The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1896-08-29
WILL AID BI1LEIALISM.

| OOneUnlng was SdlQ In LneSe cOlumn:
recently with reference to the effect the
adoption of free coinage would have
upon other countries, especially those
holding American secureties, toward
forcing them to adopt bimetalism in
order to protect their own interests
It was held that our foreign creditors,
so soon as they were convinced their
American holdings were to be paid
either in silver or gold, would at once
insist upon the introduction of bimetal-
! ism in their respective countries; that
is, they would favor the restoration OF
silver as primary money, and thereby
a most perfect system of bimetalism
would be established throughout the
world. In short, it was intended to
show that the only way to secure inter-
national bimetalism is to begin with
national bimetalism, since foreign
creditors..would be interested in bring
| ing our money, or rather the money
in which their securities are to be paid,
to parity with the money of the
world. The same line of reasoning
appears to have suggested itself to DR..
Otto Arendt, the learned bimetalist.
He says:
"Bryan's victory will no doubt pre-
pare the way for an international
agreement. Should Bryan be elected
we, the bimetalists, would gain form
liable allies, while American bankers
would certainly do all in their power
to forestall the depreciation of Ameri-
can values by backing our cause of
international bimetalism.
"Now as to the prospects in Europe.
The possessors of American values,
fearing depreciation, would influence
the Bourse to such an extent as to
cause capital to reconsider its attitude
toward bimetalisn, whereupon the
European governments may be obliged
to adopt bimetalism in order to restore
confidence and equality. All Europe
has formally declared that bimetalism
shall not be introduced without Great
Britain's cooperation. The English
Cabinet, at Balfour's instigation, de-
sired March 18th that nothing should
interfere with the gold standard. Bal
four represents the remarkable and
questionable view that no change of
coinage should be imposed on financial
men. In other words, the world of
finance rules, the thief is jailer. Bal
four waits and hopes patiently for the
bimetalic conversion of London. That
famous debate of March 18th has
clearly shown what is thought of the
question in the city. The Shylock
standpoint was never presented with
more brutal effrontery than by Har-
COURT
Many of the leading statesmen of
Europe are firm believers in bimetal-
ism, but the courage of their convic-
tions do not carry them far enough. !
They will not seek to give them the |
force of law without the consent of the |
money power. That consent will |
never be given so long as it is profit
able to maintain the gold standard.
But when it becomes necessary as a
source OF protection against possible
loss, in order to maintain at par the
values of some great debtor nation
like the United States, consent will be
readily forthcoming. 1t will no longer
be profitable for the money loaners of
Europe to attempt to keep up the gold
'tanda rd at home, while their securi-
lies abroad are payable in silver or
yold at the option of the debtor.
Whenever the mines of America are
opened to the unrestricted coinage of
liver and it has full legal tender
'Owers, then the creditor nations will
avor international bimetalism and
,Ot till than