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

liabilities aDTOdu.
TT is quite certain that neither Mr..
Bryan nor his colleagues desire any
such results. Their firm belief is that
free coinage would prove to be on eff
fective and permanent establishment
Of the parity between the various
lorms of American currency and be-
tween gold and silver throughout the
world Their arguments are all direct
ed to a demonstration that this would
be the result, and they are supported
by American and other economic and
financial authorities Of distinction who
have certainly no reason to wish that
their predictions may be proved to he
wrong. For obvious reasons Mr. Bryan
and his supporters must hope that the
experiment must be completely sue
cessful, though should it fail to main
tain the parity they would be in a po-
sition to throw the blame for failure
on the European countries, which
would lie the chief sufferers by the fall
ure, ana whose governments are al
ready pledged, in conformity with res
olutions passed recently by their re-
spective parliaments, to do their ut
most to make the experiment a sue
cess.
Let us suppose that the effect of
Mr.. Bryan's election were to be a
speedy restoration of the American ra-
ito between gold and silver through
out the world; can any one imagine
that the governments Of Germany,
France, Great Britain, and India would
dare to take the responsibility of allow
ing such an opportunity for securing
that stability of the exchanges which
all have declared to be desirable to
pass unutilized, or would face the pos
sibility of another disastrous fall with
out doing any thing to secure the posi-
ton? Or, to take the extreme view on
the other side, let us suppose the conse-
quence of free coinage in the United
States would be a rapid depletion of
the gold reserves in the United States
and a consequent fall of the American
exchange until the dollar became 49,
cent dollar; would the European and
Indian governments regard such i'm
pending results with equanimity and
refrain from doing anything to avert
or mitigate them?
For, with such a prospect, the posi-
ton of the investors, bankers, tinan-
ciers, producers, and merchants of Eu-
rope would be very different from what
it would be should the United States
maintain the gold standard. THE
BURDENS ALL THE AMERICAN
DEBTORS WOULD BE LIGHTENED
AT THE COST, AT LEAST, OF ALL
THOSE CREDITORS WHOSE BONDS
ARE NOT SPECIFICALLY PAYA-
BILE IN GOLD. AMERICAN PRO
DUCERS WOULD BECOME AS FOR
MIDABLE COMPETITORS IN THE
NJ A u L
STANCE, THE ARGENTINE WHEAT
MILL OWNERS HAVE BECOME.
THE BURDENS OF EUROPEAN
DEBTORS AND THE BRITISH COL
ONIES WOULD BE INCREASED BY
A FURTHER FALL OF GOLD
PRICES. Perhaps the European in
vestors might hesitate in deciding
whether the fall in American bonds
might not be compensated by a rise in
the value of American railway shares
consequent on the increased activity of
the American export trade and the re-
duction-in terms Of gold of the fixed
charges. But on the whole in view Of
such prospects, it seems probable that
even London and Hamburg would be-
come anxious for q conference, and
that, we take it, is Prince Bismarcks
opinion"
Extract from the Manchester Guard
ian, dated Sept. 2S, 1896:
with reference to Prince Bismarck's
letter on the American monetary con-
test, an opinion expressed by NJ. Henri
Cernuschi at Mentone in April last
shortly before his death-to NJ. Ed
mond Thery is of interest. We quote
from q pamphlet entitled Cernuschi's
Last Words on the Silver Question in
the United States by NJ. Edmond
Thery paris: 'EcOnomiste Europeen) !:
Inasmuch as ENGLAND'S ATTITUDE
PREVENTS THE REALIZATION OF
INTERNATIONAL BIMETALLISM,
and condemns one-half of the
world to gold recommendation and
the other half to silver recommendation,
would not hesitate, were l a citizen of
the United States, to become-I, Ger
nuschi, the father of international BIZ
metallism, as l am everywhere called
silver monometallist. Under the re-
gime of the new standard the produc-
tive powers of the United States would
receive so enormous an impulse, and
this development would have such a
disastrous effect upon the economic
and financial interests of England and
other European nations now governed
by the gold standard, that it may be
confidently predicted in advance that
the course Of events would force the
adoption of international bimetallism
as the only true solution, even upon
those who today deny the possibility
and efficacy of it,
The English bankers are laughing at
our American financiers. In an article
published in the Bankers Magazine of
October 1885, w. r. Lawson, a recog-
nized financial authority, has an inter-
esting financial article entitled THE