New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-14

America. Russia and along the Danube, for In the
civilized countries where they find their markets
consumption increases much faster than the popu-
lation The Of this Is to be found In the fact
that man measures his food by his ideas and hab- .
its OF comfort, and these have made progress in
the present century out OF all proportion to the In
crease Of the population The French working
man does not yet indulge In the lavishness Of food
which his American brother demands right
but he fares infinitely better than his father did
before him. and he too, dreams Of the time when
All the world shall but,ered crumpets
And mutton TO the sound OF trumpets.
really curious element in the depression of the
price Of wheat Is the influence of money exchange
upon the universal competition. The French peas
ant can barely live on the IS francs in gold which
he receives per quintal for his wheat. The Italian
colonists who are bringing back prosperity to the
Argentine Republic find sufficient remuneration
for their toll when francs in gold is paid them for
a like portion OF their crop in the first place, this
good gold in which they paid by monometal-
list Europe Is nomlnally worth three and half
times much when changed into their adopted
countrys deprecated paper. Now II Is true that
the 1850 francs of paper money which they thus
receive will not buy in South America so many
commodities Of every kind the IS francs of the
peasant France. But ii will buy there very
much more than francs would in France: and.
given the Italians frugal habits and the cheapness
OF living in the Argentine Republic, he can we'll at.
ford to sell his crop at price with which the
French peasant cannot hope to compete. 1t Is the
consideration Of such facts Joined with the neces-
sty experienced by every nation tc keep up and
increase it's monetary circulation, that has led NJ.
Thery u make the following prediction Of the
final effects Of monometallism: THE economic
tween the countries with a silver standard, al
ready possessing the industrial and agricultural
requirements Of European nations, and the coun-
tries with gold standard-a struggle Of which the
general lowering of prices is certain consequence
will soon become impossible to the latter"
1t is beginning u be recognized that the silver
question itself. considered from this economic
point Of view, is only part Of more funda-
mental problem Thus the Argentine Republic
has not even a silver standard, and lis paper
money alone has II be counted with In estimating
the country's own profit or loss and influence
on the commerce and economic conditions OF
| other countries from the rate OF exchange. This
was expressly recognized by Senior Terry, VINO
had charge OF Argentine finances, in his portion
OF the executive message of 1898.
1t is also gradually becoming plain that the
decrease lin the expectation Of French manu-
featured goods is not due TO the protective policy
adopted in 1891. since 1t began before then. on
the other hand. the industrial crisis which Is the
result turns directly upon the latest phase Of
monometallism. This began with the Barring
troubles but the whole course OF events. dating
from 1873, the year OF the final triumph OF the
gold standard in Europe LED up 10 H. me
countries which have suffered since that time
from a depreciation Of their currency are the
South American States. large parts N Asia, and
Russia Greece. Italy. Spain and Portugal. The
principal creditors Of all these countries were
France and England. which have gradually eX-
tracted from them all their gold the only ac-
cepted measure Of value. With time. this led 10
an immense increase % expectation OF natural
products from all these debtor countries. partly
as an equiv ilent II tn gold which they could
no longer pay This naturally lowered the prices
OF all these commodities in the European mar
ket. Unfortunately. some Of the most abundant
were those which Europe had been supplying 10
itsef-wheat. as has been seem sugar ard SIX.
Hence the crisis in agriculture
Next. the debtor countries, being without gold,
the only acceptable ready money. TO pay for
European manufactures either bought as little
and as cheaply as possible-n Germany in pref
crence T. England France-or set 10 work 70
manufacture tor themselves. The latter was sure
to happen sooner or later by sheer force OF CIV
ilization which is a dwelling process among ma.
lions. But II is one cause Of the industrial and
commercial crisis in France.
Meanwhile the monOmetalsts are left with
mouths agape at the non-fuhment OF the prom
ises which they have been making for the last
twenty years. Prices ought 10 have risen
throughout Europe with the constant influx OF
the worlds gold and for the last four years they
have steadily gone down. The gold reserve OF
the Bank If France has passed 2lO0OOOOO0
francs; but this IS small consolation FOR the coun-
try at large. which can no longer afford 10 grow
wheat for itself. and whose expectation Of It's
manufactured goods has decreased nearly 3o0.-
600 900 francs In the last four years. England.
with Free Trade, has lost three times as much.
Finally 4 Is not certain that even interna-
tional agreement put things approximately
back WHORE they were before. From 1855 TO ls1a
nearly 1o0 years. France stood as banker be-
tween the gold and the silver countries. regu-
lating their commercial relations where they de-
pended on money exchange. The OBJECT ~ any
new international monetary conference must be
10 find some means OF Accomplishing the same
work But the effect never be the same, so
far as the older and richer countries are con-
cerned The young and poor have been forced
by a graspng recommendation 70 learn 70 work
for themselves Even should II be possible Tor
the nations u hit on satisfactory solution or
the obscure monetary problem the words or the
last report OF the French permanent commission
on customs values Will be verified: We must
reckon more and more on the universal VIII 10
create national industries