The Republican. [volume] (Oakland, Md.) 1877-current, 1896-10-15

upon farmers contracts under the
land-purchase act of Ireland.
He expresses no opinion las to the
ratio at which silver is to be coined.
and he manifestly presupposes that
bimetallism would be brought about
under an international agreement.
He explains that India was unable 10
keep up silver currency independ-
entity of European nations. 1t was
impossible for India to obtain the
loans that are absolutely necessary
for the development of the country.
and the reason was the fluctuation in
the relative of value of the rupee.
1T is the silver currency of China.
he adds, that stops the making of
railways in this country.
Archbishop Walshs pamphlet is
throughout "A solid argument against
the Chicago platform. To what he
says, we might add that France and
all the other countries of the Latin
Union together were ultimately com
PEELED to give up up bimetallism SO
long as other countries of Europe
would not cooperate with them
The question before the people of
America today is the coinage cfsilver
by this country independently of the
great commercial nations OF the
world at the ratio of rs to ]. This
ratio is the double of the present
commercial value of silver. The con
sequence of unlimited coinage in
these circumstances are easily per
ceived
THE one hope Of the silver party
is that under free coinage we will
raise the value of silver to 81 - an
ounce, measured in gold. On what
authority is this said. On THAT of
the mere word of the men who make
the assertion.
The experience of our owncountrv
contradicts the assertion The pur-
chasing of fifty millions worth of
"'i'Ni 'Hiii'h BNl NtdI hllttT lllc
Sherman act was not able to prevent
the fall in the value of silver from
over a dollar an ounce to its present
low value. The experience of France
contradicts the assertion; France
with all the countries of the Latin
Union, had to give up the coinage of
silver lest overloaded with the silver
of the world, it should lose all its gold.
Common sense is agasnst the asser-
ton
silver is now produced in such
quantities at such small expense of
production that its value cannot be
kept up to its former standard, and
is the whole business of America to
be imperiled by leap into an ex-
pertinent which those very men who
advocate it confess to be only an eX-
pertinent, and which experience and
common sense condemn?
1.-THE boast that the United States
is able alone to whip England and the
resi- of the world into the coinage of
silver at 16 to 1 or to force the value of
silver up to 81 % an ounce is mere
nonsense. We are a great people
indeed, but we have not yet grown to
that commercial strength that our
country means the commercial world
"Our national pride may give us ex-
traOrdinary dreams of our Importance
but it will not do to build the bust
ness of the country on those dreams.
Would all the commercial nations
together coming silver at Is to /
bring up the silver price of bullion to
81 30 per ounce? Perhaps-strong
commercial reasons suggest the con
trary. Would America alone bring
silver to 81 %? Assuredly not; though,
of course, the new demand for silver
from the minis would give some in
crease to its value which increases
however, might again be Offset by an
increase of production.
"SOme imagine that the ratio of
silver to gold was always Is to /, or
thereabouts. The ratio was CON
stantly changing throughout historic
times. At one time silver was more
valuable than gold. At the time of
the discovery of America silver was
ten times less valuable than gold
Two hundred years before it had
been eight times less valuable.
THE ratio is constantly changing,
and the question for us today is not
what the ratio was at preceding
date, but what it should be in our
time.
But has not Herr Bismarck coun-
seled the United States to go ahead
and make the experiment all alone?
Yes, and some Americans quote his
advice as an authority. The sly old
fox would, indeed, be pleased TO see
America make the superintendent
go to the bottom of the sea.
Free coinage, then, will give us
money worth in the commercial