The evening bulletin. [volume] (Maysville, Ky.) 1887-1905, 1896-10-24

take an Independent step in the direc-
ton Of double standard such a step
would have favorable influence on
the establishment of an international
agreement, and the adhesion of the
European states
prince Bismarcks statement that
when in Office he did not regard him
self as infallible as against experts, is
only a repetition of an explanation
which he made about the time Of the
suspension of the German sales of sill
yer, when. he compared the gold stand
ard to a narrow blanket The 'ex-
perts' referred to, are, of course, not
the professors of political economy in
the German universities. but Camp
hansen, Delbrueck, Ramberger, and
the other statesmen who were imme-
diately responsible for the German
characterization of silver. on the occa-
sion referred to, Prince Bismarck stat
ed that at the time of the German
monetary reform he was too much
occupied with other important mat
tiers to give attention to the question,
and therefore left it to the experts
that he had since discovered that he
had been misled by the experts; and
that he intended herSeforth, with more
leisure, to think forSiimself.
THE reasons why the victory Of
Mr. Bryan would be likely to induce
an international conference are not
very abstruse. They really lie on the
surface but the position has been OBJ
scured by the ill-informed denuncia-
tions of Mr.. Bryan and his supporters
as anarchists revolutionaries,' So
cialists,' and repudiationists,' which
have been so common since Lombard
street was startled by the adoption of
free silver coinage plank by the
Democratic convention. Prince Bis
marck, whose letter is practically an
expression of wish for the success
of Mr.. Bryan, can scarcely be regard
ed, even by the Times, as a person
predisposed in favor of either anarch-
lists, repudiationists or revolution
aries. In order to understand his view
of the situation we must consider the
probable consequences of the success
of Mr.. Mckinley on the one hand and
of Mr. Bryan on the other as bearing
on the interests of Europe.
Should Mr.. Mckinley be successful
his government would be pledged to
maintain the parity of the silver dol
lars, the silver notes, and the green
backs with gold, at whatever cost to
the American exchequer. The attempt
has already cost the United States
in time of peace an additional
debt of G50,000,000 within two
years. European investors, finan-
ciers and bankers would probably take
the view that 50 long as America con-
tinued to make such sacrifices in order
to pay in gold they would have no rea-
son for interfering; and the financiers
and stock exchanges on this side OF
the Atlantic would probably rejoice
rather than otherwise at another-to
them-profitable issue of bonds backed
by the credit of the American govern
ment to take the place in the Euro
pean markets of the hopeless American
railway securities of which European
investors are getting tired. AS for the
European merchants, they would, of
course, view with regret the probable
imposition of another prohibitory Nc
Kinley tariff on imports into the Uni
ted States in order to protect the
American gold reserves but they
would probably console themselves
with the reflection that so long as
America remained under the gold
standard she would have no
advantage over the gold stand
ard nations of Europe as an
exporter to the worlds markets. Her
farmers and planters might be hit by
further decline of the Argentine and
eastern exchanges as well as the farm
ers Of Europe, but that would have no
persuasive influence on the bankers,
fnanciers, and merchants of Europe.
Moreover, Notwithstanding the in
ternational bimetallism plank in the
ST. Louis platform, it seems unlikely
that a Mckinley government would
make any attempt to secure an inter-
national bimetallic agreement. IT'S
FIRST EFFORT WOULD BE TO Sc
CURE A HIGHLY PROTECTIONIST
TARIFF, AND THAT WOULD
SCARCELY BE A PROMISING PRE-
LUBE TO AN INTERNATIONAL
AGREEMENT ON A COMMERCIAL
AND FINANCIAL QUESTION, MORE
OVER, THE SO-CALLED SOUND
MONEY OR REPUBLICAN PARTY
HAS ALREADY BEGUN TO FIND
THAT ITS DECLARATION IN FA-
VOR OF MAINTAINING THE GOLD
STANDARD UNTIL AN INTERNA-
TIONAL AGREEMENT is ARRIVED
AT HAS PLACED 1T IN A VERY H.
LOGICAL POSITION, AND HAS PUT
A POWERFUL ARGUMENT INTO
THE MOUTHS OF ITS OPPONENTS.
IT, Mr.. Bryan and his supporters say
to the American electors, the gold
standard is a good thing for the United
States, why should the Republicans
endeavor to induce other nations to
help us to abolish it; and IL 1t is bad
thing, as the Republicans by their BIZ
metallist plank practically confess that
it is, why should we wait for the per-
mission of other nations to abolish it?'
This argument is causing the leaders
Of the sound money party to abandon
the plank
IN tho nannnlets with which they