Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-04-11
About Rimesalljxru


vers;ty has in The North American Review
for April an article upon bimetallism
which may be read with profit BY stu
dents of that subject. The points are
made that, while the gold monomeial-
lists, whe are usually free traders. favor
the expansion of foreign trade and op-
pose protection, the present wide separa-
ton of gold and silver obstructs foreign
trade and affords protection TO the ma
lions having the silver standard. Prac-
tically the same argument was used nv
General Francis A. Walker in an address
made by him in Boston on Tuesday night
last
First-It must be plainly apparent to
every one that where two nations are
trading with each other the business may
be done securely and confidently only, if
there shall be fair measure of stability
for prices. If an Indian merchant. buy
ing in London, pereeives that a fall in
values may deprive him Of the whole of
his expected profits before his purchases
reach India, he will buy as little as he
may. If prices fiuctuate violently and
constantly, as they have done since silver
and gold parted company, trade between
the two countries becomes mere gam
bling operation into which no one will
enter if he can avoid il. This has been
the precise condition of the trade of
Europe with India and all the countries
of the east, and it has disordered business
in such manner as TO infiict stupendous
losses upon the parties engaged in it. A
desire to help British trade with India
without consenting to a restoration of
silver was the motive that impelled the
British government to demonetize silver
in India last year. That attempt has
failed.
Second-But. while the silver using
nations have suffered much from having
to pay their debts to Europe in gold of in
creased value, they have had compensa-
tons. The demand for European goods
by people of India has been partly met
from home sources of supply. This has
given great impetus TO domestic pro-
ductive industry. To this influence NAV
be attributed the whole of the recent
wonderful growth of cotton manufacture
in India. Less and less dependence has
been placed upon European sources of
supply, and meantime the high cost of
gold, with which purchases from Europe
must be paid for, has acted precisely like
a protective tariff to shelter the native in
dustries. On the other hand, prices as be-
tween the silver using nations have been
stable. because it is gold that goes up,
and not silver that goes down. This has
permitted India, as il is now permitting
Japan, to open new trade relations with
the silver countries, and all at the ex-
pense of European, and chiefly British.
trade.
Third-The relation of the United States
to these matters is of high Importance.
In the first place, while we face the great
silver nations of Asia upon the west, we
are closely united with the silver nations
of Latin American. With both we should
do an increasing trade; and it is under
pretense of promoting trade that the Dem
ocrats have demanded what they call
tariff reform. But the very free traders
who are crying for an enlargement of our
export business, place in the way an obsta-
.le of formidable character by insisting
that we shall adhere to gold monolnetal-
hsm. On the ether hand, as the prices of
our agricultural commodities measured
in gold decline, our agricultural popula-
ton grows less able to buy the products
which cannot be produced here and must
be imported. The system now in force
operates, therefore, to decrease our power
to sell aud to restrict orr power to buy.
We are hurt in both directions, and hurt
by a policy which has the strenuous sup
port of Americans, who complain that our
foreign trade is not what it ought to be.
1t is rapidly becoming clear to the Ameri-
can people that this policy is totally OPP
posed to every consideration of true pa
triotism and sound public interest.-lN.
Y. Press.