The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-10
down. Hence these runners and hence
what will follow. Jones must go.
ApGuEs FOR n1METALLIsM.

elsewhere from Mr.. RaVelll contains
great many solid and satisfactory ar
guments, but nearly all of them are
applicable only in support of the prin-
ciple of bimetallism. His idea Is that
what has been called the alternating
standard, by which now gold and now
silver becomes the current money of
account, is a better arrangement than
an unvarying standard of either gold
or silver. Such a system 1t was that
prevailed in France for many years,
! during a period when no extraneous
circumstances, whether increase of
supply or favorable legislation or
what-not. disturbed particularly the
| relation between the coinage and the
bullion value of the money metals. We
have no disposition to attack the ar
| guments of Mr.. Raveill which look to-
ward the establishment of general BIZ
| metallism, because we are and have
been entirely in sympathy with them.
While there is no such thing, and can
not be, as "a double standard" there
can be the use of both of the two metals
as money at an agreed ratio, provided
/ that ratio does not vary too widely
from the market ratio, and provided
the arrangement is entered into by
/ powers sufficient in number and influ-
| ence to sustain it.
In other words, we believe that in
/ ternational bimetallism would be a
most excellent arrangement for some Of
! the reasons stated by Mr.. Raveill The
criticism that we must pass upon his
| position is to be expressed in his own
words: What we want is not a fine
| theory but stability What we do not
want is fluctuation" Now, the adop-
ton by the United States alone of free
coinage of silver at a ratio in defiance
of all commercial conditions would give
us anything else but stability. 1t would
inaugurate a time of such wide and
violent fluctuations in the standard Of
values as has never been seen in this
or any other country, except during
the periods Of liberal issues of incon-
Vertlbie paper money. The theory Of
international bimetallism is a strong
| one, and we believe in it's feasibility
But why in the world a man who holds
1t should think that it furnishes a rea-
| son for free coinage by the United
| states alone at an impossible ratio is
what we do not understand. The cor
receive effects which Mr.. RaveiIl dis
covers in the use of both metals would
not be operative when a single nation
was trying the experiment of lifting
the value of some $4,000, O00 900 worth
of silver, owned largely by other coun-
tries, to twice its market price.
1 Our correspondent also falls into that
almost universal error which we can
not understand in men of breadth of
view and strong reasoning powers.
such as he exhibits, Of dropping out of
consideration all the other factors in
this problem except the act Of 1873.
This Is most palpable blunder, which
vitiates all the conclusions that follow.
Let us repeat that since the law of
1873 went into effect the annual Sill
yer product of the world has increased
in the face of an enormous fall in price
by more than $50 per cent Does that
count for nothing, and can its influ-
ence be overcome by a single 1egisIa-
tive act? Moreover, as we have re-
| Gently stated, not only the United
States, but Germany, the Scandinavian
Union, Belgium, Holland, France, Italy
and Austria-Hungary have all ceased
to coin silver since 1871. If the
! act of 1873 in the United States
Is as potent as the silver advo-
Gates believe, how much more potent
| must have been the combined action
of all these great European govern
ments, which, at the time, were using
silver so extensively
| If, now, for the sake of argument,
we admit that a part Of the deprecia-
ton in the price of silver since 1870
| is attributable to legislation, how can
we deny to the acts of six or eight
European governments their share; and
credit it all up to law of the United
states, where no silver was being
coined, and only $S,00O,0O0 had issued
from the minis altogether? Whatever
may have been the effect of legislation
upon silver prices, that effect was pro-
duced, not by the United States alone.
but by the law Of 1873 in connection
with the cessation of silver coinage by
all the great commercial nations of
| Europe united If we are to assume
| that it is desirable to retrace our steps.
we can retrace them only in the order
and by the means in which they were
originally taken. To repeat an illus
tration that we have used before, sup
pose that dozen men living near to-
| gether conclude that a huge boulder
would be an ornamental addition to
! the grounds in front of their houses
and their united strengths are Just suf-
ficient to place it where they want it,
| Suppose, now, that one of them decides
! that it would suit him better to have
| it carried back again. Whether his
reasons be good or bad, what a ire
mendous bit of folly 1t would be for
him to tug and strain until his hands
were torn and bleeding, his muscles re-
| Taxed and his whole physical being
| broken down in an attempt to undo
alone what it had required the com
bined strength Of himself and his asso-
| ciateS to perform originally.