The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-06-27

bSihpNiobN HhAts"
GENERAL RUIN TO PROSPERITY.
our people, on the other hand, entirely disagree
with these views and believe almost universally
that it will bring general ruin to the business and
prosperity of the country 1t is deemed a new doc
trine when proposed to be incorporated into the
platform of the national Democracy. tits true that
in no previous platform of the party can it specific
ally be found. Consequently do party obligations
heretofore assumed oblige them TO subscribe to it
Under these circumstances if the result of the
Democratic convention should be 10 establish us the
issue of this campaign the free coinage of silver al
ratio of lG to independent of other nations, il
the intensity of feeling likely to arise it is 20 be
seriously apprehended that disruption of the
Democratic party might occur. Certainly no sub
stantal following could be secured for the doctrine
among Eastern Democrats They might not vote
the Republican ticket for other reasons believing
that the Republican party stands tor other issue!
that are detrimental to the country but the Demo
Gratis in the East would not, in my opinion vote fol
it,
COLD AND SILVER UPON EQUAL TERMS.
This movement for free coinage purports to hav,
for its object the establishment and maintenance o
gold and silver, the money of the country, upon
equal terms with each other, and at pc rty of pur
chasing power If by the proposed measure tina
object could be secured. there would not be sub
stantiil dislgreenentin the party. Every nationa
Democratic platform that has heretofore Spoken
upon the subject has declared for both gold and
silver money. 1t is our traditional policy. But thu
maintenance of the double standard at the presen
time is not question of desire, it is question o
ability. The commercial value of silver has de
clined greatly in the markets Of the world.
Whatever the causes are and whoever is to blame
the fact is that silver has declined and free coinage
now at 10 to is the same as our offering for all the
silver in the world about twice what it is selling
for in the market. International exchanges have
to be paid in gold, and it would seem plain tn i
We under these conditions open our minis to tn,
free coinage of silver and gold at ratio of compare
tive value which is largely at variance with tn,
commercial value of the two metals we must TAX
the entire silver surplus ourselves, maintain it
parity with gold, else shall go toa silver basis
FRANCE AND SILVER.
France in 1879 closed her minis against silver an'
abandoned this experiment, deeming herself I'm
equal to the task alone, and at that time it wa
much less diieult for silver was then at par will
gold at the ratio in use, and even England's mint
in India were open to the free coinage of silver
the experiment of maintaing the parity of the tw'
metals at a coinage standard difficult then, i
would seem to be positively hopeless now, withou
international agreement. Germany, France, Bel
GUM, Italy ana Austria believe in double stand
ard and desire TO establish II, but no one, two o
three of them deem themselves able to maintain tn
double standard, even with the cooperation of TIL
United States. If the result of the measures pro
posed would be 10 carry us to a silver basis II is no
felt here that such proposal would be in line witt
the principles ofthe Democratic party. It not Tho
joint standard with the purchasing powor of the
dollars parity with each other but it is changing
from one standard to another. and that change
being due to deprecated coin.
And il is also felt, aside from the absence of any
principle sustain it, that you cannot
have such disturbance of value as would come
from changing from gold to silver basis without
such shock to confidence, the boarding of gold
and contraction of your available circulating
medium as would bring, in the opinion of our peo-
pie. the worst panic and distress we have ever seen
in this country. The creditor classes are prepared
for it. The obligations, mortgages, railroad, or
are quite generally payable in gold.
Debts would still have be paid in gold but wages
in silver the sufferers as usual being the poorer
classes
ISoPPoRTUNE TINE.
This movement, purporting to be IN the interest
of the joint standard, comes at most inopportune
when the prospects ofinternationa action favorable
to the joint standard were at all as promising as at
the present moment. Butan ill-advised, unsuccess
ful attempt here would discfedit the cause the
world over.
From the discussion OF the last twenty years IL
has come to pass that among the persons in Europe
who are trained, recognized scientists upon none
tary and economic questions scarcely is not al
the present moment advocating the desirsbility O
the joint standard as the real solution of the none
tary difficulties of the world. This includes every
professor engaged in teaching lecturing these
subjects in the universities of Great Britain.
They are agreed upon the desiability of it and
that it is entirely practicable, if established and
maintained by agreement of the principal CONNER
eial nations 1t would be expected that, with sucl
general consensus of scientific opinion as is to b(
found abroad upon this subject, it would come rap
idly to be the general received opinion ofthe nations
to be affected by wise settlement of the problem
Such is the case. OF the continental nations Ger
many was the that in 1892 practically broke VI
the conference which met at the suggestion of the
United States. She instructed her delegates to NEE
and talk, but to state to the conference that snt
would not change her imperial standard.
As her standard was gold. that announcement
ended all possibility of any practical results from
that conference. Since that time and within the
last year her legislative assemblies have specifically
by votes of instruction to her ministers changed
her attitude upon that point So that the specific
objection of Germany encountered by the confer.
ence of 1892 has been since considered and with
drawn.
BI,IETALLIc SYSTEM.
Az the present moment Germany France, Italy,
Austria, Holland, Belgium and the United State,
wish to cooperate for the establishment and main.
tenancc of the joint standard by international
agreement, and "a most important circumstance
Great Britain has recently, within three months in
fact, made most important concession. She ha.
said we will do for you as much as you can do fol
yourself We will make this great contribution to
system. We win go back upon delibeF
ately arranged methods of providing currency fol
India. We will reopen the Indian minis. We will
engage that they shall be kept open, and we shall
provide for free coinage of silver within
the limits of the British empire for population
greater in number than the populations OF Germany
France and America put together.
Into this long and now just about to be successful
struggle for the establishment OF the Joint standard
it is proposed that should intervene by assuming
to establish it alone. Against this proposed action
on our part these earnest believers in and workers
for the cause strenuousiy protest. They say to us
you cannot succeed and your failure will discredii
the cause.
DIR. AHRENDr's VIEWS
The recent article OF Dr. Ahrendt in the North
American Review shows very clearly the view
taken by our friends abroad upon this subject He
has done much and probably more than any living
man to advocate and bring to its dominating posi-
ton in Germany this cause One of the original
organizers of the bimetallIc league in Germany he
Is entitled to be called of the leaders of public
opinion in Europe upon his subject. II was upon
his motion in the Prussian Chamber of Deputies
that the position of Germany was modified within
The last year. He expresses the opinion that free
coinage undertaken by the United States alone
would simply end in silver recommendation and dis
credit and put back the cause of the double stand
ard the world over
1t is question not what we wish, but what we
are able to do strong man may undertakea task
too great for his strength and break down
TO SILVER NoNoHErALIlssl.
II cannot be denied that the feeling among our
people is that this free coinage by the United States
alone viii not give the gold and silver money at
parity with each other, (which is the assumption
upon which it is taken,) but viii bring to silver