, 1896-10-17

ed with the silver Of the world. It should
lose all Its gold.
Common n Is against the asser-
ton. Silver Is now produced In such
quantities. at such small expense Of
production, that its value can not be
kept UP to its former standard. And
is the whole business Of America to be
impaired by q leap into an experiment
which those very men VINO advocate II
confess to be only an experiment, and
which experience and common sense
condemn?
The boast that the Unitel States Is
able alone to whip England and the
res of the world into the coinage Of
silver at 16 to l. or force the value Of
silver up to $1.29 In ounce. is mere nom
sense. We are a great people, indeed,
but we have not yet grown 10 that COM
mercial standing that our country
means the commercial world. Our ma
tional pride may give Us extraordinary
dreams Of u Importance, hut It will
not do to build the business Of the
country on these dreams. Would all
the commercial nations together COIN
Ing silver at 16 to l bring up the silver
value OF bullion to S1.29 per ounce.
PerhapsIstrong commercial! reasons
suggest the contrary. Would America
alone bring silver to $1.29? Assuredly
not, though, Of course, the new demand
for silver from the mints would give
some increase to Its value which In
crease. however. might again be Offset
by an increase of production.
FLUCTUATING RATIO.
Some imagine that the ratio Of silver
to gold was always 16 to l or there
about. The ratio was constantly chang
ing throughout historic times; at one
time silver was more valuable than
gold; at the time Of the discovery Of
America silver was 10 times less valu-
able than gold; 200 years before it had
been eight times less valuable. The
ratio is constantly changing, and the
question for Us today is not what the
ratio was at a preceding date, but what
it should be In vi time.
But has not Herr Bismarck coun-
seiled the United States to go ahead
and make the experiment all alone?
Yes. and some Americans quote his ad,
vice as an authority. The sly old fo1
would. indeed, be pleased to see Ameri-
ca make the experknent--art 90 to the
bottom Of the eea-
Free coinage, then, will give as mon
ey. worth in the commercial market Of
the world a little over half its nominal
value. No one imagines that the stamp
Of the government gives value to a
piece Of metal; 1t merely certtaes to
the quantity and quality. Otherwise
the government stamp might as we'll
be fixed to copper, or to mere paper, II
the government stamp gave value, the
debased coins Issued In the past by i'm
pecunious s~overeigns would not have
ruined the subjects Of those sovereigns,
and the paper issued by Ferdinand Of
Naples a century ago would not have
sold in the market almost as govern
ment rags. Legal tender, compelling
to accept against their will money
above its commercial value In the mar
kets Of the world, is rank injustice.
The early financial statesmen Of
America, Jefferson, Morris, Hamilton,
never thought Of making the legal
value of coin higher than the CONNER
cial value of the metal OF which the
coins were made.
Therefore. with the passage Of free
silver coinage. we shall have 4 currency
rejected at Its nominal value from the
markets Of the world, unstable and
In real value. Business can
not prosper with such q currency. The
first condition Of the life Of business is
stability of the currency. None will
invest money o . certain value today
in commerce and industry II by the
time the raw material has been turned
into marketable wares, the currency 10
likely to have changed In value. Bust
mesa in al, branches would hacome a
sp~eculation. n samhle. conservative
capital would keep out Of sight; NO
would ba made. II IA n-onaanaa
tn nav that canital m,,.t mt ,t.ar into
The American market vhether +ha can.
itsl ha Amer.,on -. n,,rone.r W.