Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-07-31

world-the accumulation of past ages
--is approximately in that proportion
The quantities of tens or ounces o
these precious metals put into the
bowels of the earth for mans use by
the Creator, so far as experience
teaches, is in that proportion. About
IL to | is therefore the natural ratio
the ratio ordained by nature itself.
The conclusion above reached, forti-
fled by the fact that the total value oi
silver in the world accumulated
through all the ages is about equal to
that OF gold, is further strengthened
by the experience Of mankind, which
has shown that the parity between
gold and silver has ever been pre-
served so long as any frst-class ma
tion maintained the free coinage OF
both, and this regardless OF the rela-
tive increase or decrease OF bullion.
So long as France kept her mints
open to the unrestricted coinage of
silver that metal was at par with gold.
This was true even after Germany
and the United States had demone-
tized it. The silver mined between
1850 and $500 was equivalent TO three
times as much money as the gold
mined between 1852 and 1862 was
equivalent to three times as much
money as the silver mined in that
interval without variation of the
value. This proves that the ratio of
the value OF the two metals is not
necessarily controlled by the ratio of
production. The reason is that the
production of any short period is too
small an addition to the whole stock
to appreciably effect the value so long
as the monetary use is preserved.
That the full monetary use by at
least one great nation is needed to
maintain the value OF silver is shown
by the present bullion price.
When it is remembered that Eng
land attempted in 1916 to force the
rest OF the world to the gold standard,
and that France was able nevertheless
to maintain the parity at 15t to l, as
she did up to 1874, it is not incredible
that the United States can do in 1896
what France did and continued to do
for nearly a century. Why can we
not? An answer in the negative must
rest upon something else than dog
matte assertion, or mere dire predic-
tions OF disaster, or chambers of
commercial horrors"
1t has been shown that our in
creasing population, productiveness,
business and wealth require the bal
ance OF our currency to be increased
by more than $6O,OOO,OOO each year.
We are now maintaining at par on a
ratio OF IL to l six hundred millions
OF silver, while France, with one-third
OF our population and wealth, is main
tanning seven hundred millions on a
ratio of l54 to l. Why can we not
maintain next year what France
maintains to-day, and thereafter in
proportion to our increase of wealth,
business and population?
The difficulty 1 apprehend is. not
our want of ability to absorb the sur
plus silver of the future output of the
mines, but whether the rest OF the
world will permit us to have what we
need.
Can we maintain the par OF ex-
change with free coinage?
The foregoing argument tends to
show that we can. st. John, of New
York, who has given years Of study to
the subject, says We can. Men like
Grenieli, Frewen, and Gibbs from dif-
ferent parts of the world say we can.
The great Chicago convention has an
swered by two.thirds vote in the
affirmative, and millions of common
sensed, conservative men throughout
the land say amen. The feeling is
intense, growing, spreading every
where, that the times are ripe for the
change; that it is only needed to turn
the wheel to start the machinery.
The new French Prime Minister M.
Meline declares that what alone is
now wanted is the "electric spark" !"
1t looks as if we are to have what is
wanted, if indeed the great Demo-
cratic Convention does not prove to
have been that "spark."