Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-08-06

| ~ oAiciA oOlAS, UudU dll CueY
can 40 is to regulate the heamount and
flneness OF the metals contained in
them. And when it is designed that
both metals shall circulate in the same
currency, it becomes necessary that
the government shall determine, as
well as 1T can, not the absolute value
OF either, but the relative value of
each in each. And here too, the
value OF each in each, regulates itself
independently OF edicts and enact
ments. Ii the Legislators can ascer
tain in what proportions the two
metals are exchanging for each
other In the markets Of the world.
they may mark that as the legal
ratio, but they must not suppose
that the work will not require reyi-
sion from time to time. The value OF
gold in silver has differed greatly in
different periods and countries. When
ever new ratio has been established
the market value Of the metals has
been the basis. This is the first
time in the history OF the world, we
believe, that a ratio different from
the commercial ratio is proposed.
1t will never work and keep both
metals in circulation Blaine, whose
position on this question has been
frequently misrepresented by our
silver friends, recognized this fact
and in his great speech on the subject
in 1878 he advocated a change in the
ratio to correspond with the COM
mercial ratio, although at that time
the silver in the dollar was worth 81
cents while now it is only 50 cents.
He introduced a substitute bill MAX
ing the number Of grains of silver in
the dollar 425 instead of 412b,
but it did not pass.
The result OF the free coinage of
silver at tie ratio OF 16 to l by this
country alone will be that gold will
go TO a premium, and dissapearfro,n
circulation under the operation ofthe
EGreshan law; which iieIt is, that cheap
er money will always drive out
dearer), and values shift from a
gold basis to a silver basis, and the
| United States become silver stand
ard country. At another time we
will discuss the effects of such a
change in the standard of value.
| Therefore 16 to means not bimetal-
lism, not the use Of both gold and
silver as money in this country, as
! at preseI t, 1T only silver. Itmeans
silver MOI ON 7tallism.
This OF course would not be the re-
suit if the contention of some of the
silver men should prove true, that, if
we will but open our mints to the fee
coinage Of silver at Is |, that silver
will rise in value and take its position
by the side of gold. Silver, it is said,
has declined in price because it has
been under fire for twenty years.
| There is some force to this argument.
No doubt, if silver had not been de-
monetized by SO many nations, it
would not have fallen in price to such
an extent. If the United States alone
had caused the decline in the
price of silver, then there would be
some reason to believe that it's action
alone might raise the price to the
proportion of 16 to l, but when we
consider that more than dozen ma
tions, the leading commercial coun-
tries Of the world, have closed their
mints to the free coinage of silver
! since 1873, then it is unreasonable to
suppose that this country alone can
raise the price Of silver to the ratio
existing prior to 1873 by the opening
of our mints.
A gold standard does not mean gold
monometallism. Every gold standard
country has large amount of silver
in circulation. There is no intention
to discard silver. It has it's uses, and
will continue to be coined, as much
Of it as the people will use. We have
in this country over $625, 600, ,OOO of
silver and about $3.50, 600, 900 treasu-
ry notes issued under the Sherman
law, every dollar of which has thus
far been maintained at equal pur-
chasing power with the gold dollar.
If our government should be una
BILE to maintain it's gold reserve and
the moment it should fail to maintain
the parity of the different kinds of
moneys, then all our silver money
would depreciate to the bullion value
and the people suffer the loss.
A change in the standard of value
would, in our opinion, cause a de-
rangement of all prices, and precipi-
tate a panic that would shake the