The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-06-25

coin.
And it is also felt aside from the alb
sence of any Democratic principle to sus-
tain it that you can not have such a dis
turbance Of value as would come from
changing from Il gold to Il silver basis
without such shock of confidence, the
boarding of gold and contraction of your
available circulation as would bring with
in the opinion of the people the worst pam
ic and distress we have ever seen in this
country. The creditor classes are pre-
pared for it, The obligations and mort
cages. railroads and otherwise, are quite
generally payable in gold. Debts would
have still to be paid in gold, but wages
i'm silver. The sufferers, as usual, would
be the poorer classes.
This movement, purporting to be in
the interest of the double standard, comes
mt most inopportune time in my opinion.
There has never been time when the
prospects of an international action favor
able TO the Joint standard was at all as
promising AS at the present moment. But
an ill-advised. unsuccessful attempt here
would discredit the cause the world over
From the discussion of the past TWEEN
| ty years it has come to pass that among
the persons in Europe who are trained,
recognized scientists upon monetary ana
| economic questions, scarcely one is not
Mt the present moment advocating the de-
STABILITY of the joint standard as the real
solution of the monetary diihcultles OF
| the world.
This includes every one prOfessed oil
engaged in teaching or lecturing on these
| subjects in the universities of Great Brit
ain. They are agreed upon the desirable
| ity of it. and that it is entirely practicable
lif established and maintained Ivy agree
ment of the international commercial ma
tions. 1t would be expected that with
such general consensus of scientific opln-
| ion as is to be found abroad on this sub
ject. it would come rapidly to be the gen
orally accepted opinion of the nations TO
| be affected by wise settlement of the
problem. Such is the case. OF the con-
| tinental nations Germany was one that Ill
| 1892 practically broke up the conference
which met at the suggestion of the United
| States. She instructed her delegates to
Inject and talk, but to state to the confer
ence that she would not change her inn
perial standard AS her standard was
gold, that announcement ended all posi-
| bility of any practical results from that
conference. Since that time and within
| the last year her legislative assemblies
| have specifically. by votes of instructions
| TO her ministers, changed her attitude
upon that point, so that the specific OBJ
| lection of Germany encountered by the
conference of 1892 has been since consld-
cred and withdrawn.
AT the present moment Germany,
| France. Italy, Austria, Holland. Belgium
and the United States wish to cooperate
| for the establishment and maintenance
of the joint standard by international
agreement, and what has been Il most
| important circumstance, Great Britain
has recently, within three months, in
| fact, made most important concession.
| She has said: We will do for you as
much as you can do for yourself. We
will make this great contribution TO
upon deliberately arranged methods of
providing currency for India. We will
| open the Indian mints. We will engage
| that they shall be kept open and shall
therefore provide for Il free coinage of
silver within the limits of the British
| empire for Il population greater than the
population of Germany, France and
| America put together Into this long,
and now just about to he successful
| struggle for the establishment of the
| joint standard, it is proposed that we
should intervene by assuming and es-
| tabishing it alone. Against this pro-
posed action on our part these earnest
| believers in and workers for the cause
strenuously protest. They say to lis, you
can not succeed and your failure will
discredit the cause.
"The recent article of DR.. Ahrendt in
the North American Review shows very
clearly the view taken by our friends
| abroad upon this subject. He has done
much, probably more than any living
man, to advocate and bring to its domi-
mating position in Germany this cause.
| One of the original organizers of the BIZ
metallic league in Germany is entitled
to be called one of the leaders in public
opinion in Europe on this subject. 1t
was upon his motion in the Prussian
chamber of deputies that the position of
! Germany was modified within the last
| year. He expressed the opinion that
| free coinage, undertaken by the United
States alone, would simply end in silver
monometallism and discredit and put
back the cause of the double standard
] the world over.
1T is not question not what we wish.
| but what we are able to do. \ strong
man may undertake Il task too great for
his strength and break down.
1T can not be denied that the feeling
| among our people is that this free coin
age by the United States alone will not
give us the gold and silver money at a
parity with each other (Which is the as
| sumption upon winch 1t is taKen) nut VIII
bring up to silver recommendation Il
| change in our standard of values That
change, it is believed, will cause the inn
mediate ruin to our industries and no
permanent good to any one. This feel
ing is general and intense.
whether these differences can be
reconced it is impossible to anticipate.
The Democratic party stands for prin-
ciplcS desirable to be maintained for the
good of the country. Most any sacrifice
might he asked of Democrats for the
sake of the party and they would cheer
fully make it. But if the delegates from
this locality should go to a convention
and represent that the rank and file of
the party would follow the lead of our
southern brothers and vote for the free
coinage of silver by the United States
alone they would be misrcpreSenting the
state of public opinion here. Whether il
IS so or not, it is considered Il PROPOSE
ton to debase the existing standard of
| value.
and the same feeling of ndiSpositior
to compromise with the matter of votes
or anything else is active and dormant
here in, our party rs it was found in the
| Republican party when it bore down and
overpowered the Mckinley machine
PERSONALLY. it is my opinion. if the
Democratic party goes on that platform
at this time they will get the most dis
l lNFn tl,t Nn,.t,. l,,e,