The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-10-23

to creditors, only by rating silver to
gold at it's present market value in
gold, we reply that the market price of
silver to-day is abnormal, resulting
from a series of panics evoked by legis-
lation, and from a limitation in the de-
mand for silver having no other u
than the artificial one of closing mints
to this metal. Besides, it cannot be
admitted that the creditor has any
natural right permanently to receive
at the debtors cost, in consequence Of
the steady rise in the purchase power
of gold, a value continually more and
more in excess of what would fall to
him were there no such appreciation of
gold.
2. In reply to the objection, resting
on misunderstood theories, that the re-
lation in value between two "wares,"
gold and silver, cannot be fixed" by
statute, weappeal to actual experiences
with bimetallic mintage in France,
where, between 1903 and 1873, it main
tanned for the whole world the relation
of 151 to 1, thus persistently continuing
the relative UaLue of gold and silver,
with slight variations corresponding to
the usual movements of exchange, in
spite of the greatest fluctuations in
their relative production that have
ever been known.
We appeal further to the unanimous
Judgment at which the English Gold
and Silver Commission of 1888 arrived,
although half it's members were op-
posed to bimetallism. Here is what
the Commission says:
1--WE think that in any conditions
fairly to be contemplated in the future,
so far as we can forecast them from
the experience Of the past, a stable ratio
might be maintained if the nations we
have alluded to Great Britain, the
United States, Germany and the Latin
Union) were to accept and strictly ad-
here to bimetallism at the suggested
ratio. We think that if in all these
countries gold and silver could be freely
coined and thus become exchangeable
against commodities at the fixed ratio,
the market value of silver as measured
by gold would conform to that ratio
and not vary to any material extent.
I'VE need not enter upon any ex-
tended explanation of our reasons for
this view, since such reasons can be de-
rived from what we have set forth
above, and since, in our opinion, they
obviously follow both from theoretical
considerations and from the experience
of the last half century.
ut in fact appears impossible to
maintain any other view"
8. If it is objected that the restitution
Of silver would occasion for Germany
a crisis whose limits could not be fore
seen, it must be noticed in the first
place that we do not strive for any 10
terposition on behalf of silver O y on
the basis of on International agree
n1ent. No sort of distrust can be occa-
stoned by bimetallism when it is intro
duced simultaneously in all the great
nations
Besides, the fear of a flood" of silver
is entirely groundless.
Ia Because not an increase but a
decrease in silver production is now in
prospect;
o. Because the silver in the silver
countries East Asia, Mexico) and in
circulation as money in the gold lands
has not yet become deprecated. The
billions which circulate as thalers,
marks, francs, shillings and guilders
still hold fast their old value;
(c) Because compared with the ire
mendous stocks of precious metal 10
the world, which, including wrought
gold and silver, are valued at 100, OOO,-
600, 600 francs &2O, 900, 900, OOO, the
yearly production is insignifcantly
small;
3D. Because the severe and long con
continued crisis has naturally reduced
the demands Of business on the stock
of gold and silver coins, and in a period
of Furnishing industry this demand
will greatly rise.
But the speedy establishment of in
ternational bimetallism seems to us
necessary more particularly in view Of
the facts concerning the production of
the precious metals.
The testimony of expert biologists
has STRENGTHENED us in our conviction
that gold is not adapted to be alone the
measure of value, and that the fears of
q too great nrndnctinn of Silunr ora