The Dickinson press., 1896-10-24
tie dactdation in the relative value Of

the rupee.
ut is the silver currency Of China" he
In that country" Walsh's pamphlet is
throughout u solid argument against the
Chicago platform. To what he says. we
might add that France and all the countries
OF the Latin union together were ultimately
compelled to give up blmetallism. SO long
as other countries Of Europe would not CO.
operate with them.
The question before the people of Amer
lea to-day is the coinage Of silver by this
country independently Of the great CONNER
cial nations of the world at the ratio Of 16
to j. This ratio Is the double Of the pres
cnt commercial value Of silver. The conse-
quences of unlimited coinage in these cir
cumstanccs are easily perceived. The one
hope Of the silver party is that "under free
coinage we will raise the value Of silver to
S1.D an ounce measured in gold" On
what authority Is this said? On that Of
the mere word Of the men who make the
assertion. The experience of our own coIn-
try contradicts the assertion. The purchas-
ing Of $JO,O0O,00O worth of silver bullion
per year under the Sherman act was not
able to prevent the fall in the value of sill
yer from over 81 an ounce to Its present
low value. The experience of France con-
tradicts the assertion; France, with all the
countries Of the Latin union, had to give
w. the coinage Of silver lest. overloaded
with the silver Of the world, 1t should lose
all its gold.
Common sense Is against the assertion.
Silver Is now produced in such quantities.
at such small expense Of production. that
Its value cannot be kept up to its former
standard. And Is the whole business Of
America to be imperled by leap into an
experiment. which those very men who ad-
vocatc It confess to be only an experiment,
and which experience and common sense
condemn?
The boast that the United States is able
alone to whip England and the rest of the
world into the coinage Of silver at 1G to 1,
or to force the value Of silver up to 100
an ounce. Is mere nonsense. We are great
people. Indeed. but we have not yet grown
to that commercial strength that our coun-
try means the commercial world. Our na-
tional pride may give us extraordinary
dreams of our Importance, but 1t will not
do to build the business of the country
mercial nations together, coming silver at
10 to I, bring up the silver value of bullion
to $l.20 per ounce? Perhaps; strong COM
mercisl reasons suggest the contrary.
Would America alone bring silver to $1.29?
Assuredly not: though, Of course, the new
give some increase to its value-which in
crease. however, might again be Offset hy
an increase of production.
Some Imagine that the ratio Of silver to
gold was always 16 to or thereabout. The
ratio was constantly changing throughout
historic times; at one time silver was more
valuable than gold; ut the time Of the dis
covery of America silver was ten times less
valuable than gold; 200 years before it had
been eight times less valuable. The ratio
Is constantly changing, and the question for
us to-day is not what the ratio was at a
preceding date, but what 1t should be in
our time.
But has not Herr Bismarck counseled the
United States to go ahead and make the
experiment alone? Yes, and some Amer
leans quote his advice as an authority
The sly old fox would, indeed, be pleased to
see America make the experlment-and 20
to the bottom Of the sea.
Free coinage, then, will give us money,
worth In the commercial market of the
world little over half its nominal value
No one imagines that the stamp Of the gov.
ernmcnt gives value to n piece of metals 1t
merely certifies to the quantity and quail
ty. Otherwise the government stamp might
as well be affixed to copper, or to mere
paper. If the government stamp gave value
the debased coins issued in the past by
impecuniOus sovereigns would not have
ruined the subjects Of those sovereigns,
and the paper issued by Ferdinand of Ma
pies century ago would not have been
sold In the market almost as government
rags. Legal tender, compelling men to
accept against their will money above its
commercial value in the markets 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 commercial value of the metal
Of which the coins were made.
Therefore, with the passage Of free silver
| coinage, we shall have a currency, rejected
at Its nominal value from the markets of
the world, unstable and auctuatlng in real
value. Business can not prosper with such
q currency. The first condition of the life
None will invest money of a certain value
to-day In commerce and industry If by the
time the raw material has been turned into
marketable wares, the currency is likely to
have changed In value. Business In all
branches would become speculation, a
gamble; conservative capital would keep
out Of sight; no loans would be made. 1t is
nonsense to say that capital must put itself
| into the American market whether the cap.
ital be American or European. We should
| not be deluded by words. We may clamor
in vain for capital; it will not come to lis
unless there be security for it. 1t will re.
main in the vaults Of safety, or go to other
| parts Of the world. where reward is small
| but certain. And without capital there
will be no enterprise, and no work for the
people.
am absolutely convinced that the la
UUIIuk CiusSeS Will SullcE Tile ulOSC OF ILL
from free silver coinage. And yet. the Ia
boring classes are those that are the most
| urgently appealed to In this free silver
movement. man who talks against free
silver is put down at once as an enemy OF
the common people," Well, for my part, ]
working classes, of the ''coMmon people, u
II am in reality advising them for theil
good and serving their true interests
Those above all others In the land who
should to-day be on their guard against
the silver movement are the laborers Of
America.
But will not the farmer be benefited
Will they not receive higher price fol
their products? Maybe. a higher price
but not higher value. OF what use Is II
to have dollar instead Of half-dollar II
-the dollar can purchase no more than tbs
half-doilar? And will farmers receive even
n0lninally Il much higher price than they
do now: The best market of the farmers
| product is his own country. And II his OWE
country is impoverished, II factories are
closed, IL laborers in cities are pennlless
the farmer will receive but little for his
| harvests. Men on salaries will scarcely
| hope to have their salaries doubled and
then their salaries, such as they may be
will have only half the purchasing power
they have to-day.
Those who owe debts, payable-principal
or interest-in gold, will receive the same
salaries as to-day, and their salaries will
have but half the debt-paying power which
they have to-day
But those who owe debts, not payable
In gold? Well, IL the country is ruined
where will they find even silver to pay
their debts in silver? The only men bene
| fited-and they are few to-day, and it is
| scarcely worth while to bring around u
| revolution in the coruts: to benefit them
| are the debtors. who bave to-day gold on
hand and who, by free silver. coinage, will
| have their stores doubled In nominal value
and will be enabled to reduce their debts
| by one-half. And. ior .those, the ques.
tion remains. is 1t honest?
1t Is delusion chat silver will circulate
SO plentlfully that it Gun be had easily
by I'LL. and that the quantity will make
up for the lack Of value. II silver bullion
does not increase In commercial value silve,
Will not be produced in quantities.. and as
owners of silver will not part with it ex
cept In exchange for commodities or labor
which they deem useful and valuable, ii
the business Of the country Is not pros
porous. the people Will get very little silver
and obtain no profit flom free mintage.
But-and here Is the popular rgument
In favor Of free silver coinage-we have
had hard times under the gold standard
/ That is true. and what is also true i.
that under the silver standard we shhl
have much harder times. II Is the prea