The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-03-07
THE MONEY QUESTION.

The MONEY QUESTION.
1t is possible that the retirement Of
Gladstone may open the way for Eng
lands participation in the movement,
faIready commenced in Germany, to-
wards a genuine international bimetal-
lie conference. and the establishment OF
silver and gold at an agreed ratio as
the money of the civilized world.
That We believe to De the proper way
to solve the money problem. The state
ment that half the money of the world
has been thrown away is only true ii
at all in an international sense, al
though it is So often repeated in refer
ence to this country. We have as much
silver money as ever. if not more, in
the United States, and it is good for
all money purposes within our borders.
But the gold standard Of foreign ma
tions makes the saying true to degree
as it relates to our financial transac-
tons abroad.
1t is only by International agreement
then, that the full money status of sill
yer can be restored as to the world at
large. And even if unlimited silver
coinage were probable at present in the
United States alone. it would not place
silver on a parity with gold as the mon
ey of the world
The action taken when the repeal OF
the silver purchase law was under dis
cussion in Congress, shows that free
coinage of the white metal cannot now
be established. There are not enough
members Of either party in its favor to
ensure the success of any free coinage
bill. But the cause of silver is progress
Ising. There are many people who once
looked upon the advocates of free coin
age as silver cranks. who have been
converted to bimetallism and have had
their eyes open to see the evils that
have followed the debasement of silver.
The feeling in favor of both metals
as the money of the world is growing
in both hemispheres The cablegram
reporting the words of the London
Financial News is quite significant 1t
was as follows:
Guatemala. today, other silver coun-
tries tomorrow Default with most of
them is a question of time. The world S
commerce is Keeling to crisis. yet the
mischief from the appreciation of gold
has only begun. Bimetallism in Eng
land is gaining many converts. 1t is
understood Lidderdale. ex-governor of
the Bank of England, is a strong advo-
cate of the international agreement for
a joint standard. BimetailiSn is no
longer the creed of handful Of cranks.
Nearly every economist of eninence is
ence must be reopened France, Ger
many and the United States are anx-
ious that this should be done. Surely
our interests are as great as theirs. If.
in our pride as the gold mart of the
world, we stand aside, punishment will
fall upon our heads. 1t depends upon
the British cabinet whether the con-
ference be fruitless or not.
While Gladstone was at the head of
the British Government, there was no
hope for a satisfactory settlement of
the question, as the great Premier was
welded to the gold standard and was
not likely to embrace silver. 1t is
doubtful whether Lord Rosebery will
be any more favorable to bimetallism
than his predecessor. but he is a youn-
ger man and less likely to be tied up to
the established system of finance.
And the world is moving. Changes
take place rapidly. The evils of the a.p-
probation of gold are so great that
they cannot be hid under the veil of
sophistry thrown over them by the
goldites. And the conviction that sill
yer must be brought to the front as a
money. is growing on both sides of the
Atlantic, and must have a powerful eff
feet soon. 1t may be that the Liberal
English government will be brought to
comprehend the necessity for a change
and so an international bimetallic con-
ference may be much nearer than ap-
peared probable very short time ago.