The Washington times., 1894-04-29
THE WASHINGTON TIMES, SUNDAY, APRIL ae 1894.

years has expressed willingness to go back
to bimetallsm with other nations. but up to
this time the commercial nations have not
offered to unite with the United States. In
deed, not one OF them has rendered its consent.
II is asserted, however, that as soon as Great
Britain agrees all the great nations CT con-
tinental Europe will join the United States in
bimetallism. The indications OF the times
are that Great Britain must at an early day
go back to bimetallism.
The purpose Of what Is known as the
purchasing clause Of the Sherman law was,
so fur as possible, to appreciate the value
of silver but 1t only for a very little
while had this effect, and the slight apprecia-
ton was probably caused by the speculation
that took place Immediately after the passage
Of the measure. The United States can easily
maintain the six hundred millions Of silver
money it now has on parity with gold. By
giving the Secretary OF the Treasury the nee
essary authority to keep up the gold reserve
have no doubt that a thousand millions OF
silver could be kept on a parity with gold.
think there are but few Republicans who
would have the government go from gold
to silver standard, as this would involve
ruin to the United States. The govern
ment would have to buy gold, paying more
than two dollars for one, to meet its obliga-
tions. The individual and the corporation in
the United States would have to purchase gold
to pay the principal and interest OF the gold
indebtedness, while small creditors, the men
who work by the day, by the month and the
year, would be compelled to receive their pay
in silver. which would cut down the purchas-
ing power Of their wages more than half.
After all, the laborer would be the chief suf-
ferer in the change to silver monometallism.
1t is the banker who would suffer the least Of
any class OF business men. 1t is true that he
would have to accept silver from debtors OF
the bank, yet he would be permitted TO pay
his depositors in like money. If a good
banker, his resources would always exceed
his liabilities to depositors.
The United States has since 1878 tried to
help the white metal. 1t has done more than
all the nations of Europe since that time in
the accumulation of silver No one can
successfully contend that the United States
can open its mints to the free coinage Of sill
yer without losing all the gold it now has.
There are no exceptions to the operation OF
the Gresham law. 1t has stood the test OF
centuries, viz, that all money of country
must be of equal value or the more valuable
will retire from circulation. be hidden away,
or flee to other countries. Good money will
not circulate with bad or deprecated money.
Free coinage by the United States might ap-
preciate silver q little, but not much. OF
course no one would let gold eagle pass
out of his possession for twenty dollars when
he could purchase anywhere in the world
enough silver to make forty to fifty silver dol
lars at our minis
The government of the United States has
maintained the parity of the silver dollar
coined on its own account containing less
than 80 cents of silver bullion with that
Of gold, coined on public account, containing
100 cents of gold bullion. The government
gave its pledge to do so, and up to this time
has shown its ability to maintain its pledge.
Suppose the government should, however,
open its mints to the free coinage OF silver,
there would be no responsibility on the part
Of the government 10 maintain the parity OF
the silver dollar with that of gold; indeed, the
government would not have the resources and
financial strength TO do so, even If the peo-
pie were wild enough to demand it. The
people may be impatient to return TO BIZ
metallism, but for the government of the
United States to attempt il alone would re-
suit in this country going at once, not TO BIZ
metallism, but to silver monometallism,
condition that it is difficult to believe any
American desires. JOSEPH NJ. CAREY.