The herald., 1894-09-16

dence OF our own people in the sive
money OF the country must have beef
equally clea. when 1t was observed that
} during the very fiarcest days OF th
} panic silver dollars were selling ant
were eagerly bought up even in Wal
street at premium OF three per cent
that is 10 say they were paid for at th,
rate OF $l03 in gold for 500 in silver
These facts were well known to Repub
licans and Democrats alike in congress
and ont during the extraordinary eeasior
OF 1898.
There are some silver Republicans whc
still hope and perhaps bsieve that the
Republican party will take up the silver
-cauee in good faith and advocate the
Unrestricted coinage OF that metal at The
relation OF l6 to l. ] am sorry to differ
with those who entertain that opinion,
In my judgment there is not the slight
est foundation for it. Actions speas
louder than words. Among the entire
Republican congressional representation
in both housse of congress from states
east OF the Mississippi, on the passage oi
the repeal bill in Obtober last, there
were but six votes in the house and one
in the senate cast ia favor OF silver.
OF course conventions OF both parties
are still presenting to the country reso-
lutions demanding larger uae OF silver
in the currency, its restoration to its
former position, etc. After the severe
use to which phrases OF this character
have for many years been subjected,
one would suppose they could now
hardly be taken seriously. They may
best be characterized in the slang OF the
day as "ohestnute."
With one honorable exception among
states not distinctly recognized as silver
producing Btates-that OF California
the silver resolutions and "planks' OF
Republican conventions are, in sub-
stance, the same resolutione that were
so frequently passed at Republican state
and national conventions before the re-
pesling act OF last year.
All these resolutions and so-called
silver planka are the same sort of dust
that for many years has been thrown
inio the eyes of silver Republicans and
silver Democrats to bnnd them snffi-
GENTLY long to permit particular cleo
tion to be held, and to secure their votes
for that election. II those conventions
favored the free coinage of silver at a
ratio of 16 to l, the English language is
sufficiently copious to enable them to say
30. The repeal OF the act OF 1890-for
the purchase clause was all there was OF
it-constitutes a much more eloquent
silver plank for the Republican a. we'll
as the Democratic party than any that
can be inserted in platforms.
And Joab said to Amsss, art thou in
health, my brotherp and Joab took
Amasa by the beard with the right hand
to kies him. But Amasa took no heed
to the sword that was in Joab's hand !;
so he smote him Herewith In the fifth
rib"
Those Republicans who still cnterta in
the idea that their party may take up
the silver cause do not fully understand
the position of its leaders. With the
single exception which | nave noted, all
those leaders are proud to be known
not as national but as international bi.
metallists. No ''Dent up Utica" con-
tracts their powers. They propose to
enter into partnership with the govern
ments of Europe in respect to q matter
which the constitution places solely in
the keeping OF our own national legis-
lature. The idea they impliedly hold
forth is that the procesB Ia very simple
that nothing is needed but to call q
conference OF the nations and have
the whole matter arranged to the
satisfaction OF the American people.
They are willing to concede that we in
this country may have free coinage of
silver, provided we can inda:e European
money lenders to forego tna unjust and
unearned increment which they are de.
irving from the persissently sppreclat.
ing value OF gold.
The leaders Of both parties very we'll
know that there will be no further in
ternstional conferences for many a day
that no person in authority here or elae.
where wishes one called. and that If
called such conference would accom-
plish nothing whatever.
Great Britain has had single gold
standard law on its statuts books for
nearly 80 years. and does not propose to
adopt bimstallism. though if it did, it
would be at ratio which the silver
using countries would never accspt-a
ratio not far removed from 80 to /. Ac.
cording to ell political economists OF re-
| pute, the value possessed by any none
tary unit. such as dollar. will depend,
other things being the same, upon the
number of units or dollars out. Now, a
quantity OF silver, which at tho present
American ratio of 16 to / would produce
$50, 900 900, would under the other ratio
produce bat s25. 100000. So that the
change would enable the creditor classes
Of the world to accomplish monetary
contraction greater than was ever known
in the history Of time.
The money lenders OF Great Britain
do not propose to concern themselves in
any way with bmethlliam. They are
doing much better under the presens
arrangement. Yet our Republican
leaders pretend to suppose that although
tho bondholders and national bankers
of this country will not permit our gov
eminent to 60 to fres eilver coinage. the
bondholders and bankers of Great Brit
ain will permit their government to do
go. How do the banking classes OF
Great Britain look on the question Let
me quote from the testimony Of Mr..
Bsrtram Currie, who is at the head OF
one of the greatest banking houses OF
London. given before the British royal
commission on gold and silver:
Qnestion-Do you think that fall oil
prices due to an appreciation of the
standard lie no evil?
Answer--I think that o fall Of prices
iB no evil.
GA fall OF prices due to chsaper
production OF commodities would be 9
gain?
Al ask no questions ae consumer.
A fall in prices benefits me.
Q-Is it not fact that, owing to low
pricss, large tracts OF country that were
formerly pro6tably cultivated in Eng.