Mr.. Balfour's remarks, how
ever, are only sympathetic, as have no
doubt the Roseberry government will
continue the Gladstonian policy of oppo-
sition to silver"
"What relation" was asked, does the
money question bear to the tariff issue in
Importance as touching the prosperity of
the people,
San effort is always being made to show
that our tariff system is alone responsible
for the business and industrial condition
of the country. This is not true, however.
The Mckinley law has done its share to-
ward producing the present general de-
preston. But you will notice that in all
the countries of the world where the
single gold standard prevails there is to-
day distressing depression, whereas in
countries where silver IS recognized in
connection with gold the conditions are
decidedly better, and this, too, irrespective
of the character or absence of import or
export duties. This fact, to my mind, is
an argument almost conclusive that the
coinage or currency question Is most i'm
portant and that the tariff is powerful
adjunct. But, however, that may be, We
are confronted now with the question of
a monetary standard, and we shall not
have permanent prosperity anywhere on
earth until we have established bimetal-
lism."
"why is it that the treasury department
of the United States always redeems in
gold the treasury notes which are re-
deemable in coin?"
every country but ours has some plan
by which it can govern, to certain ex-
tent, the tendency of gold to shipment
abroad. In France, when there is reason
to suspect that gold is wanted for the
purpose of transmission outside of
French territory, coin redemptions in gold
are Immediately refused and made in sill
yer. In England, whenever a similar sus-
picion is entertained or found to be a
fact, the gold discount is increased so as
to make the foreign shipment unproft-
aDle. In the y nlGoQ OGdJeS We nave nHu
the bugaboo of the gold reserve to main
tain, and have been afraid to refuse pay
ment of gold on demand lest the parity
become unsettled, the reserve be raided
and such sweeping rise in gold ensue as
might result in a gold panic, no matter
how many bonds we're issued to save the
country. 1t is an absurdity, of course.
And it puts the United States treasury at
the mercy of any movement which specu-
lative wealth may make against it.
This is why, whenever Wall street cries
wolf we rush to its rescue. This is why
we deal out gold always in response to
the call for coin and issue bonds when
ever the outflow of gold reduces the re-
serve to an alarming point. If silver
were restored to recognition-in other
words, if bimetallism were established
the government could become independ.
ent of speculation and control the outflow
of gold, as France does, by making re-
demptions in silver. Until that is accom-
plished, however, suppose we shall go
on responding to every demand of Wall
street for gold and issuing bonds against
the people to maintain the reserve"