The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-06-23

| ing from one standard to another and
| that change being due to a deprecated
/ coin.
| WOULD pRECIPITATE PANIC.
| and it is also felt. aside from the
absence of any Democratic principle to
| sustain it, that you cannot have such
| disturbance of value, as would come
from changing from a gold to silver
| basis. without such a shock to conf
| dence, the boarding of gold and con-
| traction of your available circulating
medium as would bring, in the opin-
| ion of our people, the worst panic and
distress we have ever seen in this coun-
try. The creditor classes are prepar-
ed for it. The obligations. mortgages,
railroad, and otherwise, are quite gen
orally payable in gold. Debts would
still have to be paid in gold, but wages
in silver. The sufferers, as usual, be
ing the poorer classes.
This movement, purporting to be in
the interest of the joint standard comes
at a most inopportune time, in my
opinion.
There has never been time when
the prospects of international action
favorable to the joint standard were
at all as promising as at the present
moment. But an ill-advised, unsuc-
cessful attempt here would discredit
the cause the world over.
From the discussion of the last
twenty years it has come to pass that
among the persons in Europe, who are
trained. recognized scientists upon
monetary and economic questions,
scarcely one is not at the present mo-
ment advocating the desirability Of
the joint standard as the real soll-
ton of the monetary difficulties of the
world. This includes every professor
engaged in teaching or lecturing on
these subjects in the universities of
Great Britain.
"They are agreed upon the desirable
ity of it and that it is entirely prac-
ticable if established and maintained
by agreement of the principal CONNER
cial nations. 1t would be expected
that with such a general consensus of
scientific opinion as is TO be found
abroad upon this subject it would
come rapidly to be the generally receiy-
ed opinion of he nations to be affected
by wise settlement of the problem.
Such is the case. OF the continental
nations. Germany was the one that in
1892 practically broke up the confer
ence which met at the suggestion of
the United States. She instructed her
delegates to meet and talk but to state
to the conference that she would not
change her imperiarl standard. As
her standard was gold, that announce
ment ended all possibility of any prac-
teal results from that conference.
Since that time and within the last
year her legislative assemblies have
specifically, by votes of instruction 10
her Ministers, changed her attitude
upon that point So that the specific
objection of Germany encountered by
the conference of 1899 has been since
considered and withdrawn.
NATIONS FOR A JOINT STANDARD.
"At the present moment Germany,
France, Italy. Austria, Holland, Bel
GUM, and the United States wish to CO.
operate for the establishment and
maintenance of the joint standard by
international agreement, and IA most
important circumstance Great Bri-
tain has recently, within three months,
in fact. made most important conces-
sion. She has said, We will do for
YOU as much as you can do for your
self. We will make this great contribu-
ton to a bimetallic system. We will
go back upon deliberately arranged
methods of providing a currency for
India. We will reopen the Indian
mints. We will engage that they shall
be kept open, and we shall therefore
provide for free coinage of silver
within the limits of the British En-
pire. for population created in num-
Der than the populations of Germany,
France, and America put together.
Unto this long and now just about
to be successful struggle for the es-
adjustment of the joint standard, it
is proposed that we should intervene
by assuming to establish it alone. A
gainst this proposed action on our part
these earnest believers in and workers
for the cause strenuously protest. They
say to us you cannot succeed, and your
failure will discredit the cause.
E'The recent article OF DIR. Ahrendt
in the North American Review shows
very clearly the view taken by our
friends abroad upon this subject. lie
has done much and probably more than
any living man to advocate and 10
bring to its dominating position in
Germany this cause. One of the orig
lIldi organizers vi ttIIS IpllliCtttlIiN i1Ne'
que in Germany, he is entitled to be
called one Of the leaders Of public
opinion in Europe upon this subject.
1t was upon his motion in the Prussia
Chamber of Deputies that the position
of Germany was modified within the
lastyear. He expresses the opinion that
free coinage undertaken by the Uni
ted States alone would simply end in
silver recommendation and discredit and
put back the cause of the double stand
ard the world over.
at is a question Of not what we
wish, but what we are able to do.
strong man may undertake a task too
great for his strength and break down
FEELING OF EASTERN PEOPLE.
1T cannot be denied that the feel
| ing among our people is that this free
coinage by the United States alone VIII
II. 4 n Ill ,otv