Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-10-16

Was bimetallism possible? Was II just
and equitable? and was it expedient To
each Of these his answer. supported by ar
guments which even opponents will adj
nit to be weighty. was affirmative. 1t
seems TO US that the first of these ques-
tions is by far the most important. II
joint standard b. which silver shall be re-
habiiated for monetary purposes. be
practicable. then there can not be much
worthy of consideration in the contention
that 1t would be contrary to any principle
of morality. And If It can be shown 10 be
both possible and equitable its expediency
having regard to the perils of the exist
ing confusion. IS well nigh outside the ne
cessity of any advocacy. The real cruX Of
the whole problem lies in the question of
practicability. Is it possible to fix a ratio
between two things of uncertain and lluc-
tuating value? The mOnomeltallists think
that this is an unanswerabic poser, and
that they have only to put it to settle the
argument for good. The answer. of course
is that an international agreement sup
ported by legislative enactment would fix
the ratio. quite irrespective Of the factor
of a huctuating production. 1T is TOO
OFTEN FORGOTTEN THAT GOLD AND
SILVER. USED AS MONEY. ARE SIM
PLY MEDIA or EXCHANGE. AND
THAT EVEN THEIR COMMERCIAL
VALUE DEPENDS TO \ LARGE, If
NOT TO \ GOVERNING EXTENT. on
THEIR MONETARY VALUE. De
THRONE GOLD AS MONEY AND YOU
WILL AT ONCE DETHRONE 1T AS
COMMODITY. SILVER HAS DEPRE-
GATED IN COMMERCIAL VALUE
MAINLY BECAUSE IT HAS BEEN
OUSTED FROM THE FORMER POSI-
TION IN REGARD TO CURRENCY. IF
THESE METALS HAVE AN ARTIFI-
CIAL VALUE AS MEDIA OF EX-
CHANGE. THERE IS NOTHING M
POSSIBLE IN FIXING THAT ARTIFI-
CIAL VALUE IN RELATION TO ONE
ANOTHER. What the ratio should be We
must leave others to determine; our only
contention is that the huctuating value Of
the two metals as commodities is not a
bar to establishing a fixed and permanent
relationship between them as money. The
general anxiety now, az all events, is TO
find some basis Of cooperation for the re-
habilitation OF silver England is the one
nation that stands I'm Selfish and stupid
isolation" hindering not only the settle
ment, but even the discussion Of the ques-
ton.
Extract from the Financial News"
dated June 9th 1891.
1t is easy to exaggerate the difficulties Of
the situation in the United States. more
particularly with regard to the currency;
but It is difficult to sec what good object
can be gained by doing so. President
Cleveland has done we'll in pointing out TO
a press representative that there is n very
great difference between the position now
and year ago. First, the treasury is no
longer purchasing silver and issuing gold
obligations for it, so that the currency is
not continuing to be dangerously inflated.
Secondly, whereas up to June /. 1893 the
balance against America from exports and
imports Of merchandise was $6i.552GO.
there is a balance for the same period OF
1891 OF s62 $50 $50 in favor Of the States.
Lastly. the governments. besides gold, has
about $53O00,00O of currency to meet It's
requirements while the available money
outside sold was only $l9.OOO.OOO at the time