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


is no doubt that this new American move
ment which has already achieved con-
siderable popularity, must be carefully
watched. WITH THE MARKETS OF
THE AVOWED SILVER COUNTRIES
GRADUALLY CLOSING AGAINST Us.
THE TRADE OUTLOOK is NOT
BRIGHT. AND If WE WERE TO BE
PUT TO FURTHER DISADVANTAGE
N THE UNITED STATES. AS COM
PARED WITH OTHER COMPETITORS.
THE PROSPECT WOULD BE GRAVE
INDEED. AS a MATTER OF FACT.
WE Do NOT NEED To TAKE POSI-
BILE ACTION OF THIS NATURE INTO
CONSIDERATION IN PRESSING ON
THE GOVERNMENT THE NECESSITY
OF DOING SOMETHING-IF IT WERE
ONLY To SHOW a CONCILIATORY
DJSPOSITION-TO PUT AN END TO \
SITUATION THAT DAILY GROWS
MORE INTOLERABLE AND THREAT
EMS To DESTROY OUR COMMERCIAL
SUPREMACY. NOT To SPEAK OF OUR
CHARACTER FOR FINANCIAL FORE
SIGHT
Extract from the Financial News
dated April .. 1904.
THE GOVERNMENT AND THE CUR
RENCY.
What does it mean? Lord Roseberry
has informed a correspondent that the
important subject" of the currency ques-
ton els engaging the attention of Her
NIajesty's Government" 1t is only few
months since Her Majesty's late Govern
ment which enjoyed the service of the
same Chancellor Of the Exchequer as the
present one. scoffed with boisterous ridi-
CUle by the mouth of that eminent Min
lister. MT the mere suggestion of any cur
rercy form being necessary. We arc told.
both 10y Mr.. Gladstone and Sir William
Harcourt that the gold standard was
perfection. and that those who ventured
20 assert the contrary were only foolish
faddists What change has come over the
spirit of the Ministerial dream? Sir VIII
liam Earcourt has not ceased to be a mem
her of Her Maiesty's Government; yet
that government is now engaged in con-
sideriug the currency question. on the
ground. to use Lord Roseberry's own word
OF it's urgency" A little while ago there
was nothing to consider: now the matter
is admitted to be urgent. The late Gov
crumcut affirmed that any change in the
currency would be "a colossal mistake;
the present Government. which differs in
hardly anything save the withdrawal of
Mr.. Gladstone has so far changed the
ground that it recognizes the subject as
one worthy Of attention. It does not, Of
course. follow that the Cabinet will come
90 O. decision favorable to those who re-
commended the adoption of an interna-
tional double standard; but il is. At least,
au important thing to know that the cur
rcucy problem has SO far come 10 the front
as TO command a place of prominence in
the deliberations Of the politicians who are
I'm power Without desiring to put an eX-
aegerated construction on Lord Rosebery's
letter. we think 1t may be fairly described
as significant.
We welcome the prospect of full and
weighty consideration Of the question, be
cause. as our readers know. we have. both
i'm and out Of season. urged that it is one
of the most vital and pressing matters OF
the day. of vastly more Importance TO the
interests OF the community than many OF
the subjects that occupy the time OF the
LEGISLATORS. There is a statement in the
New York Tribune. if true. has serious
hearing for English investors. That jour
nal asserts that the silver using countries
I'm America have arrived at an understand
ing TO compel the adoption of bimetallism
by starving their creditors i'm gold coun-
tries. especially England. one need not
stop 10 discuss the morality Of such
method of coercion. nor is it necessary to
accent the statement itself as literally
true. We all know we'll enough that the
depreciation in the gold value of silver has
seriously strained the position of debtor
countries which have to remit interest in
gold. No one can look at the matter from
This point Of view without a good deal of
anxiety. 1t is all very well for England.
as the creditor nation, to uphold the single
gold standard. but if her resistance to cur
rencv reform should result i'm pauperizing
the debtor nations. and depriving them of
the ability to pay their debts, we fail to
see the enormous advantage Of the exist
irg system. The advocates OF an improv-
ed plan do not ask the government, at the
present stage. to promise anything more
than am open mind. There IS little doubt
that the attitude OF Great Britain has been
the fatal obstacle i'm the way of the re-as-
s,mbling Of the Brussels Conference, just
as The attitude of our representatives was
the chief obstacle in the way of some sort
of International agreement when the Con-
ference met before. The difficulty Will
have TO Doe settled and II will have to be
settled Internationally; and frank rec
oguition of this. and a cordial endeaVor
10 facilitate the settlement. are all that
can be reasonably expected. If interna-
tiOnal agreement be found absolutely i'm
possible. then there is no more to be said;
but it ought not to be impossible, if the
swing OF opinion be very much in one di-
rection. The point this country has to
look seriously at Is whether the injury 10
trade especially in India). the depression
i'm the prices of commodities. which reflects
itself in lower wages for the working class
es, and the loss inflicted on the holders of
silver securities by the fall in the exchange
are not Of greater practical moment than.
and do not more than counterbalance. any
possible benefits which can result from
the existing order of things. The remar-
kable grOwth of what used 10 be called
the bimetalic "heresy" may not be-in
fact is not-conclusive evidence that the
suggested scheme of an international fixed
ratio between the two metals IS economi-
cally sound or practically prudent; but it
IS at least. strong argument for reopen
ing the question and giving it fair con-
sideration. The day for pooh-poohing cur
rency changes as a mere fad is gone past.
The position IS one of no little anxiety,
and all the world realizes it. No possible
harm can come of another effort to see If
anything practical can be done, and if
Lord Roseberrys letter is to be taken as
lnlicotlr.- ~ h.sirn of the GnNarnr,nnrt