Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-08-09

goid.'
"Their main point is that the intro
ductlon OF silver in this way into the
standard coinage would check the ten
dency OF money to appreciated or in
crease in value. 1t manifestly would
tend to check that tendency by broad
ening the base on which the monetary
system stands.
"Statisticians tell us that the quantity
OF coined gold in the world amounts to
about ESO0,000.000 sterling, and the
quantity of coined silver to about 77OO.-
OOO,OOO. The precise figures, in such a
case as this, are not of very great con-
sequence. For we may take it, at all
events, that the amounts are something
about those mentioned. Plainly, the
causes that :end to affect the value of
either OF the two precious metals would
have far less disturbing effect upon a
standard of value composed of the two
metals, conformity, to the value of 800
millions sterling, than it would have up-
on currency OF only half the amount"
+
''Then there is another point. AL
though an absolutely invariable stand
ard of value is practically unattainabe
by legislation, it is plain that a much
higher degree of steadiness of value in
the monetary standard may be attained
ny making that standard consist of the
TWO metals, gold and silver, conformity.
than II 1t consisted of either of those
metals alone. Obviously the combine
hon OF the two metals makes up a cur
rcncy far less liable to be affected by
whatever fluctuations may occur than
any currency composed of one or the
other metal alone"
If any mistake is made i'm the stand
ard of money it would be far better to
make it in the direction of too much
money than too little. But there ought
not to be any mistake made. The will
to go right should and will lead the
people right in this as in other matters /:
general prosperity, and not FOOLS
statistics or two fools statistics, being
the test to decide what is right.
1t is stated, and not denied, that all
the gold used in the world as money
can be placed in a cube of % feet. and
all the silver used as money in a
cube of GG feet. This fact alone is in
the nature of proof that there could not
be more money made from both these
metals than the world could use to Its
advantage. The history of the worlds
use OF money emphasizes this point It
has never had too much of gold and sill
yer. Always when it had the most, it
has reached its highest prosperity and
greatest civilization. Always when it
had the least, it has fallen from that
! prosperity and declined from that civil
! lization. 1t is a free circulation of
money that enables people to advance
their industries and add to their com
forts, and the moment that you cut of
this supply industries anguish and
comforts cease.
with the decentralization of silver has
come an increased demand for gold and
this increased demand has been followed
by its natural result-an increased sup
ply. If 1t were certain that the supply
were large enough to abundantly fill all
the purposes of money. ana if it were
equally certain that that supply could
be commanded with little or no delay.
there would be no occasion to return to
bimetallism. But unless this is certain.
such return should be made at once.
If Mr.. Edmunds means in referring to
the matter of the stability of standards
that the bimetallic standard is unstable
because under 1t money decreases i'm
value and prices rise, we would like to
have him say so and that will be time
enough to discuss that question further.
In this matter as in most matters, the
fair mean is tie desirable condition to
reach. Too much money or too poor
money no one wishes, and. on the other
hand, too little money is fearful dis
aster. of the two, the last is to he the
most feared.
The experience of the last twenty
years with the single gold standard. the
only time in the worlds history when
that standard was largely used, demon
strates' so far as that length of time can
demonstrate, its undesirable character.
Repeatedly, in the worlds history silver
monometallism has existed, but gold not
until England tried the experiment
in 1916. As long as the other great
commercial nations continued to use BIZ
metallism the experiment worked fairly
we'll, but since they followed the En-
glish lead, it has not done so. Disrael
said "Our gold standard is not the
cause of our commercial prosperity, but
the consequence of it, 1t served our
purpose as long as other nations chose
to take or give us silver at steady gold
price; but from the moment our policy
was initiated in Germany in 1873, by
discarding silver, this country began to
suffer loss which cannot be estimated.
Nor will the country which initiates us,
with the fruit of its wars with France
with success be benefited by it. 1t
will prove an incredible misfortune to
its people,
To be Continued.
CNTATE M NEDMnNT lilo I,,-f,..- -. n.