The Saint Paul globe., 1896-12-11
PROSPECTS OF BI1ETALLIsM.

The American public will take a deep
interest in the statement of the French
premier that the people Of that coun-
try are suffering from general fall in
prices and must find their remedy in
international bimetallism. This, com
Ing in concert with the proposal of
majority of our senate to take steps at
once for an international conference
and action looking toward bimetaIlic
agreement, indicates that the subject
will be one of intense interest and of
possible action within the next few
years. 1t is clear that the peoples of more
than one country are convinced that
the restoration of silver to its place in
the money of the world is essential to
the Improvement of markets, and even
to the maintenance of present prices.
We believe that they exaggerate great
ly the effect which the cessation of
free coinage of silver has produced
upon the prices of commodities. The
great fall that has taken place is ac-
counted for by changes in the cost of
production, due partly to the opening
up of enormously rich new sources Of
supply and partly to new and cheaper
processes in every department in the
world Of economics. Where you can ex-
plan a phenomenon by facts. it is
more rational than to discard facts as
secondary and give the first place to
theories. 1t is indsputable, on the
other hand, that if this tendency to
lower prices is incident to the increas-
ed efficiency Of human labor due to
mechanical discovery and invention.
then it would be best for the world. az
tending to maintain desirable eoui-
horium, to counterbalance this tenden-
cy, as far as may be, by such action as
would assist in preventing prices from
going still lower. It is conceivable
that the fall might be to some
extent checked by the admis-
sion to the currency of the world of
the worlds available silver product if
that could be coined at an agreed-upon
ratio which would insure its interna-
tional circulation on terms of equality
with gold
Every circumstance goes to prove
that this action must be international
II 1t is taken at all, and not local to
any one country. Whatever has bean
contributed to. the fall of prices hv tho
cessation of silver coinage was effect
ed, not by the action of the United
States or of France or of Germany
or or any other single government. but
py all of them combined. AS we had
occasion to state so freouentIv 6,r-
Hls the last campaign, an effect that
mas proceeded so far as to cut the com
mefcial value of silver in half cannot
De remedied by the action of any one
country alone. The very Announce
ment that the farmers of the French
republic feel the same pressure that
is on those of America is proof enough
that whatever remedy they desire to
apply must be one which they hold in
common. The contention that the pros-
poets OF international bimetallism
would be advanced by a defeat of sill
Yer monometallism in the United
States is already proved All the great
nations of the continent are in posi-
ton where they would not be likely TO
reject project to join with
the United States in some coinage
agreement by which silver might be
admitted to their mints Great Britain
is still obstinate, although the bimet-
allie sentiment has been making great
advances there. While we do not look
Tor immediate results, and while the
extremists in the United States senate
will hardly permit any international
conference, except on terms that are
impossible of acceptance by other gov
ernments. we may be reasonably as
Eured that the whole proposition of in
ternational bimetallism will be canvass
ed during the next few years with
theroughness and practically OF pur-
pose that promise substantial results.
International 'bimetallism, like rne
general arbitration of differences be-
tween nations, has been, in the past,
beautiful abstraction which the partic-
Giar selflshness of each community has