The San Francisco call., 1896-08-02
General Francis Walker
on Money

this appearance was not long maintained
The ratio of 1 to 1876 was thrown overheard
and that of ! to 16 adopted. The bill was
popularity known as the "Gold Bill" lts ao-
vocates were jubilant and aggressive ana the
purpose of overvaluing gold was announced.
Only one result could follow Silver then
largely undervalued to great extent le1t
the country.
The demonstration of silver by the German
empire is attributed by General Walker more
to desire on the part of the leaders OF that
nation to injure France than to any conslo-
erations of sound financial policy. The de-
monetization took place Immediately aiter
the close of the Franco-German war, when the
payment of the heavy indemnity DEMANDED
by the conquerors had drained France OF ner
coin. General Walker says: at is rather 100
much to ask US to believe that the sentiments
of intense hatred and aversion which war
always enkindles among the COMP patants
found no shade of qualification in the pro-
posal to strike what at that time seemed
fatal blow at the financial prestige OF France
py destroying the system which had been set
up by the great Napoleon himself only three
years before jena"
OF the means by whicn silver was deposed
from its position standard money metal
in this country General Walker says only:
''While am disposed to discredit the allega-
NASNS-~y
urged by the silver men, it not the less seems
to me that they have grievance. No man in
a position of trust has right to allow
measure of such importance to pass without
calling attention sharply to il and making
sure that its bearings are fully comprehended.
And no man who did not know that the de-
monetiZation of silver of the United states
was a measure OF transcendent Importance
had any right to be on such committee or
to put his hand to 8 bill which touched the
/ coinage of great country"
Coming down to the present time and to q
consideration of the existing depression in
| trade and industry, General Walker attributes
/ most of the "hard times" TO the adoption of
the single gold standard by the leading nations
! of the world. 1t does not matter, he says,
whether we speak of it as a fall in the price of
products or rise in the price of gold, the
meaning is the same. The producer has been
| deprived of large portion OF the value OF his
product while his debts and the interest on
them remains unchanged. Hence labor and
| the employers OF labor are at disadvan-
tage as compared with the money-lender, and
as q consequence enterprise is checked, indus
try paralyzed and widespread destitution
caused in every gold monometallic country.
On this point is quoted the statement OF MI
Balfour "sthat slow appreciation of the
standard of value is probably the most be
numbing and deadening influence that car
touch the springs of enterprise in nation. .
To like effect is the conclusion of the distin
! guished Swiss economist, Professor Walras
who says that a permanent condition OF fall
ing prices would give us permanent state o.
industrial crisis. Sir Robert Griffin, an au
| thority. OF equal eminence, adds: "An appreci
alton OF the money of country forced on by q
Government is simply measure for disabling
the productive powers OF the people and max
ing them poorer than they otherwise would
| be-"
Though q stanch and earnest blmetallist
as his book attests, General Walker is not g
free silver coinage man of the Bryan type He
stands with the Republican party in favor OF
J international bimetallism, and says in the
preface to his work: For US to throw our
! selves alone into the breach, simply because
we think silver ought not to have been demon
etized and ought now TO be restored, would be
piece OF Quixotism unworthy the sound prac-
tical sense of our people. The remedy of the
wrong must be sought in the concerted action
OF civilized states under an increasing convic-
ton of the impolicy of basing the worlds
trade upon a single-money metal"
Whether this conclusion suits the reader
will of course, depend upon his political bias.
The issue has now become one of party poll
| tics and most men viii read the work with a
prejudice on one side or the other. It is never
| theless well worth the reading and the study
! of earnest men of both parties. 1t is the
| most learned, lucid and comprehensive work
| on bimetRllism that has been published in
anything like popular style; and amid the
mass of partisan truck and trash that will
soon be spread over the country the book will
have the value OF an antidote to mental irri-
tation as we'll as being instructive in itself
TOuN Mon ATrcrT