Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-12

and downtrodden' and to the denunciations |
against 'plutocrats and corporations and
MANY adherents Of the movement do not
perceive its full meaning. But let them be-
ware, they are lighHfg torches which.
up p the IKE sra res
commune y
America heretofore. has been free from
socialistic hatred and warfare. 1t has been
a country Of opportunities for all men and
it has given to the laborer a livelihood
higher and better than Is afforded him in
any other country OF the world. Is this all
to be changed? Is social chaos. gloating
over ruins. to be theInethod of social ele
walton of the masses1
There may be room in some things for
peaceful amelioratiohl through a well-in-
formed public opinion and orderly legisla-
ton. but class hatred and angry passion
never lead to aught but general misery and
suffering. The people Of America must to-
day look warily around. guard against
avoid giving any countenance to socialistic
or anarchistic tendencies and know that
the first condition of prosperity to any and
all classes of the people is a peaceful COM
monWealth and assure social order.
The Monetary Question.
THE monetary question Is, indeed. q
secondary issue in this campaign. 1 have,
however. my convictions In this matter.
The free and unlimited coinage Of silver
dollars Mt q ratio Of 10 to by the United
States Independently Of the other great
commercial nations, into dollars which
shall be made legal tender will disturb the
whole business Of the country and bring
upon 1t a financial depression far beyond
anything which we are now experiencing.
Il am often confronted with the pamph-
let of Archbishop Walsh Of Dublin. on BIZ
metallism. as Il reply to my objection to
the silver resolution Of the Chicago con-
vention. The pamphlet of Archbishop
Walsh has no bearing whatever on the sit
uation in America. The archbishop dis
cusses bimetallism versus monometallism,
and that cIly from one point of view. the
effect Of monometallism upon farmers con-
| tracts under the land-purchase act In Ire
land.
He expresses no opinion as to the ratio
| at which silver Is to be coined. and he
| manifestly presupposes that bimetallism
would be brought about under an interna-
tional agreement. He explains that India
was unable to keep UP a silver currency
! independently Of European nations. 1t was
| impossible for India to obtain the loans
that are absolutely necessary for the de-
| velopment of the country, and the reason
was the fiuctuation in the relative value
| of the rupee 1t Is the silver currency of
| China he adds. that stops the making Of
| railways IN that country
| Archbishop Walsh'S pamphlet Is through
| out a solid argument against the Chicago
| platform. To what he says. we might add
| that France and all the countries of the
| Latin union together were ultimately COM
| PEELED to give up bimetalism so long as
| other countries Of Europe would not CO.
| operate with them.
| The question before the people Of Amer
| lea today is the coinage Of silver by this
| country independently Of the great COM
| mercial nations of the world at the ratio Of
| Ii to l. This ratio Is the double of the
pl esent commercial value of silver. The
| consequences of unlimited coinage in these
| circumstances are easily perceived
| The one hope of the silver party is that
fran nniT xIrin roicl 10
| of silver to $1.29 an ounce, measured in
| gold. On what authority is this said? On
| that of the mere word Of the men who
| make the assertion. s-'
Cannot Raise siIyer's Price.
The experience Of oureown country con-
tradicts the assertion. The purchasing of
fifty millions worth of silver bullion per
year under the Sherman act was not able
to prevent the fall in the value of silver
from over dollar an ounce to it's present
low value. The experience of France con-
tradicts the assertion; France, with all tine
countries of the Latin union, had to give
up the coinage of silver lest, overloaded
with the silver of the world, 1t should lose
| all it's gold. Common sense is against the
| assertion" Il
Silver is now produced in such quaint
ties at such small expense of production
| that its value cannot be kept up to its for
mer standard and is the whole business o.
America to be imperiled by leap into al
experiment which those iyery men who ad
vocate 1t confess to be only an experiment
| condemn?
The boast that the United States is abb,
alone to whip England and the rest of tn,
world into the coinage of silver at 16 to l
or to force the value of silver up to 81. 70 al
ounce is mere nonsense. We are a grea
people. indeed, but We have not yet grown
to that commercial strength that our coun
| try means the commercial world.
| national nri1a piv
ordinary dreams of our Importance, but /
will not do to build the business of tn
country upon those dreams. Would all tn
commercial nations together coming silve
at 16 to l bring up the silver value of bull
lion to $1.29 per ounce? Perhaps-stronl
commercial reasons suggest the contrary
Would America alone bring silver to $1.29
} Assuredly not: though, Of course, the ney
demand for silver from the minis woul
r | give some increase to its value. which in
crease. however, might again be offset b.
an increase Of production.
A Changing Ratio.
D Some imagine that the ratio of silver t
gold was always 10 to l, or Whereabouts
. The ratio was constantly changing through
! | out historic times. At one time silver wa
e more valuable than gold. At the time Q
e | the discovery of America silver was te
tines less valuable than gold. Two hur
dred years before it had been eight time
| 1858 valuable.
:. THE ratio is constantly changing. an
the question for us today is not what tn
ratio was at a preceding date but what
should be in our time.
But has not Herr Bismarck counsele
the United States to go ahead and max
the experiment all alone? Yes, and som
. Americans quote his advice as an author
. ty. The SLY old fox would indeed /
:, pleased to see America make the exper
= ment-and go to the bottom Of the sea.
The Government Stamp.
;, Free coinage, then. will give none
| worth in the commercial markets of tn
: world little over half its nominal valu
e No one imagines that the stamp of til
y government gives value to a piece of meta
II it merely certifies to the quantity and qua
ity. Otherwise the government STAN
n might as well be affixed to copper or
# | mere paper.
:. "If the government stamp gave valu
: the debased coins issued in the past by in
e pecunious sovereigns would not have ruiz
Is | ed the subjects of those sovereigns, ar
o the paper issued by Ferdinand of Maple
o century ago would not nave sold in tt