Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-08-09
THE SILVER QUESTION.
SPEECH OF MR.. EDMUNos AT PHlLAoEL-
PHlA REVIEWED.
Continued from last week. !

two metals is one of the chief arguments
of the monometallic system. But other
arguments showing the dangerous
effect upon the industries by dropping
one of the precious metals from the
standard of values outweigh, in my
mind, all theoretical objections to the
bimetalllc system"
Again Mr.. Edmunds says and truth
fully: "Therefore If the United States
has the best money in the world, one
that represents the steadiest value,-for
that is the thing upon which every
thing else depends-it is the country
that prospers the most
Steadiest value. The fatal objection
to the single gold standard is its con-
stantly enhancing value because of the
fact of the insufficient supply of gold to
perform the functions of money for the
world, or indeed, for any large part of
the nations of the world, alone. 1t is
precisely this condition of its constant
accretion in value that causes the pro-
test against Its use as the sole money
standard. To prevent such a result,
which in its effect is most detrimental to
industry and prosperity. is the object of
again returning to the bimetallic sys-
tenn. Certainly, as compared with the
single gold standard, bimetallism is sta
BILE, unless the free coinage of the two
metals produces too much money, thus
rendering it unstable by forcing its
value down and lifting the prices of
commodities too high. But we believe
nowhere in the history of the world has
this been claimed, and, no one, we think,
is bold enough to dare openly to claim
it. As Mr.. Carlisle has so forciblv
said mankind Will be fortunate in
deed, if the annual production Of gold
and silver coin shall keep pace with the
annual increase of population, COM
merce and industry" And yet under
no other possible conditions, IS or can
the single gold standard be desirable,
except that the two metals produce too
much money, or that gold alone Will
produce enough.
Archbishop Walsh of Dublin. very
high authority, in his excellent work On
bimetallism and monometallism says
"Ihe first and most Obvious objection
against MOnOmetallic system Of cur
rency is that it leaves the standard Of
value open in the most unguarded way
to the operation of every influence that
tends to deprive it of stability. In a
MonOmetall'C system, the standard coin,
whether it be of gold or of silver. is
necessarily exposed to fluctuations in
value which may be very considerable
and may easily lead ia most serious, and
even disas trOus, results.
1--WE have already seen that the value
of Il standard gold or silver coin is sim
ply the value of the metal of which it is
composed. Now the value of each of
the precious metals, as OF any other
commodity, is open to wide fluctuations.
The value of either of them, like the
value of any other commodity, is deter
mined merely by the run of the market,
the relation between supply and demand.
Nov, Monometallism, as even the
most extreme MOnometalists must adj
nit, does nothing to exclude this liabili-
ty to fluctuation, or even to diminish it.
Take, for instance, the English gold
Monometalllst currency Gold, and
consequently the sovereign,-that is TO
say, the weight Of gold contained in
sovereign,-is liable to fluctuatiOn i'm
value, just az corn is, or cotton, or cloth.
Even the most extreme MonOmetalist
will allow that Monometallism does
nothing even to check that liability to
tluctuation.
Then there is a second point, the full.
er explanation of which may be reserved
for a little further on.
Recommendation, as we have it in
Great Britain and Ireland. in Germany,
and in so many other countries, tends to
raise the value of gold, thereby favOring
the interests of all capitalists, the inter
ests of all those who have command of
gold-money-lenders and the like
favoring all such persons at the expense
of the general community. and favorng
also the interests of all creditors, the
interests of all who claim to receive
fixed money payment from others, ia
yorlng these at the expense of their un-
fortunate debtors"
"Now it is in this point especially that
our present Monometallist system of
currency is open to most serious objec-
ton.
Gold, as the result of a variety of
causes, Is steadily and seriously increas-
inc i'm Va Inc And npt u,orol,- doou Mon