The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-07-17
AN IMPORTANT POINT.
The RISE IN GOLD AND ITS Eff
Feet ON SILVER USING
COUNTRIES.
ph;,ade,nhia American.)

49,
philadelphia American.)
One Of the favorite arguments OF the
gold monometallists is that the opening
q our mints to the coinage OF silver
would drive us to silver nonometallism
ana reduce our people to the condition
OF those Of Mexico, the Central and South
American republics, of India and the
other silver using countries. Now In
the first place the United States is quite
strong enough to restore, unaided, silver
to its place as money, and this need not
DO accompanied by even a temporary
premium on gold and the withdrawal
fof that metal from circulation. BY max
Ing silver legal tender at the old ratio
and by opening the minis to the coinage
Of silver as we'll as of gold, the demand
for silver would be so increased and the
demand for gold would SO fall of that
the parity between the two metals would
be at once restored and they would circu-
late side by side.
The opening of our minis to silver
would therefore not drive us to silver
recommendation, and our people would
therefore not be placed in the same posi-
ton as those of Mexico and South
American republics. But passing over
this ungrounded assumption, let us see
whether the people of Mexico and In
dia and Japan have become degraded un
der silver monometallism, as the gold
mononetallists claim. Let us examine
the position of England (the home of
gold monometalllsm) under the gold
basis, and the position Of Mexico and the
Orient under the silver basis. Let us see
where prosperity has been greatest,
where the advancement of the people has
been most pronounced. In making COM
PARSONS between the people of England
and those Of Mexico, etc., it must be re-
membered that 20 years ago, before the
fall Of silver could have any effect, the
superiority of the English people was
most marked; and that now because we
1ind the Mexican people still far behind
SA0 0Q6l1Sl, IL UOGS uJI AOllOW IAdI lAO
placing of the former on the silver basis
has had degrading influence. 1t is the
relative position of the silver using and
(sider, and if we find the distance that
separates their comparative advance
sient has decreased in the last 20 years,
that while the civilization of the silver
using countries is still far inferior to
that of the English speaking races, yet
II their present civilization approaches
more nearly to that of the English speak
ing races of today, then their
civilization of 20 years ago did to the
English civilization of the same period,
then there is no foundation to claim that
the progress of these nations has been
retarded and their people degraded by
the exclusive use Of silver.
The facts are that while the trade and
prosperity of Great Britain have been de-
clining, the prosperity Of her old silver
customers has been increasing, and their
ability to provide themselves with all
their needs has grown at an ever-accel
Grated rate. This is especially noted in
the last three years, when the decline in
the price of silver, measured in gold,
has been more marked than ever, being
occasioned, of course, by the closing of
the India minis and the repeal of the
purchasing clause of the Sherman act"
The result of the decentralization of
silver has been fall in prices of nearly
all commodities in gold using countries
(where they are measured i'm gold, and
this fall has conceded with the fall of
silver. AS silver has been driven further
and further into the background, prices
have fallen further and further. But in
terests, rents and taxes have not fallen,
in some instances even risen, and what is
of still greater consequence, where the
producer In gold countries comes into
competition with the producer in silver
country the rate Of wages as far as the
employer is concerned, has not materi
ally fallen. It is very true that the
gross income of the wage Garner has fall
len quite in proportion to the fail in the
price of commodities, but this is occa-
stoned, not so much by a reduced scale Of
wages as by enforced idleness.
/ I'm silver using countries, on the con-
J ,,hry, prices have remained approx
Hately steady, wages have not fallen,
and there has been steadily increasing
demand for labor, resulting in steady en-
ployment for all. Interest and rent have
remained the same, except when due to
foreigners and payable ip gold, when
they have doubled, and taxes have only
increased when interest on large nation
al debts has been due to foreigners. "a
The domestic transactions of silver
countries have not been disturbed, but
are carried on without loss or friction.
The Mexican dollar, the Chinese tael or
the Indian rupee have not changed in
value: measured in them prices have not
fallen; trade between silver using coun-
tries has developed wonderfully, but be-
tween gold and silver using countries 1t
has declined to very marked extent.
At the same time the growth of manufac-
lures and the development of the nation
al resources of the silver using countries
have been without parallel.
The rise in the value of gold acts as
protective tariff against all gold
using countries, but places no re-
strictions on trade with silver
using countries. The higher the
but places no restrictions on trade with
silver using countries. The higher the
premium on gold. the higher the protec-
ton, and consequently we see mills and
factories erected in the silver using coun-
tries, and we see them supplying them
selves with the manufactured articles
Nthey have long imported. This self-made
k.vo hor ri ne $bo "a