The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-07-23

ter what view we hold, and even If
we admit that the fall Of prices and
the industrial distress Visible since 1873
are attributable solely to the cessation
of the free coinage of silver, still that.
does not mean the policy of the United
States alone, but the policy of all the
nations combined. There is not an
economist of high standing who would
not laugh you to scorn if you should
tell him that the act of congress in
1873 could or would have affected in
ternational prices If the Latin Union
and Germany. and practically all the.
rest Of Europe, had not agreed to dis
card silver and transact their ex-
changes on the gold basis. If it be
true that the dropping of silver from
upon prices. that effect was produced
not by the action of one nation, but
by that of all. If that effect has to
be counteracted, If any possible ap-
probation in the purchasing power of
gold is to be nullified by an enlarge
ment of the list of money metals-in
word, If the world is to retrace it's
course in this matter-it must proceed
backward by the same steps that led
to the present situation. That Is, If
all that is said Of the effect of the
abrogation Of free coinage by the ma
ton upon industry and prices be true,
then the only way to remedy the mat
ter and go back where we were be-
fore is to have all the nations, not
any one of them, reconsider their pol
icy. 1t may be possible to i'm
prove the price of silver, and, to
some inconsiderable extent, affect the
price of other commodities, by admit
ting silver to free coinage in this coun-
try alone at the commercial ratio. It
is possible, we have no doubt, to pro-
duce the same effects by restoring sill
yer to free coinage, even at ratio not
conforming strictly to the market ra-
ito, If the agreement of the principal
commercial nations be secured. This
is international bimetallism.
But to imagine that this country
alone, by an arbitrary act in defiance
of natural laws and the worlds mar.
kets. can undo and overturn in an in
slant the slow product Of a quarter of
a century Of concerted action on the
part Of all the leading nations Of the
world is one of the widest dreams
that ever entered the brain of man.
TO the second inquiry of our CORE
spondent, we reply, therefore, that we
do not believe that the act of 1873 in
the congress Of the United States is
responsible in itself for any apprecia-
Bile portion of the unfavorable condi-
tons that have occurred since then;
especially as they may be attrib-
uted naturally to other causes.
The question of the relation of prices
and money volume is question that
cannot be considered honestly by any
man in reference to one nation. Cause
and effect are worldwide Prices ebb
and flow with demand and supply and
money volume and money value over
the vast surface Of the civilized world.
These relations are International If
q larger use of silver would have q
beneficent effect upon industry in gen
eral, there Is but one way in which to
secure 1t; and that is by an interna-
tional agreement that would restore
bimetallism to the world, instead Of
action by one nation alone leading to
nothing more desirable than local
silver monometallism