Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-09-05
world by the attempt to demonetize

world by the attempt to demonetize
silver.
1.-THE disastrous effect Of the gold
standard is described by some of our
ablest statesmen. Mr. Blaine said
in 1873 that the destruct on of silver
as money would prove distressing to
millions and utterly disastrous to
tens of Thousands Mr.. Carlisle
said in 1878: According to my
views of the subject the conspiracy
which seems to have been formed
here and in Europe to destroy by
lagirlation and otherwise from three
sevenths to one half of the metallic
money of the world is the most
gigantic crime OF this or any other
age. The consumm alton of suca
scheme would ultimately entail more
misery upon the human race than
all the ware. pestilences and famines
that ever occurred in the history of
the world In the restoration Of
| silver two questions are to be consid
| cred. AT what ratio shall bimetal-
ism be restored?' and Shall the
United States attempt it alone?' AS
remarked before, bimetallism does
not depend upon particular ratio.
bnt the ratio ought to be selected
with reference to tie greatest good
to the country. To change the ratio
materially would be to disorganize
society and To disturb all con-
tracts. The ratio could be changed
either by decreasing the size of the
gold dollar or by increasing the size
Of The silver dollar. for to change the
ratio to to "a, for instance, it would
only be necessary to say, if the sill
yer dollar remained unchanged. that
gold dollar shall weigh one twenty
fourth ofAhe silver dollar; or, if the
go d dollar remains unchanged, to
say that the silver dollar shall weigh
~ times as much as the gold dollar.
Those who talk about changing the
ratio always speak Of increasing the
size Of the silver dollar. To increase
the size OF the silver dollar in order
to make it correspond to ratio of
to q we would have to m axe the sill
yer dollar one-half larger than it is
now. If this ratio was established
by the United States alone it would
make it more difficult to form
any international agreement, and
if all the nations were to
change together it would require the
recoinage Of about $4,000, 900, 900 of
silver money. The recoinsge Of this
amount of money into silver dollars
one-half larger would cause a shriuk-
age Of more than 81, 800. 900, 900, that
is, loss OF one-third OF the silver
money of the world, or one-sixth of
the total metallic money of the
world. Bimetailists object to the
single gold standard for the reason
that it would annihilaie oue-half OF
the metallic money of the world. a
change of the ratio to l to "a. made
by increasing the size Of the silver
dollar. would virtually annihilate
one-sixth of the metallic money aud
thus bring one-third as much dis.
tress as single gold standard. Hav.
ing made the change the metal pro.
duced each year would he coined into
dollars Of the new size. In other
words, il 100000 0JU can be coined
annually from the silver produced,
then only 500. 00J.O of the larger
silver dollars could be coined from
the same amount of silver.
"A change of the ratio. there fore,
even to / TO "a, secured by incr. as.
ing the .izs OF the silver dollar, is
open to serious objection. Bimetal
lists believe that the fall in the gold
price of silver bullion is due to hos.
tile legislation, which has lesscned
the demand for silver and increased
the demand for gold, and they be.
lieve that friendly Legislation will
restore the parity between the met.
ais. Some insist that the mine
owner will obtain b7neiit from tie
free coinage Of silver at Is to /, but
they forget that free coinage cannot
give back to the mine owner any
more than decentralization took away
from him. II the free coinage of sill.
yer is of advantage 10 the mine
owner. then it is proof conclusive
that decentralization took away from
him just that amount of advantage
Blu. the restora ion of silver is advo
Gated, not because it will bring 8
benefit to the mine owner nor be.
cause it will bring special benefit
to the farmer, although it is believed
that the farmer has suffered far more
than the mine owner, but because
society must have money and that
to have a sufficient amount of metal
lie money it must use all of the gold
and silver available for coinage.
. "Independent bimetallism is advo-
Gated because there is no prospec,
that Europe will join us in an utter
| national agreement for the restora-
ton of bimetallism, and it is not be.
lieved that international cooperation
| is necessary. The advocates of BIZ
metallism believe that this nation is
large enough to maintain the parity
between gold and silver at the pres
cot ratio Of Is to regardless of the
action of other countries, and they
also believe that, if an attempt to
restore bimetallism alone should fail
OF success, our condition would ever
then be better than it can possibly be
| hn