The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-10-29

ard to a narrow blanket Inc 'eX-
pcrts' referred to, are. of course not
the professors of political economy in
the German universities. but Camp
hansen. Delbrueck, Hamburger, and
the other statesmen who were imme-
diatcly responsible for the German
demunetizatiOn OF silver. On the occa-
sion referred to, Prince Bismarck stat
I'd that at the time OF the German
monetary reform he Ia too much
occupied with other important mat
ters To give attention to the question:,
and therefore left it to the EXPERTS
that he had since discovered that he
had been misled by the experts; and
that he intended henceforth. with more
leisure, to think for himself.
The reasons why the victory of
Mr.. Bryan would be likely to induce
an International conference are not
very abstruse. They really lie IN the
surface; but the position has been OBJ
scured by the ill-informed denuncia-
ions of Mr.. Bryan and his supporters
Is anarchists, 'revolutionaries,' So
ria'ists,' and 'repudiationists,' which
have been SO common since Lombard
street was startled by the adoption Of
a free silver coinage plank by the
Democratic convention. Prince Bis
Narck, whose letter is practically an
expression of a wish for the success
of Mr.. Bryan, can scarcely be regard
ed, even by the Times, as a person
predisposed in favor Of either anarch-
lists. repudiationists or revolution
aries. In order to understand his view
OF the situation we must consider the
probable consequences of the success
of Mr.. Mckinley or the one hand and
of Mr.. Bryan on the other as bearing
on the interests of Europe.
Should Mr.. Mckinley be successful
his government would be pledged to
maintain the parity of the silver dol
lars, the silver notes, and the green
backs with gold, at whatever cost to
the American exchequer. The attempt
has already cost the United States
in time of peace an additional
debt of $50, 900, coo within two
years. European investors, fnan-
ciers and bankers would probably take
the view that SO long as America on
tinued to make such sacrifices in order
to pay in gold they would have no rea-
son for interfering; and the financiers
and stock exchanges on this side of
the Atlantic would probably rejoice
rather than otherwise at another-to
lleIH-pIollldDl ISSUE ol DOlluS DdCkeu
by the credit of the American govern
ment to take the place in the Euro
pean markets of the hopeless American
railway securities of which European
investors are getting tired. AS for the
European merchants. they would. of
course. view with regret the probable
imposition OF another prohibitory Nc
Kinley tariff IN imports into the Uni
ted States in order f0 nrnfact the
American gold reserves; but they
would probably console themselves
with the reflection that SO long as
America remained under the gold
standard she would have no
advantage over the gold stand
ard nations of Europe as an
exporter to the worlds markets. Her
farmers and planters might be hit by
a further decline of the Argentine and
eastern exchanges as we'll as the farm
ers of Europe, but that would have no
persuasive influence on the bankers,
inanciers, n merchants of Europe.
Moreover, Notwithstanding the in
ternational bimetallism plank in the
st. Louis platform, it seems unlikely
that a Mckinley government would
make any attempt to secure an inter-
national >bimetallic agreement. ITS
FIRST EFFORT WOULD BE TO E
CURE A HIGHLY PROTECTIONIST.
TARIFF, AND THAT WOULD
SCARCELY BE A PROMISING PRE-
LUBE TO AN INTERNATIONAL
AGREEMENT ON A COMMERCIAL
AND FINANCIAL QUESTION. MORE
OVER, THE SO-CALLED SOUND
MONEY OR REPUBLICAN PARTY
HAS ALREADY BEGUN TO FIND
THAT IT'S .DECLARATION IN FA-
VOR OF MAINTAINING THE GOLD
STANDARD UNTIL AN INTERNA-
TIONAL AGREEMENT is ARRIVED
AT HAS PLACED 1T IN A VERY IL
LOGICAL POSITION, AND HAS PUT
A POWERFUL ARGUMENT INTO
THE MOUTHS OF ITS OPPONENTS.
IT, Mr.. Bryan and his supporters say
to the American electors, the gold
standard is a good thing for the United
States, why should the Republicans
endeavor to induce other nations to
help us to abolish it; and If it is a bad
thing. as the Republicans by their BIZ
metallist plank practically confess that
it is, why should we wait for the per-
mission Of other nations to abolish it?'
This argument is. causing the leaders
Of the sound money party to abandon
the plank
In the pamphlets with which they
are flooding the states, and which are
being poured into this country and Eu-
rope also, and in the leading New York
papers international bimetallism is be-
ing treated as an impossibility and a
delusion. and the single gold standard
is being definitely advocated as the
best monetary system for the interests
of the United States. For all these
reasons 1t does not at present appear at
all probable that the victory of Mr..
Mckinley would be speedily followed
by an International conference, though,
IL the consequences of such a victory
became sufficiently disastrous. such a
conference might be eventually forced
on the governments concerned.
ON the other hand, what would be
the position should Mr.. Bryan be VIC
torious and congress definitely deter
mine to enact the free coinage plank?
We need not stop to discuss from the
moral or legal standpoint the question
rs to whether the consequences Of the
reopening of the American minis to the
free coinage Of silver would or would
not be of the nature of a partial repu-