The morning call., 1894-03-14
SHALL WE WAIT?

MIR. Francis A. Walker has issued a
pamphlet on the silver question in which
ground is taken that International bimet-
aIlism forms the only solution of that
question. The writer admits that he has
no means OF knowing whether or not in
ternational bimetallism can be brought
about. To him it appears that the key to
the situation lies in the hands of England.
He does not look for either France or Ger
many to take the initiative. While the
interests of France lie in that direction.
she is in position that enables her to
watch the progress of the contest with
less apprehension as to the outcome ID an
either England or Germany. He then
asks, What can the United States do?
BE begins the answer to this question by
the assertion that what has been done
was a bunder. The remone tiZation of
silver in 1878 he admits was right, but in
sists that the actual coinage should have
been limited to what was needed for SOU
venrs and numismatic collections. 1t was
our policy at that time to let silver drop
at once 10 the bottom. as it would have
then become the common interest of all
nations to restore it. The world would
have realized then that it was the demone-
tiZat!on of silver, rather than its increase ed
production. that caused the de probation,
The writer thinks that the best thing we
can now do is 10 thoroughly instruct our
people in the true principles of the sub
ject, keep our forces well in hand and
await events. bad as the situation is for
each and ALL" he says, I'VE can stand it
longer than Europe"
This seems a lame conclusion. 1t does
not seem wise to submit to loss because
some other party will suffer more from
loss than we. The question is ii we NAV
not arrest the operation of the causes
which entail loss The writer enters in To
long argument to show that within a
few years England will be forced by con-
tinually increasing disasters to depart
from the mOnOmeiallic policy she has
adopted. His argument is not convincing.
England is ruled by her moneyed class.
Even so enlightened statesman as Mr..
Gladstone has declined to consider bimet-
alllsm as live question. for the reason
that he money-lenders had sec, 600. DOC. lOO
due them in gold, the value of which was
continually appreeiat ting. When the adj
vantages of exactlng a payment OF debts
in more valuable currency than existed
when the debts were created obscure Mr..
Gladstone's usually keen perception of
right and wrong it is not to be supposed
that the English desire for gain will be
dulled until it is reached by the conviction
that loss. not gain, will result from the
present policy. Before that con iitiop ar
rives solvent debtor nations will have a
hard time of it. The loss will fall on
property; credits will remain unchanged.
The people of the United States owe IN
Europe 50, 100000 possibly few hun
dred millions more or less. The animal
interest is S100.000.000. all payable in gold.
Now, which nation will lose the more bv
an APPRECIATION of the value of currepcv.
England. which receives each wear the
greater part of this S1o0. 900 In money
Of constantly Increasing purcnasjne
power, or the United States, which each
year has to sell more of its products tn ret
the S100.000,000 it has to pay? 1t is true
the United States is rich In property: il Is
also true that upder monometallism pron.
erty is depreciating in money value. Ia n
policy for US to make our silver pollcv
wait on the will of nation with so much
to gain in The present condition of things ?