The Washington times., 1894-03-27
SOLVING TIE SILVER QUESTION.

BYA If there is any pros pect any
s-,,-on where of doing anything for
silver it must be done by a
fRoA general international agree
MAINE. ment. The present position
of this country is the strongest one to-day,
and it is the position we ought to maintain
not only in the interests Of sound currency.
but as the shortest way to bring back silver
into general use Certainly we cannot put
value on silver merely by legislation, but there
is no manner of doubt that legislation
can set in motion economic forces that would
affect its value. II all the civilized nations
who now close their mints to silver were to
open those mints to silver it is idle to say that
something would not be done TO raise It's
price by increasing the demand for it. 1t is
idle to say that that would not have also the
effect of taking off the tremendous strain that
is now put upon gold.
There is a limited quantity of gold in exist
enee for the business of the world, and the
whole world to-day is competing for that
gold. In my opinion, we could vastly facili-
tate the settlement of this question if we en-
tered into that competition and endeavored,
with a strong hand, to bring gold to this
country. But in any event the strain that
is put upon the gold supply OF the world
to-day Is enormous. Vast sums are being
locked up in military chests. Vast
sums are held by nations who dread
the loss of the metal. With all that. and also
with the increased demand for business and
for population, we are adding nothing TO the
eupply. This means that the civilized Da-
tons OF the earth are engaged in a vast con-
traction. One caunot find a single gold
standard man who will not cry out against
imitation as the unsoundest sort Of finance.
and he is perfectly right. The ef-
fort TO raise prices artificially by
pouring out money which the peo-
pie do not need and cannot normally use is
the artificial imitation of prices. But if the
artificial imitation of prices is an evil the
and the effort to force the money supply OF
the world below its needs brings on an
artificial contraction just as much as an
effort to increase the supply above the nor
NAL needs brings on an artificial imitation
This seems to me a question that goes
deeper than any other question now confront
ing the world. because it affects everybody
alike. We can see its effects in the condition
of exchanges, in the condition of prices
everywhere. l think there is nc
safety except in holding our own po-
sition, and not attempting to enter
on any plan of upholding silver by ourselves.
The single gold standard policy, the effort to
contract the circulation of the world. is an
English policy, begun by England, because
she is great credit nation. with view OF
increasing her profits, because she has a
larger contiol Of a commodity in which other
commodities are measured.
Just as fast as she could raise the value OF
her commodity, so she raised her profits, for
getting that she might bring upon herself just
what she is bringing to-day-bankruptcy in
her colonies, bankruptcy in the Argentine,
bankruptcy in Guatemala and the small coun-
tries to which she has lent money; bankruptcy
in her great Indian possessions, so that she
not only gets no profit, but nothing at all.
England to-day is feeling this pressure. II
this country stands as it stands row, and If
we remain ready to take advantage of the
present situation, we may solve the silver
question so that the solution will last
H. C. LODGE.