The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-06-20
An American Silver Policy.


some salient points in strong deliv-
ance by Archbishop Ireland against the
independents free coinage by this coun-
try of the worlds silver. at the ratio of
l6 to |. In the New York Freemaps
Journal Rev. DR.. Lambert, also a noted
clergyman of the American Catholic
church, takes issue with the archbishop
to the extent that the latter regards
international concurrence as essential
to the solution of this currency problem
Says DR.. Lambert:
A country like ours. possessed of bound
less resources. with unlimited capacity o.
production. unhampered by armies mat
eat away the substance of the people, free
from those complications which may AT
any moment Set Europe in blaze of war,
does not depend for Its prosperity Oh what
the monometallists of Europe may or may
not do. According to the statlstic'an.
Mulhall. We are today the leading nation
of the world. We are ahundant'y able ana
can we'll afford to frame our policy with
respect to our monetary affairs indcpend-
emily of the rest of the world We as a
|
cog In the wheel of the worlds COM
merce. The archbishop thinks that any
change whatever in our financial policy at
present without the consent of foreign
nations would be detrimental TO our pros
per.ty 1t might be asked here, what rea-
sonable hope OF a betterment of our pres
ent unfortunate condition can We have
from a continuance of our present imam
cial policy, since 1t was this very policy
that brought on the conli:ion OF affairs
that Is SO bitterly complain al OF? We do
not believe in financial homeopathy or
that the continuance of an EVIL ~ NE hest
way to cure 1t. Has this great republic
sunk SO far in tnc financial auaSmire that
We can do nothing for our own relief, but
must cry out to England France and
Germany, Save us, or We perish?' II so
we are at the end of the great experiment
and the republic is 4 failure. :ut We 90
not believe 1t.
While DR.. Lambert's sentiments are
properly tinctured with self-reliant
Amerlcanism, his case would be made
stronger by a definite statement of
what he proposes as an Improvement
upon the present condition. Not free
and unlimited silver coinage at the
ratio of 16 to /, evidently, since that
would be to run a needless risk of los
ing our gold and thus passing to silver
monometallism. as hurtful in its way
as Is the opposite extreme. But If not
that. what?
Let us briefly suggest an American
solution Of the currency problem: First.
enact high tariff duty on all forms Of
imported silver, sufficient to keep it all
out. Second, admit to coinage, at a
such of the American silver product as
would not be required in the arts. or. at
present rate Of production, about $780,
O0O, 900 to $40, 900 900 year. Third, CON
fer special trade privileges upon ma
tlons agreeing by treaty to stand by the
United States In an effort to, secure an
international bimetallic agreement.
Fourth, then go ahead. The rest would
be easy. Our gold would stay with US,
since there would be no profit to any
body In trying to force 1t out. The west
and south would revive under the infiu-
ences OF an expanding currency; and
as their Industries developed We would
have larger surplusages to sell in Eu
rope and thus get a larger balance of
trade. payable in gold. Gold would thus
accumulate In this country at the same
time that American silver was being
we'll taken care of; and in few years.
under the stress of our fierce competi-
tion. debt-burdened Europe you'd be
forced 10 remonetize its silver or go to
the wall.
Thus. 1t seems to uH, the United
States could solve the money question
Independently Of Europe, and be in ev-
cry respect the gamer. But will it have
the courage to make the attempt?
Time alone can tell.