New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-10

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ana ouild up great trade In China. japan India
and South America so long as Germany perse.
Vered In maintaining the gold standard: but their
experience has not confirmed these fears Ger
manys greatest conquests In foreign markets
nave been made where deprecated silver is used.
ana her own gold standard has not interfered
win her commercial triumphs Manufacturers
and merchants have not been converted by BIZ
metallst argument. The chambers of commerce
OF the great industrial centres have not shown
any lack OF faith In the present monetary system.
Wage-earners In the factory towns have only
shaken their heads incredulously when they were
told that their condition would be improved un
der bimetallism They were not political econo-
mists. but they understood the plain facts Of their
recent experience Under protection and the sin
gle standard their wages have been slowly ris-
Ing in rate and steadily increasing In purchasing
power. and there is TO lack Of industrial employ
ment They have not been disposed to believe
that their chances OF earning a living would he
Dettered by the abandonment Of the gold stand
ard under which the industries of the Fatherland
have been adjusted TO the conditions OF mercan-
tile competition with England throughout the
world
The German Government has been Influenced
by the commercial exchanges rather than the
agrarian agtators. 1t has taken no steps back
ward and has done nothing tending to discredit
or reverse the financial policies under which Ger
many mas been prospecting For fifteen years
there nave been bimetallist petitions and debates
IN the Reichstag. but progress there has been
none. sometimes a concession has been made
Tor political effect as was recently done when an
investigating commission was appointed for the
purpose of heading off the opposition of the agra
Ran classes TO the Russian treaty; but ordinarily
the Ministers of Finance have emphaticay con-
demned any change of fiscal policy and one
Imperial Chancellor after another has depreca ted
negotiations with foreign Governments conducted
with view to securing international action re-
specting silver. The Government rejected only
few months ago a proposition from the Reichstag
for Convoking a international conference
and in this attitude it is supported by the Bundles
rath. as well as by all the influential chambers
OF commerce. The silver party is not gaining
81 round in any section of the Empire In the uni
versities it is losing some Of Its powerful ad-
vocates, and in the Rechstag its leaders are not
offering arguments. but merely repeating
we-known phrases with diminishing confidence
and spirit. This is the account OF the silver move
meDt which impartial observers have TO give and
there is little reason doubt its substantial &C
curacy
EFFECT OF THE REPUTATION SCHEME.
NIf the German bimetallist cause has been MAX
ing no progress in recent years outside of South
ern Bavaria and Eastern Prussia. 1t has been
completely paralyzed by the conversion of the sill
movement In the United States into repu-
diation movement. The agrarian lead~rs have
never advocated silver monometasm, and
turn to the conditions prevailing before the es-
CHI toff hoE hor
a policy which would reverse the monetary reform
measures of the last twenty-five years. drive all
the gold out of the country and involve general
payment of debts in deprecated currency. They
have favored international action by which sill
yer would be brought into general and
its value enhanced, but have never proclaimed
revolt Of the debtor against the creditor and an
enforced reputation of National obligations. The
effect of the free-siver campaign in America Is TO
djscredit the bimetalst movement In Germany.
II silences the professors In the universities and
discourages and dsheartens the agraran leaders
in the Rechstag The proposal Of Democratic
repudiationists tina; silver shall be freely coined
and received in payment Of debts, National and
individual at the ratio of 10 to l. when the mar
ket price is 80 to l. abashes and alarms the Ger
man bimetallist. who has never ventured to ad-
yocate barefaced policy of plundering creditors
1t puts him in false position In his owr country
and Identifies him with a preposterous cause. AS
for the German Government 1t still has the 4OO-
900 900 of marks in legal-tender thalers which II
would be glad to send to America in the event OF
Mr. Bryans election. But 1t will not part with
the stock of gold which 1t has been accommodating
since 1871 unless 1t be forced to do so. The stabl
fly Of the currency system is one of the founda-
tons of German prosperity and 1t will not be
shaken by the whlrwind of political excitement
in America l. ~ L.