The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-30
Why Not Be More Independent ?

Why Not Be More Independent ?
An eloquent and powerful argument
is made by Archbishop Ireland against
the free coinage of silver as now pro-
posed, upon the ground that to try to
pay 100 cents worth of debt with so
cents worth of value would constitute
immortality. This argument, of course,
rests upon the hypothesis that unlimt-
ed silver coinage by the United States
alone at a ratio of 16 to l would result
in two kinds of dollars. the one kind
worth twice the other. The advocates
Of independent free coinage do not ac-
have not yet established that it is I'M
true; and until they do the burden Of
suspicion is likely to fall on their side
Of the argument
The Archbishop's second argument,
however, strikes us as having less force
than his first one. THE United
States" says he, "is largely a borrow
ing nation. A new country, unde-
veloped, is necessarily a borrower of
the older nations, and that must posi-
lively be taken into consideration when
we lightly speak of changing the form
of our financial basis. 1t is out of the
question that we by ourselves can Gre
ate silver basis to be accepted by the
balance Of the world, willy niIly. We
are an integral part of the general
commercial world extending over every
continent, and what we propose or
what is proposed by those who favor
silver is only feasible on the supposi-
ton that the whole commercial world
agrees with us to accept a bimetallic
standard. What we borrow we must
receive from abroad, and the foreign
capitalists will not invest in our mil
lions Of securities If they are to be paid
back for their advances in silver when
they can buy the bullion Of that metal
at 80 cents. They simply will not do it,
and it is an absurd folly to imagine that
we can compel them to do so. / have
said that we are necessarily one part
Of the general commercial world, and
whether we like it or not we must har-
monize with the other parts of that
world, far outnumbering us, and II we
do not, we alone must bear the conse-
quences. We can only hope to main
tain our prosperity by maintaining with
them cordial and honorable entente.
This to me is the simplest phase Of the
silver question"
While we would prefer international
cooperation, we do not concur in the
archbshop's belief that safe bimetall-
ism could not be established. If neces-
sary, by the United States independent
ly. Pass law putting a 100 per cent.
tariff on all forms Of foreign silver and
admitting the entire American output
to free coinage at our mints, at ratio
Of say 20 to l, and we cannot see where
In the experiment would not be bene-
fetal to the whole country. This, how
ever, Is not the point we wish to make
just now. What we want to ask the
archbishop is whether he thinks 1t de-
sirable that nation of 70,0000 900 pro-
gressive Americans. owning the rich
est country on the globe and having the
best of possible facilities for develop
Ing that wealth, should be nation of
borrowers from Europe. Why should
we not do our borrowing, as we do
most of our trading, at home, one with
another, and thus keep the interest
money in this country? More than 80
in gold per capita goes abroad every
year to pay interest on debts contracted
by Americans in Europe This is tre-
mendous drain on our substance. When
we have a. fine balance of trade, we can
stand this without much trouble but
when we have to meet federal expenses
by creating new debt, then the drain
of golden interest money to Europe,
added to the speculative outflow of gold
to the same continent and the sums
foolfshly spent over there by Ameri-
can tourists makes a total which, while
we are upon single gold basis, is
bound to be most troublesome.
The cry that we must look to Eng
land for money is very general these
days; and perhaps very true under pres
ent conditions. But 1t is nevertheless
confession of weakness and of finan-
cial subserviency which the chief ma
.fion on earth ought fo ho haa rtilv