Omaha daily bee., 1896-10-12

depression far beyond anything which we
are now experiencing. | am often con-
fronted with the pamphlet OF Archbishop
Walsh OF Dublin on bmetallism as a reply
20 my objection to the silver resolution
OF the Chicago platform. The pamphlet Of
Archbishop Walsh has no bearing whatever
en- the situation in America The arch.
bishop discusses bimetallism versus mono
mctallism, and that only from one point of
view, the effect OF monumctalllsm upon
farmers contracts under the land purchase
act in Ireland. lie expresses no opinion
as to the ratio In which silver is to be
coined and he manifestly prcsupposCs that
bimetalism would be brought about under
an International agreement. He explains
that India was unable to keep up a silver
currency independently Of European ma
tions. IL was impossible for India to OBJ
tain the leans that are absolutely nccC5-
sary for the development OF the country
and the reason was the iluctuation In the
relative value Of the rupee 1t is the silver
currency OF China, he adds that stops the
making of railways in that country
Waishs pamphlet is throughout solid
argument against the Chicago platform. To
what he says we might add that France
and all the countries Of the Latin union
together were ultimately compelled to give
UP bimetallism. so long as other countries OF
Europe would not cooperate with them
The question before the people Of Amer
lea today is the coinage OF silver by this
country independently oil the great CONNER
cial nations OF the world at the ratio of IL
To- l. This ratio is the double OF the present
commercial value OF silver The circum.
stances Cf unlimited coinage in these cir.
cumStances are easily perceived. The one
hope of the silver party is that under free
coinage we will raise the value of silver
to Sl.29 an ounce, measured in gold On
what authority is this said? On that Of the
mere word of those who make the assertion,
Tine experience Cf our country contradicts
the assertion. The purchasing OF 5i.000.0O0
ounces of silver bullion per year under the
sherman act was not able to prevent the
fall in the value CT silver from over 81 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, ovcrloading with the silver
of the world, 1t should lose all its gold
Common sense is against the assertion
Silver is now produced in such quantities
at such small expense of production that its
value cannot be kept up to its former stand
ard. And is the whole business of America
to be imperied by a leap into an expert
ment, which those very men who advocate
it confess to be only an experiment. and
which experience and common sense con-
denim?
BOAST is NONSENSE.
Tho boast that the United States is able
alone 10 whip England and the rest cf
to /, or to force the value of silver up
to S1.20 an ounce, is mere nonsense. We
arc great people. indeed, but have
not yet grown to that commercial strength
that our country means the commercial
world. Our national pride may give us
extraordinary dreams of our importance. but
1t will not do to build the business OF the
country upon those dreams. Would all the
commercial nations together coming silver
at l6 to |, bring up the silver value of
tn NO. D,r1
commercial reasons suggests the contrary.
Would America alone bring silver to 81 20!
Assuredly not. though, of course, the new
demand for silver from the mints would
givo some increase to its value-which in
crease however, might again be Offset by
an increase Of production.
Some Imagine the ratio of silver TO
gold w-s always l6 to l. or thCreabouts
The railo was constantly changing through
out historic times A. one time silver was
more valuable than gold. At the time OF
the discovery OF America silver was ten
times less valuable than gold 200 years
before 1t 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 coun3eled
the United States to go ahead and make the
experiment all alone. Yes. and some Ameri-
cans quote his advice as an authority The
SLY old fox would, indeed. be pleased to
see America make the experiment and 90
to the bottom of the sea. Free coinage
then will give us money worth in the COM
mercial market of the world little over
half its nominal value. No one imagines
that the stamp of the government gives
value to n piece Of metal. 1t merely certi-
fes to the quantity and quality Otherwise
the government stamp might as well he
affixed to copper to mere paper. If the
government stamp gave value, the debased
coins issued in the past by impecuniOus
soyereignS would not have ruined the sub
jects of those sovereisns, and the assignat
Of France and the paper issued by Ferdi-
nand Of Naples a century ago would not have
sold in the market almost as government
rags. Legal tender compelling men to ac-
| cept against their will money above its
| commercial value in the markets of the
world. is rank injustice. The early flnan-
| Cial statesmen of America, Jefferson Nor
| rs and Hamilton never thought Of max
| ing the legal value of coin higher than the
| commercial value of which the coins were
| made Then with the passage of free coin
| age we shall have a currency rejected at its
nominal value from the markets of the
| world, unstable and flucuating in real value
| Business cannot prosper with such cur
| rency. The first condition OF the life OF
| business is stability Of the currency. None
will invest money OF a certain value today in
| commerce and industry if by the time the
raw material has been turned into market
| able wares, the currency is likely to have
| changed in value. Business in all branches
would become speculation, a gamble, a con
servative capital would keep out of sight
No loans would be made 1t is nonsense.
Capital must put itself into the American
market whether the capital be American or
European. We should not be deludcd by
words We may clamor in vain for capital.
| 1t will not come to us unless there be
curity for capital. 1t will remain in the
vaults of safety or go to other parts of the
world, where reward is small but certain.
And without capital there will be no enter
prses and no work for the people.
LABORERS WILL SUFFER MOST.
81 am absolutely convinced that the labor
ing classes will suffer the most of all from
free silver coinage. And yet the laboring
classes are those that are the most urgently
appealed to in this free silver movement.
a man who talks against free silver is put
down at once as enemy of the common
people We'll, for my part, | am willing
to be called an enemy of the working
classes, of the common people, If ! am in
reality advising them for their good and
serving their true interests, Those above
all others in the land who should today
be on their guard against the silver move
ment are the laborers OF America.
but will not the farmers be benefited?
l