Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1895-05-16
FRgEcolNAeE AND BI-METALLIsM

The advocates Of free silver may be
divided into two classes; those who
have silver to sell, and therefore adj
vocate its coinage from purely selfish
motives; and those who honestly be-
lieve that single money metal fur
nishes a basis too contracted for the
business of the world. These latter
believe that free coinage by the United
States will hasten the worldwide "res-
toration" of silver; but in this they
are woefully mistaken.
The unsatisfed demand for gold is
the only force that can bring inter-
national bi-metallism; anything that
weakens that demand will retard BIZ
metallism; whatever strengthens the
demand will hasten it. If we adopt
free coinage, we must make silver a
universal legal tender, and no one will
pay us any more gold, because silver
is cheaper. Furthermore, inasmuch
as the silver dollar will be worth less
intrinsically than the gold dollar, gold
will go out of circulation, the most OF
it being exported. All history proves
that this result will inevitably follow,
and it is idle to dispute it. The con-
sequence of free coinage, then, will be
movement which Will give European
nations the bulk of our gold, and will
unload on us as much of their silver as
they choose to send US. Their demand
for gold will be satisfied to this extent,
and the prospects of bi-metallism COR
respondingly lessened.
Suppose, on the other hand, that we
stand by the gold standard, as we have
it now, a little longer. What will be
the result of the "agonizing strain
after gold, that the silverites talk about?
Our sales to European nations con-
sist largely of food and clothing mate
rails, things that they cannot do with
out, and of which no adequate supply
exists anywhere else. The prices of
these goods are stated in gold, and they
are promised to be paid for in that
metal. AS a matter of fact we take our
pay in other goods. But these goods
are things that we can either do with
out, or can produce for ourselves at a
little greater cost; and this is the key
to the whole situation.
Europe must buy from us, for we
sell them necessaries; we are not COM
PEELED to buy from Europe, for we
only buy luxuries If, then, we refuse
to accept her goods in exchange, and
demand gold instead, she must pay the
gold or else 90 hungry and half-clothed
The fact is, that under present condl-
tons we have practically the command
of all the gold of Europe. Free coin
age will give her absolute command
of all our gold.
If it be asked why Europe has not
yet awakened to the existence OF a
state of affairs so dangerous to the sta
bility of her monetary systems, the re-
ply is that she has recognized it but
that it is not dangerous, in her view,
so long as there is prospect OF our
adopting free coinage.
To demand gold, as We have sug-
gested above, for all our exports would
revolutionize trade and business, but
it will not be necessary to 80 to that
extreme. By simply announcing to
the world that we will not adopt free
coinage we shall make Europe eager
to take measures to save herself from
the dangers which threaten her from
our advantage of position, and those
measures must take the form Of inter
national bi-metallism.