The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1896-08-20
Will Aid us
II viii be 10 Their Advantage TO Maln-
tain a System Of Bimetallism.
THEY THUS PROTECT THEMSELVES
Capitalists Raising n Cam
paign fund 90 Elect Mckinley
Pcrnictous Activity OF CemF.roi.
Ter Ies-misceilaneous Items.

Because the United States :s debtor
nation it cannot dictate to its money
system or institute measure that will
lead to bimetellism, for should it do so,
the creditor nations would sink it into
bankruptcy" is favorite arg, 5.ssnt Of
the gold press at the present time. And
IL is further asserted that "should the
United States adopt the unrestricted coin
age of silver it would be reputation Of
our foreign obligations.
Are there not two sides to these ques-
tons? ask The Dalles Times lMountaineer.
Let us see. Let US consider the situation
Of our foreign creditors from a business
standpoint and see ii they, instead Of
sinking us into bankruptcy, viii not aid
us In bringing about most perfect sys-
tenn OF bimetallism. 1t is OF course to
their advantage that our public obligai.
tions to them, both principal and inter-
est, be paid in the dearest money posi-
Bile, which is gold, but as our interest
bearing public debt is payable in coin,
the creditors have no option as to what
metal they shall receive. The same is
true with regard to a large amount Of
our railroad and other bonds held abroad.
The holdings Of American securities In
England, France and Germany are very
great, reaching into billions OF dollars
and these securities are held by the men
who dictate the financial policies Of those
nations. What course viii those men
pursue when they are convinced that the
United States has determined that their
securities, both principle and interest. are
payable in other coin besides gold? VIII
it be to their interest to suffer their ma
tons to discriminate against money
which they are forced to receive? AS
suredly not. It will not be to their in
terest to make the money which they
must receive OF full and equal value with
the recognized standard money OF the
gold countries. II they are to be paid in
silver, they will want that silver to have
an equal value with the recognized stand
ard money Of the gold countries. II they
are to be paid in silver, they will want
that silver to have an equal purchasing
power with gold, and their energies will
be exerted in making it SO 10y causing
silver to be recognized as q standard
money in their respective countries. And
since the supply of the two metals is so
nearly equal, based on ratio of sixteen
ounces to one Of gold, the logical method
for them to pursue would be to establish
a system Of bimetallism throughout the
commercial nations OF Europe on that
basis. Hence, AS conservative and far
seeing business men, in order TO protect
themselves, 1t will be to their interest to
aid in bringing silver to an equal value
with gold instead Of attempting to fur
ther depreciate it and sink silver stand
ard country into bankruptcy. Instead OF
being our enemies and enemies to our
financial system, they will be our friends.
The condition Of our European credi-
tors finds parallel in the circumstances
existing between the bankers Of The
Dalles and the wool raisers of Eastern
Oregon today. There are between seven
and eight million pounds of wool stored
here. The banks Of this city have ex-
tended large credits to the holders Of this
wool. In order that these credits shall
be met, 1t Is to the interest of the bankers
that the wool shall command the highest
possible price, that is that the purchasing
power OF the wool be raised instead OF
lessened. The bankers want and are
entitled to the return of every dellar they
have advanced to the wool raiser, and
they are exerting every means in aiding
their clients to realize every dollar posi-
on their product, not to lessen line value
Of the wool which represents the proper
ty or the money OF their clients. Our
foreign creditors are in the same position.
Now they want their interest pai2 IN gold
because it is the standard money OF the
world, but when they are convinced that
their interest will be paid in silver. 1t will
stand them In hand to aid In enhancing
the purchasing power Of that metal. This
can be accomplished by increasing its
demand. which can and will be the re-
suit when it is recognized as money
metal by the world. Therefore when
the United States leads off by removing the
restriction OF its coinage, our creditors
will be compelled to force the ramoniti
zation OF silver IN their own nations.