The American guide., 1896-10-17
,,,v., from over dollar an oune. to It.

duced In such quantities at such small eS-
pense OF production, that its value cannot
be kept up to IL former standard. The
boast that the tltited States is able alone
to whip England md the rest OF the world
into the coinage Il silver at sixteen to one
or to force the yi,ue OF silver up to 81 %
an ounce Is mere lonsense. We are great
people indeed. bu' We have not yet grown
to the commercih' strength that our coun-
try means the commercial world. Would
ali the commercil nations together COIN
ing silver at sixteen to one bring up the
silver value Of billion 10 si29 an ounce7
Perhaps strong commercial reasons sug-
ge.t the contrary Would America alone
brlnE silver toyi.29i Assuredly not, though,
Of course. tho new demand for silver would
give some Increase to Its value-which In
crease, however. might again be Offset by
an Increase OF prlduction
BisinarcL a Sly Old roy
The ratio OF silver to gold. the archblsh-
op says. Is constantly changing, and the
question for us to DAY Is not what the ratio
was at a preceding date, but what II should
he in our time. n says It is true that Bis
marck has couns-ied the United States to
make the expert nent alone. and adds:
THE sly old fox Apuld, indeed. be pleased
to see America mike the experiment-and
go to the bottom o the sea"
Free coinage wnl give us money worth
| In the Commercial markets OF the world u
little over half otiits nominal value. The
stamp Of the COVE snment gives no value to
piece of metal, merely certlhes to Its
quantity and quality. II the government
stamp gave valui the debased coins Is
sued In the past hJ lmpecunous sovereigns
would not have srulned the subjects OF
those sovereigus and the assignat OF
France and the pr ger issued by Ferdinand
of Naples a GENTRY ago would not have
sold In the market almost as government
/ rags. Legal tcnds compelling men to ac-
cept against thei. will money above Its
commercial vnlue,in the markets OF the
world Is rank inju lice. The early financial
statesmen OF An lrica--Jeffcrson, Morris.
Hamilton-never thought OF making the
| legal value Of cuf higher than the COM
mercial value OF the metal Of which the
coins were made.
Business Colld Not Prosper.
business cannot prosper with currency
| rejected at Its fhmiral value from the
markets OF the wt I uu table and fuctu-
ating In real val such as free coinage
would giyeus. The sod 1o dlton OF the life
| OF business lr cert .HI42 to-day In cola
| mercc and In lustr1 Dr. Hf the time the raw
material has bee turned Into market
| able wares tie ca {.Eucs 3 likely to have
changed In vtlue 's.ugz, In all branches
| would become a tpeculation, a gamble.
| and conservative tapitai would keep out
OF sight. No loanf would be made. Capt
tai would remaip N the vaults OF safety
| or 20 to other ua0a nf the world, where
| reward 10 small lIt certain. And, with
out capital. there ill be no enterprises
and no work for : people
would Hurt Working Glasses.
The archbishop " he is convinced that
the greatest aufs s from free coinage
| would bo the labor classes Those above
| all others In the b who should to-day be
| on their TliArd hrt the silver move
msut are the la} y OF America Farm
ern may recsiv{. I1bcr price for their
products. but u value. OF what
i,se IL II 10 hal U)1r instead Of half
dollar il the 4 ~ purchase no moro
than thu ~ - y kSs~ own rIdsnfry..
and II his own ON Is impoverished II
| factories are tilsol q laborers IN cities
| ire pennIlcsS. ttr Z isHirr will receive but
little for his haisc Non on salaries will
scarcely hope tD hays their salaries
doubled, even 1il nRily and then their
salaries, such l. Hley may be, will have
only half the ID p 'sing power they have
to-day. Those wnp owe debts payable
principal or interttt--in gold will receive
the same salaries r. to-day. and their sal
aries will have buk half the debt Ing
power which they baye to-day. The only
men benented--anJ they are few to-day.
and It is scarcely worth while to bring
around revolutiou IN this country to BEN
ett them-ure the debtors. who have to-
day gold on hand. and who, by free silver
coinage will have their store doubled In
nominal value and will be enabled TO re-
duce their debts by one-half And for
those the question femains: Is It honest2
Cause Of Hard Times.
Replying TO the argument that we have
had hard times under tho gold standard.
the archbishop sais II is true, but 1t IL
a great fallacy to dttributc our hard times
to the gold STANDARD. Hard times have
come through thd severe and reslstless
working OF oconoutc laws, which 80 their
way In spite OF les3al enactmcnts and par
linmcnts or congresses, Our hard times
have come from he general competition
with the countries pf the whole globe, Into
which we are forcSi by choapncrs and IA
oillty OF transportation-froin ovefproduc-
tlon In past years. from extravaganco dur
ing good times, and from our own social
and political agitations. one OF the chief
causes OF hard times to-day Is the agitation
for a radical change In the currency OF the
| country,
Confidence the Essential Thing.
lie continues. 1T the American people
| put down by an overwhelming majority
! ina sgitation--bury II out OF sirht-ono
| clilcf cause Of hard times will be out OF The
way. Other eaues may remain more or less
| That OF the general competition with all
the nations OF the earth must remain. Good
times, however. may be expected to come
back surely, even II only gradually The
| oy,rproduction that gluttcd our markets
has been used up capital Ia anxious TO do
| something with Its money, II II can be
| invested safely, our wondrous natural re-
sources invite investments to develop thom.
| and. confidence restored. the outlook Is
| brirht but the essential thing IL CONT
| dsncr To-day 1t Ia confidence that IL
/ needed far more than an Increase In tho
volume OF currency. The volume Of the
| currency is large enough. to Increase II
nctitiously surely would not help US Nine
~ nor cent. OF all business Ia done without
eurrency-by checks and drafts, OF which
,bo whole foundation IL confidence Those
| ,.ho auff,r from hard times-and thcrc are
| r,,,v-,nust hearken to reason, silence pas
| 'Inn turn away from delusivo remedies,
and tho country viii be again pu, on tho
| road to prosperity
81 ask is It honest 70 try to pay debts with
haif the money which we received when we
nantrnctrd thrm7 Public or private debts
| oan,raet,d upon a financial system such
"a those who loaned money gave II at Ger.
,ain commercial value, and believed. as
,hey could not al the time have helped do
ing, that they would receive u back at the
| .a,ne commercial value, should be paid In
values OF that same financial system.
Ts,t ,he great American republic will az
| nation declare to the world that II will
~, make a law compelling Its creditors TO
no .atIsf,ed with half, or . little more. Of
,hs money they loaned to II, and 70 on rec
S .nS IN Inc eyes OF the world ~ broken.
S S,xr bankrupt. repudiatinG nation. 1t Is
moi possible TO believe No ons VIII say in
n,",,acation ~ OF such . policy that Americs
i.ann,nslled by national poverty to do SO.
,s.n no ono should Be able to say that she
'"''' rest Of Popular soverelsnty.
g, nav. of course. be mistaken. But
| -, "o,ne TO look upon the present agita
ns' ,,s,, !. The great test Of universal suffrage
WA WA nopular Sovereignty. Can tho people
setsnd au public honor and the Institutions Of
.ne asid Of battle? Can they be so calm
on s ~" a.i,herate In their Judgment. SO careful
| ana utllpes. .i.a. In ths srsls 70 res no,