The record-union., 1895-05-11

would annihilate all fixed par between
New y ork and London, repeating the
terrible Inconvenience in our European
exchanges which we suffered in war
times, when we were upon paper basis.
The damage that this order of things
would effect, it seems to me, the friends
| of national free coinage have not suffi-
ciently considered. l take it that it
would work very much like a prohibit
tive tariff against European manu-
| facturerS and in favor of American
manufacturers.
| L can understand how American manu-
facIurers might wish such q system to
prevail, for it would assure to them the
American market far more decisively
than did the Mckinley Act, at the same
time enabling them to export to Europe
| lines of goods which have never yet
crossed the Atlantic in that direction.
| This would be possible because wages
here would not rise so rapidly as would
general values. 1t is one of the anomalies
of the silver controversy that our manu-
facturers nearly all oppose national free
coinage, which would give them higher
protection and an Immensely larger
market than they can ever obtain other
wise.
But it would certainly not be well for
the agricultural sections of the country
thus to be cut off from Europe. Europe
is the only great outlet for our agricult-
ural produce, and any diminution of the
European market for this produce must
deleteriously affect the entiro farming
population of our land-a fate for which
no prosperity of our manufacturing classes
could atone.
Silver money below gold par would in
deed tend to spur our agricultural ex
portatiOn, too, as in Argentina and other
paper countries, which send un-
tnl a n q Of hnir M tn
spite of the crazy exchanges. Still, sup
posing Europe on gold basls and the
United States on silver basis below the
gold par, American agriculture cannot
compete in Europe with that OF paper
countries, because these can cheaper
their paper afresh whenever necessary to
renew their advantage. This species Of
advantage might, to be sure, remain
theirs. even if Europe should adopt BIZ
metalllsm, but in that case those States
would, in all probability, soon bring their
paper 10 par, restoring To us those natural
advantages as an agricultural nation
which the decentralization of silver has so
largely rendered imperative.
1t will be said, know, that our course
in favor of silver would give us, as
against England, the silver countries
market, ana that England would be
forced to follow us in The use of silver, or
! else renounce its position as a nlanufac-
turer for the world. Should we take up
| silver this pressure would indeed be
! brought to bear upon England. 1t would
| be severe. too, and l think that it would.
| as stated, ultimately drive England to
| adopt silver. But that this result would
come in any very near future is most
unlikely. To see this one needs only to
reflect upon England's slowness in be-
coming aware that there is q silver ques-
ton at all. The degradation of silver has
| Of dc
sterling already, but the classes there
| who profit from the appreciation of gold
have TILL within few months been able
/ so to control opinion as to make those
wishing monetary reform appear to the
public to be simply cranks, aud weak
minded. There Is no knowing what
| years it might require for the competition
of America with England i'll Japan,
China and South America to bring Eng
land to join US in the use OF silver.
| The problem for this country would be
very different if there were no hope OF
| steps in the right direction by Europe
| within d short time. But, spite Of all
that our gold papers continually say to
the contrary, such hope is bright; and it
will grow brighter with the days unless
the attitude of powerful bodies in this
country leads Europeans again to think
that we are going to attempt alone the
solution of this perplexing problem.
There is no doubt in my mind that the
monetary policy of Mr.. Cleveland, usu
| ally thought averse to silver, aud tor
aught L know meant 10 be go, has really
been one of the principal causes awaken
ing Europe to the necessity OF doing
something Tor silver. So long az Euro
pean Governments thought that we were
on the verge OF going to a silver basis
they did nothing, and II they could to-