The DeLamar nugget. [volume] (DeLamar, Idaho) 1891-1900, 1894-02-17
International Bimetallisn1

We can scarcely beiievc that there is
man in New England, who, one year
ago. could have surmised that the Bos-
ton Globe would ever come around on
the silver question to ublish the follow
ing editorial. Perhaps few months
more will convince Boston people that
this country is powerful enough to
adopt free coinage and force the other
nations to the same policy, without get
ting down on onr knees to them and
asking them for any fayors.
The Globe says:
"The names OF tho committee which
Was organized yesterday morning to
promote the establishment Of interna-
tional binetallism carry most convinc-
ing evidence Of tho Significance OF
movement to which We hasten to give
our unqualified support.
For years past The true bearings of the
silver crisis have been 30 ol,scured in
America. by the struggle for free coin
age, that largo portion of the commu-
nifty has unconsionsly been led to as
sumo position hostile to double STAN
dard. We do not think that now, when
the policy of the country has been set
tied by the repeal OF tbs Sherman act.
We can do better service than by re-
viewing the successive steps by which
the world has been brought face to face
with the catastrophy with which it is
now confronted.
! In the last century the standard OF
value rested on both metals, in the
principal countries, silver serving ~ the
basis With gold rated to 1t at the discre-
ton of each government.
In 1915 England, after she had at
tanned her industrial supremacy, de-
monetized silver, but her action did.no
disturb the parity Of the two metals so
long as the mints of the rest of tho
world remained open to free coinage.
The equilibrium was, however, broken
in 1873 by Germany, who, after ,bepsy-
ment OF the French war indemnity, un-
dertook also to establish gold monomet-
alism.
France, being unwilling to receive the
German silver, finally ceased striking
their ive-franc pieces. The tie between
the metals having been thus broken in
1873, they began to divsrge rapidly in
their purchasing power; divergence
which still tends to increase with each
successive year.
At frat it was supposed that the fall
In the gold price OF silver Was due to its
increased production combined with di-
minished use. But so early as 1873 the
Indian government called the attention
of Great Britain to the fact that silver
was maintaining its purchasing power
with great steadiness. This reprssen MIA
tien failed to produce any effect upon
the Euglish at tho time. but in 1879 we
resumed specie payments; this caused
a heavy drain of gold. and agricultural
prices, which are the most sensitive,
fell so sharply that the ruin of the En-
glish arietocracy may be said to date
from that year. Then Lancashire began
to suffer, and the disconient became SO
great that in 1886 the gold and silver
com % misson was appointed to inquire
into the whole question.
Their report is the most exhaustive
work which has ever been published
upon this subject, and carries the high
est authority. Its Investigations re-
garding India ar particularly interest
ing. The great fundamental fact which
they developed was that the purchas-
/ ing power of the rupee has not fallen" !"
the inevitable deduction being that If
the silver rupee had stood stable gold
must have risen
Sir David Barbour, the Indian secre-
tary of finance, and the highest living
authority on his specially. was able TO
show in his note to the report that gold
had appreciated no less than 4S per
cent. That is to say that, that for every
dollar which the Indians had borrowed
when the metals were at parity. they
we're then paying about dollar and a
half.
But this process is not confned'to sill
YER countries, as was pointed out 10 the
commission by Mr.. Schmidt in speaking
of Australia. He said
Australia does not, except for very
small portion of the interest on her
+ debt, export anything but cor modities,
and as those com odities have fallen iu
price she really has to export so many
more commodities, and therefore the
burden of the debt of the gold country
Australia, has increased as much as the