The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-10-30

3ru, such aStep would nave a IaVOTaOlO
influence or the establishment OF IA
agreement, and the adhc-
sion of the European states j
"Prince Bismarck's statement that
when in office he did not regard him
self as infallible as against experts, II
only a repetition of an explanation
which he made about the time of the,
suspension of the German sales of sill.
yer, when he compared the gold stand
ard to "a narrow blanket The 'ex-,
perts' referred to, are, of course, not
the professors of political economy in
the German universities, but Camp
hansen, Delbrueck, Ramberger, and
the other statesmen who were imme-
0iately responsible for the German
of silver. On the occa-
sion referred to, Prince Bismarck stated
that at the time of the German
monetary reform he was too much
occupied with other important MAJ
ters to give attention to the question.
and therefore left it to the 'experts;'
that he had since discovered that he
had been misled by the experts; and
that he intended henceforth, with more
leisure, to think for himself.
''The reasons why the victory of Mr..
Bryan would be likely to induce an in
ternational conference are not very alb
struse. They really lie on the surface;
but the position has been obscured by
the ill-informed denunciations of MI.
Bryan and his supporters as 'an-
archists,' 'revolutionaries,' socialists
and 'repudiationists,' which have been
startled by the adoption of free silver
coinage plank by the democratic con-
vention. Prince Bismarck, whose letteF
is practically an expression Of wish
for the success of Mr.. Bryan, can scarce
ly be regarded, even by the Times, as
u person predisposed in favor Of either
anarchists, repudiationists or revolu-
tionaries In order to understand his
view Of the situation we must consider
the probable consequences of the sue
cess Of Mr.. Mckinley on the one hand
and of Mr.. Bryan on the other as bear
ing ON the interests of Europe.
"Should Mr.. Mckinley be successful
bis government would be pledged 10
maintain the parity of the silver dol
lars, the siler notes, and the green.
backs with gold, at whatever cost 10
the American exchequer. The attempt
has already cost the United States in
time of peace an additional debt of e 5O.-
O0O,OC0 within two years. European in
vestors, financiers and bankers would
probably take the view that SO long as
America continued to make such sacri-
fees in order to pay in gold they would
have no reason for interfering; and the
financiers and stock exchanges on this
side of the Atlantic would probably re-
ioice rather than otherwise at another
to thean--profitabl issue of bonds
backed by the credit Of the American
government to take the place in the
European markets of the hopeless
American railway securities of which
European investors are getting tired.
AS for the European merchants, they
would, of course, view with regret the
probable imposition of another prohibi-
tory Mckinley tariff on imports into
the United States in order to protect
the American gold reserves but they
would probably console themselves with
the reflection that so long as America
remained under the gold standard she
would have no advan tage over the gold
standard nations of Europe as an ex-
porter to the worlds markets. Her
farmers and planters mi ght be nit 10y
further decline of the Argentine and
eastern exchanges as well as the farm.
ers of Europe, but that would have NO
persuasive influence ON the bankers
fnanciers and merchants of Europe.
moreover, notwithstanding the in
ternational bimetallism plank in the
St. Louis platform, it seems unlikely
that a Mckinley government would
make any attempt to secure an interna>
tional bimetallic agreement. ITS FIRST
EFFORT WOULD BE TO SECURE
HIGHLY PROTECTIONIST TARIFF
AND THAT WOULD SCARCELY BE A
PROMISING PRELUDE TO AN INTER
NATIONAL AGREEMENT ON A COM
MERCIAL AND FINANCIAL QUES
TION. MOREOVER, THE SO-CALLEL
SOUND MONEY! OR REPUBLICAN
PARTY, HAS ALREADY BEGUN TIC
FIND THAT ITS DECLARATION IN
FAVOR OF MAINTAINING THE COLI
STANDARD UNTIL AN INTERNA
TIONAL AGREEMENT is ARRIVED
AT HAS PLACED 1T IN A VERY IL
LOGICAL POSITION, AND HAS PUT
A POWERFUL ARGUMENT INTO
THE MOUTHS OF IT'S OPPONENTS
IT, Mr.. Bryan and his supporters sa,
to the American electors, the golt
standard is good thing for the Unitet