The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-04-27


1S73-1S92 1900 100000 1900 000. 900
In the first period twice as much sill
yer as gold was produced. In the Sec
ond period nearly three times as much
gold as silver. In the third period twice
as much gold as silver was produced.
And yet, despite these variations and
disproportiOns, the two metals re-
mained practically at par under the
double standard IN the last period
only one-fourth more silver than gold
was produced. Who can believe that,
with the production of the two metals
so little different, they could not have
been maintained at par had silver not
been demonetiZed? The best and final
answer to the assertion that the double
standard will not work Is that 1t has
worked. 1t was in successful operation
when the demonetizing act of 1873 was
passed. 1t was introduced into our
system by Alexander Hamilton with
the cordial approval Of Thomas Jeffer-
son. 1t was overturned apparently at
the lnstigation of our British creditors.
Can Government Give Valnc?
1t Is said that 1.-The government can
not give value" If law should be
passed forbidding any one to make Il
tin roof. the price of tin would fall. If
a law should be passed forbidding any
one to use anything but tin for roofing
purposes the price of tin would go up.
When the government took from silver
the money function, the most important
of all it's functions, silver declined. Re-
store that function to 1t by law, and
silver will regain the value that 1t lost.
VIII Gold BE Driven Out?
1t has been declared that the result
of an attempt to restore the coinage of
silver will be to drive away our gold
and to induce flood of foreign silver
to pour into this country. The fact is
that we have more than doubled our
stock of gold since we began to recoin
silver Here are the figures:
Gold in the United States.
Jan. !, 1919. 9....................... S2lSOOO,OOO
July j. lo9o'....... o9S,VvO,OOO
Which nation has the largest stock of
gold? Is it Germany, Great Britain or
the United States, the gold monometal-
lie nations? No; 1t is France, which
holds fast to bimetallism. Thus
France, the country which has the
most silver. has also most gold. What
has been the effect upon the American
stock of gold of repeal of the silver
purchase law, which was said to drive
out gold? We made a net loss Of gold
In the first nine months of 1894. after
repeal of the law, just seven times
greater than that made in the first nine
months of 1893, when the silver pur-
chase law was in operation. Under a
system of bimetallsm gold will flow
into the country because nobody will
care to hoard it or to corner it If there
that gold will do. ..
Ara wa lilxa1v IN ba AnnIa6 with fnr-
eign silver? Where will it come from?
Europe has no silver, but silver money
which circulates at par with gold, as
our silver dollar does. To send that
money here would be to involve loss
of 3 per cent, plus the cost of transpor-
tation, for the European silver Is coined
upon a ratio of 15la to l., while ours is
upon ratio of 16 to l, Not dollar
of European silver will ever come to
this country under such conditions.
But, If the peril was indeed great, why
should it not be averted by the simple
expedient of placing a duty upon
foreign silver?
Our Trade with Europe.
Complaint is made that if we shall try
to restore silver, and gold shall dis
appear, we cannot conduct our trade
with Europe. If we should indeed go
upon a silver basis there would still be
no difficulty in conducting commercial
operations with gold standard coun-
tries. India and Mexico, silver coun-
tries, trade easily with England. We
trade with nations having different
kinds Of money and different weights
and measures. But nobody desires that
we shall part with gold. The bimet-
allist wants both gold and silver and he
is sure that we can retain both. If
gold be necessary to trade with Europe,
so Is silver necessary that we may
trade with Asia and Southern America.
We face Asia on the west as we face
Europe on the east, and we have in this
hemisphere string of silver using ma
tions reaching down from the Rio
Grande to Terra del Fuego. And mark
this! While there is hardly an article
for which we are dependent upon the
gold using countries, we are depend
ent for multitudes of the necessarles
of life upon the silver using nations.
Shut us off from buying in Europe and
still we should thrive. Shut us off
from Asia and Southern America and
incalculable injury would be done to
the nation.
The question of the best and safest
means for obtaining the restoration of
bimetallsm Is one of great difficulty.
The conditions are wholly new. There
are no precedents. Never before since
the world was made were men so fool
ish as to discard one of the precious
metals. Therefore any movement
toward restoration must be In a degree
attended with uncertainty. The man
who positively declares that free COIN
age attempted by ourselves will pro-
duce hurtful consequences has no bet
ter ground for the assertion than the
man who, with equal postveness, de-
clares that it will be perfectly safe.
reasonable possibility that we could
perform the feat single-handed; but, If
the assistance of foreign nations he
needed, then our self-respect requires
that we shall not solicit 1t but COM
mand it. A promising method of doing
that was indicated last summer by
Hon. Thomas Il. Reed. 1t was that we
should give tariff-favors to the nations
which will consent to act with us. If,
however, the choice lie between going
back to bimetallism by our own ef-
forts or not going back at all, or if it
lie between independent action on our
part and waiting long for foreign help.
the opinion of the American people will
probably be that we should act without
foreign help.
The Duty of the Hour.
We are disposed to believe that the
perils which once menaced the republic,
the perils that are past, are the great
est that can menace 1t. But 1t Is not
50. The struggle for existence is per-
petual with the nation as with the in
dividual. The forces which tend to
break down, disintegrate and destroy
are as incessant In their activity as
those that build up and maintain. Each
generation has its own hard problems
to solve and these problems come to 1t
in unlocked for shapes, from unex-
pected quarters. The generation that
preceded ours had to deal with slavery.
That was hideous and formidable, but
It was visible. tangible, openly aggres-
sive and plainly antagonistic to the
principles Of our institutions. At the
last 1t came upon us In the full tumult