The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1895-03-28
HISTORY OF MONEY
Worlds Creditors Make I'm
ceasing War on Silver.
KILLED THE GOLDEN EGG LAYER

AluuuU lllu UUuUuN IUU LII Ill
DemOnetfz alton of Silver Has Prac
tically Made England n Present O.
s4.OOO,OOO,OOO = Business Checked
and Enterprise Ruined.
Conspiracy is hateful word. We
naturally hesitate to charge such action
upon honorable men, bankers and law.
makers. Nor is the matter much helped
by speaking of it as a preconcerted
movement, as has lately been SO much
the fashion in congress. 1t is not neces-
sary, however, to charge an actual con-
spiracy against silver, for the whole
history Of the world shows that class
widely diffused, but all interested in one
movement, will work as effectual]y to
aid it as if sitting in continuous con-
ventlon. What do charge is that for
over 25 years the worlds creditors have
worked without ceasing, and all their
efforts have been in one direction; that
the facts as now submitted by them
selves, show results which, though they
may not have been minutely planned in
advance, have yet been foreseen by the
shrewd ones, and while the movement
las been as uniform and persistent the
results have been as complete as wrong
tul to debtors and as profitable to credit
ors as it designed by the most artful
conspiracy OF which man is capable. In
proof OF this let facts be submitted to a
candid world.
War Begun Against Silver.
In 1867 the worlds creditors met in
convention at Paris under the name of
the international monetary conference.
The assigned reason for this convention
was that, as international commerce was
rapidly increasing, the diversities of
coinage were becoming a great annoy
ance. and the alleged design was to as
simulate the coins so that they would
pass from nation to nation just like tons
OF wheat or pounds of cotton. But no
sooner did the convention get to work
than a deeper design was revealed.
Nineteen nations were represented, for
the great exposition was in progress,
the financiers of the world embraced the
opportunity to see it, and the French
committee Oh coinage had made thor
ough study of the worlds metallic
money and invited the nations to hear
its conclusion. That committee made
lengthy and minute report, the chief
point Of interest in this connection be-
ing that the Latin union, then consist
ing OF France, Italy, Belgium and Swift
zerland, was coming freely of both
metals at the ratio Of 1515 to and
could continue to do so because the
worlds stocks of silver and gold were
almost exactly equal, and the greater
value production Of gold then, and for
many years preceding, was certain to
be absorbed in the arts. The American
proposed 25 franc gold
coin ($4. 821a), to which the American
$5 piece and the English sovereign or
pound sterling could by degrees be as
simulated, but this was combated
chiefly on the ground that it would dis
turb the whole decimal system of the
Latin union, and our commissioner
came away somewhat out of humor.
Quite suddenly, as it would seem, the
ground of the discussion was shifted,
and the war on silver began. The unax-
planned puzzle about this convention
Was that the Latin union, which had |
called it, was bimetallic union and
declared free coinage a success, and yet
With only one dissenting nation, SO far
IS can be determined, and with surpris-
ngly little discussion, the convention
that international money lis
Ittainable on the basis and condition Of
'dopting the exclusive gold standard,
eaving each state the liberty of keeping
is silver standard temporarily. "Hol-
and alone combated the proposition.
All the silver standard countries pres
Mt, the United States included, voted
or it, and only one man in the oonven-
ion blurted out the plain truth Presi-
ent Mees Of the Bank of the Neither
ands predicted worldwide trouble and
eclared that ito adopt the gold stand
I'd everywhere would reduce silver to
hange money, and consequently gold
7ould rise in valne.'' m
Gold Standard Adopted.
Shrewd as they were, they made one
listake. They seem to have believed
aat the national debts Of the world had
cached their maximum and the cor {
orate debts nearly SO, and that many
ears of peace were to follow. Only {
'ur years later France had to agree to {
ay Germany the great war indemnity, !
mounting to nearly 81, 900, 900, 900. 1t
as then that the war on silver became ,
'tlve. Germany announced that she {
ould seize the opportunity offered her 9
her receipt of that immense indem-
ty to destroy the varied silver coinage c
all the little governments absorbed
to the empire, would start her i'm g
rial coinage on gold basis and throw r
'on the market all the old silver, sup r
'sed to amount to $24O, 900, 900. The 9
arket staggered at once, and the at i
mpt was for the time abandoned. In t
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