The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1894-04-26
NECESSITY Fok BEHETALLIsM.

NECESSITY F0R BI-METALLISM.
Incomparably the most important
question before the world to-day is that Of
the use Of nlver as money. Both in Eu-
rope and At home this matter has again
begun to force itself into the front place.
and the indications now are that it will
not down till something Is done towards
its settlement. The recent marked re-
vival in its agitation began when it be-
came evident that the policy Of the Indian
government, In closing the mints OF that
country to the free coinage Of silver, was
. failure.
India is England's most valuable
colonial possession, and one OF her most
important markets and sources Of supply.
India has virtually no other money than
silver. Her action has brought her sew
erai degrees nearer bankruptcy than she
was before; and unless she reserves that
action, or unless something is done. and
done quickly, to restore silver to its true
place as money, with settled and rea-
sonable ratio Of value to gold, then one Of
these two things will surely happen
Either India will become bankrupt, or
England will lose midas trade, and Il
England loses India's trade she win lose
India. This last process seems to have
already begun. India is protecting her
own cotton and other manufactures
against English competition BY strong
tariff, which she finds is the only way in
which the expenses Of the government
can be met. China, by virtue OF the facil-
ity arising from the mutual use OF silver
BY India and herself, is beginning to sup
plant England In the Indian market.
The question has received new impetus
from the Withdrawals of Gladstone from
the direction Of affairs 10 England. Glad.
stone was not only the inspiration Of
midas financial policy. but the most
thorough-going and unflinching gold
mouometalist among the statesmen. Of
Europe. Though he is succeeded by Lord
Roseberry, the son-in-law of the Roths-
childs, the latter lacks the powerful in
fiuence Of Gladstone's wonderful popu-
larity and financial reputation.
It 10 well known that England was the
power 1.-THE late Brussels conference that
made impossible any adequate action
looking towards the restoration OF silver.
But the disastrous results OF Inda's recent
financial legislation, and the evident les
sons Of the worlds depressed commerce,
are opening England's mind to the belief
that silver must be recognized and pro-
tectsd as money, or her commerce, on
which she depends for much Of her great
ness, viii be hopelessly dislocated. A
very large amount of England's capital is
invested In the South American republics
which are silver-using countries. and
have virtually no gold. 1t begins to be
evident that the continued depression In
the value Of the money Of these countries.
and the attempted maintenance OF the gold
obligation is going to end in their ruin.
There is a distinct muttering in the air
threatening the reputation OF the obliga-
tion to pay in gold, or at the gold rate.
Necessity knows no law, and England
will have herself to thank II such result
10 brought about.
The signs of the awakening in Europe
are numerous. In England some of the
leading financial journals are urging the
rehabilitation Of silver by means OF the
adoption Of a bi-metallic standard. The
central associated chambers Of agriculture
and chambers OF commerce from the lead.
ing manufacturing districts are memorial.
izing the government to the same effect.
Men Of the very first rank in ability and
position are openly identifying themselves
with the movement. The premier has
stated that the subject is now engaging
the attention OF the cabinet.
Germany il not only willing but anx-
ious to force II. on. Only the other day
the Prussian minister of agriculture de
clared that Germany must take some
action TO rehabilitate, or at least to raise
the value Of silver, and to lessen the
fuctuation in its price"-and she has now
appointed commissioner to consider
and report on the situation.
The French, the richest, busiest people
in Europe. with their $3.50 per capita OF
silver money, are confidently awaiting
the inevitable moment Of action to throw
their might behind the movement.
America, while more anxious than any
other Of the great powers for the generally
desired contamination, has taken the
same position as France. The terrible
force Of the worlds opinion, based upon
the deep, broad, eternal demands OF truth
and justice, and quickened by the stern
logic Of circumstances, is gathering mo-
mentum, and will sweep England from
her obstructive position.
1t 10 not 30 long ago that bi-metallist
was very generally considered a fool.
Now no political economist or financial
authority Of eminence Except few old
men whose minds have lost their adapta-
bility, and whose once keen vision can
no longer seize the truth in the maze Of
the worlds economy, denies the posi-.
bility and advisability OF bi-metallism.
1t Is now generally accepted as sound
doctrine that the money OF the greater
portion Of the world must be recognized
and protected as money, il international
business is to be carried on. Prof. Walk
er makes use Of plain and forcible sim
lie. when be likens the use Of silver as
money to bridge over wide river con-
Meeting silver-using and a gold.uslng
country, and furnishing the only eouita-