The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-04-21

INTERNATIONAL BI-METALLISM.
The growing sentiment ia England In
favor of International bl-metallism In
finding hearty response Ia France. and
the interest Is increasing In Germany.
The stubborn adherence OF powerful and
perhaps selfish interests In Great Britain
may act as check upon any efYectual
legislation, but even without 81 there Is
no doubt that the combined action Of the
Latin nations with the United States could
be made 10 result fu an international
agreement for the coinage OF gold and
silver as standard money sufficiently
powerful 10 be practically universal.
untIl the period between 1871 and 1874
there had been but little variation be-
tween the value OF tho two metals not
withatanding all the fluctuations In their
relative production. Since that time the
divergence has heen great and continues
TO become greater. and the consequences
threaten 10 be disastrous unless the ma
tions. exercising their prerogatiyc. take
legislative steps 10 restore the parity.
The United States alone cannot restore
silver to the place 1t has occupied for
centuries. but In combination with other
nations interested equally with us In
maintaining a sound and substantial cur
rerey. such a ratio could be fixed as
would insure the respect OF the entire
world. The experience OF the past few
years has demonstrated that the theory
that supply and demand acting independ-
entity upon the value OF the two metals
would maintain a parity was fallacions.
for almost simultaneously with the aban-
dcnmsnt OF legislative rating of silver
II began 20 decline. Statistics given I'm
these columns show conciusivety that
through the long period of two hundred
years. and during all the fluctuations Of
production. the ratio had remained prac-
tically the same; but 30 soon as the
legislative link which bound the two
metals were severed. the divergence be-
tween them began. The gold mono
n.etaiilsts insist that this divergence is
dgs 10 the decline of silver, and many
members OF the English commission were
inclined TO take this view OF Il. but as all
other commodities began TO decline In
sympathy their eyes were opened, and
The conviction Is rapidly spreading that
II Is geld which is advancing by virtue OF
its legislative monopoly.
One OF the members Of the royal COM
mission OF isSS. and who then reported
adversely to the adoption OF bi-mefallisrn.
on the ground that 1.-THE greater part OF
the fall IN prices Of commodities has
resulted from causes touching the COM
modittes rather than from an apprecia-
ton Of the standard" later recanted.
lie publicly declared. II am now salts.
fed that there has been an appreciation
Of gold greater than l suspected when
] signed the report and should no,
he able 70 concur In the same paragraph
again"
This goes right 20 ths root ~ the cues.
ton. II gold has appreciated Il Is because
81 legislative support. Gold has no, be.
come less plentiful. on the contrary. n
has Increased in annual output, so fha,
the enhancement 81 tts value Is not 4ua
10 scarcity. Il viii not he denied ;ha
- growing scarcity OF gold ana an In.
creas'ag supply 81 silver might IN the
course OF few years have A dfssurhlnr
Influence: hat the steadineSs 81 sslve~
hs medium 81 exchange through the
years % most active production ia proof
that the addition % the bulk Of the
metal has been met ~ the greater de-
mAua created by enlarged commer.e.
Cernuscht says: Mature produces al.
yer aud gcia, bat does not produce man.
ey. II Is the legislator Who attrSouteS "a
one - the metals or ~ the two fairslv
the monetary funetioa. sSumlrsna' comes
from 'naufos.' law" Aristotle saws
Money haS vAiue only ~ the law as4
not by nature smawrnWcA aS a change a,
agreement among chose who Use Il ear
depeeciate q completely" TIE ancian'
philesepher may, q seems rreza ra,eni
events yet se studied - great advantage
Edward Tuck. who IS she raoxs clear
and foreGble - the advocates ef tnterna.
tfonal hi~metasNsrn. haS expressed n.
situation In terms whlrh should become az
ertlcle OF fsita. "tn the period Re saws
between lbs ara lsss. when she YarA1
rasso 80 the two metals vas as IS 20 IN
the United States ana az fEss 10 =
France esss flowed f~csn the Ytnfs@4
States 80 fsircpe, where ffs ehanreaAtttsy
VAS largest. wssile slivsr aowea from Ha,
rore 10 the United states where e,
changeaeiifty VAS largest N lisa fhs
United states changed the ratio - IS "a
J., Instead unfortunately. es a*srssnx ~
r4tta - fsfs - in accorss VITA France.
ana fren thss tiae On silver mlxvafe.l
- Europe. eosA taking IS place IN ths
rnssea states" The cheaper eosn r.
mains ard the se&rr~ ore Faserates &c ,hs
,.oanFv aaere. ey Different legal ratI.
between she two metals. u - nsoxa hsgAsy
valued
rs avoid tNe danger - either exsrwzne
International bt-sacs alltsss insist that a.
esatnesse ssa&I ee established ~ law ap-
@a a. tnvar5aeie parity e sntery2ssnke,
ahe V&l4e. Taas wcgl3 var3a6le prefer.
eaeos Pc aha}jsAsA. Aaa ere pVkea q 81.
ver - as Granly established In tAe Gem
rseEes .. sAs wega3 "a ae.1